HomeMy WebLinkAboutResolution #1055{
RESOLUTION N0. 1055
A RESOLUTION APPROVING A MORTGAGEE'S WAIVER BETWEEN THE CITY OF CANTON
AND THE FIRM OF CANTON CORPORATION AND DIRECTING THE MAYOR AND CITY
CLERK TO EXECUTE SAID WAIVER ON BEHALF OF THE CITY OF CANTON.
WHEREAS, the City of Canton, Illinois has reviewed terms of
the proposed mortgagee's waiver, between the City of C~.nton and
Canton Corporation, a copy of which is hereto attached and made a
part hereof as "Exhibit A"; and,
WHEREAS, the City Council of the City of Canton, Illinois has
determined that it is desirable and in the best interests of the
City of Canton to enter into said waiver.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CANTON, Fulton County, Illinois, as follows:
1. That the Waiver between the City of Canton and Canton
Corporation, which is attached hereto and made a part hereof as
Exhibit A, is hereby approved, said Waiver to be subject to and
effective pursuant to the terms and conditions set forth therein.
2. That the NYayor and the City Clerk are hereby authorized
and directed to execute and deliver said Waiver on behalf of the
City of Canton.
3. That this Resolution shall be in full force and effect
immediately upon its passage by the City Council of the City of
C~.nton, Fulton County, Illinois and approval by the Mayor thereof.
PASSED liy the City Council of the City of Canton, Fulton County,
Illinois at a regular meeting this J~day of Nov~mU2r , 1984,
upon a roll call vote as follows:
AYES : Ald~ercnen Kovachevich, Haaar~and, Savill, Sarff, Worlanan, Carl, May, Horn.
NAYS ; None
ABSENT:~e
APPR VED:
Donald E. Edwards, Mayor.
ATTEST:
~,,
Nan Whi s, City Clerk.
MORTGAGEE'S WAIVER
WHEREAS, Canton Corporation, an Ohio corpo-
ration (hereinafter called "Borrower"), has entered into
a certain Term Loan Agreement, dated as of September 21,
1984 ("Term Loan Agreement"), with Canton State Bank,
Community Bank & Trust Company, The National Bank of
Canton, Midwestern Savings & Loan Association, Mutual
Savings & Loan Association, Gem City Savings & Loan Asso-
ciation, State Bank of Cuba, Bank of Farmington, Farmers
State Bank, and United Federal Savings & Loan Association
of Illinois (hereinafter collectively called the "Bank
Group"), and The National Bank of Canton as agent for the
Bank Group (hereinafter called "Agent"), whereby the Bank
Group has established term credits in favor of the Borrower
in the aggregate amount of $1,500,000; and
WHEREAS, pursuant to and in accordance with
the provisions of the Term Loan Agreement, Borrower executed
and delivered to Agent a certain Security Agreement, dated
as of September 21, 1984 (the "Security Agreement"), where-
by Borrower granted to Agent on behalf of the Bank Group a
security interest in the equipment listed on Exhibit A
thereto (hereinafter called the "Equipment") to secure the
obligation of Borrower to repay funds borrowed under and
pursuant to the Term Loan Agreement; and
WHEREAS, the Equipment is or may be installed
on, affixed or attached to certain premises known as 260
East Elm Street, Canton, Illinois 61520, a legal descrip-
tion of which premises appears on Exhibit A attached hereto
(hereinafter called the "Premises"); and
WHEREAS, Borrower, as mortgagor, has executed
and delivered to the undersigned, as mortgagee, a certain
Mortgage Deed, dated September 12, 1984, granting to the
undersigned a mortgage on the Premises to secure the
obligation of Borrower to repay funds borrowed from the
undersigned under and pursuant to a certain Loan Agreement
(DCCA), and a certain Mortgage Deed, dated September 19,
1984, granting to the undersigned a mortgage on the
Premises to secure the obligation of Borrower to repay
funds borrowed from the undersigned under and pursuant to a
certain Loan Agreement (HHS/OCS); and
WHEREAS, under the provisions of the Term
Loan Agreement, the Bank Group will not make any Loan or
Loans (as defined in the Term Loan Agreement) to Borrower
unless and until the undersigned consents to the security
interest of the Agent, on behalf of the Bank Group, in the
Equipment and disclaims any interest therein, pursuant to
Section 9-313 of the Uniform Commercial Code, as adopted
and in effect in the State of Illinois, or otherwise;
NOW, THEREFORE, the undersigned, intending
to be legally bound, hereby agrees as follows:
In order to induce, and in consideration of
the Bank Group making a Loan or Loans to Borrower at any
time and from time to time, the undersigned consents to
Agent's security interest, on behalf of the Bank Group, in
the Equipment and disclaims any interest of the undersigned
therein as fixtures or otherwise, such consent and dis-
claimer to continue so long as any sum remains owing from
Borrower to the Bank Group, or any member of the Bank Group,
under the Term Loan Agreement. The Equipment shall at all
times be deemed to be personal property and shall not be
deemed to constitute fixtures or be part of the Premises,
and the undersigned will not seek to levy execution on the
Equipment. This waiver shall be binding upon the succes-
sors and assigns of the undersigned, and shall inure to the
benefit of the successors and assigns of Agent and the Bank
Group.
