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87-0812 Joseph Schneller
-oSs la. RESOLUTION APPROVING DUNDEE AVENUE PROPERTY IMPROVEMENT LOAN TO JOSEPH SCHNELLER WHEREAS, the City Council of the City of Elgin has heretofore established the Dundee Avenue Property Improvement Loan Program; and WHEREAS, pursuant to said Program a loan pool was established for the purpose of providing, either alone or in conjunction with private loans from cooperating local financial institutions, low and no interest loans to businesses locating or expanding in the Dundee Avenue Property Improvement District; and WHEREAS, to administer said program a Loan Review Committee was established to review and process loan applications; and WHEREAS, Joseph Schneller has made application to the Loan Review Committee for a loan of $10,000 from the Program Loan Pool; and WHEREAS, the Loan Review Committee has reviewed said loan application and has recommended approval. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that it hereby approved the loan application of Joseph Schneller to participate in the Program based upon the following features: I) Loan $ 10,000.00 2) Applicants Contribution $ 12,050.00 3) Interest 0% 4) Repayment 10 year repayment schedule (` $1,000/year) commencing July 1, 1988 5) Security Second mortgage 6) Terms and Conditions a) Completion of repairs described in memorandum dated April I, 1987 by City Rehabilitation Specialist. b) Filing annual financial report to Loan Review Committee. c. Compliance with all applicable law. s/ George Van De Voorde George VanDeVoorde, Mayor Presented: August 12, 1987 Adopted: August 12 , 1987 Vote: Yeas 4 Nays 0 Recorded: Attest: s/ Marie Yearman Marie Yearman, City Clerk Form 2512-R—TRUST DEED-Second Mortgage Perfection Legal Forms&Printing Co.,Rockford,Ill. THIS INDENTURE WITNESSETH,That the Grantor Joseph F. Schneller, an unmarried man, of the City of Elgin County of Kane and State of Illinois ,for and in consideration of the sum of Ten Thousand and 00/100 (10,000.00) DOLLARS, in hand paid,Convey S and Warrant S to City of Elgin Trustee, of the City of Elgin , County of Kane and State of Illinois , to wit: Lot 4 in Block 4 of McBride Heirs second addition to Elgin and the North 10 feet of Lot 5 in Block 4 of McBride Heirs second addition to Elgin, described as follows to wit: beginning at the Northwest corner of said Lot 5; thence East along the North line of said Lot 5 to the Northeast corner of said Lot 5; thence South along East line of said lot, 10 feet; thence West parallel with the North line of said lot to the Westerly line of said lot; thence Northeasterly along the West line of said lot to the place of beginning, in the City of Elgin, Kane County, Illinois. THIS IS A JUNIOR MORTGAGE Hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the State in which said land is situated. IN TRUST,nevertheless, for the purpose of securing performance of the covenants and agreements herein. WHEREAS, The Grantor Joseph F. SChneller, an unmarried man justly indebted upon One principal promissory Note bearing even date herewith payable to the order of City of Elgin, in the full amount of Ten Thousand and 00/100($10,000.00) Dollars in Ten installments (10) of One Thousand and 00/100 ($1,000.00)Dollars each beginning July 1 ,1988weach year thereafter until said note is paid in full at, and FOR150 Dexter Court, Elgin, Illinois 60120I FILED KANE COUNTY.ILL. 862680 181 Kri 21 c,1 2. 30 (� L THE GRANTOR....covenant.... and agree .... as follows: (1)to pay all prior incumbrances and Riereon, at the time and place when and where the same shall be or become due and payable;(2)to pay said indebtedness, and the eresf thereon as herein and in said notes and coupons provided, or according to any agreement extending time of payment;(3) to pay prior to the time that penalty will attach in each year, all taxes and assessments against said premises,and on demand to exhibit receipts therefor;(4) within sixty days after destruction or damage to rebuild or restore all buildings or improvements on said premises that may have been destroyed or damaged; (5) that waste to said premises shall not be committed or suffered;(6) to keep all buildings at any time on said premises insured against loss by fire and tornado to their full insurable value,in companies to be selected by the grantee herein, who is hereby authorized to place such insurance in companies acceptable to the holder of the first mortgage indebtedness, with loss claimable, first, to the first trustee, or mortgagee, and, second, to the trustee herein, as their several interests may appear, which policy or policies shall be deposited and remain with said trustees or mortgagees until this indebtedness shall be fully paid; (7) to keep the said property tenantable and in good repair;and (8)not to suffer any mechanic's or other lien to attach to said premises. In the event of failure so to pay prior encumbrances, and the interest thereon, so to insure, to pay taxes or assessments, to keep the property in good repair, or to prevent mechanics' or other liens attaching to said premises, the grantee, or the holder of said indebtedness may pay such prior encumbrance and the interest thereon,may pay insurance premiums,pay such taxes or assessments, or make and pay for such repairs as he may deem necessary to keep the said premises tenantable and in good repair;or discharge or purchase any tax lien or title affecting said premises;or compromise, settle and discharge any mechanic's or other lien attaching to said