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HomeMy WebLinkAbout05-345 Resolution No. 05-345 RESOLUTION AUTHORIZING EXECUTION OF A CITY OF ELGIN CENTER CITY SPECIAL BUSINESS LOAN AGREEMENT WITH SOTOMAYOR ENTERPRISES, LLC FOR BUILDING IMPROVEMENTS AT 169 E. CHICAGO STREET BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that Olufemi Folarin, City Manager,and Dolonna Mecum, City Clerk, bc and are hereby authorized and directed to execute a City of Elgin Center City Special Business Loan Agreement on behalf of the City of Elgin with Sotomayor Enterprises,LLC for building improvements at 169 E. Chicago Street, a copy of which is attached hereto and made a part hereof by referece. s/ Ed Schock Ed Schock, Mayor Presented: December 21, 2005 Adopted: December 21, 2005 Omnibus Vote: Yeas: 5 Nays: 0 Attest: s/Dolonna Mecum Dolonna Mecum, City Clerk CITY OF ELGIN CENTER CITY SPECIAL BUSINESS LOAN AGREEMENT THIS AGREEMENT is hereby made and entered into this .:?1,a-? day of 2005, by and between the City of Elgin, Illinois, a municipal corporation (hereinafter referred to as the "City" ) , and Sotomayor Enterprises, LLC an Illinois limited liability company (hereinafter referred to as the "Owner" ) . " WHEREAS, the City has established a City of Elgin Center City Special Business Loan Program for building improvements in the Center City area in an effort to stimulate expansion, reinvestment and business retention, a copy of such Center City Special Business Loan Program for building improvements being attached hereto and made a part hereof as Exhibit A (hereinafter referred to as the "Program" ) ; and WHEREAS, the Program contemplates the City paying a portion of financing costs for eligible building improvements ; and WHEREAS, Owner is the owner of the property commonly known as 169 E . Chicago Street , Elgin, Illinois , (hereinafter referred to as the "Subject Property" ) which is located in the Center City area as described in Program hereto; and WHEREAS, Owner has applied for and obtained approval for a loan agreement to finance the cost of the proposed building improvements on the subject property, a copy of the subject loan agreement being attached hereto and made a part hereof as Exhibit B (hereinafter referred to as the "Subject Loan Agreement" ) ; and WHEREAS , Owner has completed an application for participation in the subject Program which identifies the proposed improvements to the Subject Property, a copy of Owner' s application for participation in the Subject Program being attached hereto and made a part hereof as Exhibit C . NOW, THEREFORE, for and in consideration of the mutual promises, covenants and undertakings contained herein, and other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows : 1 . That the foregoing recitals are hereby incorporated into this agreement in their entirety. 2 . That Owner ' s application for participation in the Program is hereby approved. 3 . That as long as the Owner continues to make regularly scheduled loan payments on the Subject Loan Agreement and otherwise complies with the terms of this agreement City shall pay an interest subsidy on the Subject Loan Agreement consisting of monthly reimbursement payments to Owner in the amount equal to 90% of the first year' s interest, 80% of the second year' s interest, 70% of the third year' s interest, 60% of the fourth year ' s interest, and 50% of the fifth and final year' s interest, commencing January 11, 2006, upon receipt of verification of payment from lender and pursuant to the amortization and payment schedules attached herto and made a part hereof as exhibit D. 4 . In no event shall the interest rate exceed fifteen (15%) percent . In no event shall the total loan amount exceed 2 $200 , 000 . The Owner shall make all other principal and interest payments and all other payments on the Subject Loan Agreement . It is expressly agreed and understood that the City is not and shall not be deemed to be a party to the Subject Loan Agreement or an obligor or obligee thereunder. This agreement in general , and the City' s agreement to make interest payments hereunder in particular, shall not be construed, and shall not be relied upon by any party, including, but not limited to, the lender in the subject loan agreement or any successor or assign thereof , to require the repayment of any principal loan amounts, the execution of any mortgage loan documents, or to otherwise act as a guarantor on any loan agreements under any circumstances . Additionally, the provisions of this agreement shall not be construed so as to create any obligations as to City based on any theory of equitable estoppel . 5 . In the event the owner conveys any of its interest in Subject Property prior to November 11, 2010 , owner shall refund all payments made by city pursuant to this agreement no later than 30 days after such conveyance . 6 . That the terms, requirements and conditions of the Program as set forth in Exhibit A hereto are hereby incorporated into this agreement in their entirety. The City' s obligations under this agreement including but not limited to the City' s obligations to make continued interest payments are subject to Owner' s ongoing compliance with all terms and requirements of the 3 program and this agreement . 7 . That upon completion of the improvements, and for a period of five (5) years thereafter, Owner shall properly maintain the improvements in their finished form, without alteration or change thereto . 8 . That nothing herein is intended to limit , restrict or prohibit the Owner from undertaking other work in or about the Subject Property which is unrelated to the improvements provided for in this agreement . 9 . That this agreement may not be assigned without the prior written consent of the City. 10 . Owner hereby agrees to hold harmless, defend and indemnify the City from and against any and all causes of action, suits, claims for damages and any and all other liability which may arise out of or in connection with the proposed improvements or other work at the Subject Property, or which may arise out of or in connection with Owner' s or Owners ' agents, employees' , contractors' and assigns' negligent performance of any of the terms of this agreement . In the event the provisions of this paragraph are invoked, counsel for City shall be of City ' s choosing. The terms and provisions of this paragraph shall survive any termination and/or expiration of this agreement . 11 . That this agreement shall not be construed to create a partnership, joint venture or employment relationship between the parties hereto. 4 12 . Owner shall also pay when due all other obligations for the subject property including but not limited to payments on any other loans, real estate taxes and insurance . 13 . That this agreement shall be subject to and governed by the laws of the State of Illinois . Venue for the resolution of any disputes or the enforcement of any rights arising out of or in connection with this agreement shall be in the Circuit Court of Kane County, Illinois . 14 . That the terms of this agreement shall be severable . In the event that any of the terms or provisions of this agreement are deemed to be void or otherwise unenforceable for any reason, the remainder of this agreement shall remain in full force and effect . 15 . That notices regarding in this agreement shall be sent to the parties at the following addresses : To : City of Elgin 150 Dexter Court Elgin, IL 60120-5555 Attention: City Manager (with a copy to Corporation Counsel) To: Sotomayor Enterprises, LLC 100 E . Chicago Street Suite 605 Elgin, IL 60120 16 . This agreement constitutes the only agreement between the parties hereto . There are no other agreements , either oral or implied, in existence between the parties hereto . The terms and provisions of this agreement shall not be amended unless such amendments are in writing and, are properly executed by the 5 • parties hereto. 17 . In the event of Owner ' s breach of any of the terms of this agreement, Owner shall refund to City the full amount of any payments made by City to Owner or to any other entity on Owner' s behalf, including but not limited to, any lender, upon thirty (30) days written demand. City shall thereafter be entitled to any and all other rights and remedies as may be available to it by law. 18 . This agreement shall terminate on 0.4.'„, 2.010 • City may terminate this agreement for any or no reason upon fourteen (14) days written notice . In the event City terminates this agreement, City shall be under no further obligations pursuant to this agreement , and Owner shall be entitle to no further relief pursuant to this agreement . IN WITNESS WHEREOF, the parties hereto have entered into and executed this agreement the day and year first written above . CITY OF ELGIN Sotomayor Enterprises, LLC By4e(4.7 By , Olufemi Fola n Shirle , Sadjadl oto , yor City Manager \ Attest : Attest : WfhA-y,o City Clerk 6 I ooFEte cklbtt A ,• t k CITY OF ELGIN Center City Special Business Loan Program PURPOSE STATEMENT: The City of Elgin and the Elgin financial institutions have established a special loan program for building improvements and business development in Center City Elgin in an effort to stimulate expansion, reinvestment and business retention. LOAN TERMS: 1. Borrowers interest rate on their loan may not exceed 15%. 2 . The maximum loan is up to $200, 000 per building project . 3 . The term of the loan shall be based on a ten year amortization. 4 . The interest rate for the loan must be at or above the Prime rate of interest 5 . The loan proceeds shall be used only for the acquisition or lease of operating facilities, the purchase of equipment or fixtures, space built out or inventory. 6. Interest payments by the City shall be at the following rates payable over a period of five years : 1st year - 90% of first year interest costs 2nd year - 80% of second year interest costs 3rd year - 70% of third year interest costs 4th year - 60% of fourth year interest costs 5th year - 50% of fifth year interest costs Notwithstanding anything to the contrary in this loan program the maximum amount of interest payments by the City for any loan shall be in the maximum amount of $92, 365 .29 . 7 . Separate bill from the lending institution shall be sent to the borrower for principal payments plus the applicable interest and to the City for the applicable interest rate . 8 . The financial obligations of this agreement shall be subject to available budgeted funds . 11-24-03 ELIGIBILITY REQUIREMENTS: To be eligible to apply for this special loan program, the applying business must satisfy both of the following criteria: 1 . Geographic: The business must be located in Center City Elgin, in the areas outlined in Appendix A. 2 . Type of Business : The business must be engaged in retailing, wholesaling,. distribution, professional services, technology industry and other types of general commercial and retail lines of business consistent with those business uses identified as desirable in the adopted Riverfront/Center City Master Plan. GENERAL REQUIREMENTS: 1 . This program does not include financing for furniture, standard office equipment (i .e . personal computers and related equipment) or operating capital . 2 . Building improvements must be done by an independent contractor. Agreement with contractor must be supported by two different contractor bids . 3 . Any business which is approved and is to receive benefits under this Center City Special Business Loan Program must execute a written agreement with the City in a form as directed by the City which shall include the terms necessary to comply with the provisions of the program requirements and which shall include an agreement by such business to complete building improvements within a specified time period and to thereafter remain in business at the specified location for a period of not less that three years . If the business is required to vacate the Center City location due to action directed or supported by the City, the business must relocate within the Center City in order to retain the benefits of the Business Loan Program. 4 . Participants in the Center City Special Loan Program must provide annual financial statements to the City during participation in the program. QUALIFYING STANDARDS: 1 . Applicant business and owner must have an acceptable credit history with a record of timely loan payments . , 2 . Business profits and cash flow must be sufficient to support loan payments in accordance with the customary loan (with the loan to value ratio not to exceed 75% to 80%) unless other collateral or financial strength is provided. APPLICATION PROCESS: 1 . Eligible businesses should complete the loan program application form and submit it to the bank, savings and loan official, or other pre-approved lending program. 2 . Once the loan is conditionally approved and structured by the lending institution, the lender shall complete a loan proposal for submission to the City of Elgin for final approval . 3 . Approval by the City of Elgin will be conditioned upon (1) available funds, (2) compatibility with Center City development plans, (3) adherence to the objectives and regulations of the program and (4) entry into a program agreement with the City in the form as directed by the City. 4 . The lending institution and business applicant may elect to proceed with a conventional market rate loan in the event that the City of Elgin denies the special loan program application. SUPPLEMENTAL LOAN AMOUNTS: If a lending institution approves subsequent increases in the original loan amount approved for a project under this program, application can be made for an interest subsidy on the increment. Provision of the subsidy is subject to approval by the City of Elgin. The City of Elgin is under no obligation to provide benefit beyond that previously approved. ADDITIONAL TERMS AND CONDITIONS: The City shall make monthly interest payments so long as the borrower continues to make the regular scheduled loan payments and otherwise complies with the terms of the agreement to be entered into between the City and the borrower. If the borrower fails to pay all required loan payments or otherwise fails to comply with the terms of the agreement to be entered into with the City, the City will cease paying. NO VESTED RIGHTS: The provisions of this program are intended to provide guidelines for considering applications for businesses that are seeking to participate in the Center City Special Business Loan Program. The City Council of the City of Elgin, in its sole and exclusive discretion, shall determine whether to provide any of the incentives contemplated in this program after duly considering the costs incurred by the City of Elgin for providing the incentives and after considering the relative gain derived by the public from those incentives . The City Council of the City of Elgin further expressly reserves the right and option to decide at any time whether or not to provide continued or additional funding for this program. The creation or existence of this program shall not be construed to create or provide any vested rights in any person or organization to obtain approval of a program application, a program agreement or any incentive, grant, rebates or funding thereunder. - ...4 . _ .. .. �� Li L--7ri/ . _ 1 1101.1111 .•3. r � . uu*_ ,k' Fitl 1 _C01 _ �� 7 : Li. .„„L //��� � =_. i i 1.01. '' . NI E. , ]111____Dr,H.-. .f[ii 711 i 11 H NM --.1r 62 r i 7.. [Jr j:::„.. - i 1 H iiii , ),, ,,, = . II l: = ETH' Eli it 1--- \ - ) • ,:: - , ..,. . m x _____ ,‘ )- ,-- k 1. c. ill.....7.V., .1„11111WIAI, i 1 u ' ] a, yr „....A 10' .NI ' 7 Pk III iln tirni ���,�%� \_____, 1 : -\-.)-1 -LA \•r` .. _ .1.,.., 1iH S l [____ \,-------i\--, �G�� � r`7: *Ll _ %,..„ I1 . .T. % .. NI • 0 Center City District (10:._.- � 4 E EP L j r I Q� ,,� '- %1j • ��� C )ct4tgIT B WHEN RECORDED MAIL TO: American Chartered Bank 955 National Parkway Suite 60 Schaumburg, IL 60173 FOR RECORDER'S USE ONLY This Mortgage prepared by: American Chartered Bank 1199 E. Higgins Road Schaumburg, IL 60173 MORTGAGE MAXIMUM LIEN. At no time shall the principal amount of Indebtedness secured by the Mortgage, not including sums advanced to protect the security of the Mortgage, exceed $200,000.00. THIS MORTGAGE dated October 11, 2005, is made and executed between Sotomayor Enterprises, LLC (referred to below as "Grantor") and American Chartered Bank, whose address is 1199 E. Higgins Rd., Schaumburg, IL 60173 (referred to below as "Lender"). GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages, warrants. and conveys to Lancer ei' of Grantor's right, title, and interest in and to the following described real property, together with all existing subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way. arc appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with dit:- or irrigation rights); and all other rights, royalties, and profits relating to the real property, including wit`.o,.; limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") located in Kane County, State of Illinois: THE EASTERLY 21.5 FEET OF THE WESTERLY 22 FEET OF LOT 2 (EXCEPT THE SOUTH 15 FEET) IN BLOCK 15 IN THE ORIGINAL TOWN OF ELGIN ON THE EAST SIDE OF THE FOX RIVER, IN THE CITY OF ELGIN, KANE COUNTY, ILLINOIS. The Real Property or its address is commonly known as 165 East Chicago Avenue, Elgin, IL 60120-5523. The Real Property tax identification number is 06-14-434-007. CROSS-COLLATERALIZATION. In addition to the Note, this Mortgage secures all obligations, debts anc liabilities, plus interest thereon, of Grantor to Lender, or any one or more of them, as well as all ciaims by Lender against Grantor or any one or more of them, whether now existing or hereafter arising, whether related or unrelated to the purpose of the Note, whether voluntary or otherwise, whether due or not due, direct or indirect, determined or undetermined, absolute or contingent, liquidated or unliquidated whether Grantor —.ay be liable individually or jointly with others, whether obligated as guarantor, surety, accommodation party or otherwise, and whether recovery upon such amounts may be or hereafter may become barred by any statute e limitations, and whether the obligation to repay such amounts may be or hereafter may become otherwise MORTGAGE Loan No: 11672601 (Continued) Page 2 ...nenforceabie. Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to all present and future eases of the Property and all Rents from the Property. In addition, Grantor grants to Lender a Uniform Commerc,ai Code security interest in the Personal Property and Rents. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: PAYMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage, Grantor shall pay to Lender air amounts secured oy this Mortgage as they become due and shall strictly perform all of Grantor's obligations ur.oer this Mortgage. POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of Property shall be governed by the following provisions: Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Property; (2) use, operate or manage the Property; and (3) collect the Rents from the Property. Duty to Maintain. Grantor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and maintenance necessary to preserve its value. Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) During the period Grantor's ownership of the Property, there has been no use, generation, manufacture, storage, treatment. disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason to believe that there has been, except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any Environmental Laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, tal neither Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate. manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property: and (bl any such activity shall be conducted in compliance with all applicable federal, state. and local laws, regulations and ordinances, including without limitation all Environmental Laws. Grantor authorizes Lender and its agents to enter upon the Property to make such inspections and tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the Property with this section of the Mortgage. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Grantor or to any other person. The representations and warranties contained herein are based on Grantor's due diligence in investigating the Property for Hazardous Substances. Grantor hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any such laws; and 12) agrees to indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release occurring prior to Grantor's ownership or interest in the Property, whether or not the same was or should have been known to Grantor. The provisions of this section of the Mortgage, including the obligation to indemnify, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of this Mortgage and shall not be affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise. Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other party the right to remove, any • . . MORTGAGE Loan No: 11672601 (Continued) Page 3 timber, minerals (including oil and gas), coal, clay, ocoria, soil, gravel or rock products without Lender prior written consent. Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real without Lender's prior written consent. As a condition to the removal of any lmorovemen:s, Larcer —z'. require Grantor to make arrangements satisfactory to Lender to replace such |rrp'overre-:o , :- Improvements of at leas '|mprnvomnntnufet |oax equal value. Lender's Right to Enter. Lender and Lender's agents and representatives may enter upon the Real P'oce't. at all reasonable times to attend to Lender's interests and to inspect txo Real Property for pxocses ° Grantor'o compliance with the terms and conditions of this Mortgage. Compliance with Governmental Requirements. Grantor shall promptly comply with all laws. o,j/rann,u and regulations, now or 'hereafter in effect, of all governmental authorities applicable to the use or occupancy of the Property, including without limitation, the Americans With Disabilities Act. Grantor ma` contest in good faith any such law, ordinance, or regulation and withhold compliance o.J./nc, proceeding, including appropriate appeals, so long as Grantor has notified Lender in writing prior to zoi-c so and so long as, in Lender's sole opinion, Lender's interests in the Proper:y are not jeopardized. Lencer may require Grantor to post adequate security or a surety bond, reasonably satisfactory to Lyoue'. �c protect Lender's interest. Duty to Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor xhaii tc other acts, in addition to those acts set forth above in this section, which from the character and L.se ut r� Property are reasonably necessary to protect and preserve the Property. DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's mption, declare immediately due andpayau'e all sums secured by this Mortgage upon the sale or transfer, without Lender's prior written conuont_ of ail or any part of the Real Propnrty, or any interest in the Real Property. A "sale or transfer" means the conveyarce of Real Property or any right, title or interest in the Real Property; whether |ega|, beneficiai or eou'tsp'e• whether voluntary or involuntary; whether by outright sale, deed, installment sale contract. land cciht'act oonnaotibx deed, leasehold interest with a term greater than three (3) years, lease-option contract. or by sa.e. assignment, or transfer of any beneficial interest in or to any land trust holding title to the Real Property. or oy any other method of conveyance of an interest in the Real Property. If any Grantor is a corpo'ntioh partnership or limited liability company, transfer also includes any chance in ownership of more that- twenty-five hortwenzy-fivo percent (25%) of the voting stock, partnership interests or limited liability company inte'aoz as the case may be, of such Grantor. However, this option snail not be exercised by Lender if such nxe`tie � prohibited by federal law or by Illinois law. TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of :his . Mortgage: Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxon, payroll taxes. special taxes, assessments, water charges and sewer service charges levied adainut or on account of :he Property, and shall pay when due all claims for work done on or for services rendered or material f-J,n/snac to the Property. Grantor shall maintain the Property free of any liens having priority over or eauai to the interest of Lender under this Mortgage, except for those liens specifically agreed to in writing by Lenoer and except for the lien of taxes and assessments not due as further specified in the Right to Contest paragraph. Right to Contest. Grantor may withhold payment of any tax, aanessmenT, or claim in connection Witt'. a good faith dispute over the obligation to pay, so long as Lender's interest in the Property is nozjeooardized. If a lien arises or is filed as a result of nonpayment, Grantor shall within fifteen (15) days after the iisn arises or, if a lien is filed, within fifteen (15) days after Grantor has notice of the filing, secure nhadiscAa,go of the lien, or if requested by Lender, deposit with Lender cash or a sufficient corporate surety bond r' other security satisfactory to Lender in an amount sufficient to discharge the lien plus any costs arc attorneys' fees, or other charges that could accrue as a result of a foreclosure or sale under the lien, Jr. any contest, Grantor shall defend itself and Lender and shall satisfy any adverse judgment before MORTGAGE Loan No: 11672601 (Continued) Page 4 enforcement against the Property. Grantor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings. Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the Property. Notice of Construction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any materials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserted on account of the work, services, or materials and the cost exceeds $10,000.00. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor can and will pay the cost of such improvements. PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Property are a part of this Mortgage: Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance with standard extended coverage endorsements on a replacement basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Grantor shall also procure and maintain comprehensive general liability insurance in such coverage amounts as Lender may request with Lender being named as additional insureds in such liability insurance policies. Additionally, Grantor shall maintain such other insurance, including but not limited to hazard, business interruption and boiler insurance as Lender may require. Policies shall be written by such insurance companies and in such form as may be reasonably acceptable to Lender. Grantor shall deliver to Lender certificates of coverage from each insurer containing a stipulation that coverage will not be cancelled or diminished without a minimum of ten (10) days' prior written notice to Lender and not containing any disclaimer of the insurer's liability for failure to give such notice. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Grantor or any other person. Shouid the Real Property be located in an area designated by the Director of the Federal Emergency Manaoemenr Agency as a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood Insurance, ;f available, within 45 days after notice is given by Lender that the Property is located in a special flood hazard area, for the full unpaid principal balance of the loan and any prior liens on the property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such insurance for the term of the loan. Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property if the estimated cost of repair or replacement exceeds $10,000.00. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Grantor is not in default under this Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this Mortgage, then to pay accrued interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Grantor as Grantor's interests may appear. Grantor's Report on Insurance. Upon request of Lender, however not more than once a year, Grantor shall furnish to Lender a report on each existing policy of insurance showing: (1) the name of the insurer; (2) the risks insured; (3) the amount of the policy; (4) the property insured, the then current replacement value of such property, and the manner of determining that value; and (5) the expiration date of the policy. Grantor shall, upon request of Lender, have an independent appraiser satisfactory to Lender Date: 10/13/2005 10:16:55 am Page:3 AMORTIZATION(continued) Date Description P&i Payment Principal Payment Principal Balance Interest Earned interest Payment Simple Insurance Rate 08/11/2013 Regular Payment 2,271.35 1,957.23 54,944.01 314.12 314.12 6.5000 ' 09/11/2013 Regular Payment 2,271.35 1.968.03 52,975.98 303.32 303.32 6.5000 10/11/2013 Regular Payment 2271.35 1,988.33 50,987.65 283.02 283.02 6.5000 11/11/2013 Regular Payment 2,271.35 1,989.88 48,997.77 281.47 281.47 6.5000 12/11/2013 Regular Payment 2,271.35 2,009.59 46,988.18 261.76 261.76 6.5000 • 2013 Totals: 27,256.20 23,372.01 3,884.19 3,884.19 01/11/2014 Regular Payment 2,271.35 2,011.95 44,976.23 259.40 259.40 6.5000 02/11/2014 Regular Payment 2,271.35 2,023.06 42,953.17 248.29 248.29 6.5000 • 03/11/2014 Regular Payment 2,271.35 2,057.18 40,895.99 214.17 214.17 6.5000 • 04/11/2014 Regular Payment 2,271.35 2,045.59 38,850.40 225.76 225.76 6.5000 05/11/2014 Regular Payment 2.271.35 2,063.80 36,786.60 207.55 207.55 6.5000 06/11/2014 Regular Payment 2,271.35 2,068.27 34,718.33 203.08 203.08 6.5000 07/11/2014 Regular Payment 2,271.35 2,085.87 32,632.46 185.48 185.48 6.5000 08/11/2014 Regular Payment 2,271.35 2,091.21 30,541.25 180,14 180.14 6.5000 09/11/2014 Regular Payment 2,271.35 2,102.75 28,438.50 168.60 168.60 6.5000 10/11/2014 Regular Payment 2,271.35 2,119.42 26,319.08 151.93 151.93 6.5000 11/11/2014 Regular Payment 2,271.35 2,126.06 24,193.02 145.29 145.29 6.5000 12/11/2014 Regular Payment 2,271.35 2,142.10 22,050.92 129.25 129.25 6.5000 • 2014 Totals: 27,256.20 24,937.26 2,318.94 2,318.94 01/11/2015 Regular Payment 2,271.35 2,149.62 19,901.30 121.73 121.73 6.5000 02/11/2015 Regular Payment 2,271.35 2,161.49 17,739.81 109.86 109.86 6.5000 • 03/11/2015 Regular Payment 2,271.35 2,182.90 15,556.91 88.45 88.45 6.5000 ' 04/11/2015 Regular Payment 2,271.35 2,185.47 13,371.44 85.88 85.88 6.5000 • 05/11/2015 Regular Payment 2,271.35 2,199.92 11,171.52 71.43 71.43 6.5000 06/11/2015 Regular Payment 2,271.35 2,209.68 8,961.84 61.67 61.67 6.5000 07/11/2015 Regular Payment 2,271.35 2,223.48 . 6,738.36 47.87 47.87 6.5000 08/11/2015 Regular Payment 2.271.35 2,234.16 4,504.20 37.19 37.19 6.5000 09/11/2015 Regular Payment 2,271.35 2,246.49 2,257.71 24.86 24.86 6.5000 • 10/11/2015 Regular Payment 2,269.77 2,257.71 12.06 12.06 6.5000 j 2015 Totals: 22,711.92 22,050.92 661.00 661.00 Grand Total: 272,560.42 200,000.00 72,560.42 72,560.42 • • MORTGAGE Loan No: 11672601 (Continued) Page 5 determine the cash value replacement cost of the Property. LENDER'S EXPENDITURES. If any action or proceeding is commenced that would materially affect Lence- s interest in the Property or if Grantor fails to comply with any provision of :his Mortgage or any Renate: Documents, including but not limited to Grantor's failure to discharge or pay when due any amounts Grano- s required to discharge or pay under this Mortgage or any Related Documents, Lender on Grantor's oenai= Ta. (but shall not be obligated to) take any action that Lender deems appropriate, including but not limitec discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time leviec °- placed on the Property and paying all costs for insuring, maintaining and preserving the Property. AJ s c expenditures incurred or paid by Lender for Such purposes will then bear interest at the rate charged unCe• the Note from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses become a part of the Indebtedness and, at Lender's option, will IA) be payable or, demand; iB% be aecec the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) toe remaining term of the Note• c- (C) be treated as a balloon payment which will be due and payable at the Note's maturity. The Morrgace a.s: will secure payment of these amounts. Such right shall be in addition to all other rights and remedies to w- o- Lender may be entitled upon Default. WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a car: c' this Mortgage: Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in ..e simple, free and clear of all liens and encumbrances other than those set toren in toe Real P-ooe :. description or in any title insurance policy, title report, or final title opinion issued in favor of. and accec:ec by, Lender in connection with this Mortgage, and (b) Grantor has the full right, power, and aumon.-, :c execute and deliver this Mortgage to Lender. Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will fore,.e- defend the title to the Property against the lawful claims of all persons. In the event any actio- proceeding is commenced that questions Grantor's title or the interest of Lender under this Mortcace Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in s_:- proceeding, but Lender shall be entitled to participate in the proceeding and to be represented it : proceeding by counsel of Lender's own choice, and Grantor will deliver, or cause to be delivered, to Lence- such instruments as Lender may request from time to time to permit such participation. Compliance With Laws. Grantor warrants that the Property and Grantor's use of the Property comp as with all existing applicable laws, ordinances, and regulations of governmental authorities. Survival of Representations and Warranties. All representations, warranties, and agreements mace by Grantor in this Mortgage shall survive the execution and delivtery of this Mortgage, shall be continuing - nature, and shall remain in full force and effect until such time as Grantor's Indebtedness shall be paic - full. CONDEMNATION. The following provisions relating to condemnation proceedings are a part of this Mortgage: Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in v,'r t:nc and Grantor shall promptly take such steps as may be necessary to defend the action and ootain award. Grantor may be the nominal party in such proceeding, but Lender shall be entitled to participate - the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor r. deliver or cause to be delivered to Lender such instruments and documentation as may be reeuestec Lender from time to time to permit such participation. Application of Net Proceeds. If all or any part of the Property is condemned by eminent eoma!- proceedings or by any proceeding or purchase in lieu of condemnation, Lender may at its election recu'-e that all or any portion of the net proceeds of the award be applied to the Indebtedness or the reoa r o restoration of the Property. The net proceeds of the award shall mean the award after payment of a reasonable costs, expenses, and attorneys' fees incurred by Lender in connection with the condemnation MORTGAGE Loan No: 11672601 (Continued) Page 6 IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions •elating to governmental taxes, fees and charges are a part of this Mortgage: Current Taxes, Fees and Charges. Upon request by Lender, Grantor shall execute such documents in addition to this Mortgage and take whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Grantor shall reimburse Lender for all taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage. Taxes. The following shall constitute taxes to which this section applies: (1) a specific tax upon this type of Mortgage or upon all or any part of the Indebtedness secured by this Mortgage; (2) a specific tax on Grantor which Grantor is authorized or required to deduct from payments on the Indebtedness secured by this type of Mortgage; (3) a tax on this type of Mortgage chargeable against the Lender or the holder of the Note: and (4) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest mace by Grantor. Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Mortgage, this event shall have the same effect as an Event of Default, and Lender may exercise any or all of its available remedies for an Event of Default as provided below unless Grantor either (1) pays the tax before it becomes delinquent, or (2) contests the tax as provided above in the Taxes and Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of this Mortgage: Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code as amended from time to time. Security Interest. Upon request by Lender, Grantor shall take whatever action is requested by Lender to perfect and continue Lender's security interest in the Rents and Personal Property. In addition to recording this Mortgage in the real property records, Lender may, at any time and without further authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage as a financing statement. Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest. Upon default, Grantor shall not remove, sever or detach the Personal Property from the Property. Upon default, Grantor shall assemble any Personal Property not affixed to the Property in a manner and at a place reasonably convenient to Grantor and Lender and make it available to Lender within three (3) days after receipt of written demand from Lender to the extent permitted by applicable law. Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party) from which information concerning the security interest granted by this Mortgage may be obtained (each as required by the Uniform Commercial Code) are as stated on the first page of this Mortgage. FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-fact are a part of this Mortgage: Further Assurances. At any time, and from time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause to be made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or rerecorded, as the case may be, at such times ano in such offices and places as Lender may deem appropriate, any and all such mortgages, deeds of trust, security deeds, security agreements, financing statements, continuation statements, instruments of further assurance, certificates, and other documents as may, in the sole opinion of Lender, be necessary or desirable in order to effectuate, complete, perfect, continue, or preserve (1) Grantor's obligations under the Note, this Mortgage, and the Related Documents, and (2) the liens and security interests created by this Mortgage as first and prior liens on the Property, whether now owned or hereafter acquired by Grantor. Unless prohibited by law or Lender agrees to the contrary in writing, Grantor shall reimburse • MORTGAGE Loan No: 11672601 (Continued) Page 7 Lender for all costs and expenses incurred in connection with the matters referred to in this paragraph. Attorney-in-Fact. If Grantor fails to do any of the things referred to in the preceding paragraph. Lenge- —a. do so for and in the name of Grantor and at Grantor's expense. For such purposes, Grantor he-so. irrevocably appoints Lender as Grantor's attorney-in-fact for the purpose of making, executing. deliver -c filing, recording, and doing all other things as may be necessary or desiraole, in Lender's sole oo n c7 accomplish the matters referred to in the preceding paragraph. FULL PERFORMANCE. If Grantor pays all the Indebtedness when due, and otherwise performs ai' obligations imposed upon Grantor under this Mortgage, Lender shall execute and deliver to Grantor a s.:rtao,e satisfaction of this Mortgage and suitable statements of termination of any financing statement or evidencing Lender's security interest in the Rents and the Personal Property. Grantor will pay, if permitted 0'; applicable law, any reasonable termination fee as determined by Lender from time to time. REINSTATEMENT OF SECURITY INTEREST. If payment is made by Grantor, whether voluntarily or o:he-'o:'.se or by guarantor or by any third party, on the Indebtedness and thereafter Lender is forced to remit the of that payment (A) to Grantor's trustee in bankruptcy or to any similar person under any federal or stare bankruptcy law or law for the relief of debtors, (B) by reason of any judgment, decree or order of any co.:-: :- administrative body having jurisdiction over Lender or any of Lender's property, or lCi by reason of a-. settlement or compromise of any claim made by Lender with any claimant (including without limira:,o'- Grantor), the Indebtedness shall be considered unpaid for the purpose of enforcement of this Mortgage and s Mortgage shall continue to be effective or shall be reinstated, as the case may be, notwiths:andinc a- cancellation of this Mortgage or of any note or other instrument or agreement evidencing the Indebtedness a-: the Property will continue to secure the amount repaid or recovered to the same extent as if that amount ne',e- had been originally received by Lender, and Grantor shall be bound by any judgment, decree, order, serleme-- or compromise relating to the Indebtedness or to this Mortgage. EVENTS OF DEFAULT. Each of the following, at Lender's option, shall constitute ar Event of Defaur . this Mortgage: Payment Default. Grantor fails to make any payment when due under the Indeotedness. Default on Other Payments. Failure of Grantor within the time required by this Mortgage to maKe a . payment for taxes or insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien. Environmental Default. Failure of any party to comply with or perform when due any term. obl caoc-' covenant or condition contained in any environmental agreement executed in connection with the Proper:. . Other Defaults. Grantor fails to comply with or to perform any other term, obligation, covenant or condition contained in this Mortgage or in any of the Related Documents or to comply with or to ser=o--- any term, obligation, covenant or condition contained in any other agreement between Lender and Grant:' Default in Favor of Third Parties. Should Grantor default under any loan, extension of credit, sec.:r :. agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Grantor's property or Grantor's ability to repay the Indebtedness c Grantor's ability to perform Grantor's obligations under this Mortgage or any related document. False Statements. Any warranty, representation or statement made or furnished to Lender by Granter on Grantor's behalf under this Mortgage or the Related Documents is false or misleading in any mate- a respect, either now or at the time made or furnished or becomes false or misleading at any time thereat e- Defective Collateralization. This Mortgage or any of the Related Documents ceases to be in full force a effect (including failure of any collateral document to create a valid and perfected security interest or e- at any time and for any reason. Death or Insolvency. The dissolution of Grantor's (regardless of whether election to continue is made =- member withdraws from the limited liability company, or any other termination of Grantor's existence as a going business or the death of any member, the insolvency of Grantor, the appointment of a receiver _o ^ ^ MORTGAGE Loan No: 11672601 (Continued) Page 8 any part of Grantor's proporty, any assignment for the benefit of creditors, any type of creditor workout, or zne commencement of any proceeding under any bankruptcy or insolvency laws by or against Grantor. Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by iudioia| proceeding, self-help, repossession or any other method, by any creditor of Grantor or by any governmanta| aaency against any property securing the Indebtedness. This includes a garnishment of any of Grantor's aocounm, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Grantor gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture oroceedmg, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute. Breach of Other Agreement. Any breach by Grantor under the terms of any other agreement between Grantor and Lender that is not remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other obligation of Grantor to Lender, whether existing now or later. Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of'any of the Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. Adverse Change. A material adverse change occurs in Grantor's financial condition, or Lender believes the prospect of payment or performance of the Indebtedness is impaired. Insecurity. Lender in good faith believes itself insecure. RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time zne'esfte,. Lender, at Lender's oprion, may exercise any one or more of the following rights and remedies, in addition to any other rignts or remedies provided by law: Accelerate Indebtedness, Lender shall have the right at its option without notice to Grantor to declare the entire |noabzadneso immediately due and payab|a, including any prepayment penalty which Grantor would De required to pay, UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under the Uniform Commercial Code. Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Property and collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's COSTS, against the Indebtedness. In furtherance of this right, Lender may require any tenant or other user of the Property to make payments of rent or use fees directly to Lender. If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse msrJmenm received in payment thereof in the name of Grantor and to negotiate the same and collect the o'oceedo. Payments by tenants or other users to Lender in response to Lender's demand shall satisfy the obligations for which the payments are made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in person, by agent, or through a receiver. Mortgagee in Possession. Lender shall have the right to be placed as mortgagee in possession or to have a receiver appointed to take possession of all or any part of the Property, with the power to protect and preserve the ProperTy, to operate the Property preceding foreclosure or sale, and to collect the Rents from the Property and apply the proceeds, over and above the cost of the reuoivornhip, against the |ndebtednass. The mortgagee in possession or receiver may serve without bond if permitted by law. Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver. Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of • MORTGAGE Loan No: 11672601 (Continued) Page 9 the Property. Deficiency Judgment. If permitted by applicable law, Lender may obtain a judgment for any def c.e-c'. remaining in the Indebtedness due to Lender after application of all amounts received from the exercise c- .the rights provided in this section. Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or :ne No:e :- available at law or in equity. Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all -ic-- have the Property marshalled. In exercising its rights and remedies, Lender shall be free to sell all or E.7'. part of the Property together or separately, in one sale or by separate sales. Lender shall be ent:tied :c pip at any public sale on all or any portion of the Property. Notice of Sale. Lender shall give Grantor reasonable notice of the time and place of any public sale of Personal Property or of the time after which any private sale or other intended disposition of :he Perso-a. Property is to be made. Reasonable notice shall mean notice given at least ten (101 days before the time c' the sale or disposition. Any sale of the Personal Property may be made in conjunction with any sale o- :- e Real Property. Election of Remedies. Election by Lender to pursue any remedy shall not exclude pursuit o' any c- . remedy, and an election to make expenditures or to take action to perform an obligation of Grantor this Mortgage, after Grantor's failure to perform, shall not affect Lender's right to declare a defaui: a-c exercise its remedies. Nothing under this Mortgage or otherwise shall be construed so as to limit or res:- c- the rights and remedies available to Lender following an Event of Default, or in any way to limit or res:' o: the rights and ability of Lender to proceed directly against Grantor and or against any other co-m.a<e- guarantor, surety or endorser and/or to proceed against any other collateral directly or indirectly sec..- the Indebtedness. Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms o' : Mortgage, Lender shall be entitled to recover such sum as the court may adjudge reasonable as at:or-e,s fees at trial and upon any appeal. Whether or not any court action is involves, and to the extent not prohibited by law, all reasonable expenses Lender incurs that in Lender's opinion are necessary a: any : . for the protection of its interest or the enforcement of its rights shall become a part of the Irceo:ecness payable on demand and shall bear interest at the Note rate from the date of the expenditure until recaid Expenses covered by this paragraph include, without limitation, however subject to any limits u.:-'cer applicable law, Lender's attorneys' fees and Lender's legal expenses, whether or not there is a laws...:. including attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and appraise fees and title insurance, to the extent permitted by applicable law. Grantor also will pay any court costs addition to all other sums provided by law. NOTICES. Any notice required to be given under this Mortgage, including without limitation any notice d' default and any notice of sale shall be given in writing, and shall be effective when actually delivered, :. actually received by telefacsimile (unless otherwise required by law), when deposited with a ra:io-a. recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certifiec registered mail postage prepaid, directed to the addresses shown near the beginning of this Mortgage. copies of notices of foreclosure from the holder of any lien which has priority over this Mortgage shall be se-: to Lender's address, as shown near the beginning of this Mortgage. Any party may change its address notices under this Mortgage by giving formal written notice to the other parties, specifying that the purpose : the notice is to change the party's address. For notice purposes, Grantor agrees to keep Lender informed a: a, times of Grantor's current address. Unless otherwise provided or required by law, if there is more than n--e Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors. ~ ' MORTGAGE Loan No: 11672801 (Continued) Page 10 MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Mortgage: Amendments. This Mortgage, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Mortgage. No alteration of or amendment to this K4ortgageahaU be effective unless given in writing and signed by the party or parties sought to be cnarged or oound by the alteration or amendment. Annual Reports. If the Property is used for purposes other than Grantor's residence, Grantor shall furnish To Londe,, upon request, a certified statement of net operating income received from the Property during Grantor's previous fiscal year in such form and detail as Lender shall require. "Net operating income' shall mean all cash receipts from the Property less all cash expenditures made in connection with the operation o� the Property. Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define the provisions of this Mortgage. Governing Law. This Mortgage will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Illinois without regard to its conflicts of law provisions. This Mortgage has been accepted by Lender in the State of Illinois. Choice of Venue, If there is a |ovvxuit. Grantor agrees upon Lender's request to submit to the jurisdiction of the courts of Cook County, State of Illinois. No VVaive, by Lender. Lender shall not be deemed to have waived any rights under this Mortgage unless such waiver is given in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provison of this Mortgage shall not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance with that provision or any other provision of this Mortgage. No prior vvaive, by Lender, nor any course of dealing between Lender and Grantor, shall constitute a waiver of any of Lender's rights or of any of Grantor's obligations as to any future transactions. Whenever the consent of Lender is ,eouired under Tnio Mongage, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender. Severability. If a court of competent jurisdiction finds any provision of this Mortgage to be illegal, invalid, or unenforceable as to any oircumnzanoo, that finding shall not make the offending provision iUaga|, invo|id, or unenforceable as to any other circumstance. If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be considered deleted from this Mortgage. Unless otherwise required by law, the illegality, invandity, or unenforceability of any provision of this Mortgage shall not affect the legality, validity or enforceability of any other provision of this Mortgage. Merger. There shall be no merger of the interest or estate created by this Mortgage with any other interest or estate in the Property at any time held by or for the benefit of Lender in any copaoity, without the written consent of Lender. Successors and Assigns. Subject to any limitations stated in this Mortgage on transfer of Grantor's interest, This Mortgage shall be binding upon and inure to the benefit of the parties, their successors and assigns, If ownership of the Property becomes vested in a person other than Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Mortgage and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness. Time is of the Essence. Time is of the essence in the performance of this Mortgage. Waive Jury. All parties to this Mortgage hereby waive the right to any jury trial in any aodon, proceeding, or counterclaim brought by any party against any other party. MORTGAGE Loan No: 11672601 (Continued) Page 11 Waiver of Homestead Exemption. Grantor hereby releases and waives all rights and benefits o- t homestead exemption laws of the State of Illinois as to all Indebtedness secured by this Mortgage. Waiver of Right of Redemption. NOTWITHSTANDING ANY OF THE PROVISIONS TO THE CC\TFA CONTAINED IN THIS MORTGAGE, GRANTOR HEREBY WAIVES, TO THE EXTENT PERMITTED U'\.CE= 735 ILCS 5/15-1601(b) OR ANY SIMILAR LAW EXISTING AFTER THE DATE OF THIS MORTGAGE. AND ALL RIGHTS OF REDEMPTION ON GRANTOR'S BEHALF AND ON BEHALF OF ANY CT--E= PERSONS PERMITTED TO REDEEM THE PROPERTY. DEFINITIONS. The following capitalized words and terms shall have the following meanings when usec t-•s Mortgage. Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts - lawful money of the United States of America. Words and terms used in the singular shall include the olu•a and the plural shall include the singular, as the context may require. Words and terms not otherwise aefrnec this Mortgage shall have the meanings attributed to such terms in the Uniform Commercial Code: Borrower. The word "Borrower" means Sotomayor Enterprises, LLC and includes all co-signe-s a-c co-makers signing the Note. • Default. The word "Default" means the Default set forth in this Mortgage in the section titled "Defa.::t" Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local stat_.tes regulations and ordinances relating to the protection of human health or the environment, including w't-:..t limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments ano Reauthor:zat °- Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S... Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 , et seq. c other applicable state or federal laws, rules, or regulations adopted pursuant thereto. Event of Default. The words "Event of Default" mean any of the events of default se: fo-t' s Mortgage in the events of default section of this Mortgage. Grantor. The word "Grantor" means Sotomayor Enterprises, LLC. Guarantor. The word "Guarantor" means any guarantor, surety, or accommodation party o' any o- a s- the Indebtedness. Guaranty. The word "Guaranty" means the guaranty from Guarantor to Lender, including without lir ,tat a guaranty of all or part of the Note. Hazardous Substances. The words "Hazardous Substances" mean materials that, because o' t e.- quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated, stored, disposed c-. generated, manufactured, transported or otherwise handled. The words "Hazardous Substances.' a-e sec in their very broadest sense and include without limitation any and all hazardous or toxic substances materials or waste as defined by or listed under the Environmental Laws. The term "'Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos. Improvements. The word "Improvements" means all existing and future improvements, buiicincs structures, mobile homes affixed on the Real Property, facilities, additions, replacements and order construction on the Real Property. Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs a c expenses payable under the Note' or Related Documents, together with all renewals of, extensors modifications of, consolidations of and substitutions for the Note or Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lence- enforce Grantor's obligations under this Mortgage, together with interest on sucn amounts as provided this Mortgage. Specifically, without limitation, Indebtedness includes all amounts that may be Indirect secured by the Cross-Collateralization provision of this Mortgage. MORTGAGE Loan No: 11672601 (Continued) Page 12 Lender. Tne word "Lender" means American Chartered Bank, its successors and assigns. Mortgage. The word "Mortgage" means this Mortgage between Grantor and Lender. Note. The word "Note" means the promissory note dated October 11, 2005, in the original principal amount of $200,000.00 from Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the promissory note or agreement. The interest rate on the Note is 6.500%. Payments on the Note are to be made in accordance with the following payment schedule: one principal and interest payment of $4,483.33 on January 1 1, 2006, with interest calculated on the unpaid principal balances at an interest rate of 6.500% per annum; 58 monthly consecutive principal and interest payments of $2,280.55 each, beginning February 11, 2006, with interest calculated on the unpaid principal balances at an interest rate of 6.500% per annum; and one principal and interest payment of $118,567.04 on December 11, 2010, with interest calculated on the unpaid principal balances at an interest rate of 6.500% per annum. This estimated final payment is based on the assumouon that all payments will be made exactly as scheduled; the actual final payment will be for all Principal anc accrued interest not yet paid, together with any other unpaid amounts under this Mortgage. Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter owned by Grantor, and now or hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions to, all replacements of, and all substitutions for, any of such. property: and together with all proceeds (including without limitation all insurance proceeds and refunds of premiums) from any sale or other disposition of the Property. Property. The word "Property" means collectively the Real Property and the Personal Property. Real Property. The words "Real Property" mean the real property, interests and rights, as further described In this Mortgage. Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan acreements. environmental agreements, guaranties, security agreements, mortgages, deeds of trust, sec.:r ty aeecs, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter ex.sung, executed in connection with the Indebtedness. Rents. The word "Rents" means all present and future rents, revenues, income, issues, royalties, profits, and other benefits derived from the Property. GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS. GRANTOR: SOTOMAYOR ENTERPRISES, LLC Shirley Sadja.i-Soto ' ayor, Maiaager of Sotomayor Enterprises, LLC 1 J By: i l/ rir AIND Wildeoton�ayor, Maj ageF o " .tomayor Enterprises, LLC js�J MORTGAGE Loan No: 11672601 (Continued) Page 13 LIMITED LIABILITY COMPANY ACKNOWLEDGMENT STATE OF SS COUNTY OF On this day of before me. the undersigned No:a Public, personally appeared Shirley Sadjadi-Sotomayor, Manager; Wilde R. Sotomayor, Manager of Sotomayor Enterprises, LLC, and known to me to be members or designated agents of the iimitec Lability comca'-', executed the Mortgage and acknowledged the Mortgage to be the free and voluntary an: and ceec o' tne limited liability company, by authority of statute, its articles of organization or its operating agreement, f;,r the uses and purposes therein mentioned, and on oath stated that they are authorizec to execute ;h:s Mort:a:e and in fact executed the Mortgage on behalf of the limited liability company. By Residing at Notary Public in and for the State of My commission expires • SOTOMAYOR ENTERPRISES, LLC 100 E. Chicago Street, Suite 605 Elgin, Illinois 60120 (847) 622-2429 October 26, 2005 EXIA1611" "C Mr. Ray Moller Director of Economic Development CITY OF ELGIN 150 Dexter Court Elgin, Illinois 60120 RE: Center City Building Improvement Loan Application 169 E. Chicago Street Dear Mr. Moller: Sotomayor Enterprises respectfully requests the City of Elgin to grant its application for the Center City Special Business Loan Program. Specifically, Sotomayor Enterprises has obtained a $200,000 loan from American Chartered Bank to remodel the interior of the above-referenced property and would like to obtain the generous assistance of the City of Elgin pursuant to its program. The finished project will be home to a law office on the second floor and a Latin/Caribbean restaurant on the first floor. In support of this request, we have enclosed the following: 1. Loan Application 2. Loan.Documents from American Chartered Bank. Although the program guidelines indicate that only a loan proposal is required, our bank issued this loan quickly based on our history with them and personal financial situation. 3. 2004 Tax Returns for Shirley and Wilde Sotomayor. Inasmuch as Sotomayor Enterprises was only recently created in December 2004, solely to administer the building ownership and improvements (for now), and to the fact that it is a subchapter S corporation, we have included our personal tax returns. 4. Building Appraisal 5. Contractor Estimates Thank you for your favorable consideration of our request. We are quite excited about our investment in Elgin's future and look forward to working with the city. Sincerely, Shirley Sadj-4 Soto ayor EXF1 1 'C " Loan Amount Requested: G O O Total Project Cost: s,ao,croi. Company Name: ` ®®C AA'jOtL �o.,Eeti '� ., L� Address: I E. C,/Vut � v"`,o • (JON 2-b Phone: �U-4 Cam Sv�µ��-jcn ncl I�V�(r.Cn r I� Owner' s Name (s) : 61 Ch\� Jne�. �1 ' 51KjNtP"Ic)2 c. ti'cAfu1�A (I've v�� . Type of Business: 3013kka.4,10 b _f• MA-eA "V1 v"uke-Aci • Purpose of Loan: , Id cZ ii\i fteLf_rv+eiv(5 )Gw 61 A ,, z4,4 4 JY.31 , Does this loan represent an addition o a loan previously approved for this project? YES NO If yes, please indicate original amount, date approved and total loan amount with proposed increment. Original loan approved: $ Date Approved: Total loan with proposed increment: $ BREAKDOWN OF PROJECT AMOUNT CONTRACTOR DESCRIPTION OF WORK 1. $ (F" ? OS/ • M Al2C e`�`mac mb i J1 . c. Elegy • 2. $ LS,2�O l C11eb'r '�'�'" �(c e) V 2 Mec "Lv N VAC 3. $ t_51l 4 . $ ct 3 — �> t `( At- Deot i l° f V L-4- S�a- `;I ,`ice`'`-`*►i ' ' . ato, OTHER CONTRACTOR BIDS OBTAINED C(46C" • Revised 2005 DESCRIPTION OF PROPERTY: (Size & Description) oA APPRAISED VALUE:ST.00I 0(12 � I '/ � I (Xi� lywv OWNER IN TITLE: k4A1O7 E- 4j AAA 1 , L1 EXISTING MORTGAGE f cis ON PROPERTY: • �Lpp,000 biadcck —00 0411124 �(w OTHER INFORMATION REQUIRED INITIALLY: 1. Business Year end Financial Statements - last two years. 2. Business Interim Financial Statement - current year-to-date. 3. Personal Financial Statement - current. 4 . Copy of Contractor Estimates. 5 . Corporate and/or Personal Tax Returns may be required. 6. Appraisal of property may be required. The undersigned applicant hereby certifies that the loan funds obtained shall be used for the purposes outlined in this application. DATE 112A5lOS' Applicant Business BYr" , 5‘40efn , Owner Please deliver this completed application to the bank or savings and loan official of your choice. They will process your credit application and submit a loan proposal to the City of Elgin for final approval. Revised 11-24-03 Revised 2005 MARQUEZPI . 