HomeMy WebLinkAboutResolution #4098RESOLUTION NO 4098
A RESOLUTION APPROVING THE FIRST AMENDMENT TO NOVEMBER 6, 2012
PROMISSORY INSTALLMENT NOTE BETWEEN SARAH'S FRIENDLY HARDWARE, INC.
AND THE CITY OF CANTON AND DIRECTING THE MAYOR OR HIS DESIGNEE TO
EXECUTE AND DELIVER SAID AMENDMENT ON BEHALF OF THE CITY OF CANTON,
ILLINOIS.
WHEREAS, Sarah's Friendly Hardware, Inc. and Wendell and Sarah Carter have requested a
suspension of payments on the November 6, 2012 Promissory Installment Note ( "Original Promissory
Installment Note "); and
WHEREAS, the Legal & Ordinance Committee of the City of Canton has determined that it is
necessary and in the best interests of the City of Canton to amend the Original Promissory Installment
Note with SARAH'S FRIENDLY HARDWARE, INC. as set forth in Exhibit "A" attached hereto and
incorporated herein; and
WHEREAS, the City Council of the City of Canton has made a similar determination.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE
CITY OF CANTON, ILLINOIS, AS FOLLOWS:
1. That the First Amendment to November 6, 2012 Promissory Installment Note attached hereto and
incorporated herein as Exhibit "A" is hereby approved by the Canton City Council.
2. That the Mayor of the City of Canton, Illinois or his designee, is hereby authorized and directed to
execute said First Amendment to November 6, 2012 Promissory Installment Note 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 Canton, Illinois and approval by the Mayor thereof.
NLR Resolutions
1/30/2015
PASSED by the City Council of the City of Canton, Illinois at a regular meeting this 3rd day of
_ February_, 2015 upon a roll call vote as follows:
AYES: Aldermen Ellis, Justin Nelson, Lovell, Hale, West, Putrich, Pickel, Jim Nelson
NAYS: None
ABSENT: None
Diana Pavley -Rock, City Clerk
NLR Resolutions
1/30/2015
040-101y"I
Jef& A. Fri z, Mayor
FIRST AMENDMENT TO
NOVEMBER 6, 2012 PROMISSORY INSTALLMENT NOTE
Whereas Borrowers have requested an amendment to the November 6, 2012 Promissory
Installment Note ( "Original Promissory Note ") between Borrowers and the City of Canton.
Borrowers have requested a four (4) month suspension of their normal monthly payments and
only pay the interest amount due for those four (4) months, thereby extending the maturity date
of the Original Promissory Installment Note. The terms of the Original Promissory Installment
Note are amended hereby as follows:
Date: February 3, 2015
Borrowers: Sarah's Friendly Hardware, Inc. and Wendell & Sarah Carter
Borrowers Address: Agent: 119 W. Main Street, Elmwood, IL 61529
Wendell & Sarah Carter
3105 N. Bigelow Avenue
Peoria, IL 61604
Lender: City of Canton (Revolving Loan Fund)
Place for Payment: 2 North Main Street, Canton, IL 61520
Original Principal Amount: $50,000.00
Term: Four (4) month suspension of payments with interest only between
February 7, 2015 and May 7, 2015, with regular payments
resuming June 7, 2015
Monthly payments: $168.44 interest due March 7, 2015;
$84.22 interest due April 7, 2015;
$84.22 interest due May 7, 2015; and
$898.53 regular payments to resume on June 7, 2015
*See attached amortization schedule
Maturity:
September 7, 2018
The parties agree that all of the other terms of the Original Promissory Installment Note
are still in effect and govern the parties' agreement.
Joint and Several Liability: For good and valuable consideration, on the date set out above,
Borrowers herein identified in this instrument jointly and severally, guarantee the payment of the
Original Promissory Installment Note. Borrowers acknowledge that the Lender does not have
any obligation to first demand payment from Sarah's Friendly Hardware, Inc. Borrowers further
acknowledge that by attesting their signatures to this document, the City can demand payment
NLR Agreements
2/2/2015
from any and/or all of the Borrowers regardless of the financial or legal status of Sarah's
Friendly HArdwarelInc. ,,
P5- (date)
' ( 3 ` (S (date)
PRIOR46-'SIGNING THIS NOTE, BORROWERS READ AND UNDERSTOOD ALL THE
PROVISIONS OF THIS NOTE. BORROWERS AGREE TO THE TERMS OF THIS NOTE.
BORROWERS ACKNOWLEDGE RECEIPT OF A COMPLETED COPY OF THIS
PROMISSORY NOTE.
-4
EXECUTED this day of February, 2015.