premises, and all moneys so paid, the grantor.... agree.... to repay immediately without demand, and the same, with interest thereon from the date of payment at seven per cent per annum shall be so much additional indebtedness secured hereby. IN THE EVENT of a breach of any of the aforesaid covenants or agreements, the whole of said indebtedness,including principal and all earned interest, shall, at the option of the legal holder thereof, without notice,become immediately due and payable and with interest thereon from time of such breach, at seven per cent per annum shall be recoverable by foreclosure hereof,or by suit at law, or both, the same as if all of said indebtedness had then matured by express terms. IT IS AGREED that all expenses and disbursements,paid or incurred in behalf of complainant in connection with the foreclosure hereof — including reasonable solicitor's fees, outlays for documentary evidence,stenographer's charges, cost of procuring or completing an abstract of title showing the whole title to said premises embracing foreclosure decree —shall be paid by the grantor....;that the like expenses and disbursements, occasioned by any suit or proceeding wherein the trustee, or any holder of any part of said indebtedness, as such,may be a party, shall also be paid by the grantor....;that expenses and disbursements shall be an additional lien upon said premises, shall be taxed as costs and included in any decree that may be rendered in such foreclosure proceeding, which proceeding, whether decree of sale shall have been entered or not, shall not be dismissed, nor a release hereof given, until all such fees, expenses and disbursements, and the cost of suit, including solicitor's fees, have been paid. The grantor.... waive.... all right to the possession of and income from said premises pending such foreclosure proceedings, and until the period of redemption from any sale thereunder expires, and agree.... that upon the filing of any bill to foreclose this Trust Deed, a receiver shall upon motion of Solicitor for complainant, without notice, be immediately appointed by the court before which such motion for the appointment of a receiver shall come on for hearing, to take possession or charge of said premises, and collect such income and the same, less receivership expenditures including repairs, insurance premiums, taxes, assessments and his commis- sions, to pay to the person entitled thereto in reduction of the indebtedness hereby secured, in reduction of the amount of any decree of sale entered in any foreclosure proceeding, in payment or reduction or any deficiency after a Master's or Commissioner's sale under any decree of sale, in payment or reduction of any deficiency decree entered thereon, or, if not in either matter so applied, the court approving the receiver's report shall order that the same be paid to the person entitled to the deed under the Master's or Commissioner's sale. A bond on application for receiver is hereby expressly waived and it shall not be the duty of the trustee, legal holder of the notes or purchaser at any Master's or other sale to see to the application of the principal sum hereby secured or of the purchase money;or to inquire into the validity of any taxes, assessments, tax sales, tax titles, mechanic's or other liens, or titles, or the necessity for repairs, in advancing money as herein- before provided. IT IS FURTHER AGREED, That as further and additional security hereto said grantors agree to assign and by these presents, do assign, all the rents, issues and profits arising or to arise out of said premises to the said grantee herein and authorize him,in his own name, as assignee or otherwise, to receive, sue for or otherwise collect such rents, issues and profits, to serve all notices which may be or become necessary, to institute forcible detainer proceedings, to receive possession, to rerent and release said premises, or any portion thereof, for such term or terms and on such conditions as he may deem proper, and apply the proceeds thereof. First, to the payment of the expenses and charges against said property;Second, to the payment of interest and expenses of this trust including advancements, if any;and, Third,to the payment of the principal sum hereby secured,rendering the overplus,if any, to the undersigned when the indebtedness hereby secured shall have been fully paid and cancelled. IN THE EVENT of the death, inability,removal or absence from said Kane County of the trustee, or of his refusal or failure to act then YKd€ 6i $f 34i iFeliaidWAX f { c ciisi KAKX iiiisW4Veff15iCiii/Pitligigi.KgiaZirtiraaievelViCialCifeRCEgiVigicai,the person who shall then be the acting Recorder of Deeds of said County is hereby appointed to be MOM successor in this trust. And when all the aforesaid covenants and agreements are performed,the trustee,or his successor in trust,shall release said premises to the party entitled thereto on receiving reasonable charges. WITNESS the hand....and seal....of the grantor....this / 3'77f day v G v S ,A D.19 2 Prepared by: /' (SEAL) Susan Felix J eph F. Schneller First Federal of Elgin Savings and Loan Association (SEAL) 28 North Grove Avenue Elgin, Illinois 60120 (SEAL) / 1 862680 (SEAL) /7QD State of Illinois ss. County of Kane I, Sandra L. Lewis, a notary public in and for said County,in the State aforesaid,DO HEREBY CERTIFY,That Joseph F. Schneller personally known to me to be the same person whose name i a subscribed to the foregoing instrument, appeared before me this day in person, and acknowledged that he signed,sealed and delivered the said Instrument as a free and voluntary act, for the uses and purposes therein set forth, including the release and waiver of the right of homestead. GIVEN under my hand and notori a1 seal, this 13th day of August A.D. 1987 My Co#nmissioil E pirps' May 13 19 89 /77,-,4tie i (-7,---9Z4.4.2___ - 3 a`,- RETURN TO: Marie Yearman, City Clerk 150 Dexter Court Elgin, Illinois 60120 r ri 0 0J CV J z Q= O .1DC w CZ Cb OD N 1 Cc co rid P: w Y U O cc A ON„, O O(N.,O Uca, ,.. ` H.4-1 v_, a)0 m O G a Et f c G a) • u 0 - W 0 E zLL0 a0 • a) r i 0 To fr.., H H J n •rl . O Ell .0 0- G U at a) •rl rl w CD * 00 a) .