1 'M'1IINti. INC. PROPOSAL 10/19/05 Juan Marquez 273 Carla Drive South Elgin, IL 60177 847-695-9268 To: Shirley Sadjadi Job Name: 169 E. Chicago St. 100 E. Chicago St., Ste.605 Elgin, IL 60120 Elgin,IL 60120 Fax# 847-741-6159 We hereby submit specifications and estimates for: Installation of an ADA bathroom&kitchen sink w/dishwasher hook-up on second floor. Demolition of existing plumbing included. 1 - 12 gallon electric water heater 1 -Dayton SS kitchen sink 1 -Moen#7460 kitchen faucet(chrome) 1 -Crane ADA toilet(white) 1 -Church elongated seat(white) 1 -Crane wall hung lavatory sink 1 -Moen#L4621 lavatory faucet(chrome) 1 -Crane urinal 1 -Sloane urinal valve WE PROPOSE hereby to furnish material and labor- complete in accordance with above specifications,for the sum of: Six Thousand Nine Hundred Twenty Eight and 00/100 dollars $6,928.00 Payment to be made as follows: after rough-in: $4000.00 after completion : $2928.00 Authorized Signature Proposal Accepted By CHESTER JOHNSON ELECTRIC CO. 742,S.DATE 4-24 ..+ 108 OR BLDG. • /: • . . _.,,.,_ ' a LOCATION Lc'. CAA/ - o , . ED TO ADDRESS' ,4I4 Al/A/ /Nali005 ; PRE'e,/4je i 6S dm's Ant_ orm1192. Aeovio aro ccvolr PHONE NO. SCALE SHEET NO.j}I MATERIAL QUANTITY MATERIALUNIT EXTENSION LUNOA I [XTEN�ION , F s y , Zo /Jh►iP Efer - kbor - vura ie 4 - , 1 .14 . Fick.• FAO . / • - . ' . ' i . 0 , ErrrS�4.4.0 I . . , •./i✓.44-40 Poi.‘ metas' Sid s. /2, i ` I rIV . Otootti SitinZieE, . - 1 (s) 6coji S.P. /rfA o vim' ,aes 1 . 6= _ . , , , 2x30 ce4 . "r,c1-: I 10 , 69 ' tlawAtir - - .N,c. , ,. IITI ' © •611 /wc,4AID. C4,t/ �s . 47, _a Lf/,�Gi. SGDn/Gt�•S . ..ti . . © Am, / a?JeE i1/4117 ,fa rlf-,,,J , _ /'to ; i H 0 77/ ele/na7v# /4 401 /, r G AC w,r d--T-S7-4-T l Girde, •16D) m1 IMIIC . i Jul 13 05 06: 15a John Ambrotaio 630 876 3194 P• 2 cActi ezt Estim ate 3N110 Ridgeview St. West Chicago.11 60185 Date Estimate# 7/13/2005 1190 Name/Address Project Sotomayor Enterprises Attn:Wither 1366 Anglctatn Wesl l)undepc.JL 60l l8 is:floor kitchen build out Terms Rop good for 6(1 days John Description Total Provide.and install the thllowinn 18,200.00 (2)Ltatoox 135,00()131U furnaces 80% (2)Lennox 5 ton cased coils (2)Ltanox S ton HS29 condenser coils with electrical(reheat) complete supply and return air regist package Job includes sill nctxtssary duct work to complete(2)5 ton(I VAC systems,venting,line sets,low voltage wiring and ga. pipe• Also included is all necessary duct work to complete 3,000 elm make-up air system. Nota Line voltage wiring,coring and any carpentry work doffe by others. • Il roquinxl to fire Yaw existing black iron add an additional$5.300.00 • Thank you for the opportunity to bid this job. Please call with any questions. Total $38,200.00 If this estimate meets your approval please sign and return it to us via fax or mail. Customer Signature Phone# Fax# E-mail 630.876-3420 630-876-3194 vpmcchanical@coincast.net • S' 5 �tERw► t�, 3PH0(647)CEf2234500ST. GFAXYSLA(1947)IL 22364460030 4 Date 9/14/2005 Project Name: SPECIFICATIONS Quote No. SP1899 Law Offices of Shirley Sadjadi Framework All horizontal and vertical skylight framing components shall Incorporate an integral condensate control gutter system with weepholes at the sal condition for positive drainage to the exterior. The skylight system(s)shall Incorporate flush silicone sealant joints at the horizontal framing components. The skylight framing components,Including the glass,shall be designed In accordance with following requirements: a.30 PSF Live or Snow Load acting vertically b.20 PSF Wind Load acting horizontally c.A Dead Load as applicable to the framing and glass d.The support structure and adjacent construction must support the transfer of all loads,Including horizontal and vertical,exerted by the skylight system(s). The deflection of the framing member In a direction normal to the plane of the glass,when subjected to a uniform load deflection test in accordance with ASTM E330 and per the above specified loads,shall not exceed 1/175 or 3,4",whichever is less,for the unsupported span. Principal Supporting Members:1/8"minimum thickness,extruded aluminum,tubular,6063•T5,6063•T6 or 6005-T5 alloy and temper per ASTM 8221.Sizes,shapes and profiles as per 651 standard shapes. Sheet metal flashing and closures shall be shop formed to profile in 10ft.lengths.When lengths exceed 10ft.,field trimming to length and field forming the ends is necessary to sult field conditions.Sheet metal overlaps are to be 6",set in sealant and aluminum pop riveted as required. The prindpal skylight framing components shall be factory assembled In whole or In part,Identified and shipped knocked down for final assembly at the job site.Construct the skydght(s)using extruded aluminum members. Locate weepholes in the sill adapter,at each rafter connection,to positively drain condensation to the exterior of the skylight(s). Installation Skyllght(s)shall be install In one phase unless otherwise noted.The skylight manufacturer's installer shall examine the support structure and adjacent construction to determine that they are properly prepared,dimensionally correct and ready to receive the skylight work included herein.My deviations from the approved skylight shop drawings shall be brought to the immediate attention of the General Contractor.No installation work shall begin until all such deviations have been satisfactorily corrected at the expense of the responsible party(s). The skylight manufacturer and the skylight manufacturer's installer exclude all field measuring,demolition,removal,replacement,and/or rework of any existing material unless otherwise noted. Erect the skylight materials plumb and true and In proper alignment and relation to the established lines and grades as shown on the approved shop drawings.Anchor the skylight materials to the support structure in strict accordance with the approved shop drawings. Any temporary covering and weatherproofing of the skylight opening(s),if so required by the General Contractor,and removal of same during and after the completion of the installation is excluded by the skylight manufacturer and the skylight manufacturer's installer.Any temporary coverings that may be required are not to obstruct or interfere with the skylight installation in any way. Clean the glass and framework at the time of the installation.Final cleaning,if so required,subsequent to the completion of the installation, shall be the responsibility of the General Contractor. The skylight manufacturer does not provide nor include any temporary protection to the skylight materials after the completion of the installation.Protection of the skylight from ongoing work by other trades shall be the responsibility of the General Contractor.The skylight manufacturer is responsible only for the damage caused by the personnel under his control and responsibility, Accepted By: Date: PROPOSAL AND ORDER FORM " S 1350 CENTER Sr. GRAYSLAKE,II.60030 PH(847)223-4500 Fax(847)223-6444 PROPOSAL No. SP1$99 NAME: Sotomayor Enterprises,LLC 9/1E DATE REQ FOR NSrALIJDEI 9/14/2005 TBD ADDRESS: MODEL NUMBER tgUOTED BY • Crrv: Elgin ST:IL ZIP: SS-130 OMINIC A. SALESMAN APPROVED By PHONE 847-845-7445 FAx: wrs11 lcomcast.n SHAWN CONTACT NAME: Wilde Sotomayor PROJECT ®COD ®Deposit Required PROJECT NAME ADDRESS TERMS 0 Net 30 0 Project Draw 0 Contract NAME:Law Offices of Shirley Sadfadi Deposit Requirment 50% ADDRESS: 169 E.Chicago Street Interest at 1.5%per month will begin on the first day after the due date of all invoices. Orr: Elgin STATE: IL ZIP: Terms subject to credit approval. DIMENSIONS Gl AZINs FINISH INSTALL FABRICATION O.G.CURB WIDTH 6'-O" 0 GLASS ❑ OT POLYCARBONATE. C PAINT _OTHERS _.:S ASSEMBLED 0 AcRYuc ❑FIBERGLASS 7 ANODIZED =GSI _UNGLAZED 0.D.Cum LENGTH---"""a"-- 1"INSYIATlO SAFETY GLASS 7 MILL —UNION KNOCK-DOWN _ FIELD ASSEMBLED PITCH 6/12 1/4"CLEAR TEMP.W/LOW-E*2 EINISCALQA I 1/2"AIRSPACE STANDARD HEIGHT 18" 1/4"CLEAR LAMINATED GLASS PAINT FINISH CALCS REQUIRED NO QTY DESCRIPTION UNIT PRICE TOTAL PRICE 1 SS-130 STRUCTURAL GLASS PYRAMID SKYLIGHT $7,163.73 $7,163.73 6'-0"x 6'-0"oUPsIoE cum DIMENSIONS -PLEASE ADD$311.79 FOR TAX IF CERTIFICATE IS NOT PROVIDED. TOTAL $7,163.73 BID INCLUDES DEUVERY E.INSTALLATION • SKETCH AND SPECIAL CONDITIONS Also included in this bid. Standard mounting hardware,delivery, / ... Installation,and a full set of shop drawings. /- Not included in this bids Independent testing,tax,Interior tarping,or any interior finishing work. `_` -..\ Clarification& Adjacent and support construction must support forces imposed by skylights. Support curb must be"plumb/square"for proper installation. Lead time is based after approval of shop drawings with guaranteed dimensions. Bid is based on -.., - crane accessibility. Paint finish to be a standard '�� color provided by Morton or DuPont. �/ Approx.Lead Time 7-9 weeks Price good for(30) Days Warranty Period 5 years . Subject to price upon receipt of architectural plans and specs If none were available at time of bid. These prices are F.O.B Grayslake,IL Freight estimates are not guaranteed. All prices do not Include tax unless otherwise noted. If paint is desired the units shall be electrostatic powdeitoat paint standard by Dupont/Morton. If the units are anodized the standard Is 204-R1 finish. Warranty covers design, workmanship,material,and uncontrolled water leaks. lead Times are based after approval of shop drawings. Terms and conditions of sale form must accompany this Proposal. Accepted By: Date: PROPOSAL VAUD FOR 30 • DAYS FROM BELOW DATE 350 Center St. Grayslake, IL 60030 Ph(847)223-4500 Fax(847)223-6444 Date: 9/27/2005 PROPOSAL AND ORDER FORM PROPOSAL a CP8831 .... ..J"•- '"'" , 4 NAME: SOTOMAYOR ENTERPRISES, LLC PROJECT NAMII: ADDRESS: LAW 9FFICII5,ELGIN CITY: ELGIN STATE: IL ZIP: PHONE: 847-845-7445 FAX: CONTACT: WILDE SOTOMAYOR THE FOLLCIAIING CHfCICED DEcrlitIPTIONS APPLY: DIMENSION DESCRIPTION 0 ACRYLIC GLAZING _ 0 THERMAL BREAK :INSIDE CURB DIMENSION "BB" 0 POLYCARBONATE GLAZING 0 OUTSIDE CURB DIMENSION "CC" 0 TEMPERED GLASS E INSIDE MOUNTING FLANGE "DD" 0 LAMINATED GLASS C REPLACMENT BUBBLE 0 Low E Note:Picture is for dimension reference Only! 0 CURB MOUNT SKYLIGHT .••-• ,.: .. 0 SELF-FLASHING SKYLIGHT ,.. —..: 0 PYRAMID SHAPED OUTER DOME Ii.N 0 FACTORY MUTUAL RATED DROP OUT VENT , , - - 4BRamp 0 ENCLOSED DRAWING IS PART OF THIS QUOTE .:i''''' _ 0 FLASHING PACKAGE ______:,,,, ,,.. ....,_ Gunk= L.,... OUTER GLAZING El CLEAR 0 WHITE 0 BRONZE L__L_IRAY _ INNER GLAZING El CLEAR 0 WHITE 0 •BRONZE :CIRAY NONE ALutamualmasm 0 MILL 0 ANODIZED I POWDER COAT PAINT COLOR: TBD .1 QTY DESCRIPTION WIDTH X LENGTH UNIT TOTAL 1 G-610 Curb Mount Pyramid/Bubble Skylight 72"x 72" $1,200.00 S1,200.00 -warranty=10 years -lead time-7-10 business days -GS!"CC"dimensions=outside curb dimensions -please verify curb dimensions prior to order DELIVERY ADDRESS/NOTES delivery included: SUBTOTAL $1,200.00 169 E. Chicago Street I 6.50% I TAX I $78.00 Elgin,IL. DELIVERY] $50.00 GRAND TOTAL' $1,328.00 i REP: CUSTOMER ORDER* CREDIT TERMS t50/5cLCOD 'SHAWN M. I [ I DEPOSIT PERCENT 50% AMOUNT $664.00 GSI APPROVED: CONTRACTOR SIGNATURE DATE FG-610 CURB MOUNT PYRAMID OVER BUBBLE PROJECT NAME)LAW OFFICES, ELGIN PROPOSAL# CP8831 ACRIIJ -cirja AcRr1J�� • SILICONE SEALANT (0028)EXTRLDED ALUM. i CLAMF1NG ANGLE MIG WELDED AT THE CORNERS (I-3/4"X 1-3/4'X I/10) (0007)CONT,SAMOPRENE GLAZING GASKET pagrze • 10 PR WEEP 5AFFILS 5924..11 QOORNFJZS ! - • N LOX 34'F.A.S. 1(88) IhtSI1X CURB DIMENSION Q VAR ON CgTRERi(CC) OUTSIDE CURB DIMENSION OPTIONAL THERMAL-BREAK I...','.'; ,,,,,,,. INCLUDING ROOFING MATERIALS # 10X I I/2'P.A.S. i(DD) IMIDE MOUNTING FLANiGE COVEN51 @ VAR ON CENTER (MM..17)SIILLt ALLBB ROORNG MATERIALS AACC AND STRUCTURAL CURB r—' (S'OTHER S) DD — TOP OF ROOF Specifications: Double Dome thermoformed insulating acrylic skylights shall be by GSI. Each unit shall be factory glazed and sealed with a full silicone seal,Interior santoprene seat gaskets,glazed with two thermoformed bubbles. Sill framing and clamping angle shall be extruded aluminum with an average thickness of.098. All mitered corners in both sections shall be tug-welded with full penetration welds. Clamping angle shall be mechanically fastened to the sill to hold the glazing materials in place and maintain the water control of the system. System shall be designed to fit over a 2.wide curb and anchored to the sill from the roof. Skylights shall be designed to support a 401b.live load,Units are not designed for life support of humans. If life support is required, use of the'Security Guard-system should be considered. (Acrylic double glazed units can not be hermetically sealed,therefor are subject to formation of condensation between surfaces under certain conditions.) IS ' ,+s 41 350 Center St. Grayslake,IL 60030 Ph(847)223-4500 Fax(847)223-6444 . ,sPROPOSAL AND ORDER FORM I35CENTER ST. GRAYSLAKE. IL 60030 PH(847)2234500 FM_(847)223-6444 T Tent sl AM- / AD R s PROPOSAL No. SP1899 NAME: Sotomayor Enterprises,LLC 'ATE DATE REQ POR TNSTAu/DEL 9/27/2005 TBD ADDRESS: MODEL NUMBER t&OTED BY CrTv: Elgin ST:IL ZIP: 111-i-130INIC A. SLLESMAN APPROVED BY PHONE 647-845-7445 FAX: wr,rllpcomcast.n SNAwN _ CONTACT NAME: Wilde Sotomayor PROJECT ®COD ®Deposit Required PROJECT NAME / Aoos:rss TERMS 8Net 30 0 Project Draw • Contract NAME: Law Offices of Shirley Sadjadi DepositRpairment I5O% ADDRESS: 169 E. Chicago Street Intee+estat 1.5%per month will begin on the first day after the due date of all Invoices. Ctrl: Elgin STATE: IL Zip: Tern,subJ.�ect to aVit approval. DIMENSIONS GLAZING FINISH' 'Sem. FABRICATION O.D.airs WIDTH 6'-O" _GLASS PolvuweoNA11. 0 PAIN. ❑OTHERS CR ASSSMell° Acarus Lf'eeRGLAss 0 Mower) ®GSI U UNeu►Im O.D.CURD LeNCTH ❑Ku. 0 UNION ❑KNocx-DOWN -• -- 1"INSULATED'SAFE'r'GLASS 0 FIELD ASSEMBLED PITCH 6/12 1/4"CLEAR TEMP.w/Low-e#2 FSNrsn_r'r*u 1/2"AIRSPACE STANDARD Hem 18" 1/4"'CLEAR LAMINATED GLASS PAINT F7MSH "•'CA1SS REQUIRED NO Qrr,DescAIP ION — than PRICE Tommi.Puce 1 SS-130 STRUCTURAL GLASS PYRAMID SKruGHT $7,163.73 $7,163.73 6+-0"x 6'•0"OUTSIDE CURB DIMENSIONS -PLEASE ADD$311.79 FOR TAX IF CERTIFICATE IS NOT PROVIDED. -SUBTRACT<1,445.00> FOR 16MM. POLYCARBONATE GLAZING 67 43 BTO INCWOES DEANERY&INSTALLATION TOTAL -J11,7..163.73 INSTALLATION NUMBERS ARE NOT GUARANTEED SKETCH AND SPLLIAL CONDITIONS Also Included in t jp bid, • Standard mounting hardware,delivery, installation,and a full set of shop drawings. not included in-this bid, Independent testing,tax,interior harping,or any interior finishing work. s!a(ittcattQpa _ Adjacent and support construction must support forces imposedby skylights. Support curb must be-plumb/square" are"for proper installation. Lead time is based after approval of shop drawings with guaranteed dimensions. Bid is based on crane accessibility. Paint finish to be a standard color provided by Morton or DuPont. \ Approx.Lead Time 7-9 weeks Price good for(30) Days Warranty Period 5 years Subject to price upon receipt of architectural plans and specs if none were available at time of bid, These prices are F.O.B Grayslake,IL Freight estimates are not guaranteed. All prices do not include tax unless otherwise noted. If paint is desired the units shall be electrostatic powdercoat paint standard by Dupont/Morton. If the units are anodized the standard Is 204-R1 finish. Warranty covers design, workmanship,material,and uncontrolled water leaks. Lead Times are based after approval of shop drawings. Terms and conditions of sale form must accompany this Proposal. Accepted By: Date: Estimate Traditional DATE ESTIMATE NO. Construction 5/9/2005 1077 and Design, Inc. roi, l00rm i1 447412405L 01b 001140 R*-r311511211,In-1147-7504051 NAME I ADDRESS Shirley Sadjadi 169 E.Chicago St. Elgin,IL 60120 P.O.NO. TERMS Project Comm.Renov. • DESCRIPTION QTY COST TOTAL Dumpsters 2.100.00 2.100.00 Porto/on 350.00 350.00 Patch and repair roof to buytime till future tear off. 5.250.00 5.250.00 Rough Carpentry 41,900.00 41,900.00 Trim carpentry,installation of doers,includes$4500.00 for 22.800.00 22.800.00 cabinetry. I Doors as per plan 9,424.20 9.424.20 Electrical as per plan 26.300.00 26.300.00 Insulate 3.100.00 3.100.00 Plumbing 11.640.00 11.640.00 New roof top unit,duct work run inside soffits 18,700.00 18,700.00 Masonry-cutting open for new door in place of existing window, 1,350.00 1,350.00 new window in place of existing 2nd floor doors. Tuckpoint a repair on facade of building-(optional) 2.400.00 2.400.00 Window Allowance 4,000.00 4,000.00 3,.'Z6 ,$ Drywall and finishing 20,625.00 20.625.00 Please contact me with questions or to proceed. TOTAL SIGNATURE Page 1 j Estimate Traditional DATE ESTIMATE NO. Construction 5 9'2005 1077 j and Design, Inc. 100 L.Cl4alt -,5'da 114,6da,110120 Cii-biz-112-,1055,01W•147-710.1141 Rah-II'3I'15020,hz-t41-7304101 NAME/ADDRESS Shirley Sadjadi 169 E.Chicago SI. Elgin,IL 60120 P.O. NO. TERMS Project Comm.Renov. DESCRIPTION QTY COST TOTAL Painting 4.700.00 4.700.00 • Supply and Install Hardwood Floor 9.300.00 9.800.00 Carpet Alternative$1500.00 0.00 ver 440.00 440.00 Fire Extinguishers-2 m basement,2 an main,3 on 2nd floor 7 60.00 420.00 Life Safety System 9,000.00 9.000.00 Permit for Project 5.500.00 5.500.00 Profit,Overhead,and Project Management 30.000.00 30.000.00 Please contact me with questions or to proceed. TOTAL 5229.799.20 SIGNATURE Page 2 7/12/2006 639 PM FROM: Tax TO. 10479435065 PAGE: 002 OF 002 DUNLAP HOME IMPROVEMENTS & SON DICKLESURRECTORS Las ENVVJUll. 7263 Goeke Rd. Pecatonica IL. 61063 COMPUTE Offita-847-888-2280 Cell 847-321-8657 , 0 Fax 815-239-2147 Halite 815-239-1815 Res. &Coin,Maintenance A t:3:3 CUSTOM MILL WORK %Mr &CABINETRY " A Certified Wolman®Contractor r Date Job Name Invoice # Phone July 12,2005 Shirley Sadjadi Estimate 847-843-5063 • 169 Chicago St. Fax 847-843-5065 Elgin IL.60120 3000000000000000000000000000000000000C ESTIMATE FOR BUILD OUT OF OFFICE: Price below is for Materials & Labor with some exclusions. • Excluded: • Ski-lite & crane (if needed) (no info faxed to me) • Bamboo flooring& labor (no info provided) • Demo on any structures (Except front windows) • •Permits/Any fee's by City or State. • Carpeting(Not enough info provided ) Included: Electrical /HVAC /Plumbing/Carpentry Rough & Finish / Drywall/Painting/Vinyl Flooring/ Cabinets /Windows /Doors /Stairs/Dumpster • Cost for,build out--------------$274,436.28 110/44/cwo Iq.V1 rnn VVu/VV° • AvidCARPENTER • CONTRACTORS SNC. 1t l seaIL.:f.\ Ills', I. NUI,\.�� I .h, '! (t l'; 144.'1.. .,•I May 24,2005 Page 2 EDI Interior Architecture 169 Chicago Street,Elgin Attn: Wilde Sotomayor No Work is Figured on 1'a Floor Level or Basement Level Permits&Access to Dumpsters Must be Provided Phone&Data by Others. PRICING IS NOT GUARANTEED IF PROPOSAL IS NOT ACCEPTED WITHIN 30 DAYS We hereby PROPOSE to furnish labor and material—completely in agreement with the above specifications for the sum of$312,120.00. Payment to be made as follows: Upon progress Invoking. Payment must be Received Within 10 Days Of Invoice, ANY LEGAL OR COLLECTION FEE PAYABLE BY ADDRESSEE. All work to be completed in a substantial work manner according to the specifications submitted per standard practices.Any Alteration or deviation from above specifications involving extra labor will be executed only upon written orders, and will become an extra charge over and above the estimate at S75.00 per man-hour. Extra work orders for labor costs incurred due to material availability. Owner is to carry fire, tornado and other necessary insuran Our wo are fully covered by Worker's Compensation Insurance. David Alexander,Vice President ACCEPTANCE OF PROPOSAL—The above prices,specifications and conditions are satisfactory and are hereby accepted. You are authorized to do the work as specified. Payment will be made as outlined above. Date of Acceptance Authorized Signature 05/24/2005 14:0b 1-AX 1ig002/003 Avid CARPENTER CONTRACTORS INC. n\ " 17dlfr\ Illy 'IS l'V.6N � I'.,i , 1.r11' 11.1,,,•.1 .3 1/4.101.1Y, ;h..) :il/LJ.' May 24,2005 EDI Interior Architecture Atm: Wilde Sotomayor 1475 E.Woodfield Road,Suite 104 Schaumburg,IL 60173 Phone: 847-843-5026 Fax: 847-843-5065 Dear Sir: RE: 169 Chicago Strut,Elgin Bid ALLOWANCES Includes: 50 Mil.White PVC Sheet w/Standard Coping $ 29,850.00 Dumpster for Roof&Skylight $ 450.00 NO Demolition of Roof Material is Figured S 0.00 Reframe Skylight&Install two(2)Velux 4'x4' Skylights $ 3,000:00 Miscellaneous Framing for Roof Rcpair S 3,150.00 Removal of Insulation $ 1,000.00 Removal of Grid Ceiling $ 1,040.00 Dempster for Insulation&Grid Ceiling $ 450.00 Terminate Electrical $ 900.00 Cap Plumbing $ 720.00 Removal of Walls,Drywall&Carpet S 8,000.00 Dumpster for Walls,Drywall&Carpet $ 3,600.00 Framing $ 58,000,00 New Plumbing $ 21,000.00 New Heating $ 18,600.00 New Electrical $ 19,500.00 Replace Windows $ 13,000.00 New Insulation $ 2,800.00 Stair Rails $ 1,500.00 New Drywall&Paint $ 29,500.00 New Flooring $ 27,600.00 Interior Trim $ 4,900.00 Glass Doors&Interior Doors $ 14,580,00 Replace Exterior Deck @ Rear of Building $ 7,200.00 Cabinets&Countertops S 17,600.00 Level Floors $ 5,200.00 Replace Door on l Floor Level @ Exterior Deck $ 2,400.00 Remove&Replace Front Awning S. 16,580.00 TOTAL ALLOWANCES $312,120.00 t\OCAI • • • ahf CYC Imo. 11 N060 Peplow ROW•Hampshire,Illinois e0140 Phone 1'454741133-0311- June d4T.6eSal1TJune 24, 2005 Proposal to : Architect - Mr. Wilde Sotomaye.r 1-547-845•-7446 Contact person - Wife; Mrs. Shirley 1-847-622-2429 Proposal for c BP"'+d. irg off 2.6.3 !'hi,-wgn qtr-et., R1 gin, IL._ 60120 Work included . Provide General Contract to create new-law-offices for Shirley Sadyadi. Description of work: !!a demos t*ion - na removal af-dgmnii*inn rnntra,-tor dehriS_ nAmn1 ttion contractor hired by owner at owners expense. Permits Carpentry framing, materials and labor. Work performed as ordered on construction drawings. trim, Primed popular base and casing, stained oak doors. Plumbing w/ specifications : # PPC-1544 THIS CONTRACT SUBJECT TO PRICE CHANGES AFTER A THIRTY-DAY PERIOD. WORK MUST COMMENCE NINETY DAYS AFTER THE DATE CONTRACT IS SIGNED. CUSTOMER ACKNOWLEDGES THAT SHADING AND COLOR MAY VARY FROM SAMPLES TO ACTUAL PRODUCTS USED. ALL WORK TO BE INSTALLED IN A PROFESSIONAL MANNER ACCORDING TO LOCAL PLUMBING CODES. ALL PERMIT FEES,INSPECTIONS FEES,ETC.TO BE SECURED BY OTHERS. WE AGREE TO CARRY WORKMEN'S COMP.AND PUBLIC LIABILITY INSURANCE. ANY ALTERATIONS FROM THE SPECS INVOLVING EXTRA COST OF MATERIAL AND/OR LABOR MUST BE NEGOTIATED BEFORE WORK PROCEEDS. ONCE SELECTIONS HAVE BEEN MADE AND WORK HAS WILL BEA$50.00SERVICE CHARGE,PER CHANGE ORDER,AS WELL AS, • "'4 CHANGES MUST BE CONFIRMED WITH A SIGNED WORK ORDER. ROUGH PAYMENTS MUST BE RECEIVED BEFORE TRIM WORK PROCEEDS. WE PROPOSE TO FURNISH AND INSTALL THE ROUGH AND TRIM PLUMBING INCLUDING THE FOLLOWING: 2"d Floor Remodel Bathroom White/Chrome • . I -Mansfield 137-160R water closet with anti-microbial open front seat,stop and supply I -42"handicap bar I -36"handicap bar I -Mansfield 2018HB wall hung lay with Moen 8430 faucet,offset grid waste,Watts USGB temperature control,stops,supplies,trap and insulation kit I -Mansfield 412 Cascade urinal with Mansfield 190-0 urinal flush valve I -EEMAX model SP2412 electric instantaneous water heater(electric by others) Kitchen Stainless/Chrome I -Moen 22223 K-2522-4 stainless steel sink with Moen 7430 chrome faucet,strainer, stops, supplies and trap(top and cabinet by others) I -EEMAX model SP24I2 electric instantaneous water heater(electric by others) Remove existing cast iron stack from top of IS`floor-through roof;replace with pvc Remove existing 2"DWV copper vent;move back into wall of new layout Rework existing 4"pvc from top of I51 floor to basement due to no hub coupling leaking • down wall(opening and patching of wall by others) New waste and vent lines to be pvc New 1"copper water line from basement to top of 151 floor All water pipe to by Type L copper Gas pipe From existing meter run I '''A"gas pipe through building up and out roof to new roof top unit.New pitch pod and repair of roof by others . Heating w/ specifications : RE:Heating and Mr Conditioning install for the Law Offices of Shirley Sadjod,169 East Chicago St.,Elgin,IL. We will provide and install the following: 2 Air-Ease 4 Ton/ 125,00BTU roof top units,3 phase,230V,with economizer 2 Curbs I bath fan venting 2 Thermostats,and low voltage wiring for same. All supply air and return air grills. All duct work and sheet metal. Initial balancing of system per engineering calculations. 