J
Attest:
Its Secretary, Wendell C er
Pursuant to the terms of Section 11 noted above (JOINT & SEVERAL LIABILITY) the
undersigned, jointly and severally, guarantee payment of the Promissory Note as set forth
herein, as Borrowers.
end 1 Date
-- ) (3,
Sar er Date
NLR Agreements
2/2/2015
Sarah's Friendly Hardware Inc
Revised Amortization Schedule
Principal Balance at 1/31/2015 34,156.38
Interest Rate 3%
Interest Only between February 7 and May 7, 2015
Principal Payments Resuming June 7, 2015 at $898.53
2/2/2015
Beginning
Ending
Date
Balance
Payment
Interest
Principal
Balance
Payment Due
$ 34,156.38
3/7/2015
$ 34,156.38
$ 168.44
$ 168.44
$ (0.00)
34,156.38
$ 168.44
4/7/2015
34,156.38
84.22
84.22
(0.00)
34,156.38
84.22
5/7/2015
34,156.38
84.22
84.22
(0.00)
34,156.38
84.22
6/7/2015
34,156.38
898.53
84.22
814.31
33,342.08
898.53
7/7/2015
33,342.08
898.53
82.21
816.32
32,525.76
898.53
8/7/2015
32,525.76
898.53
80.20
818.33
31,707.43
898.53
9/7/2015
31,707.43
898.53
78.18
820.35
30,887.08
898.53
10/7/2015
30,887.08
898.53
76.16
822.37
30,064.71
898.53
11/7/2015
30,064.71
898.53
74.13
824.40
29,240.31
898.53
12/7/2015
29,240.31
898.53
72.10
826.43
28,413.88
898.53
1/7/2016
28,413.88
898.53
70.06
828.47
27,585.42
898.53
2/7/2016
27,585.42
898.53
68.02
830.51
26,754.90
898.53
3/7/2016
26,754.90
898.53
65.97
832.56
25,922.35
898.53
4/7/2016
25,922.35
898.53
63.92
834.61
25,087.73
898.53
5/7/2016
25,087.73
898.53
61.86
836.67
24,251.06
898.53
6/7/2016
24,251.06
898.53
59.80
838.73
23,412.33
898.53
7/7/2016
23,412.33
898.53
57.73
840.80
22,571.53
898.53
8/7/2016
22,571.53
898.53
55.66
842.87
21,728.66
898.53
9/7/2016
21,728.66
898.53
53.58
844.95
20,883.70
898.53
10/7/2016
20,883.70
898.53
51.49
847.04
20,036.67
898.53
11/7/2016
20,036.67
898.53
49.41
849.12
19,187.54
898.53
12/7/2016
19,187.54
898.53
47.31
851.22
18,336.32
898.53
1/7/2017
18,336.32
898.53
45.21
853.32
17,483.01
898.53
2/7/2017
17,483.01
898.53
43.11
855.42
16,627.59
898.53
3/7/2017
16,627.59
898.53
41.00
857.53
15,770.06
898.53
4/7/2017
15,770.06
898.53
38.89
859.64
14,910.41
898.53
5/7/2017
14,910.41
898.53
36.77
861.76
14,048.65
898.53
6/7/2017
14,048.65
898.53
34.64
863.89
13,184.76
898.53
7/7/2017
13,184.76
898.53
32.51
866.02
12,318.74
898.53
8/7/2017
12,318.74
898.53
30.37
868.16
11,450.58
898.53
9/7/2017
11,450.58
898.53
28.23
870.30
10,580.29
898.53
10/7/2017
10,580.29
898.53
26.09
872.44
9,707.84
898.53
11/7/2017
9,707.84
898.53
23.94
874.59
8,833.25
898.53
12/7/2017
8,833.25
898.53
21.78
876.75
7,956.50
898.53
1/7/2018
7,956.50
898.53
19.62
878.91
7,077.59
898.53
2/7/2018
7,077.59
898.53
17.45
881.08
6,196.51
898.53
3/7/2018
6,196.51
898.53
15.28
883.25
5,313.26
898.53
4/7/2018
5,313.26
898.53
13.10
885.43
4,427.83
898.53
2/2/2015
Sarah's Friendly Hardware Inc
Revised Amortization Schedule
5/7/2018
4,427.83
898.53
10.92
887.61
3,540.22
6/7/2018
3,540.22
898.53
8.73
889.80
2,650.42
7/7/2018
2,650.42
898.53
6.54
891.99
1,758.43
8/7/2018
1,758.43
898.53
4.34
894.19
864.23
9/7/2018
864.23
866.36
2.13
864.23
0.00
Grand Total $ 36,245.91 $ 2,089.53 $ 34,156.38
898.53
898.53
898.53
898.53
866.36
$ 36,245.91
2/2/2015