� to 0 ,--I .0 r-I d h W H W i 862680 c. I May 18, 1987 MEMORANDUM TO: Mayor and Members of the City Council FROM: City Manager SUBJECT: Dundee Avenue Property Improvement Loan 741 Dundee Avenue PURPOSE To review and discuss a proposed Dundee Avenue Property Improvement Loan to Mr . Joseph Schneller , as applicant . The loan is proposed for exterior remodeling at 741 Dundee Avenue . BACKGROUND The Dundee Avenue Property Improvement Loan Program was established by the City Council in 1985 (see enclosed brochure and program description) . The purpose of the program is to encourage new and existing businesses located along Dundee Avenue to undertake improvements to their buildings and grounds , which would be visible from the street and neighboring properties . The applicant desires to locate two (2) new businesses in an existing commercial structure located at 741 Dundee Avenue. A 4 minimum of three (3) new jobs would be created . The applicant proposes to spend $22 , 050 on exterior/interior improvements to the structure . He has applied for a $10, 000 loan for exterior remodeling , to be funded through the Dundee Avenue Property Improvement Loan Program (see enclosed loan application) . The applicant will make a $12 , 050 personal contribution to the remodeling project . An $80, 000 first mortgage is held with First Federal of Elgin. FINANCIAL IMPACT The 1987 budget for the Dundee Avenue Property Improvement Loan Program is $40, 000. A total of $10, 000 is proposed to be expended from the program budget . Repayment of the loan would be based on a straight amortization with payments being $1 ,000 per year , beginning with the first year of the loan. RECOMMENDATION The Loan Review Committee recommends that a $10, 000, 0% interest 4.-Fet.t1-(Yee.De `7 /) 7 /-7 P { V loan be funded through the Dundee Avenue Property Improvement Loan Program. Loan repayment would be based on a straight amortization over a period of ten (10) years ( $1 , 000/yr . ) , beginning with the first year of the loan. The loan would be secured by a second mortgage . The recommendation is subject to the applicant meeting the following conditions : 1 . Make the repairs noted in a memorandum from the City Rehabilitation Specialist , dated April 1 , 1987 (see attached) . 2. Provide an annual financial report to the Loan Review Committee for the term of the loan. 3. Compliance with all applicable codes and ordinances. mes J. Co•.Y, City Manager LOAN REVIEW ANALYSIS To be completed by the participating lender FIRST FEDERAL OF ELGIN DATE : March 30, 1987 28 North Grove Avenue Elgin, Illinois 60120 BANK OFFICER: W.W. Cordin BORROWER: Joseph Franz Schneller BACKGROUND : See attached. LOAN REQUEST: $10,000.00 RATE : 0% Interest PURPOSE : Provide funds for exterior remodeling at 741 Dundee Avenue, Elgin, Illinois. Property located in Dundee Avenue Property Improvement Area. COLLATERAL : Second mortgage on real estate being improved. Valued at $105,000.00 prior to improvements with an estimated cost of $22,050.00. $80,000.00 first mortgage to be made by First Federal of Elgin. BANK LOAN POLICY : N/A 1 LOAN PROPOSAL : $10,000.00 ANALYSIS : owner occupied business that is new to Elgin. Borrower has been in the business for over thirty-five years, and is not dependent on walk-in customers. Will bring exstensive inventory of fine arts and antiques into business. A portion of the property has been leased in the rear of the comm- ercial structure that will aid cash flow. In addition, the residence on the site will be occupied by the borrower, further reducing his cash flow needs for personal living expenses. High quality business that will definitely add to area and community. ADVANTAGES: Improvement to vacant commercial property on Dundee Avenue. Will add two new businesses to the area. Higher class of business for primary tenant of property. Could very well attract similiar businesses to the area. DISADVANTAGES : None GUARANTEES : Joseph Franz Schneller OTHER CONSIDERATIONS : A. ) Jobs Minimum of three created. B. ) Downtown N/A C . Facade Comp atibility Uprade that will set tone for the area. Classical design for exterior of commercial building. -2- JOSEPH FRANZ SCHNELLER Joseph Schneller has been associated with the furniture and house- hold accessories business for over 35 years. His experience has included manufacturing, national sales, retail operations, and consulting to leading manufacturers. Mr. Schneller has been actively involved in import/export for more than 20 years. During his extensive travels to Europe, he developed im- portant business and government relationships while dealing with over 50 firms in Austria, England, France, Germany, Holland, Hungary, Yugoslavia, Italy, Turkey, and Rumania . Many of these government and business offi- cials have become close personal friends. As a leading furniture retailer, Mr. Schneller won many awards including