1 year warranty on mechanical and labor. Note: I.We will supply a crane to place units on the roof.We will require the use of the parking lot on the East Side of the building. 2.We will set the'curbs,cut of roof and waterproofing by others. 3.All line voltage supplied by others. 4.All duct work will be round and insulated above ceiling per engineered print. 5.All natural gas piping by others,with minimum I"supply with shut off to each roof top unit. 6.Conduit from each roof top unit to thermostat locations,by others. We Propose to furnish labor and material,complete in accordance with above specifications,and subject to conditions found on both sides of the agreement, for the sun of:Thirty Thousand Eight Hundred and 00/100 Dollars($30.800.001. Payment to be made as follows. A . aw . tr _ith ._the r .1 . l..'r . mate Electrical provide : The rhange of second floor, 't3era trao am a_: ua _ajte 'a. '._ 12 switches, 29 receptacles, 2 emergency lights, 55 can lights provided by owner, 3 light fixtures provided by owner, 8 - 3/4" conduit stubs and boxes 1 - T V stub., 2. atttr keyrlasa lights knot shown), 1 switch for attic light ( not shown ). It Phone and T V cabling by others L not part of this contract) 4 A11 fixr,ires provided fon elections i.nstallarinn by Architect. Inculat On. provide •.. Jnsnilatlnn and drywall on_fr,,nt upper y'a11s where demolition was done by mistake in order to make. repairs. Install R-11 74" inaulat=arr between offices for sound reduction. Drywall antape S/8" Drywall on 24" a C_ za and 2S ga"ga.unta3. syuds. d Painting provide : one coat latex enamel over primed trim. Stain, seal, and varnish oak dee-rs-. Primed-walls- and ceilings with one coat latex paint. Flooring Allowance. (p=ice iuc,Lude4-is coutxact4 $-5,6E0.00 Roofing w/ specifications : Re: Flat roof Replacement job @ 169 E. Chicago Ave.Elgin,IL We hereby agree to furnish all labor,materials and expenses necessary to perform work as specified below and as per the conditions hereof. This proposal shall be incorporated in and made a part ofany additional documents. Modified Bitume2Flintlastic Roof System. The manner in which this work would be performed is as follows: 1. We will remove the existing roofing to deck all dirt and debris will be removed from the roof and premises. 2. Deck replacement or rotten wood will be replaced on a time and material basis. 3. A Flintlastic base sheet will then be installed over the existing deck and will be attached with a round cap nail. 4. Flintlastic mid-ply will then be installed over the base ply. 5. Supply and install lead flashing on the soil pipes. 6. New base flashing will be installed at all HVAC units. 7. To the mid-ply sheet Flintlastic modified cap sheet will be self adhered. 8. New flashing will be installed at the base of the parapet walls. The above work to be completed for the sum of(tax inc.): ,6 21,932.00 Note: not included in our proposal the following items:Sheet metal coping on top ofwall,wall repair • of bricks if needed,rotten lumber,curbs,or skylights. Insurance We buy Public Liability,Business Auto,Umbrella and Worker's Compensation Insurance. License License with the State oflllinois Department of Registration and Education as a Roofing Contractor License No. 104-005597. • MEMBER CHICAGO ROOFING CONTRACTORS ASSOCIATION Cabinets and tops : allowance C price included in contractl $11,000.00 # Labor for installation included in price allowance Rubbish : Rubbish disposal bins shall be provided at all times. Access shall be provided in lot to the East during construction with written approval from bank. Payments- : According to nesmal Payr-out procedures.- for multiple pay-outs as work progresses. TnraI price $- 21Q,000_no Two. Uundred_and-ten_rhnqaanrt_. Thank you, Arland P. Pres-tidge 4/Z i I •0t6►1- L ' • Department of the Treasury—Internal Revenue Service Form 1040 U.S. Individual Income Tax Return 2004 I (99) IRS use Only—Do not write or staple r s s:a_r For the year Jan 1 -Dec 31,2004,or other tax dear beginning ,2004,ending .20 OMB No 1545.X 74 Label Your first name MI Last name Your social security number (See instructions.) WILDE SOTOMAYOR 214-11-4074 If a joint return,spouse's first name MI Last name Spouse's social security number Use the IRS label. SHIRLEY SADJADI SOTOMAYOR 361-66-6102 Otherwise, Home address(number and street).If you have a P.O.box,see instructions. Apartment no. A Important! A please print or type. 1366 ANGLE TARN You must enter your social City,town or post office.H you have a foreign address,see instructions. Stale ZIP code security number(s) above. Presidential WEST DUNDEE, IL 60118 Election You Spouse Campaign , Note:Checking 'Yes'will not change your tax or reduce your refund. (See instructions.) Do ou,or your spouse if filing a joint return,want$3 to go to this fund? 'r]Yes n No n Yes :X'No FilingStatus 1 Single 4 U Head of household (with qualifying person). (See 2 X Married filing jointly(even if only one had income) instructions.) If the qualifying person is a child but not your dependent. enter this child's Check only 3 Married filing separately.Enter spouse's SSN above&full name here. 0- one box. name here. 0' 5 l l Qualifying widow(er)with dependent child(see instructions) Exemptions 6a X Yourself. If someone can claim you as a dependent. do not check box 6a Bon6asa de6bed 2 b X Spouse No.of children (2)Dependent's (3)Dependent's (4)✓d on 6c who: c Dependents: social security relationship Qualifying •lived number to you child(or chid with you.. 2 tax credit • did not (1) First name Last name (see Instrs) live with you GABRIELA SOTOMAYOR _ 344-94-4726 DAUGHTER n due to NATHAN SOTOMAYOR 326-98-1423 SON (se.mstr:)• . If more than �l onpScnnot is four dependents, - I entered above see instructions. 1-1 Add numbers on lines d Total number of exemptions claimed above 7 Wages,salaries,tips,etc.Attach Form(s)W2 7 180,650. Income 8a Taxable interest.Attach Schedule B if required 8a 485. b Tax-exempt interest.Do not include on line 8a 1 "I Attach Form(s) 9a Ordinary dividends.Attach Schedule B if required 9a 12, 7 71 . W2 here.Also b Quaimetre) I 911 12,771. attach Forms 10 Taxable refunds,credits,or offsets of state and local income taxes(see instructions) 10 635. W-2G and 1099-R if tax was withheld. 11 Alimony received 11 If you did not 12 Business income or(loss).Attach Schedule C or C•EZ — . 12 get a W-2, 13 Capital gain or(loss).Att Sch D if reqd.If not reqd,ck here. J 13 2, 296. see instructions. 14 Other gains or(losses).Attach Form 4797 14 28 . 15a IRA distributions 15a b Taxable amount (see tnstrs).. 15b 16a Pensions and annuitiesE 16a J b Taxable amount(see instrs).. 16b 303. 17 Rental real estate,royalties,partnerships,S corporations, trusts, etc. Attach Schedule E. 17 -13, 347. Enclose,but do 18 Farm income or(loss).Attach Schedule F 18 not attach,any 19 Unemployment compensation 19 payment.Also, please use 20a Social security benefits I 20a1 I b Taxable amount (see instrs).. 20b Form 1040•V. 21 Other income 21 22 Add the amounts in the far right column for lines 7 through 21.This is your total income ' 22 183, 821 . 23 Educator expenses (see instructions) 23 Adjusted 24 Certain business expenses of reservists,performing artists,and fee-basis Gross government officials.Attach Form 2106 or 2106-EZ 24 Income 25 IRA deduction (see instructions) .... 25 26 Student loan interest deduction (see instructions). 26 27 Tuition and fees deduction(see instructions) 27 28 Health savings account deduction. Attach Form 8889 . . 28 29 Moving expenses.Attach Form 3903 29 30 One-half of self-employment tax.Attach Schedule SE 30 31 Self-employed health insurance deduction (see instrs).... 31 12, 278.. 32 Self-employed SEP,SIMPLE,and qualified plans. 32 33 Penalty on early withdrawal of savings 33 34a Alimony paid b Recipient's SSN.... 34 a 35 Add lines 23 through 34a . . 35 12, 278 . 36 Subtract line 35 from line 22. This is your adjusted gross income.. ► 36 171, 543 . BAA For Disclosure,Privacy Act,and Paperwork Reduction Act Notice,see instructions, rDiAol l2L 11/10/04 Form 1040 (20044 Form'1040(2004) WILDE AND SHIRLEY SADJADI SOTOMAYOR 214-11-4074 Page 2 Tax and 37 Amount from line 36(adjusted gross income) _ 37 171, 543 . Credits 38a Check You were born before January 2, 1940, Blind. Total boxes if: ,Spouse was born before January 2, 1940, r Blind. checked ' 38 a Standard I b If your spouse itemizes on a separate return, or you were a dual-status Deduction L alien, see instructions and check here ' 38 b Ei for-• People who ..39 Itemized deductions(from Schedule A)or your standard deduction(see left margin).... ........ 39 12, 372 . checked any box 40 Subtract line 39 from line 37 40 159, 171 . on line 38a or 41 If line 37 is$107,025 or less, multiply$3,100 by the total number of exemptions claimed 38b or who can on line 6d.If line 37 is over$107,025,see the worksheet in the instructions 41 12, 400 . be claimed as a 42 Taxable income.Subtract line 41 from line 40. dependent,s see If line 41 is more than line 40,enter-0- 42 146, 771 . instructions. " 43 Tax(see instrs).Check if any tax is from:a fForm(s)8814 b 111Form 4972. .. . . .. 43 29, 325. • All others: 44 Alternative minimum tax(see instructions).Attach Form 6251. .... 44 0. Single or Married 45 Add lines 43 and 44 ' 45 29, 325. fa850 ng separately, 46 Foreign tax credit.Attach Form 1116 if required 46 47 Credit for child and dependent care expenses.Attach Form 2441 47 1,200. Married or filing jointly 48 Credit for the elderly or the disabled.Attach Schedule R 48 'Qualifying49 Education credits. Attach Form 8863 49 widow(er), $,700 50 Retirement savings contributions credit.Attach Form 888050 $9,700 51 Child tax credit(see instructions) 51 ofHead Nousehold, 52 Adoption credit.Attach Form 8839 52 hous $7,150 53 Credits from: a El Form 8396 b Q Form 8859 53 54 Other credits.Check applicable box(es): a 0 Form 3800 b 0 880 c ❑specify 54 55 Add lines 46 through 54.These are your total credits 55 1, 200 . 56 Subtract line 55 from line 45. If line 55 is more than line 45, enter .0- . .... . . ..... ' 56 28, 125. 57 Self-employment tax.Attach Schedule SE 57 Other 58 Social security and Medicare tax on Up income not reported to employer.Attach Form 4137 ... .... 58 Taxes 59 Additional tax on IRAs,other qualified retirement plans,etc.Attach Form 5329 it required. 59 30. 60 Advance earned income credit payments from Form(s)W-2 60 61 Household employment taxes.Attach Schedule H 61 62 Add lines 56.61.This is your total tax. ' 62 28, 155. Payments 63 Federal income tax withheld from Forms W-2 and 1099 _63 16,285. If you have a L 64 2004 estimated tax payments and amount applied from 2003 return 64 qualifying 65a Earned income credit(EIC) 65 a child,attach r b Nontaxable combat pay election owl 65 bI • Schedule EIC. I 66 Excess social security and tier 1 RRTA tax withheld(see instructions) 66 2, 112. 67 Additional child tax credit.Attach Form 8812 67 68 Amount paid with request for extension to file(see instructions). .... 68 69 Other pmts from: a LJ Form 2439 b 0 Form 4136 c 0 Form 8885 69 70 Add lines 63,64,65a,and 66 through 69. These are your total payments 70 18, 397 . Refund 71 If line 70 is more than line 62,subtract line 62 from line 70.This is the amount you overpaid 71 Direct deposit? 72a Amount of line 71 you want refunded to you ► 72a See instructions 0,- b Routing number I P. c Type: n Checking ^Savings — and fill in 72b, 72c, and 72d. 0. d Account number 73 Amount of line 71 you want applied to your 2005 estimated tax... ... ' 73 J Amount 74 Amount you owe.Subtract line 70 from line 62.For details on how to pay,see instructions ' 74 9, 9 2 9. You Owe 75 Estimated tax penalty(see instructions) I 75 I 171. Third Party Do you want to allow another person to discuss this return with the IRS(see instructions)? U Yes.Complete the following I 1 No • Designee's Phone Personal identification Designee name ►PREPARER no. ► number(PIN) ► SignUnder penalties of perjury,I declare that I have examined this return and accompanying schedules and statements.and to the best of my knowledge and 9 belief,they are true,correct,and complete.Declaration of preparer(other than taxpayer)is based on all information of which preparer has any knowteege Here Your signature Date Your occupat ion Daytime phone number Joint return? See instructions. ARCHITECT 847-622-2429 Keep a copy Spouse's signature.If a joint return,both must sign. Date Spouse's occupation for your records. LAWYER Date Preparer's SSN or PTI.\ Preparer's Paid signature , Check riself•employed P00036312 Preparer's Firm's name PORTE BROWN LLC (or yours if Use Only self-employed)./ 845 OAKTON STREET EIN 36-2663358 addresZIP code odeELK GROVE VILLAGE, IL 60007-1904 Phone no. (847) 956-1040 Form 1040 (2004; FDIA0112L 11/10/04 Underpayment of Ota No 154s- Form 2210 Estimated Tax by Individuals, Estates, and Trusts 2004 Department of the Treasury P. separate Instructions. I"Internal Revenue service Attach to Form 1040,1040A,1040NR,1040NR•EZ,or 1041. 06 Name(s)shown on tax return Identifying number WILDE AND SHIRLEY SADJADI SOTOMAYOR 214-11-4074 Do You Have To File Form 2210? Complete lines 1 through 7 below. Is line 7 less than$1,000? Yes a Do not file Form 2210. You do not owe a penalty I II No Complete lines 8 and 9 below. Is line 6 equal to or more than line 9? Yes a You do not owe a penalty. Do not file Form 2210(but if box E below apples. you must file page 1 of Forrr 1 No 2210 below). You may owe a penalty. Does any box in Part II below apply? Yes a You must file Form 2210. Does box B,C, or D apply' No No Yes -- b. You must figure your penalty. V Do not file Form 2210.You are not required to figure your penalty You are not required to figure your penalty because the because the IRS will figure it and send you a bill for any unpaid IRS will figure it and send you a bill for any unpaid amount. If you want to figure it,you may use Part III or Part IV as a amount. If you want to figure it,you may use Part 111 or worksheet and enter your penalty amount on your tax return(see Part IV as a worksheet and enter your penalty amount instructions), but do not file Form 2210. on your tax return (see instructions), but file only page 1 of Form 2210. ,,,,; Re•uired Annual Pa ment see instructions 1 Enter your 2004 tax after credits from Form 1040,line 56(or comparable line of your return) 1 28, 125. 2 Other taxes, including self-employment tax(see instructions) 2 30. 3 Refundable credits.Enter the total of your earned income credit, additional child tax credit, credit for federal tax paid on fuels,and health coverage tax credit for eligible individuals 3 0. 4 Current year tax.Combine lines 1,2, and 3 4 28, 155. 5 Multiply line 4 by 90%(.90) I 5 I 25,340. 6 Withholding taxes. Do not include estimated tax payments.See instructions 6 18, 397 . 7 Subtract line 6 from line 4. If less than$1,000,you do not owe a penalty; do not file Form 2210 7 9,758 . 8 Maximum required annual payment based on prior year's tax(see instructions) 8 23,768 . 9 Required annual payment.Enter the smaller of line 5 or line 8 9 23,768. Next: Is line 9 more than line 6? No.You do not owe a penalty.Do not file Form 2210 unless box E below applies. I]Yes.You may owe a penalty, but do not file Form 2210 unless one or more boxes in Part II below applies. • If box B,C,or D applies,you must figure your penalty and file Form 2210. • If only box A or E(or both)applies,file only page 1 of Form 2210. You are not required to figure your penalty; the IRS will figure it and send you a bill for any unpaid amount. If you want,to figure your penalty,you may use Part III or IV as a worksheet and enter our penalty on your tax return(see instructions),but file only page 1 of Form 2210. IMMIIMM Reasons for Filing. Check applicable boxes. If none apply, do not file Form 2210. A Ei You request a waiver(see instructions)of your entire penalty. You must check this box and file page 1 of Form 2210. but you are not required to figure your penalty. B [You request a waiver (see instructions)of part of your penalty. You must figure your penalty and waiver amount and file Form 2210 C [Your income varied during the year and your penalty is reduced or eliminated when figured using the annualized income installment method. You must figure the penalty using Schedule Al and file Form 2210. D [Your penalty is lower when figured by treating the federal income tax withheld from your wages as paid on the dates it was actually withheld, instead of in equal amounts on the payment due dates. You must figure your penalty and file Form 2210. E [You filed or are filing a joint return for either 2003 or 2004, but not for both years, and line 8 above is smaller than line 5 above Yo;. must file cage 1 of Form 2210, but you are not required to figure your penalty(unless box B,C, or D applies). BAA For Paperwork Reduction Act Notice,see separate instructions. Form 2210 (2001' FDIZ0313L 01/06/05 • Form2210 004) WILDE AND SHIRLEY SADJADI SOTOMAYOR 214-11-4074 Pace 2 ";I :' Short Method You may use the short method if: • You made no estimated tax payments (or your only payments were withheld federal income tax) or • You paid estimated tax in equal amounts on your due dates. You must use the regular method (Part IV) instead of the short method if: • You made any estimated tax payments late, • You checked box C or D in Part II, or • You are filing Form 1040NR or 1040NR-EZ and you did not receive wages as an employee subject to U.S. income tax withholding. Note: If any payment was made earlier than the due date, you may use the short method, but using it may cause you to pay a larger penalty than the regular method. If the payment was only a few days early, the difference is likely to be small. 10 Enter the amount from line 9,Form 2210 10 2 3, 7 6 8. 11 Enter the amount,if any,from line 6,Form 2210 11 18,39.7. 12 Enter the total amount, if any,of estimated tax payments you made 12 13 Add lines 11 and 12 13 18,397. 14 Total underpayment for year.Subtract line 13 from line 10. If zero or less, stop here;you do not owe the penalty.Do not file Form 2210 unless you checked box E on page 1 14 5, 3 71 . 15 Multiply line 14 by.03184 15 171 . 16 •If the amount on line 14 was paid on or after 4/15/05, enter -0.. •If the amount on line 14 was paid before 4/15/05, make the following computation to find the amount to enter on line 16. Amount on Number of days paid line 14 x before 4/15/05 x .00014 16 0. 