IN WITNESS WHEREOF, the undersigned has exe-
cuted this waiver this day of September 1984.
CITY OF CANTON,
an Illinois municipal
corporation
By
Its Mayor
ATTEST:
City Clerk
.~ ~ EXHIBIT A TO MORTGAGEE'S WAIVER
LLG4L DESCRIYI'ION:
Lots 1,
29, 3p, 31, 2, 3, 4,
32, 33, 5,
34, 12, 13, 14, ,
35, 36, 37, 15,
4~4, 16,
45
52, 53, 67,
113, 114, 1
T
66, 69,
15, 116,
70,
134
71, 72, E9,
, 135, 136,
90,
137, ,
91,
13~
in k
RI~'T'S
f ADDITION to the City of Can ton,
o
Fulton and State of Illinois.
17, 18,=29, 20, 21, 28,
46, 47, 4$, 4 9, 50, 51,
92, 93, 94, 111, 112,
1 39, 232 and 235; all
situated in the County
8 feet off the South side of Lot 4; North 33 feet of k'est 99 feet
of Lot 5; the South Y.alf of Lot 5; Lots 6, 10, 11, 12, 13 and 14;
Lot 15, EXCE?T the North 50 feet; Lots 44, 57, 56, 61, 254, 155, 156
and I57; all in St..R,NES A.-~TD .?pNES ADDITION to the City of Canton,
situated in the County of Fulton and State of Illinois.
Bloc3:s 1, 2, 3 and 4 in Pa..RLZh' A'~D O~T.'T.yJR: F CO. S~r3DIVI5I0'r' of
part of Barnes a.nd Jones Addition to the City of Canton, situated in
the County of Fulton and State of Illinois.
Blocks 5 and 6 in PkRLZN t'dD OR~~'DO~ F CO. S3C~0~'D SU3DIVISION of
part of ?arnes and Jones f+ddition to the City of Canton, situated ~in
the County of Fulton and State of Illinois.
The East i?alf of Lot 69, EXCEP? the North 40 feet; the East Half
of L,ot 70; the East Y.alf of Lot 71; the East Y.alf of Lot 72; the
South 37 feet of Lot 73; the East Half of Lot 73,, E?CCFP? the South
37 feet thereof; Lots 74 a.nd 75; all in .J4'~~=5 SEOG?JD ADDITION to the
City of Canton, situated in tr,e County of Fulton o.nd State of Illinoi s.
Part of the Southeast Quarter of Section 27, Township 7 North, Range
4 East of the Fourth Principal Meridian, Fulton County, IlI inoi s, Iying
South of Lot 75 in JO`:.S SECOti'D ADDITION to the City of Canton ly ing
:tiorth of the Section line dividing the Southeast Q.:arter of Secti on 27
and the Northeast Quarter of Section 34, in Tox~ship 7 North, Rar-, ge 4
East of the Fourth Principal Meridian, situated in Fulton C.c~unty, Illinois
That parcel of land lying South of Lot 70 in .JONES SSCnND ADDI TION
to Canton, Fulton County, Illinois, and North of the Section line dividing
the Southeast Q.:arter of Section 27 and the Northeast Q~artez ~f Section
34, Canton ?ox7:ship, others-ise descrited as: A rectangular strip of
I and about 16.5 feet North and South and 82.5 feet East and k'est,
~ ad-
joining the South line of
said Lot 70 in Jones Second Addition to the
=ity of Canton, Fulton County, Ill ir,ois.