the National Brand Name Foundation Award in 1966 and 1967. He served as lecturer on behalf of leading furniture manufacturers including Ethan Allen, Drexel , and Englander. Mr. Schneller has also conducted important sales and operations seminars within the U.S. furniture industry and has significant experience in organizing and directing furniture shows and art shows. Mr. Schneller served as president of more than 30 civic and charitable organizations during his career, including Lions, Salvation Army, Heart Fund, Northwest Community Hospital , and Northwest Suburban Art Shows. He was a past candidate for mayor and township supervisor. Since 1970, he has been president of the American Austrian Society of the Midwest. During World War II , Mr. Schneller served in the U.S. Army--European Theater. He was in Berlin in 1945 with the Food and Agriculture Office. • JOSEPH F. SCHNELIER r 1939 to 1942 Worked as auditor and bookkeeper-Fruehauf Trailer and Taylor Forge & Pipe Co's., Chicago 19113 to 1946 USA Military, France, Belgium, Holland and Germany. Officer school-Fontainebleau & Military Government-Berlin 19146 to 1948 Manager-Consolidated Chrome Corp., furniture manufacturer 1948 to 1983 President-Schneller Furniture Co., Inc. " -Franz Josef Galleries, Inc. " -Schneller Interiors-Galerie 1983 to present " -Schneller International, Inc. 1970 to present " -American Austrian Society of the Midwest -Arlington Heights Lions Club " -Prospect Heights Businessmen's association • " -Arlington Market Businessmen's association Chairman -Chicago Retail Furniture Assn. furniture show- McCormick Pl. " -Viennese Ball-Chicago, 15 years " -Northwest Suburban Art Show, 7 years " -Miss Northwest Beauty Contest, 5 years " -Arlington Heights 125th Anniversary, largest parade ever celebration lasted one month and attended by several hundred thousand people. • Arlington Heights Lions Club " -Salvation Army, ten years " -Finance drives, Northwest Suburban Hospital, Holy Family hospital, Heart Fund, Cancer Fund and many others. ▪ -Arlington Heights Chamber of Commerce, public relations. " .Arlington Heights Business District Development and helped develop the high-rise ordinance. • -League of "omen Voters, finance Continued 1966 & 1967 Winner of Brand Name Foundation Awards Awarded the Arlington Heights Chamber of Commerce Distinguished Service Award. Worked for many years as a consultant to the furniture industry in design and distribution. Lectured for many years before Church, Civic and B,isiness groups. Assisted in National Seminars for sales executives for Ethan Allen dealers. Guest speaker at Chicago Tribune sales seminars several years. Conducted lectures in the Arlington Heights 214 School District on management, office management, sales and interior design. PROPOSED REMODELING COSTS FOR 741 DUNDEE AVENUE, ELGIN, ILLINOIS Exterior Remodeling $8,500.00 Locksmith 250.00 Alarm System 1,500.00 Painting and Decorating 1,000.00 Carpentry 2,500.00 Electric 1,500.00 Heating/Air Conditioning 500.00 Carpeting 3,500.00 Tile 300.00 Labor 1,500.00 Clean-up 1,000.00 Total $22,050.00 • • 1 • I \ / — Ili I. I 1 I, 0 1 • I • • . i •. • I •i 1 j I" e-.==es 4.4.---N_______,/ �� • II' i %iijRi j • r �+.t s!!'?r }stl r 14,4rll� ►s.. sYf* J� , lw- '�f- w-�• - - �t��. �t ,[•�'."''�a,0 _ittk9tl1Ii�yg• I. .,war tre 4.- - may" • r h�; .104.4. . ' ', -.,-. - �.ts:�' 1 ��# w•{di��.l�t^;�'rjtCij '�r0• 'u1'"' �'1:Z"Z�F,} I ' • � 'zit i.. �� ��.r •:i1.1w. :�wllebYR�ti" , '"` f • f 1 +�}r►•s�p • L - • f 'z• ..►1 f. `r •� .ryii A'�a« 1 � �. • tr# ',��zi• £' �iYSr�n ' sax \ / }� #/"r>,+ziC ,r y.��. •% p `3 .+~s>t!'�,•4'�~„'.kll�r i�M�IR11tsi�S.�:C'_ '_�• MU�".s,R:�"•-r, _1' P �4.� ;y.�. . •+il ^, .eo...:•' -� -.. _� .�i'lefyy t y .K::�iMr ,.,%,,,,f.#1• 3" . i...OFF u• ••! ' 1 0 400 _ __ .K.44.4 Y ...... ^'„' • C' "[>;_... —a+.r. am' • — ._ \ \ \ l / / / 1 SIMPLYSTEREO inc. 524 E. Northwest Highway Mt. Prospect, IL 60056 (312) 255-2500 January 2, 1987 Joseph Schneller, Sr. P. 0. Box 542 Palatine, Illinois 60067 This letter is to confirm our agreement that Simply Stereo wishes to rent the back bay of 741 Dundee Avenue, Elgin, Illinois at $400.00 to operate a auto radio and stereo, sales and service shop and possibly extending into complete stereo store. Sincerely, Joseph F. Schn= ler, Pres. Ell II AL- � I TAM CONSTRUCTION, INC. GENERAL CONTRACTORS 647 SIGNAL HILL ROAD BARRINGTON, ILLINOIS 60010 (312) 381-0304 PROPOSAL January 24, 1987 Mr. Joe Schneller Re: Remodel Store Front 741 Dundee Avenue Elgin, Illinois We propose to furnish and install at entry way approximately 8' -4" by 141 high, Fypon Entrance w/6')0 Pilasters and 341 cross head for 3' x7' doorway, above primed hardboard siding w i3' round window and Fypon 1002 canopy head each way from entryway approx- imately 18' x14' w 'stucco panels, windows trimmed out w/Fynon #752 and 846 trim at ends (4) 8" round aluminum columns. Above windows mansard roof w/shingles. Includes painting and spot lighting in soffit, For the sum of: Eight Thousand Five Hundred Dollars ($8, 500. 00) . Payment; Total upon completion. Accepted by Date Tam Constr uctio , Inc. Frank J. Richter , Gen. Mgr. ROBERTJ. LEITNER&ASSOCIATES, INC. ester .s ,Apc s RESIDENTIAL • COMMERCIAL • NDUSTRIAL FARMS 450 SHEPARD DRIVE-SUITE 7 ELGIN, ILUNOIS 60120 I12/74-08aO APPRAISAL REPORT AND VALUATION ANALYSIS OF A COMMERCIAL BUILDING AND RESIDENCE LOCATED AT 739-741 DUNDEE AVENUE ELGIN, ILLINOIS 60120 Prepared for: First Federal Savings & Loan Assoc. 