17 Penalty.Subtract line 16 from line 15.Enter the result here and on Form 1040, line 75; Form 1040A,line 48;Form 1040NR, line 73;Form 1040NR-EZ, line 26; or Form 1041. line 26, but do not file Form 2210 unless you checked a box in Part ll on page 1 ' 17 171 . Form 2210.(20``x; FDIZ0313L 01/06/05 SCHEDULE A Itemized Deductions OMB No 1545.x7; (Form 1040) 2004 Department 01 the Treasury I. Attach to Form 1040. Department Internal Revenue Service (99) See Instructions for Schedule A(Form 1040). 07 Name(s)shown on Form 1040 Your social security number WILDE AND SHIRLEY SADJADI SOTOMAYOR 214-11-4074 Medical Caution.Do not include expenses reimbursed or paid by others and 1 Medical and dental expenses(see instructions) 1 Dental2 Enter amount from Form 1040,line 37 ! 2 Expenses 3 Multiply line 2 by 7.5%(.075) 3 • 4 Subtract line 3 from line 1. If line 3 is more than line 1, enter •0•.... 4 0. 5 State and local(check only one box): a Y Income taxes,or -}- 5 4,7 7 9. Taxes You b _General sales taxes(see instructions) J Paid 6 Real estate taxes(see instructions) 6 7,022. (See 7 Personal property taxes 7 instructions.) 8 Other taxes.List type and amount ' - 8 9 Add lines 5 through 8 , 9 11, 801 . Interest 10 Home mtg interest and points reported to you on Form 1098 10 You Paid 11 Home mortgage interest not reported to you on Form 1098. If paid to the person from whom you bought the home, see instructions and show that person's name,identifying number, and address (See - instructions.) Note. - 11 Personal 12 Points not reported to you on Form 1098.See instrs for spcl rules 12 interest is 13 Investment interest.Attach Form 4952 if required. not deductible. (See instrs.) 13 14 Add lines 10 through 13 14 0. Gifts to 15 Gifts by cash or check. If you made any gift of$250 or more, Charity see instructions 15 1, 13 6. If you made 16 Other than by cash or check. If any gift of$250 or a gift andmore, see instructions.You must attach Form 8283 if got a benefit over$500 16 300. for it,see instructions. 17 Carryover from prior year 17 18 Add lines 15 through 17 18 1, 436. Casualty and Theft Losses 19 Casualty or theft loss(es).Attach Form 4684. (See instructions.) 19 0 Job Expenses 20 Unreimbursed employee expenses -job travel, union dues, and Most job education,etc.Attach Form 2106 or 2106-EZ if Other Miscellaneous required. (See instructions.) • Miscellaneous Deductions 20 21 Tax preparation fees 21 (See 22 Other expenses-investment, safe deposit box, etc.List instructions.) type and amount 22 _ 23 Add lines 20 through 22 23 24 Enter amount from Form 1040,line 37 124 I 25 Multiply line 24 by 2% (.02) 25 26 Subtract line 25 from line 23. If line 25 is more than line 23, enter -0-. 26 0 . Other 27 Other-from list in the instructions.List type and amount Miscellaneous Deductions 27 0 Total 28 Is Form 1040, line 37,over$142,700 (over$71,350 if MFS)? REDUCTION Itemized -8 65. Deductions ONo. Your deduction is not limited. Add the amounts in the far right column for lines 4 through 27. Also, enter this amount on Form 1040, line 39. _ ► 28 12, 372 . X❑Yes. Your deduction may be limited. See instructions for the amount to enter. — BAA For Paperwork Reduction Act Notice,see Form 1040 instructions. FDIAo3o1L I iroy04 Schedule A(Form 1040) 20C Schedule A&B (Form 1040)2004 Oe.e No.1545.0074 Page 2 Name(s)shown on Form 1040. Your social security numbly WILDE AND SHIRLEY SADJADI SOTOMAYOR 214-11-4074 Schedule B — Interest and Ordinary Dividends 08 Pert I 1 List name of payer. If any interest is from a seller•financed mortgage and the buyer used Amount the property as a personal residence,see the instructions and list this interest first. Also. Interest show that buyer's social security number and address AMERICAN CHARTERED 71 . (See instructions EFS BANK 241 . for Form 1040, line 8a.) KAYHAN INTERNATIONAL, LIMITED 17 3. Nott.If you 1099. m IN10T,Form 1 1 -0 substitute statement Isom a brokerage firm,list the firm's name as dN payer and enter the total interest shown on that form, 2 Add the amounts on line 1 2 4 8 5. 3 Excludable interest on series EE and I U.S. savings bonds issued after 1989. Attach Form 8815 3 4 Subtract line 3 from line 2. Enter the result here and on Form 1040, line 8a ► 4 485 . Note.If line 4 is over$1,500, ou must com.lete Part III. Amount 5 List name of payer... Part ll KAYHAN INTERNATIONAL 12,771 . Ordinary Dividends (See instructions for Form 1040, line 9a.) Note.If you received a Form 5 1099-DIV or • substitute statement from a brokerage firm,list the firm's name as the payer and enter the ordinary dividends shown on that form. 6 Add the amounts on line 5. Enter the total here and on Form 1040, line 9a ... .. ► 6 12, 771 . Note. If line 6 is over$1,500,you must complete Part III. Part III You must complete this part if you(a)had over$1,500 of taxable interest or ordinary dividends; or(b)had a Foreign foreign account;or(c)received a distribution from, or were a grantor of, or a transferor to, a foreign trust. Yes No Accounts and 7a At any time during 2004, did you have an interest in or a signature or other authority over a financial account Trusts in a foreign country, such as a bank account, securities account, or other financial account? See instructions for exceptions and filing requirements for Form TD F 90.22.1... X (See b If'Yes,'enter the name of the foreign country. instructions.) 8 During 2004,did you receive a distribution from, or were you the grantor of, or transferor to, a foreign trust? If'Yes,'you may have to file Form 3520. See instructions X BAA For Paperwork Reduction Act Notice,see Form 1040 instructions. FOIAo401L 05124/04 Schedule B (Form 1040) 2004 SCHEDULE D owe No.1545 0074 • (Form 1040) Capital Gains and Losses 2004 P.Attach to Form 1040. ► See Instructions for Schedule D(Form 1040). IHpanmenl or the treasury ►Use Schedule 0-1 to Ilst additional transactions for lines 1 and 8. 12 Internal Revenue Service (99) Name(s)shown on Form 1040 Your social murky number WILDE AND SHIRLEY SADJADI SOTOMAYOR 219-11-4074 t t►p,_._..j Short-Term Capital Gains and Losses — Assets Held One Year or Less (a)Description of (b)Dale acquired (C)Date sold (d)Sales price (e)Cost or other basis (f)Gain or(loss) pprropery(Example: (Mo,day.yr) (Mo,day,yr) (see rnslruclions) (see,nslruchons) Subbacl(e;roe'+.- 1)0(0 shares XYZ Co) 1 2 Enter your short-term totals, if any,from Schedule D-1,line 22 3 Total short-term sales price amounts.Add lines 1 and 2 in column(d) 3 4 Short-term gain from Form 6252 and short-term gain or(loss) from Forms 4684, 6781, and 8824 4 5 Net short-term gain or(loss)from partnerships, S corporations, estates, and trusts from Schedule(s) K-15 6 Short-term capital loss carryover.Enter the amount, if any, from line 8 of your Capital Loss Carryover Worksheet in the instructions 6 7 Net short-term capital gain or(loss).Combine lines 1 through 6 in column (f) 7 MIMI Long-Term Capital Gains and Losses—Assets Held More Than One Year (a)Description of (b)Date acquired (C)Dale sold (d)Sales price (e)Cost or other basis (f)Gain or(loss) property(Example: (Mo,day,yr) (Mo,day,yr) (see instructions) (see instructions) Subtract(e)rro.m 100 shares)(YZ Co) 8 9 Enter your long-term totals, if any, from Schedule D-1, line 9.... 9 10 Total long-term sales price amounts.Add lines 8 and 9 in column (d) 10 11 Gain from Form 4797,Part I; long-term gain from Forms 2439 and 6252; and long-term gain or (loss) from Forms 4684,6781,and 8824 11 2, 2 9 6. 12 Net long-term gain or(loss)from partnerships,S corporations,estates, and trusts from Schedule(s) K-1.. 12 13 Capital gain distributions.See instrs 13 14 Long-term capital loss carryover. Enter the amount, if any, from line 13 of your Capital Loss Carryover Worksheet in the instructions 14 15 Net long-term capital gain or(loss).Combine lines 8 through 14 in column (f). Then go to Part Ill on page2 .. 15 2, 296. BAA For Paperwork Reduction Act Notice,see Form 1040 instructions. Schedule D (Form 1040) 20,:4 FDIA06I2L 11/02/04 Schedule D (Form 1040)2004 WILDE AND SHIRLEY SADJADI SOTOMAYOR 214-11-4074 Page 2 WM Summary 16 Combine lines 7 and 15 and enter the result. If line 16 is a loss, skip lines 17 through 20, and go to line 21. If a gain,enter the gain on Form 1040, line 13, and then go to line 17 below 16 2, 296. 17 Are lines 15 and 16 both gains? Q Yes.Go to line 18. No.Skip lines 18 through 21,and go to line 22. 18 Enter the amount, if any, from line 7 of the 28%Rate Galn Worksheet in the instructions ► 18 0. 19 Enter the amount, if any, from line 18 of the Unrecaptured Section 1250 Gain Worksheet in the instructions 19 2, 296. 20 Are lines 18 and 19 both zero or blank? 0 Yes.Complete Form 1040 through line 42, and then complete the Qualified Dividends and Capital Gain Tax Worksheet in the instructions for Form 1040. Do not complete lines 21 and 22 below. XQ No.Complete Form 1040 through line 42,and then complete the Schedule D Tax Worksheet in the instructions.Do not complete lines 21 and 22 below. 21 If line 16 is a loss, enter here and on Form 1040, line 13, the smaller of: • The loss on line 16 or 21 • ($3,000), or if married filing separately, ($1,500) Note.When figuring which amount is smaller,treat both amounts as positive numbers. 22 Do you have qualified dividends on Form 1040, line 9b? 0 Yes.Complete Form 1040 through line 42, and then complete the Qualified Dividends and Capital Gain Tax Worksheet in the Instructions for Form 1040. No.Complete the rest of Form 1040. Schedule D(Form 1040) 200 FDIA06121 11/02/04 Schedule E(Form 1040)2004 13 Page 2 Name(s)shown on return.Do not enter name and social security number if shown on Page 1. Your social security number WILDE AND SHIRLEY SADJADI SOTOMAYOR 214-11-4074 Caution:The IRS compares amounts reported on your tax return with amounts shown on Schedule(s) K-1. IE® Income or Loss From Partnerships and S Corporations Note.Ifoy reporta loss from an at-risk activity for which any amount is not at risk,you must check column(e)on line 28 and attach Form 6198.See instructions. 27 Are you reporting any loss not allowed in a prior year due to the at-risk or basis limitations, a prior year unallowed ,- loss from a passive activity(if that loss was not reported on Form 8582), or unreimbursed partnership expenses?... X.Yes No If you answered'Yes,'see instructions before completing this section. for par nership; (c)Check if (d)Employer (e)Check 28 (a)Name S for S foreign identification any amount corporation partnership number is not at r's.. ASEE STATEMENT 1 B C D Passive Income and Loss Nonpassive Income and Loss (Q Passive loss allowed (g)Passive income (h)Nonpassive loss (iexpense deduction incomeafrom (attach Form 8582 if required) from Schedule K-1 from Schedule K-1 from Form 4562 Schedule K-1 A B C D 29a Totals 11111111,41INg 7 4. bTotals NaNtneAtti. 12, 921. 500. 30 Add columns(g)and(j)of line 29a 30 74 . 31 Add columns(f), (h),and (i)of line 29b 31 -13, 421 . 32 Total partnership and S corporation income or(loss).Combine lines 30 and 31. Enter the result here and include in the total on line 41 below • 32 -13, 3 9 7 . IO Income or Loss From Estates and Trusts 33 (a)Name (b)Employer ID no. A • B Passive Income and Loss Nonpassive Income and Loss (c)Passive deduction or loss allowed (d)Passive income (e)Deduction or loss (f)Other income (attach Form 8582 if required) from Schedule K-1 from Schedule K-1 from Schedule K.1 A B 34a Totals '?5 "4 .N `o'n:'' b Totals 35 Add columns(d)and(f)of line 34a35 36 Add columns (c)and(e)of line 34h 36 37 Total estate and trust income or(loss).Combine lines 35 and 36.Enter the result here and include in the total on line 41 below 37 la ,;` Income or Loss From Real Estate Mortgage Investment Conduits(REMICs)— Residual Holder 38 (a)Name (b)Employer fromSchedulesExcess inclusion (d)(nelxlosse)ifrom a (e)Income from identification number line 2c(see instructions) Schedules Q, line 1 b Schedules Q, line 3b 39 Combine columns(d)and (e) only. Enter the result here and include in the total on line 41 below. 39 gala. Summary 40 Net farm rental income or(loss)from Form 4835.Also,complete line 42 below 40 41 Total income or(loss).Combine lines 26, 32,37,39,and 40. Enter the result here and on Form 1040,line 17 ' 41 -13, 347 . 42 Reconciliation of farming and fishing income.Enter your gross farming and fishing income reported on Form 4835, line 7; Schedule K-1 (Form 1065), box 14,code B; Schedule K•1 (Form 1120S),box 17,code N; and Schedule K-1 (Form 1041), line 14(see instructions) 42 43 Reconciliation for real estate professionals.If you were a'real estate professional(see instructions),enter the net income or(loss)you reported anywhere on Form 1040 from all rental real estate activities in which you materially participated under the passive activity loss rules 43 • BAA FDIZ2302L osnvo4 Schedule E (Form 1040) 2004 Form Lrr��ei�t1��ww Child and Dependent Care Expenses °MB No '5.x .x ►Attach to Form 1040. 2004 Department of the Treasury P. se crate Instructions. 21 internal Revenue Service k77) p Name(s)shovm on Form 1040 Your social security number WILDE AND SHIRLEY SADJADI SOTOMAYOR 214-11-4074 Before you begin:You need to understand the following terms. See Definitions in the instructions. • Dependent Care Benefits • Qualifying Person(s) • Qualified Expenses 1_,dil(I_. Persons or Organizations Who Provided the Care — You must complete this part. (If you need more space,use the bottom of page 2.) 1 (a)Care provider's name (b)Address (c)Identifying no. (d)Amount paid (no., street, apt no., city, stale, and ZIP code) (SSN or EIN) (see instructions) 711 WILLOW LANE KINDERCARE LEARNING CENT SLEEPY HOLLOW, IL 60188 63-0941966 4442. 600 DUNDEE AVE FOX RIVER COUNTRY SCHOOL ELGIN, IL 60120 36-2181971 3,407 . Did you receive No ► Complete only Part II below. . dependent care benefits? Yes ► Complete Part III on page 2 next. Caution. If the care was provided in your home,you may owe employment taxes. See the instructions for Form 1040, line 61. [1-;'1, L,_. Credit for Child and Dependent Care Expenses 2 Information about your qualifying person(s). If you have more than two qualifying persons,see the instructions. (a)Qualifying person's name (b)Qualifying person's social (c)Qualified security number expenses you incurred and paid in 2004 for the person listed in column(a) First Last _ GABRIELA SOTOMAYOR 344-94-4726 1, 427. NATHAN - SOTOMAYOR 326-98-1423 6, 422. 3 Add the amounts in column(c)of line 2.Do not enter more than$3,000 for one qualifying person or$6,000 for two or more persons. If you completed Part III,enter the amount from line 32 3 6,000. 4 Enter your earned income.See instructions 4 58, 296. 5 If married filing jointly, enter your spouse's earned income Of your spouse was a student or was disabled, see the instructions); all others,enter the amount from line 4 5 134, 252. 6 Enter the smallest of line 3,4, or 5 6 6, 000. 7 Enter the amount from Form 1040, line 37 7 171, 543. 8 Enter on line 8 the decimal amount shown below that applies to the amount on line 7 If line 7 is: If line 7 is: But not Decimal But not Decimal Over over amount is Over over amount is $0— 15,000 .35 $29,000—31,000 .27 15,000— 17,000 .34 31,000—33,000 .26 17,000— 19,000 .33 33,000—35,000 .25 8 X .20 19,000—21,000 .32 35,000—37,000 .24 21,000—23,000 .31 37,000— 39,000 .23 23,000—25,000 .30 39,000—41,000 .22 25,000—27,000 .29 41,000—43,000 .21 27,000—29,000 .28 43,000—No limit .20 9 Multiply line 6 by the decimal amount on line 8. If you paid 2003 expenses in 2004, see the instructions 9 1, 200. 10 Enter the amount from Form 1040, line 45, minus any amount on Form 1040: line 46 .. 10 , 29, 325. 11 Credit for child and dependent care expenses.Enter the smaller of line 9 or line 10 here and on Form 1040, line 47 11 1, 200 . BAA For Paperwork Reduction Act Notice,see separate instructions. Form 2441 (2004) FDIA3212L 11/16/04 Form 4797 Sales of.Business Property OMB No.1545.018-1 (Also Involuntary Conversions and Recapture Amounts 2004 Rte Treasury Under Sections 179 and 280F(bx2)) Department of Internal Revenue Swiss (99) Attach to your tax return. See separate instructions. 27 Name(s)shown on return Identifying number • WILDE AND SHIRLEY SADJADI SOTOMAYOR 214-11-4074 1 Enter the gross proceeds from sales or exchanges reported to you for 2004 on Form(s) 1099-B or 1099-S or substitute statement)that you are including on line 2, 10,or 20(see instructions) 1 _.- Sales or Exchanges of Property Used in a Trade or Business and Involuntary Conversions From Other Than Casualty or Theft — Most Property Held More Than 1 Year (see instructions) 2 (e)Deprecation (f)Cost or other (a)Description (b)Date acquired (C)Date sold (d)Gross allowed or basis.plus (g)Gain or(loss) of property (month,day,year) (month,day,year) sales price allowable since improvements and Subuacl(r)'r:^c''n acquisition expense of sale sum of(:;arc te, FROM K-1 2, 324 . • 3 Gain, if any,from Form 4684, line 39 3 4 Section 1231 gain from installment sales from Form 6252, line 26 or 37 4 5 Section 1231 gain or(loss)from like-kind exchanges from Form 8824 5 6 Gain, if any,from line 32,from other than casualty or theft 6 7 Combine lines 2 through 6.Enter the gain or(toss)here and on the appropriate line as follows 7 2, 324 . Partnerships(except electing large partnerships)and S corporations.Report the gain or (loss) following the instructions for Form 1065,Schedule K,line 10,or Form 1120S, Schedule K, line 9. Skip lines 8, 9. 11, and 12 below. Alt others.If line 7 is zero or a loss,enter the amount from line 7 on line 11 below and skip lines 8 and 9. If line 7 is a gain and you did not have any prior year section 1231 losses,or they were recaptured in an earlier year. enter the gain from line 7 as a long-term capital gain on Schedule D and skip lines 8,9, 11, and 12 below. 8 Nonrecaptured net section 1231 losses from prior years(see instructions) 8 28. 9 Subtract line 8 from line 7. If zero or less, enter;0-. If line 9 is zero enter the gain fromline 7 on line 12 below. If line 9 is morethan zero,enter the amount from line 8 on line 12 below and enter the gain from line 9 as a long-term capital gain on Schedule D(see instructions) 9 2, 296. Ordinary Gains and Losses 10 Ordinary gains and losses not included on lines 11 through 16(include property held 1 year or less): 11 Loss, if any,from line 7 11 12 Gain, if any, from line 7 or amount from line 8, if applicable 12 28. 13 Gain,if any, from line 31 13 14 Net gain or(loss)from Form 4684,lines 31 and 38a 14 15 Ordinary gain from installment sales from Form 6252, line 25 or 36 15 16 Ordinary gain or(loss)from like-kind exchanges from Form 8824 16 17 Combine lines 10 through 16 17 28. 18 For all except individual returns,enter the amount from line 17 on the appropriate line of your return and skip lines a and b below.For individual returns,complete lines a and b below: a If the loss on line 11 includes a loss from Form 4684, line 35, column (b)(ii), enter that part of the loss here. Enter the part of the loss from income-producing property on Schedule A(Form 1040), line 27, and the part of the loss from property used as an employee on Schedule A(Form 1040), line 22. Identify as from 'Form 4797, line 18a.' - See instructions 18a b Redetermine the gain or(loss)on line 17 excluding the loss, if any, on line 18a. Enter here and on Form 1040, line 14 18b 28. BAA For Paperwork Reduction Act Notice,see instructions. Form 4797 ;2004; FD1Z10011 10/12/04 Form X329oMe No.19G;.�z;: Additional Taxes on Qualified Plans (Including IRAs), and Other Tax-Favored Accounts 2004 P. Attach to Form 1040. Departmentue Internal Revenue Treasury _(99) ► See separate instructions. • 29 Name of individual subject to additional tax.If married filing jointly,see the Instructions. Your social security number WILDE SOTOMAYOR 214-11-4079 Fill In Your Address Home address(number and street),or P.O.box if mail is not delivered to your home Apartment number Only If You Are Filing This Form by Itself and city,town or Not With Your post office State ZIP code If this is an amended Tax Return return,check here If you only owe the additional 10%tax on early distributions, you may be able to report this tax directly on Form 1040, line 59,without filing Form 5329.See the instructions for Form 1040, line 59. Maw Additional Tax on Early Distributions Complete this part if you took a taxable distribution,before you reached age 59.1/2, from a qualified retirement plan (including an IRA)or modified endowment contract(unless you are reporting this tax directly on Form 1040—see above). You also may have to complete this part to indicate that you qualify for an exception to the additional tax on early distributions or for certain Roth IRA distributions(see instructions). 1 Early distributions included in income. For Roth IRA distributions,see instructions 1 303. 2 Early distributions included on line 1 that are not subject to the additional tax (see instructions). Enter the appropriate exception number from the instructions: 2 3 Amount subject to additional tax.Subtract line 2 from line 1 3 303. 4 Additional tax.Enter 10%(.10)of line 3. Include this amount on Form 1040, line 59 4 30. Caution: If any part of the amount on line 3 was a distribution from a SIMPLE IRA,you may have to include 25% of that amount on line 4 instead of 10%(see instructions), MEM Additional Tax on Certain Distributions From Education Accounts Complete this part if you included an amount in income,on Form 1040, line 21, from a Coverdell education savings account(ESA)or a qualified tuition program(MP). 