The North Half of vacated East k'alnut Street from the East line of
youth Second Avenue to the `x'e5t line of South Fourth Avenue in the City
~f Canton . -
.~ Tlt~e South Y.alf of vacated East b'alnut Street from the E~~st line
of South Second Avenue to the nest line of the Burlington `:orthern
(for-W2rly C.B. b Q) ?.ailroad right of way in the city of Canton.
the vacated alley Lying kest of Lots 3, 14, 19, 30, 35, 46 and 51
,and E~st of Lots 4, 13, 20, 29, 36, 45 and 52 in W;~IG-i2'S AJJITIO:r' to
Lhe City of Canton. _ _ -
t'acated South Third Avenue lying South of East Es'alnut Street and
':orth of East k'.aple Street in the City of Canton.
The vacated alley Lying EJest of Lots 1, l6, 17, 32, 33, ~B and 49
a..*,d E3st of Lots 2, 15, 28, 31, 34, 47 and SO in !t~I~-~?!5 P~GI?IOC to
the City of Canton.
t'acated I'-aple Street from the cznter line of the .ain track of the
3urlington ?:orthern (formerly C.B. b Q) Railzcad k'zst to a Line extended
from the Southwest corner of Lot 51 to the ?:orth~est corner of Lot 67 in
`.;tIG:-iT'S .~/Ii1Gti' to the City of Canton.
TI-,e vacated ?:orth I8 feet of Ezst :'..aple Stzeet from the Est line of
Szcond Avenue to the Southwest corner ~of Lot 51 in ~`RIt~,~T'S A.:~OITIOti to
the City of Cs, t on .
L'acated Fourth .;venue from the South line of Est Elm Street to the
centerline of Fist k'alnut Streit and being 6.5 feet ~.'est of the Center
line of the :..ain track of the 3urlir,gton Northern (formerly C.3. b Q)
railresd in the City of Cas;ton.
The vacated alley lying East of Lots 68, 71 , 9D, 93, 112, 11 5, 135
and 138 and West of Lots 69, 70, 91, 92, 113, 114, 136 and 137 in
b~~ICn"?' S A~J1?IO:'d to the City of Canton.
The vacated .=ast 17 feet of !:orth Second 4vcnue from the South I ine
~f Est Elm Street to the South line of =ast Pine Street in the City of
:~nton.
-~'~~t-~-d a zd-Avenue from the South 1 ir,e of East Pine Street to the
north line of Ezst Y.aple Street in the City of Car-,ton.
Vaca±ed Ezst `.sal nut St_ee: fzom the kest line of Second Avenue to
he East line of Van Suzen Gourt in the City of Canton
Vacated South Third Avenue from the South line of East J~'.aple Stzeet
o the ?:orth .1 ine of Ra± I rcad Street in the City of Canton.
_:iX Cr i~? i :~.~4? PAR 2 d e s c r ibed a s f o 11 o w~ s:
Cors~ncing at the intersection of the South right-of-k•ay
line of Ezst Pine Street ar,d the West right-of-K•ay line of
South Second Avenue; thence Easterly along the extended
South right-of-kay line of East Pine Street. 49.00 feet;
thence Southerly along a line parallel to the West right-
of-Kay line of Second Avenue to a point on the extended
T:orth right-of-x•ay line of East Maple Street; thence ~+est-
erly 49.00 feet to a point of intersection of the North
right-of-Kay 1 ine of 1~:ap1 a Street and the West right-of-
Kay •line of South Second Avenue; thence Northerly along
the West right-of-Kay line of Second Avenue to the South
right-of-x•ay line of k'alnut Street; thence kesterly
along the South right-of-v:ay line of Walnut Street to
a point of intersection with the extended East right-
of-r~.-ay line of Van Buren Court; thence Northerly along
the extended right-of-x•ay of Van Buren Court to the
North right-of-uay line of `a.'alnut Streit; thence East-
erly along the 1:orth right-of-x•ay line of Walnut Street
to a point on the k'est rioht-of-Kay line of South Second
Avenue; thence Northerly along the G.'est right-of-Kay
line of South SFCOnd Avenue to a point on the South
right-of-v:ay line of East Pine; said point being the
point of b~oir,ni ng.
A11 si`_~_ated in Ful*_on County, I1?inois.