28 North Grove Avenue Elgin, Illinois 60120 Our File: 86700-346 . Prepared by: Robert J. Leitner & Associates, Inc. 450 Shepard Drive - Suite 7 Elgin, Illinois 60123 I E law) REALTOR. I 1 . . A ROBERT J. LEITNER & ASSOCIATES. INC. PHOTOGRAPHS .._ _ma --ALI, 1 ' • 1 •....AM ..ie.?1.. 52... ,,.... 0' . - li . • . .- . .. • . 0 111/-4%. ,:-. _ ...,- . . .tl,Itikl" ?'. •, - P.. fr ' ',IP .er . ' :.....14. . g I,.-.N., b - ' f .. i !.41C°-41 -.... •r 0 -4... II MI •-'..:', - ' ' :'' ... I ) 7....;,grlr r -2)4 - i ,.'-,„- ‘,.i„vi , - vet:It: 7- • ,-,-',.. ...- .__-7,-- • " '--- 4.."'r.a.' ' ,1114101V'7 7,1" It - ' -. ..._-"," 7.0.,....; S.'- - - 4":" .. 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LEITNER&ASSOCIATES, INC. • Real&tale Siff,,E-aasee0v RESIDENTIAL • COMMERCIAL • INDUSTRIAL-FARMS 450 SHEPARD DRIVE•SUITE 7 ELGIN, ILUNOIS 60120 12/742-0la0 January 6, 1987 First Federal Savings & Loan Assoc. 28 North Grove Avenue Elgin, Illinois 60120 Our File: 86700-346 Gentlemen: In accordance with your request for an estimate of the market value of the fee simple title to the property located at 739-741 Dundee Avenue, Elgin, Illinois, I personally inspected the property and have made a careful and detailed analysis of all factors pertinent to the estimate of value. The accompanying report of 35 pages contains the result of of my investigation and analysis. In my opinion, the Fair Market Value of the subject property as of December 19, 1986, was: ONE HUNDRED FIVE THOUSAND DOLLARS ($105,000.00) Respectfully submitted, ROBERT J. LEITNER & ASSOCIATES, INC. Frederick J. Sp , A.P.R.A. , C.R.A. f- FJS/eac • REALTOR. Basepii &timelier P.O. BOX 542 PALATINE. ILLINOIS 60067 ASSETS Cash and banks $13000.00 Security Deposit 550.00 Down payment 10000.00 A Office equipment 7840.00 Carpeting 3000.00 Improvements-interior 5000.00 Improvements-exterior 15000.00 0Building 5 80000.00 q // o D o. Inventory 42120.50 $176510.50 LIABILITIES Mortgage $15000.00 Mortgage 80000.00 Payables 4000.00 99000.00 Net Worth $77510.50 Personal Assets Personal property $40000.00 Auto 10000.00 50000.00 $225510.50 BostpIj Orfinetter P.O.BOX 542 PALATINE.ILLINOIS 60067 • INCOME ESTIMATES Schneller Interiors-Galerie $80000.00 $80000.00 Joseph Franz Tours 30000.00 30000.00 Continental Conference-Consultants 30000.00 30000.00 Simply Stereo 45000.00 10000.00 American Austrian Society 1200.00 1200:00 Schneller International 30000.00 30000.00 Miscelaneous, publishing & Degenhart 10000.00 10000.00 $217200.00 $182200.00 Bosepfi §rfineffer • P.O. BOX S42 PALATINE, ILLINOIS 60067 • EXPENSES-PROJECTED Accounting $2400.00 Advertising 12000.00 Auto 21100.00 Depreciation Delivery Employees: Officers 36000.00 Office 12000.00 labor 6000.00 Sales 6000.00 Freight 1200.00 Insurance: Building 1200.00 Employee Other 1200.00 Legal 1200.00 Mortgage and interest 12255.00 Office supplies 600.00 Postage 600.00 Repairs and maintenance 1200.00 Taxes-realestate 3000.00 Telephone 2400.00 Travel and entertainment 2400.00 Utilities 2400.00 Total Expenses: $1061155.00 �I ICI �I I I I I I I 1 NMI ,o A .A:; J' /,2‘2* - 1■1■I111111E ..I O ei1■■■ 1 2 ■■ PQ . ' OIL - 1111111■Il11131I!�1IIIII9!SIu111111■ 2 . 3 MI. fj2„z c - . • 1111111■111111,MIIIIMPIIIIIIIII■ 3 4 1.■ � i— 1111111■11111111!�11111l1l1J�11111111■ 4 5 , - IIIIIII■11111MIIIIME11111111■ 5 6 1.■ - IIIIIII■I11111JR11,11111111111111111■ 6 c IIIIIII■11111��'��11111�.�5�11111111■ 7 6 ■Mil ' 1111 11■1111111! 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O•c) 15 °16 'N 16 '17 • �oai A •i - g�-C lilt 11 'n ...irnefflOMIMINFI •gin 18 19 000 _ r .•• 0.J 19 2 _ 4 e — U , O ••o• 20 .21 0 WINIIIIIINE 22 11 j 00 23 Y4 I/ 24 25 i 25 26 • 0 iti 26 27 — ► 0 O 27 28 SCM Myy 4 ' .0 •i —28 79 _ Erca.� L• - IV41 L,•4- OO .2• d e rt�_ 29 •• 0 n 30 0 0 0 C10 qe) 30 31 IMENNIMMEMPIIIIII 00 OE 31 32I I N• • . - K,IL ;4- A•G00 40..Oo 32 33 I I I .�._ /7 K - t dr OD rJp. 0' , . , 33 _ v O d 34 35 r COO,' IIII 35 ;� 36 37 1 r I ...• a/ 78 I N ..• .1 0" nersrj7A/-•►.4 - • Qv. Ign38 19 I G4-• ti , '-- 7 iii/-a z. a o • o 0 ' 39 40 I .2, • - 1 I r 'va q0. 40 41 I 2 _ ., r :M 41 42 I po?PLs_—_L/g2�ft.�A 1 -.-- -- ; p.00 '00� _ - . 42 43 I ./ r00. O i000D 13 an..o.w a.U... . 1 • April 1, 1987 MEMORANDUM TO: Tom Armstrong, Planner FROM: Bob Richardson, Rehabilitation Specialist --71A? RE: 750 Dundee Avenue On March 31, 1987 an exterior code inspection was made at the above referenced property. This inspection revealed the following conditions that should be repaired: 1. Missing downspout to front canopy. 2 . Broken window panes in garage door. 3 . Exterior walls - loose, chipped, and missing mortar. :A . Exterior wall painting needed. '. Ifyouu have any questions regarding this inspection, contact . . ide• - "BR - ---.:::_aK.'..4,,..--4.,..._•. - CITY OF ELGIN DUNDEE AVENUE BUSINESS DISTRICT PROPERTY IMPROVEMENT LOAN PROGRAM Introduction This document represents the basic framework for a City of Elgin Dundee Avenue Business District property rehabilitation program funded through the use of City of Elgin Capital Improvement Program (CIP) funds. Program elements are structured to attract, retain and reinforce desirable business concerns by improving the physical condition of Dundee Avenue properties. It must be fully understood that a program as outlined herein cannot and will not alleviate all existing difficulties in the Dundee Avenue Business District corridor. Rather it must be viewed as a single component in an overall revitalization effort . Purpose The program provides loans at an effectively reduced interest rate through the principal reduction technique. Such