5 Distributions included in income from Coverdell ESAs and QTPs _ 5 6 Distributions included on line 5 that are not subject to the additional tax (see instructions) 6 7 Amount subject to additional tax.Subtract line 6 from line 5 7 8 Additional tax.Enter 10% (.10)of line 7. Include this amount on Form 1040, line 59 8 WON Additional Tax on Excess Contributions to Traditional IRAs Complete this part if you contributed more to your traditional IRAs for 2004 than is allowable or you had an amount on line 17 of your 2003 Form 5329. 9 Enter your excess contributions from line 16 of your 2003 Form 5329(see instructions). If zero, go to line 15 9 10 If your traditional IRA contributions for 2004 are less than your maximum allowable contribution, see instructions.Otherwise, enter-0- _10 11 2004 traditional IRA distributions included in income(see instructions) 11 12 2004 distributions of prior year excess contributions(see instructions) 12 13 Add lines 10, 11,and 12 13 14 Prior year excess contributions. Subtract line 13 from line 9.If zero or less,enter -0- 14 15 Excess contributions for 2004(see instructions) 15 16 Total excess contributions. Add lines 14 and 15 16 17 Additional tax.Enter 6% (.06)of the smaller of line 16 or the value of your traditional IRAs on December 31, 2004including 2004 contributions made in 2005). Include this amount on Form 1040, line 59 17 19ii n;; Additional Tax on Excess Contributions to Roth IRAs Complete this part ifou contributed more to your Roth IRAs for 2004 than is allowable or you had an amount on line 25 of your 2003 Form 5329. 18 Enter your excess contributions from line 24 of your 2003 Form 5329(see instructions). If zero, go to line 23 18 19 If your Roth IRA contributions for 2004 are less than your maximum allowable contribution, see instructions. Otherwise, enter-0- 19 20 2004 distributions from your Roth IRAs(see instructions) 20 21 Add lines 19 and 20 21 22 Prior year excess contributions.Subtract line 21 from line 18. If zero or less, enter -0-.. .. ... .. .. 22 23 Excess contributions for 2004(see instructions) 23 24 Total excess contributions.Add lines 22 and 23 24 25 Additional tax.Enter 6% (.06)of the smaller of line 24 or the value of your Roth IRAs on December 31, 2004(including 2004 contributions made in 2005). Include this amount on Form 1040, line 59 25 BAA For Paperwork Reduction Act Notice,see separate instructions. FOiA5012L 11,22/04 Form 5329 (2004) I I I EXRtsir I Mixed Use Property 169 E. Chicago Street _ Elgin, Kane County, Illinois I As Of September 20, 2005 I • By Robert E. Kenney, SRA I f 111 Robert E. Kenney, SRA I Real Estate Appraiser Member-Appraisal Institute Illinois Certified General Appraiser 515 East Fairview Street (847)392-0793 Arlington Heights,Illinois 60005 (847)392-5270 Fax September 26, 2005 Mr. Michael Burg Senior Vice President ' American Chartered Bank • 932 West Randolph Street Chicago, Illinois 60607 Dear Mr. Burg: 1 In accordance with your request for an estimate of market value of the property known as: Mixed Use Property 169 E. Chicago Street Elgin, Kane County, Illinois the undersigned submits the following report which describes our method of approach and contains data.gathered in our investigation. ' The appraisal is made in accordance with the Code of Ethics of the Appraisal Institute and ' conforms to the Uniform Standards of Professional Appraisal Practice as adopted by the Appraisal Standards Board of the Appraisal Foundation, excepting the Departure Provision. The property rights appraised are fee simple estate and financing is available in the metropolitan area for this property type. I I It is my opinion that the "as is" value of the above captioned property, as of September 20, 2005, is $210,000. It is my opinion that the "subject to completion" value of the above captioned property, as of April 6, 2006, will be $370,000. Respectfully submitted, Ro kite ey,, S Illinois License No. 153-000913 U U U U I 1 Executive Summary Property Location 169 E. Chicago Street Elgin, Kane County, Illinois Improvements A mixed use building with first floor commercial and second floor offices each containing 1,720 square feet or 1 2,440 total. Age 105± years. Site The subject site is a rectangular shaped, inside parcel containing 2,543± square feet. Land to Building Ratio 0.74 to 1 Flood Plain Zone C ' Zoning CC1, Center City District. ' Approaches to Value As Is As Complete ' Cost Approach NA NA Sales Comparison Approach $210,000 $360,000 IIncome Capitalization Approach NA $370,000 Final Value As Is $210,000 As Complete $370,000 Date of Valuation As Is September 20, 2005 As Complete April 1, 2006 Date of Inspection September 20, 2005 REX Page 11 111 Premises of the Appraisal Purpose The purpose of this appraisal is to estimate the market value of the fee simple estate of the two-story, mixed use building, located at 169 Chicago Avenue, Elgin, Kane County, Illinois, as of September 20, 2005. This market value appraisal is prepared for the exclusive use of American Charter Bank for financing purposes. Scope The scope of this appraisal included a complete appraisal of the property, with a summary report format. We inspected the subject property and its immediate environs. Various cost, sales and rental data was collected from public and private resources and applied to two of the three approaches to value. Additionally, all improved sales and leases received an external inspection. r Property Rights The property rights are fee simple estate. This interest is ' defined as "absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent ' domain, police power, and escheat." I I I REK Page 12 Premises of the Appraisal • Market Value Definition The Uniform Standards of Professional Practice, as . established by the Appraisal Foundation and FIRREA, defines "Market Value" as: The most probable price which a property should bring in a 111 competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by 111 undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised, and acting in what they consider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. r Exposure Time The time needed for market exposure to achieve the ' appraised value estimate is three to six months. This time frame is based on broker's statements familiar with this • market. I I REK Page 13 Property Information Legal Description See addenda Zoning The subject property is zoned CCI, Center City District 1 Flood Information According to the Federal Emergency Management Agency, the subject property is in Zone C, an area of minimal flooding, per Department of Housing and Urban Development, Federal Insurance Administration flood map for the community, Panel No. 170087 0070, dated Apri17, 1982. I Real Estate Taxes The subject property is identified under the following permanent index number (PIN) • Equalized 2004 Real Permanent Assessed Assessed Estate Taxes Index Number Valuation Value (Payable 2005) 06-14-434-007 $44,345 $47,799 $4,255.50 The Kane County Assessor's valuation for industrial I building real estate represents 33% of his market value estimate. In the subject's case, this value is $143,397, computed as follows ($47,799 / .3333). Said value is 68% of appraiser's market value estimate, with real estate taxes equaling $1.24 per square foot of building area. Estimated Real Estate Taxes The most similarroPte' as to age e and refurbishment is P the Leath Building at 162-164 Chicago Street with real estate taxes at full assessment equaling $1.90 per square foot. The subject's present tax assessment value of I $143,397 equals 68% of the appraiser's value. Dividing 68% into real estate taxes of $1.24 per square foot equals $1.82 per square foot. The appraiser elects to round up to $1.90 per square foot reflecting the completion of the rehabbing efforts. I REK Page 14 I Property Information UProperty History The subject property sold December, 2004 for $200,000 and no seller financing was provided. According to the public records, the subject property had not sold within the previous three years. 111 Environmental Factors The appraiser is not qualified for judging environmental problems. 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I , '',-,--'''' --,--__•zz-7,.., ••••,._ '1'. -7,tip MOLT- t,I.--,tv',.,-,,c4•11,51 -__•---- • ,-- , , '•iva....ono V40 .. . : t • ti -4 •. 1 ! 11• ; ,, . .. i I ,' @2000 Microsoft Corp.andfor lts suppliers.All rights ,i':reserved. - : _ - I I Property Location Area Data The subject property is in Elgin, Kane County, a suburb located 35± miles northwest of downtown Chicago. It is located in the north central part of DuPage County. Elgin is an older community incorporated in 1854. It is considered a very large town having 25 square miles. The 2000 population of 94,487 indicates a 23% increase over 1990 and a 48% increase over 1980. The average population age is a low 30.9 years with a high average family size of 3.49 persons. The city's per 100,000 2001 crime rate was 191.6 and 2002 was 223.9, which is lower than the U.S. average of 330.6. According to the 2000 U.S. Census, 67.9% of its housing is single unit construction. Owner occupancy was 72.0%, versus the national average of 67%±. Also, 81.5%± of its housing was constructed before 1990. The NIPC forecasts a 2020 population of 142,648. The median home sale price for the year ending June 2004 was $203,552. This compares to Chicago's 200± suburbs whose mean price was $250,000. Elgin's price reflects a 6.58% increase over one year and 60.18% increase since 1994. ! Elgin's 2000 median family income of$58,404 compares favorably to its mean housing price, indicating a 3.49:1 ratio. The median monthly rent was $675. Teenagers attend either Larkin or Elgin High Schools, whose average 2004 ACT test scores were 18.7 and 17.5 respectively, versus the state's 20.0 average. Test scores of 250 high schools, representing Chicagoland's 6 Counties. Only four non-Cook County schools are below Elgin's 17.5 score, which is a ranking of 139. Transportation is considered good with 1-90 (NorthWest Tollroad) abutting the north boundary. Route 20 in Elgin is in part a limited access four lane road and connects on the east with the Elgin-O'Hare Expressway. The principle north/south roadways are Routes 25 and 31 which run through the approximate center of town. Randall Road is on the westerly edge which street has become Elgin's principle retail street. Metra commuter trains provide 45± minute express service to downtown Chicago. I I REK Page 16 I Property Locaiion Brief History of Downtown Elgin's Retail District Elgin became a thriving community based on it served by the Fox River and when the railroad began serving the town in 1847. With the Civil War it became a very strong industrialized city. This environment led to the start of the world famous Elgin Watch Company in 1864. Another well known company was established in 1886, that being Borden's Milk. In 1983 a downward environment blow to Elgin's downtown was noted by the closing of its two department stores — Sears and Spies. These closings helped "jump start" several updating features including razing several dated properties, providing TIF districts and in 1993 the location of its Riverboat Gambling Palace. According to city officers, the Riverboat TIF taxes provide approximately$3,000,000 plus it contributed an additional$22,000,000 in annual fees in 2004. According to various city officials and real estate brokers, the business environment has begun to change. Some of these positive features are several new townhouses and condominium buildings approximately three blocks to the subject's south on Grove Street. The condominiums are reportedly sold out with over 50±townhouses sold. This street parallels and fronts the Fox River on the east side. Also scheduled to start in one month is a large condominium and townhouse development at the southwest corner of Chicago Avenue and Grove Street (former Spies store and parking garage) which is one block west of the subject property. Conversely, several store owners stated business is slow. Immediate Area The subject property is approximately 2± blocks east of the Fox River which side is Elgin's dominant business/retail district. The vast majority of the structures were constructed before the 1929 depression. With the exception of isolated buildings, the majority of the structures are two and three stories. The first floors are either retail or offices with the second floor offices or apartments. Additional efforts to revive the downtown area had the city offering property owners cash to preserve/update their building's fronts. The subject's block is typical of the earlier building descriptions with a vacant parking lot abutting the subject's east boundary, Spring Street. There is also a 30± year old three-story free self-parking garage at Spring Street's northeast corner. It should be noted Chicago Street is one of only four Elgin streets with a bridge crossing the Fox River. REX Page 17 Property Location Value Trends Elgin is an established industrial/residential community. Its near and long term general real estate value trends are assumed to outpace the annual inflation rate. rMore specifically, its downtown/central business district has begun to be revived. According to the Elgin Township Assessor, seven to ten years ago some downtown properties were purchased with the down payment comprising a "credit card payment". His analysis is the central business district values have increased since then, at a positive 6% to 10% annually. Based on the city's continuing efforts and additional higher income residents purchasing condominiums and townhouses, the central business district's future appears to be brighter. I I r 1 r 1 1 I 1 1 1 1 REK Page 18 l .Q . _ • f , CI) • . . - . ' 111 • . ii - 4 . • • . • 1r ! 11 1 - . I" • . - . i .1 6 04 m i . . . . 1 , • tiai''.117 li...,;-:;:. -. • • , • .4.. • . i CIA it . . , etotwciltss4____. , i.• • . - - . 0 • . !: .. .ankyamta. __ " 11' •-• • 1 • - ....- , . i :7 •- -- ---'— "- .----=---- .-.". :.71.-i . _ .--;5;M717:cc:7--' 0'•" --- • • • • 1-4 /....- .‘' < --.. • -. ii . . s.t\A . In \\.\\h. • 4., 111 y iii7 il.,-: r:,. . . e•T• .0--'' '1'41 . . 1, It, . . 1,14-.1..-: •• _41.7:IP N.-.7.c.v.:4 sz,_--iiih.. -- .i..., : . i.....2s....40 .4,4._....,-. --.....-...wz.. .. .4 rli§1111111, • ---1 .. • / ti .. .. s e. in *---71F 4 . ,-- . /-/ h . . -. • a !1 1 I / \ I i . 11 . : . . I , > i. j • , t • !. 11 • . i I, . . lk • .-• ;,... I • WW MI MR ill no NW MN UN am MP maw IIMIII IIIIIIN mom um= ..=..... ..--- — Property Description • Site This inside parcel is rectangular in shape. It has 21.5± feet of frontage on the south side of Chicago Avenue and extends back 118.28± feet to a paved alley. The site totals 2,543± square feet. It is level with adjoining streets, and is served by all standard utilities. Loading access to the site is from the rear alley. Site Improvements Approximately 800 square feet of predominantly asphalt paving for two cars (one per 1,720 square feet of building area). Land to Building Ratio 0.74 to 1 (2,543 square feet/ 3,440 square feet). Building Description A two-story and basement, mixed use property. Age Built circa 1900 (105± years). Size First Floor 1,720 square feet Second Floor 1,720 square feet Total 3,440 square feet Basement 1,720 square feet Construction Data Foundation and Basement Floor Poured reinforced concrete. Exterior Walls Front Face brick. Side The east side is common brick with stucco type finish. Rear Common brick. Sash First Floor The front elevation is single pane in rigid metal frame. Second Floor Double hung 1/2" thermopane in metal frame on three elevations. REK Page 19 Property Description 'on Roof Flat, assumed to be composition cover over rigid insulation on wood joists. Loading Limited to standard doors. Interior Structure Clear span with wood joists supported by exterior load bearing walls. Ceiling Heights Basement 9±' First Floor 14±' Second Floor 12±' Stairs Two sets; one front interior to second floor and one from first floor to basement. Mechanical Data HVAC Presently combination unit of gas fired heat and electric air-conditioning with forced air distributed through concealed ducts. Plumbing Presently gutted but having copper tubing and plastic waste pipes. Sprinkler Note. Electrical Estimated at 100 amperes. Finish Presently gutted. Miscellaneous Skylight; rear wood deck. Quality The base building is good quality with very high ceiling clearances. Condition Exterior The front is very good with the balance average. Interior Gutted. REK Page 20 Property Description Design The base building is rectangular in shape, indicating a slightly low front to depth ratio of 0.27:1. Yet its building depth of 80-feet is considered a positive with many central business district buildings well over 100- feet. The approximately 14-foot and 12-foot ceiling heights are well above average. Proposed Improvements and Interior Finish U Flooring Basement Quarry tile floor First Floor Quarry tile entrance; area balance bamboo with kitchen and washroom ceramic tile. Second Floor Bamboo and part slate; ceramic tile in washroom. Walls Painted drywall. Ceilings Basement Dropped acoustic tile or drywall First Floor Decorative tin with attendant and/or sconces Second Floor Dropped acoustic tile with recessed fluorescent and/or CAM All outside walls will be insulated as well as the second floor ceiling. Electrical Extensive re-wiring, 400 ampere service and providing new meter locations with three meters reporting; 1) part basement and first floor; 2) second floor; and 3) common areas. • HVAC Two units: Gas fired heat and electric air-conditioning. 1 The finished basement and first floor will have exposed decorative ceiling suspended ducts. The second floor will be concealed by ceiling suspended tiles. Each floor will be metered separately. REX Page 21 n Property Description Plumbing Four new washrooms. Basement One two-fixtures; toilet and sink. First Floor Two two-fixtures; toilet and sink. Second Floor One two-fixtures; toilet and sink. If the basement is approved for restaurant use, it needs to be sprinklered per Code Department. Second floor offices will have approximately 26 lineal feet of wall and base cabinets with built-in sink. As Completed The approximate front 50% of the basement will be finished as a bar area. The first floor will have front 50%± as seating area with the balance kitchen, washrooms and storage including rear staircase servicing the basement and second floor. The second floor will be first class offices with reception area, built-in reception desk/wall area. There will be a total of seven individual offices (including file area) all having exterior windows plus one washroom. Access is from the front (street elevation) and interior staircase from the first floor. Stairs Basement One set to the basement at the building's northwest corner I1'to 2"d Floor (new).New at the building's approximate southwest corner. Existing A shared staircase with the adjacent property to the west from the street elevation to the second floor. Construction is basically wood frame for all stairs. General Comment The appraiser assumes existing plumbing, heating, air- conditioning and electrical systems will be in acceptable working order. I I REX Page 22 I Highest and Best Use 11 . Definition Highest and best use is described by the Appraisal Institute in The Appraisal of Real Estate, as follows: The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The purpose of the appraisal is to estimate market value. The highest and best use analysis identifies the most profitable, competitive use to which the property can be put. Therefore, highest and best use is a market driven concept. Procedure In reaching an opinion as to the highest and best use, we have taken into consideration the previously mentioned definition. There are essentially four stages of analysis, the use must be: 111 1. Legally Permissible. 2. Physically Possible. 111 3. Financially Feasible. 