loans are available for property improvement and building exterior rehabilitation. The basic aim of the program is to bridge the financial gap for Dundee Avenue businesses that require improvement loans leveraged to a slightly higher degree than standard underwriting practices allow. This approach similtaneously precludes direct competition with private lenders while providing an effective inducement for reinvestment . Eligibility Eligibility is determined on both functional and geographical bases . Functionally , program participation is extended to new businesses and expanding, existing businesses meeting loan review criteria . Rehabilitation assistance requires control of the property through a long term lease ( 5 years or more) or ownership. Additionally, the applicant must be an owner-operator of a business or be an absentee owner presently entered into a lease agreement with a business enterprise meeting the program loan review criteria . Geographically, the program target area is the Dundee Avenue Business District corridor as illustrated on the attached map. Loan Review Criteria In order to assure adequate public benefit and continuity of the Dundee Avenue revitalization effort (DARE ) , some criteria for business participation in the program are required. The following criteria are applied. a. Would the approval of the loan subsidy result in a viable new business locating in the Dundee Avenue corridor, or in the expansion or retention of an existing business? -1 - b. Would the type of property improvements proposed enhance the aesthetics of the corridor? c. Would approval of a loan subsidy locate or reinforce a marginal investment in the path of potential large-scale redevelopment opportunities (sites) in the corridor? d. Is there a reasonable expectation that the loan subsidy will be repaid? Program Operation Once the prospective client contacts the servicing lender the financial institution functions in much its standard form. The servicing lender executes a preliminary and, if warranted, a detailed credit judgement . Based upon this credit judgement the lender may bring the loan package and the attached Loan Review Analysis before the Loan Review Committee (LRC) with an explanation of and a recommendation for an effective rate reduction. A list of Loan Review Committee members is attached. The LRC makes a determination based upon loan review criteria and establishes the effective interest rate, ( see attached Steps to Obtain a Loan) . The program will operate on a maximum public/private financing ratio of one (1 ) to one (1 ) and a minimum loan of 5,000 dollars . The effective reduction of the interest rate is accomplished through the principal reduction technique . This process provides a lump sum of public funds to reduce the overall amount of money required to an affordable level . The remainder of the loan is repaid at market rates over a negotiated term. Following, or concurrent with, the initial repayment term, the lump sum principal reduction amount is repaid to the city over a negotiated term, not to exceed 15 years , at no interest . The potential of a deferred payment term provides for a further effective subsidy yet still allows the recapture of public funds . The public cost is reflected in the loss of alternative uses of the funds and the loss of buying power due to inflation. The servicing lender must accept total risk for the initial loan and may accept or reject any application in accordance with usual underwriting standards. It must also accept all responsibility for processing and servicing the loan . Servicing lenders will also be responsible for providing appropriate loan security instruments to the city on behalf of the client. These can include but may not be limited to the following : first or second mortgages, liens on fixed equipment , loan security agreements and uniform commercial code - financing statements. -2- Eligible Costs Property Improvements : Other than facade improvements most eligible rehabilitation items would be code compliance related as listed below: Architectural and Engineering Services Chimneys and Flues : Repair and/or replace where necessary . Foundations : Repair or reconstruction. Guards and Screens : Installation and repair of guards and screens to protect against rodents and insects. Landscaping : On private property or public tree bank. Loading Docks and Areas : Installation and repair where needed. Painting-Exterior : Contractual or materials. Parking Lots : Improvements necessary to achieve code compliance . Roof and Drainage Pipes : Repair of structural defects and replacement of roof and drainage pipes . Shutters and Awnings : Repair, replacement, or addition of exterior shutters and awnings. Signs : Removal or repair as required. Stairs , Porches , Railings , Exits : Repair and replacement or installation of exterior stairs, porches, railings, and exit facilities. Windows and Frames : Repair or replacement as required. I II -3- a S STEPS TO OBTAIN A LOAN 1 . Contact any member of the Loan Review Committee regarding further information on program participation. 2 . If building rehabilitation is to be a component of the loan package , a code compliance review of the structure is in order. Mr. Bob Richardson, Rehabilitation Specialist with the City of Elgin may be of assistance, (312) 695-6500, extension 235 . 3. A brief explanation of the business concept and proposed financing should be formulated. 4 . All cost estimates and financing information must be presented to a local financial institution for their review. At this time the applicant should advise the lender of his/her interest in the Dundee Avenue Business District Property Improvement Loan Program. The lender will be of assistance in completing the Loan Review Analysis form. 5. The applicant and the prospective lender must present the loan package to the Loan Review Committee for their consideration . 6. Following Loan Review Approval (15-30 days) a letter confirming program participation and terms will be forwarded to the applicant and his/her lender. 7. Contact Roger K . Dahlstrom, City of Elgin, ( 312) 695-6500, extension 235 , to arrange for updated and additional bids for assisted portion of work to be performed. A reinspection of the property may be required at this time . Do not enter into any contractual obligations for purchase or construction until this step is completed. -4- LOAN REVIEW COMMITTEE Walter W. Cordin, President Leonard A. Rempert, Vice President First Federal of Elgin Commercial Loan Office 28 North Grove Avenue First National Bank Elgin, Illinois 60120 6 Fountain Square Plaza 742-7560 Elgin, Illinois 60120 697-1100 M. Edward Kelly, Executive Director Richard C. McConnell Elgin Area Chamber of Commerce 1701 Kimberly Avenue 28 North Grove Avenue Elgin, Illinois 61020 Elgin, Illinois 60120 888-6908 741 -5660 Roger K . Dahlstrom, Director Renard I . Jackson, Chairman Planning Department Elgin Planning and Land Use Commission City of Elgin 1845 Joseph Court Elgin, Illinois 60120 Elgin, Illinois 60120 695-6500 ext . 235 584-0506 ext. 280 v LOAN REVIEW ANALYSIS To be completed by the participating lender DATE : BANK OFFICER: BORROWER : BACKGROUND: LOAN REQUEST: RATE : PURPOSE : COLLATERAL : BANK LOAN POLICY : -1 - i . LOAN PROPOSAL : ANALYSIS : ADVANTAGES : DISADVANTAGES : GUARANTEES : OTHER CONSIDERATIONS : A. ) Jobs B. ) Downtown C . ) Facade Compatibility -2- September 8 , 1987 MEMORANDUM TO: Marie Yearman, City Clerk FROM: Tom Armstrong, Planner SUBJECT: Dundee Avenue Property Improvement Loan to Mr. Joseph Schneller The Junior Mortgage was recorded with the Kane County Recorder of Deeds (Doc . # 1862680) on August 21 , 1987 . The County Recorder was advised to return the recorded document to your attention. Please send me a copy of the Junior Mortgage when you receive it. The following items are attached for your files : 1 . Original Consumer Installment Note 2 . Original Check Stub and copy of the Check 3 . Receipt from Eleanor Jungles, Kane County Recorder. Please contact me should you have any questions. cc: Roger K. Dahlstrom, Planning Director TJA/ell i__ 78552 Joseph Schneller INVOICE CITY OF ELGIN DATE ELGIN, ILLINOIS P O NUMBER MO DAY YR INVOICE NO AMOUNT DISCOUNT NET Dundee Avenue Property 385-952-1310 10,000 00 Improvement Loan to Joseph Schneller for exterior rehabilitation of 741 Dundee Avenue ' 10,000 00 TOTAL I. �'~ • GENERAL ACCOUNT �I.f of : { 91fl 70.94 185385 pis c MO DAY YEAR *lo,000 i PAY TO THE ORDER OF: '09 104 187 I PAY! J 00_ ( Joseph Schneller i 739 Dundee Avenue E Elgin, IL 60120 TY OF EL IN, ILLIN IS E A i THE FIRST NATIONAL BANK 41,01,,,,,,covage ,efa,�y OF ELGIN 11 0 2680 211 1.0 7 i900948 . L L 00 79 �116 .... II Hf I I............H HH.......... 11$i{ifLL Id111(W..........r.... Nog.' �LGIN Transaction Illinois D Trate , 19 Amount$ FEDERAL TRUTH-IN-LENDING DISCLOSURE STATEMENT PROCEEDS OF LOAN APPLIED TO: ANNUAL FINANCE Amount Total of 1. RENEWAL of PERCENTAGE CHARGE Financed Payments 2. CR.ACCT.NO. RATE The dollar amount the The amount of credit The amount you will 3. CHECK NO.(s) The cost of your credit credit will cost you. provided to you or on have paid after you have your behalf. made all payments as your as a yearly rate. scheduled. PAYEE 0.0 % $ 0.00 $ 10,000.00 $ 10,000.00 Your payment schedule will be: X Signature of Borrower Number of Payments Amount of Payments When Payments Are Due Anually beginning innin g Itemization of the Amount Financed: 10 $ 1,000.00 �444t beginning Julyl ,1988 $ 10,000.00 Amount given to you directly. $ $ —0 Amount paid on your account. $ Amounts paid to others on your behalf. Security:You are giving a security interest in: _ ❑the goods or properly being purchased. $ —0 to public officials. ❑ $ —0 to insurance companies. ❑your real estate located at the address shown in the note below and you are waiving your homestead exemption. $ ' 0 to appraisers. 1,any moneys.credits,or other property of yours in the possession of the creditor,on deposit or otherwise. $ —0 to credit reporting agencies. Filing fees S Non-filing insurance$ $ —0 to Late Charge:If any payment is 10 days late,you wit be charged$5.00 or 5a/o of the payment,whichever is less. $ —0— to Prepayment:If you pay off early,you may be entitled to a refund of part of the finance charge. See the Note and Security Agreement terms below,on the reverse side and on any separate contract documents for any additional $ —0 Prepaid finance charge information about nonpayment,default,any required repayment in full before the scheduled date,prepayment refunds and penalties and further information about security interests. INSURANCE AGREEMENT Property Insurance is required on any insurable collateral not in possession of Lender.Property insurance is not obtainable from or through Lender.It may be obtained by Undersigned through any insurer of his choice reasonably acceptable to the Lender. Credit insurance is not required by Lender nor is it a factor in approval of the extension of credit.No credit insurance is to be provided unless the Undersigned signs the appropriate