4. Maximally Productive. Highest and Best Use as if Vacant Physically Possible - The subject site is basically level to street grade. The site has benefit of all municipal and public utilities. Thus, a wide variety of uses would be possible, including residential, commercial, industrial and offices. Legally Permissible - As previously noted, the subject site is zoned CCI, Center City District and the present improvements are considered to be a legal conforming use under this classification. Additionally, this zoning classification allows for numerous mixed uses. Therefore, mixed use types of buildings could be constructed on the subject site. I I I I REK Page 23 1 Highest and Best Use 111 Financially Feasible - In view of other mixed uses in the area that are making a positive contribution to the land, it is my opinion that a mixed use building on the subject site would be financially feasible. Maximally Productive - In view of the surrounding environs, the CCI Center City District classification and extensive downtown industrial type neighborhood improvements, it is my contention that the subject, if vacant, most likely would be best developed with a similar mixed use. Thus the highest and best use of the subject site, as if vacant, which is physically possible, legally permissible, financially feasible and maximally productive, would be a mixed use. Highest and Best Use as Improved The site, as improved, represents the highest and best use in my opinion. A demand exists as evidenced by the immediate area's mixed use occupants. Furthermore, and most importantly, no alternate economic use exists which would warrant demolition of the building improvements. Therefore, it is my opinion that the highest and best use of the subject property is a continuation of its mixed use. I I I I I REK Page 24 Valuation of the Property The valuation of real estate is derived through three basic approaches to value: the Cost Approach, the Sales Comparison Approach and the Income Capitalization Approach. From the indication provided by these analyses to the extent they are applicable and the weight accorded to each, an opinion of value is reached based upon expert judgment within the outline of the appraisal process. The methodology of each approach is summarized below. The Cost Approach The Cost Approach is devoted to an estimate of the physical value of the property. The market value of the land, is estimated by market comparison, to which is added the depreciated value of the improvements on the site. The latter is derived based upon an estimate of the cost of reproducing or replacing the improvements, from which the accrued depreciation is deducted. The Sales Comparison Approach The Sales Comparison Approach is based upon the principle of substitution; that is, when a property is replaceable in the market, its value tends to be set at the cost of acquiring an equally desirable substitute property, assuming no costly delay in making the substitution. Since two properties are rarely identical, the necessary adjustments for such differences in location, quality, size, services and market appeal are a function of appraisal experience and judgment. The Income Capitalization Approach ' The Income Capitalization Approach involves an analysis of the property in terms of its ability to provide a net annual income after payment of operating and fixed expenses. The estimated net annual income is then capitalized (or discounted) at a rate commensurate with its relative ' duration and the risk involved in the ownership of the property. Capitalization rates may be estimated through market comparison, alternative investment analysis, or calculated through a built-up rate process. The Reconciliation of Value Indications This section of the report is the final analysis and correlation of the applicable approaches to value, relative to their alternative value indications, and a statement of the final opinion of market value. Appraisal Methodology for the Subject Property In this instance, the subject property contains both land and improvements which contribute to the overall value. There is an active market for this property type which is routinely bought I and sold. Yet, older buildings are not well suited for the Cost Approach Analysis and it is not used. The Sales Comparison and Income Approach to Value were employed. 1 REK Page 25 I Cost Approach Definition The reproduction cost approach derives a value indication by adding the market value of the land to the depreciated 111 cost of the improvements. The underlying theory of the cost approach is the principle of substitution which states: that no prudent person will pay more for a property than the amount for which the can purchase a site and construct a building of equivalent desirability and utility. Procedure 1. Estimate the market value of the site as though vacant and utilized at its highest and best use by applying the income capitalization approach. 2. Estimate the current reproduction cost of the existing primary improvements. 3. Estimate the accrued depreciation in the improvements. This step identifies the effective age and remaining economic life of the improvements, and delineates components of accrued depreciation; 111 physical deterioration, functional obsolescence and external obsolescence. 4. Deduct the accrued depreciation from the building's current reproduction cost to derive the estimated depreciated value of the improvements. 5. Estimate the depreciated value of accessory buildings and site improvements and add these values to obtain the total depreciated cost of all improvements. 6. Add the depreciated value of all improvements to the market value of the vacant site to obtain the indicated value of the property. This approach was not used. I I I REK Page 26 h Sales Comparison Approac Definition The sales comparison approach is an appraisal technique by which a market value indication is derived by ' comparing the subject property to current, comparable sales and offerings relative to their respective prices. t Variations in comparable properties are analyzed, quantified and adjusted to more closely reflect the features of the subject property. The adjusted values are then correlated to obtain a simulated value of the subject property. The reliability of this technique is dependent upon: ' 1. The availability of sales data. 2. The degree of comparability of each property with the subject property. 3. Reliability of sales data. 4. Knowledge and adjustment of unusual conditions effecting price or terms of sale. The sales comparison approach is based upon the principle of substitution. This implies that a prudent person will not pay more to buy or rent a property than it will cost to buy or rent a comparable property. Procedure 1. Conduct research to obtain the most recent and comparable property sales and listings in the subject market area. 2. Analyze and make adjustments to comparable sales considering all relevant differences including time of sale, location, physical and functional features, financing terms and other pertinent factors that affect value. 3. Analyze and interpret the data on the basis of a common and relevant unit of comparison, such as price per square foot of building area. Correlate the simulated values to obtain a value indication for the subject property. I 1 REK Page 27 { OF PROPERTY DESCRIBED AS: The Easterly 21 ',4 feet of the Westerly 22 feet of Lot 2(ex the South 15 feet)in Block 15 of the Original Town of Elgin, on the East side of Fox River,in the City of Elgin, County, Illinois. vi .moi.. ..-., Proposed Floor Plans . . $ . 1111111 1 ..................•.4111F...W.....1111111R•-•.•. .. ..11‘A . % ' 1 •: ,•NE: % .. 1i • . ,, , , • r i I ; 40 1.1 ...........: rt.'.... :* ., ow. i : k• • f.......... MI:. • ,..........i. MP • , , ,—....1 M 11111 ,..... - •.14 IIUIIII II 0 __I I • •— .—• '•"... _ollMIRIIMIIIII1' • •• . • • • • • .11111M OEM 3 .. .• • •WPM MEM 1- MINI=B 1111111NNI I.....1.It MI t nom.=',. MIMMIIIM111...11.1111 1 . :.: •• Mr: .. 4' P •• • • ,,, 11 t:1 MN? 0 .... =I illnii Ti'.. I I ri .• ': *geese . . ,=...,..,.., ,..-_-.-- . % . : 'IA- kl 011:. : , . /Ili/ Iiiii - ti 14.7i'll , \ ' ea _if--f:A.i:' , . , ''',.11111 kir.,;: , 0 :111:. :t trioi,_• _ . _.=, : _ _ _.... w: .1 ,,,i ., 0 •11,111•• M.0 r. 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' r • i111 • fil it • 4 R► ' ! 11111 ! ........11 r� waw I D' IT of LawhtleOffices yf Bad adl INTERIOR .��. wEDI 4. _ I .Kr V.' M L MO •rr �•�rr 4151 000 _f_Plote,toic..- - \ \ F '�"6%10,,,,,, >p4 1 vim" ra. oasii►.i arse VOltiroWS., 4\!Lk 0 0._*,,,A fibI" .. tt: ,,. 21011° \ .1 1 t ) \- a- f - ---4.-1 A \ittti t 11 I 11 s. m n ,.. c.- 0 ti 1 \ 17dilla '''''''..;;;;Ii.4140 I\ t VIOIA, t t VI 7 \ ', .'. 070,\ IR ;7 ♦,1►� per\ , 04„ VAt\ V, \ I : 110 \'�,�� t ' \ 04 vAit\ t i aft ex 11 .0 \ ,, t - Olt i l'i \ IAN ‘i I t V SIA A Ill stri , t 0 11 t At It I , ki, ii, " \ VA \ t 111 \.1 I I I la W...0.4.... 11101111.11.* \111111 ..111.17, 1/ Will' 0 ./'1000' ..... e. iv.\ )10,___Si i 1 k,,iri , i..1:1 7...:_;\0\\\,a.ii::. i , 10.1.11 \W ''.,'"'> ' ‘ta \\, lielfOA$ dialli. \ ‘ fi M1". • • \11\11W 169 E.CHICAGO STREET BUILDING IMPROVEMENTS SCHEDULE VPI'lech• CONTRACTOR/SUPPLIER: DWAYNE TRAD'L SWANSON MARQUEZ }111RC PELLA a1EGLE5 (29 990a.Y ITEM ELECTRICAL $20,400.00 $ 6,300.00 $26,260.00 Ond Ola ally) HVAC $18,600.00 $16,700.00 $12.650.00 ROUGH CARPENTRY $59,500.00 $41,800.00 TRIM CARPENTRY $4,900.00 $16,300.00 (Ind.door Install) DOORS $14,580.00 $9,500.00 (Iad.Install) CABINETRY $17,600.00 $4,500.00 • (IncLcnittps) (a4lwoe) • DRYWALL&FINISHING $29,500.00 $20,625.00 • (Ind.palntg) PLUMBING $21,720.00 $11,640.00 $4,978.00 WINDOWS $13,000.00 94,000.00 $6,110.00 $4,169.00 O INSULATION $2,800.00 y PAINTING $4,700.00 CO a SKYLIGHTS $3,000.00 VCT y440.00 y HARDWOOD FLOOR $27,800.00 $9,600.00 EXTERIOR DECK $7,200.00, CO_ LIFE SAFETY SYSTEM $g LL- ) o,$f°° 11f,JivGrA C4 ' .. ` ' ( ^ Ex1416\T =7� . City Payment Schedule-Sotoymayor Center City Business Loan City Portion of Date P & I Payment Interest Payment Interest Payment City% , 11/11/2005 2,271.35 1.104.10 993.69 0096 12/11/2005 2,271.35 1.062.25 958.03 1/11/2006 2,271.35 1,090.99 981.89 2/11/2006 2,271.35 1,084.47 976.02 3/11/2006 2,271.35 978.60 876.24 4/11/2006 2,271.35 1,07075 963.68 5/11/2006 2,271.35 1.029.80 026.82 6/11/2006 2,271.35 1,057.27 951.54 7/11/2006 2,271.35 1.016.88 915.01 8/11/2006 2,271.35 1,043.64 939.28 9/11/2006 2,271.35 1.036.86 933.17 10/11/2006 2,271.35 896.82 897.14 11,310.51 11/11/2000 2,271.35 1.023.01 818.40 80% 12/11/2006 2,271.35 983.34 786.67 1/11/2007 2,271.35 1.009.01 807.21 2/11/2007 2,271.35 1,002.04 801.63 3/11/2807, 2,271.35 898.74 718.99 4/11/2007 2,271.35 987.46 789.97 5/11/2007 2,271.35 948.75 759.00 6/11/2007 2,271.35 2.271.35 Q73.07 778.46 7/11/3007 2,271.35 934.74 747.79 8/11/2007 2,271.35 958.52 766.82 9/11/2007. 2,271.35 951.27 761.02 10/11/2007 2,271.35 913.54 730.83 . 9,266.79 11/11/2007 2,271.35 936.49 655.54 70Y6 12/11/2007 2,271.35 899.15 629.40 1/11/2008. 2,271.35 921.55 645.09 2/11/2008 2,271.35 914.10 639.87 3/11/2008 2,271.35 848.11 593.88 4/11/2008 2,271.35 898.75 629.13 5/11/2008 2,271.35 862.42 603.69 0/11/2008 2,271.35 883.39 618.37 7/11/2008 2,271.35 847.48 593.24 8/11/2008 2,271.35 867.87 607.51 9/11/2008 2,271.35 880.12 603.08 10/11/2008 2,271.35 824.83 577.38 7,394.98 11/11/2008 2,271.35 844.34 506.80 60Y6 12/11/2008 2,271.35 809.48 485.69 1/11/2809 2,271.35 828.39 497.03 2/11/2809 2,271.35 820.43 492.36 3/11/2009 2,271.35 733.80 440.28 4/11/2009 2,271.35 803.93 482.36 5/11/2009 2,271.35 77016 462.10 6V11/2009 2,271.35 787.54 472.52 . ' ` . . ' , 7/11C2009 2,271.35 754.21 452.53 8/11/2009 2.371.35 770.98 463.58 9/11/2009 2.27135 782.69 457.61 10/11/2009 2,271.35 730.08 438.02 5,649.59 11/11/2009 2,271.35 745.86 372.93 50% 12M1/2009 2.271.35 713.65 356.82 . 1M1/2010 2271.35 728.83 364.42 . 2/11/2010 2,271.35 720.32 36018 3/11/2010 2,271.35 642.88 321.44 4/11/2010 2,271.35 702.77 351.39 5/11/2010 2,271.35 671.72 335.86 6/11/2010 2,271.35 685.28 342.64 7/11/2010 2,271.35 2.271.35 654.70 327.35 � 8/11/2010 2,271.35 667.60 333.80 9/11/2010 2,271.35 658.74 329.37 10/11/2010 2,271.35 2.271.35 S28.88 314.44 4,110.62 .. G�nd��| 37,732.49 ' ~ ' Center City Business Loan Program -Sotomayor Enterprises LLC Year Annual Interest Payment City% City Payment Year 1- Nov 05-Oct 06 $13.567.23 00% $11,310.51 Year 2 Nov 06-Oct07 $11,583.49 80% $9.268.79 Year 3 Nov 07-Oct08 $10.564.26 70% $7.394.98 Year 4 Nov 08-Oct09 &9.415.98 60% $5.649.59 Year 5 Nov OQ'<]ct10 $8.221.23. 50% $4.110.62 TOTAL $52.352.19` $37.732.49 Annual Interest Payment totals compiled from attached amortization schedule provided by lending agency, American Charterd Bank and based on October 11. 2O05' October 11.2O10loan payments. aster: 10/13/2005 10:16:54 am Page: 1 AMORTIZATION Date Description P&I Payment Principal Payment Principal Balance Interest Earned Interest Payment Simple Insurance Rate 10/11/2005 Initial Loan 200,000.00 6.5000 ' 11/11/2005 Regular Payment 2,271,35 1,167.25 198,832.75 1,104.10 1,104.10 6.5000 12/11/2005 Regular Payment 2,271.35 1,209.10 197,623.65 1,062.25 1,062.25 6.5000 2005 Totals: 4,542.70 2,376.35 2,166.35 2,166.35 01/11/2006 Regular Payment 2,271.35 1,180.36 196,443.29 1,090.99 1,090.99 6.5000 02/11/2006 Regular Payment 2,271.35 1,186.88 195,256.41 1,084.47 1,084.47 6.5000 03/11/2006 Regular Payment 2,271.35 1,297.75 193,958.66 973.60 973.60 6.5000 04/11/2006 Regular Payment 2,271.35 1,200.60 192,758.06 1,070.75 1,070.75 6.5000 05/11/2006 Regular Payment 2,271.35 1,241.55 191,516.51 1,029.80 1,029.80 6.5000 06/11/2006 Regular Payment 2,271,35 1,214.08 190,302.43 1,057.27 1,057.27 6.5000 07/11/2006 Regular Payment 2,271.35 1,254.67 189,047.76 1,016.68 1,016.68 6.5000 08/11/2006 Regular Payment 2,271.35 1,227.71 187,820.05 1,043.64 1,043.64 6.5000 09/11/2006 Regular Payment 2,271.35 1,234.49 186,585.56 1,036.86 1,036.86 6.5000 10/11/2006 Regular Payment 2,271.35 1,274.53 185,311.03 996.82 996.82 6.5000 11/11/2006 Regular Payment 2,271.35 1,248.34 184,062.69 1,023.01 1,023.01 6.5000 12/11/2006 Regular Payment 2,271.35 1,288.01 182,774.68 983.34 983.34 6.5000 2006 Totals: 27,256.20 14,848.97 12,407.23 12,407.23 01/11/2007 Regular Payment 2,271,35 1,262.34 181,512.34 1,009.01 1,009.01 6.5000 02/11/2007 Regular Payment 2,271.35 1,269.31 180,243.03 1,002.04 1,002.04 6.5000 03/11/2007 Regular Payment 2,271.35 1,372.61 178,870.42 898.74 898.74 6.5000 04/11/2007 Regular Payment 2.271.35 1,283.89 177,586.53 987.46 987.46 6.5000 05/11/2007 Regular Payment 2,271.35 1,322.60 176,263.93 948.75 948.75 6.5000 06/11/2007 Regular Payment 2,271.35 1,298.28 174,965,65 973.07 973.07 6.5000 07/11/2007 Regular Payment 2,271.35 1,336.61 173,629.04 934.74 934.74 6.5000 08/11/2007 Regular Payment 2,271.35 1,312.83 172,316.21 958.52 958.52 6.5000 09/11/2007 Regular Payment 2,271.35 1,320.08 170,996.13 951.27 951.27 6.5000 10/11/2007 Regular Payment 2,271.35 1,357.81 169,638.32 913.54 913.54 6.5000 11/11/2007 Regular Payment 2,271.35 1,334.86 168,303.46 936.49 936.49 6.5000 12/11/2007 Regular Payment 2,271.35 1,372.20 166,931.26 899.15 899.15 6.5000 2007 Totals: 27,256.20 15,843.42 11,412.78 11,412.78 01/11/2008 Regular Payment 2,271.35 1,349.80 165,581.46 921.55 921.55 6.5000 02/11/2008 Regular Payment 2,271.35 1,357.25 164,224.21 914.10 914.10 6.5000 03/11/2008 Regular Payment 2,271.35 1,423.24 162,800.97 848.11 848.11 6.5000 04/11(2008 Regular Payment 2,271.35 1,372.60 161,428.37 898.75 898.75 6.5000 05/11/2008 Regular Payment 2,271.35 1.408.93 160,019.44 862.42 862.42 6.5000 06/11/2008 Regular Payment 2,271.35 1,387.96 158,631.48 883.39 883.39 6.5000 07/11/2008 Regular Payment 2,271,35 1,423.87 157,207.61 847.48 847.48 6.5000 08/11/2008 Regular Payment 2,271.35 1,403.48 155,804.13 867.87 867.87 6.5000 09/11/2008 Regular Payment 2,271.35 1,411.23 154,392.90 860.12 860.12 6.5000 10/11/2008 Regular Payment 2,271.35 1,446.52 152,946.38 824.83 824.83 6.5000 11/11/2008 Regular Payment 2,271.35 1,427.01 151,519.37 844.34 844.34 6.5000 12/11/2008 Regular Payment 2,271.35 1,461.87 150,057.50 809.48 809.48 6.5000 2008 Totals: 27,256.20 16,873.76 10,382.44 10,382.44 01/11/2009 Regular Payment 2,271.35 1,442.96 148.614.54 B28.39 828.39 6.5000 02/11/2009 Regular Payment 2,271.35 1,450.92 147,163.62 820.43 820.43 6.5000 03/11/2009 Regular Payment 2.271,35 1,537.55 145,626.07 733.80 733.80 6.5000 04/11(2009 Regular Payment 2,271.35 1,467,42 144,158.65 803.93 803.93 6.5000 05/1112009 Regular Payment 2,271.35 1,501.19 142,657.46 770.16 770.16 6.5000 06/11/2009 Regular Payment 2,271.35 1,483.81 141,173.65 787.54 787.54 6.5000 07/11/2009 Regular Payment 2,271.35 1,517.14 139,656.51 754.21 754.21 6.5000 08/11/2009 Regular Payment 2,271.35 1,500.37 138,156.14 770.98 770.98 6.5000 ' Die: 10/13/2005 10:16:55 am Page:2 • AMORTIZATION(continued) Date Description P&I Payment Principal Payment Principal Balance Interest Earned Interest Payment Simple Insurance Rate 09/11/2009 Regular Payment 2,271.35 1,508.66 136,647.48 762.69 762.69 6.5000 10/11/2009 Regular Payment 2,271.35 1,541,32 135,106.16 730.03 730.03 6.5000 11/11/2009 Regular Payment 2,271.35 1,525.49 133,580.67 745.86 745.86 6.5000 12/11/2009 Regular Payment 2,271.35 1,557.70 132,022.97 713.65 713.65 6.5000 2009 Totals: 27,256.20 18,034.53 9,221.67 9,221.67 01/11/2010 Regular Payment 2,271.35 1,542.52 130,480.45 728.83 728.83 6.5000 02/11/2010 Regular Payment 2,271.35 1,551.03 128,929.42 720.32 720.32 6.5000 03/11/2010 Regular Payment 2,271.35 1,628.47 127,300.95 642.88 642.88 6.5000 04/11/201D Regular Payment 2,271.35 1,568.58 125,732.37 702.77 702.77 6.5000 05/11/2010 Regular Payment 2,271.35 1,599.63 124,132.74 671.72 671.72 6.5000 06/11/2010 Regular Payment 2,271.35 1,586.07 i 122,546.67 685.28 685.28 6.5000 07/11/2010 Regular Payment 2,271.35 1,616.65 120,930.02 654.70 654.70 6.5000 08/11/2010 Regular Payment 2,271.35 1,603.75 119,326.27 667.60 667.60 6.5000 09/11/2010 Regular Payment 2,271.35 1,612.61 117,713.66 658.74 658.74 6.5000 10/11/2010 Regular Payment 2,271.35 1,642.47 116,071.19 628.88 628.88 6.5000 • 11/11/2010 Regular Payment 2,271.35 1,630.58 114,440.61 640.77 640.77 6.5000 12/11/2010 Regular Payment 2,271.35 1,659.96 112,780.65 611,39 611.39 6.5000 2010 Totals: 27,256.20 19,242.32 8,013.88 8,013.88 01/11/2011 Regular Payment 2,271.35 1,648.74 111,131.91 622.61 622.61 6.5000 02/11/2011 Regular Payment 2,271.35 1,657.85 109,474.06 613.50 613.50 6.5000 03/11/2011 Regular Payment 2,271.35 1,725.48 107,748.58 545.87 545.87 6.5000 04/11/2011 Regular Payment 2,271.35 1,676.52 106,072.06 594.83 594.83 6.5000 05/11/2011 Regular Payment 2,271.35 1,704.67 104,367.39 566.68 566.68 6.5000 06/11/2011 Regular Payment 2,271.35 1,695.19 102,672.20 576.16 576.16 6.5000 07/11/2011 Regular Payment 2,271.35 1,722.83 100,949.37 548.52 548.52 6.5000 08/11/2011 Regular Payment 2,271.35 1,714.06 99,235.31 557.29 557.29 6.5000 09/11/2011 Regular Payment 2,271.35 1,723.52 97,511.79 547.83 547,83 6.5000 10/11/2011 Regular Payment 2,271.35 1,750.40 95,761.39 520.95 520.95 6.5000 11/11/2011 Regular Payment 2,271.35 1,742.70 94,018.69 528.65 528.65 6.5000 12/11/2011 Regular Payment 2,271.35 1,769.06 92,249.63 502.29 502.29 6.5000 2011 Totals: 27,256.20 20,531.02 6,725.18 6,725.18 01/11/2012 Regular Payment 2,271.35 1,762.09 90,487.54 509.26 509.26 6.5000 02/11/2012 Regular Payment 2,271.35 1,771.81 88,715.73 499.54 499.54 6.5000 03/11/2012 Regular Payment 2,271.35 1,813.19 86,902.54 458.16 458.16 6.5000 04/11/2012 Regular Payment 2,271.35 1,791.61 85,110.93 479.74 479.74 6.5000 05/11/2012 Regular Payment 2,271.35 1,816.65 83,294.28 454.70 454.70 6.5000 06/11/2012 Regular Payment 2.271.35 1,811.52 81,482.76 459.83 459.83 6.5000 07/11/2012 Regular Payment 2,271.35 1,836.04 79,646.72 435.31 435.31 6.5000 08/11/2012 Regular Payment 2,271.35 1,831.66 77,815.06 439.69 439.69 6.5000 09/11/2012 Regular Payment 2,271.35 1,841.77 75,973.29 429.58 - 429.58 6.5000 10/11/2012 Regular Payment 2,271.35 1,865.47 74,107.82 405.88 405.88 6.5000 11/11/2012 Regular Payment 2,271.35 1,862,24 72,245.58 409.11 409.11 6.5000 12/11/2012 Regular Payment 2,271.35 1,885.39 70,360.19 385.96 385.96 6.5000 2012 Totals; 27,256.20 21,889.44 5,366.76 5,366.76 01/11/2013 Regular Payment 2,271.35 1,882.93 68,477.26 388.42 388.42 6.5000 02/11/2013 Regular Payment 2,271.35 1,893.32 66,583.94 378.03 378.03 6.5000 03/11/2013 Regular Payment 2,271.35 1,939.35 64,644.59 332.00 332.00 6.5000 04/11/2013 Regular Payment 2,271.35 1,914.48 62,730.11 356.87, 356.87 6.5000 05/11/2013 Regular Payment 2,271.35 1,936.22 60,793.89 335.13 335.13 6.5000 06/11/2013 Regular Payment 2,271.35 1,935.74 58,858.15 335.61 335.61 6.5000 07/11/2013 Regular Payment 2,271.35 1,956.91 56,901.24 314.44 314.44 6.5000 Date: 10/13/2005 10.16:55 am Page:3 AMORTIZATION(continued) Date Description P8.1 Payment Principal Payment Principal Balance Interest Earned Interest Payment Simple Insurance Rate 08/11/2013 Regular Payment 2,271.35 1,957.23 54,944.01 314.12 314.12 6.5000 ' 09/11/2013 Regular Payment 2,271.35 1,968.03 52,975.98 303.32 303.32 6.5000 10/11/2013 Regular Payment 2,271.35 1,988.33 50,987.65 283.02 283.02 6.5000 11/11/2013 Regular Payment 2,271.35 1,989.88 48,997.77 281.47 281.47 6.5000 12/11/2013 Regular Payment 2,271.35 2,009.59 46,988.18 261.76 261.76 6.5000 2013 Totals: 27,256.20 23,372.01 3,884.19 3,884.19 01/11/2014 Regular Payment 2,271.35 2,011.95 44,976.23 259.40 259.40 6.5000 02/11/2014 Regular Payment 2,271.35 2,023.06 42,953.17 248.29 248.29 6.5000 03/11/2014 Regular Payment 2,271.35 2,057.18 40,895.99 214.17 214.17 6.5000 04/11/2014 Regular Payment 2,271.35 2,045.59 38,850.40 225.76 225.76 6.5000 05/11/2014 Regular Payment 2,271.35 2,063.80 36,786.60 207.55 207.55 6.5000 06/11/2014 Regular Payment 2,271.35 2,068.27 34,718.33 203.08 203.08 6.5000 07/11/2014 Regular Payment 2,271.35 2,085.87 32,632.46 185.48 185.48 6.5000 08/11/2014 Regular Payment 2,271.35 2,091.21 30,541.25 180.14 180.14 6.5000 09/11/2014 Regular Payment 2,271.35 2,102.75 28,438.50 168.60 168.60 6.5000 10/11/2014 Regular Payment 2,271.35 2,119.42 26,319.08 151.93 151.93 6.5000 11/11/2014 Regular Payment 2,271.35 2,126.06 24,193.02 145.29 145.29 6.5000 12/11/2014 Regular Payment 2,271.35 2,142.10 22,050.92 129.25 129.25 6.5000 2014 Totals: 27,256.20 24,937.26 2,318.94 2,318.94 01/11/2015 Regular Payment 2,271.35 2,149.62 19,901.30 121.73 121.73 6.5000 02/11/2015 Regular Payment 2,271,35 2,161.49 17,739.81 109.86 109.86 6.5000 03/11/2015 Regular Payment 2,271.35 2,182.90 15,556.91 88.45 88.45 6.5000 04/11/2015 Regular Payment 2,271.35 2,185.47 13,371,44 85.88 85.88 6.5000 05/11/2015 Regular Payment 2,271.35 2,199.92 11,171.52 71.43 71.43 6.5000 06/11/2015 Regular Payment 2,271.35 2,209.68 8,961.84 61.67 61.67 6.5000 07/11/2015 Regular Payment 2,271.35 2,223.48 6,738.36 47.87 47.87 6.5000 08/11/2015 Regular Payment 2,271.35 2,234.16 4,504.20 37.19 37.19 6.5000 09/11/2015 Regular Payment 2,271.35 2,246.49 2,257.71 24.86 24.86 6.5000 10/11/2015 Regular Payment 2,269.77 2,257.71 12.06 12.06 6.5000 2015 Totals: 22,711.92 22,050.92 661.00 661.00 Grand Total: 272,560.42 200,000.00 72,560.42 72,560.42