authorization below.Group Credit insurance is available for the term of the credit upon acceptance by insurer at the following costs: Credit Life Insurance$ Credit Disability Insurance$ (In the event of prepayment,unearned insurance premiums will be refunded). I desire Credit Life and Disability Insurance. I desire Credit Life Insurance only. I I DO NOT want Credit Life or Disability Insurance I I (Age of Insured) (Signature) I(Age of Insured) (Signature) (Signature) I I (Age of Insured) (Signature) (Age of Insured) (Signature) (Signature) NOTE AND SECURITY AGREEMENT FOR VALUE RECEIVED,the Undersigned,jointly and severally promise to pay to the Order of # # TX CITY 8P ELGIN CREDITOR (hereinafter called"Lender")at its office at _ ELGIN ,Illinois, the sum of Ten Thousand and 00/100 Dollars in Ten installments et s 1,000.00 wypnigliwararairoprevaxxxxxxxxxxxxxxxxxxxxxxxxxxlc beginning on July 1 _,19 88 ,and continuing on the same day of each successiwYnilt-i��^^hereafter until fully paid. DELINQUENCY CHARGE:Undersigned agrees to pay a delinquency charge on each installment in default for a period of not less than 10 days of 5%of the installment.In addition, Undersigned agrees to pay costs and disbursements,including reasonable attorneys'fees,incurred by lender in legal proceedings to collect the loan or to realize on the security after default 888888888TTrfit .• r i =.•_.=e ACCELERATION:If Undersigned shall default in the payment,when due of an; aallment of this r performance of any other obligation or indebtedness due to Lender,or in the performance of any covenant or agreement contained in Undersigned's trust deed or mortgage,if any,or,in case of loss,substantial damage to,destruction,sale, encumbrance,concealment,removal,attachment or levy upon the collateral;or if any proceeding shall be instituted by or against Undersigned or Undersigned's business under any bankruptcy or insolvency statute;or Undersigned shall make an assignment for the benefit of creditors;or Lender shall deem itself insecure,then upon the happening of any of the foregoing events of default,Lender may declare all installments of this note and all other indebtedness and obligations of undersigned to Lender immediately due and payable,without notice or demand.In the event of acceleration,Undersigned shall be credited with the same rebate of unearned finance charge as for voluntary prepayment. SECURITY:To secure payment of this note and all renewals and extensions thereof,Undersigned grants and pledges to Lender a security interest in the following property with standard i attachments and all accessions thereto and all proceeds thereof: I New or Year Make Body Style Model or No.of Serial Number Ignition Key No. Color Used Model No. Cyl. I]Automatic Trans. I.!Power Steering I i Power Seat I i AM-FM Stereo L,Tape Deck I..]]4 Speed Trans. l_i Air Conditioner I.i Power Brakes I.i Power Windows i i AM Radio I.i Bucket Seats L i Cruise Control 1 I Diesel I. T-Top I I Sunroof Other Collateral: PREPARED._ BY: Susan Felix First Federal of Elgin Savings and Loan Association 28 North Grove Avenue (all of such property being herinafter called"Collateral"). Elgin, Illinois 60120 I This note is secured by a trust deed or mortgage bearing even date herewith,on real estate located at: 741 Dundee Avenue, Elgin Kane, Illinois. (Street Address) (City) (County) UNDERSIGNED AGREE THAT THE ADDITIONAL TERMS AND PROVISIONS ON THE REVERSE SIDE HEREOF SHALL CONSTITUTE A PART OF THIS NOTE AND SECURITY AGREEMENT AND ARE INCORPORATED HEREIN. Undersigned acknowledge receipt of a completed copy of this instrument and disclosure statement prior to consummation of the loan. S RES I Address 739 Dundee Avenue 1,—.Number8Street J seph F. Schneller Elgin, Il 60120 City&State Zip Code 312-695-8847 330-14-9697 Telephone Social Security No. Copyright 1986,ILLIANA FINANCIAL,INC..Hickory Hills,IL(All Rights Reserved) ORIGINAL • ADDITIONAL TERMS AND PROVISIONS - Without waiver of any remedies available hereunder,Lender,at its option,may,in the event the Collateral shall depreciate in value or become subject to any adverse lien or encumberance,demand and accept from Undersigned and Undersigned agree on demand to pledge and deliver to Lender new or additional Collatoratsbthat th v aggregate of Collateral pledged from time to time hereunder shall not be less in value than the Collateral first deposited hereunder.The Lender shall have exercised rea- sonable care in the custody and preservation of the Collateral if it takes such action for that purpose as Undersigned shall request in writing but the failure to comply with any such request shall not be deemed a failure to exercise reasonable care.The Undersigned shall have the sole responsibility for taking such steps as may be neces- sary from time to time to preserve all rights of the Undersigned and the Lender in the Collateral against prior parties.The Lender may take such action from time to time as it may deem appropriate to maintain or protect the Collateral,and may,in particular,(i)transfer the whole or any part of the Collateral into the name of itself or its nominee; (ii)collect any amounts due on the Collateral directly from the persons obligated thereon; (iii)vote the Collateral;(iv)take possession and control of the Collateral and proceeds thereof;or(v)sue or make any compromise or settlement with respect to any of the Collateral. Undersigned covenants, represents and agrees with Lender as fctilews: (a) Tha a'pt Undersigned is, caner of the collateral,frfee{om any lien,ti5ecurity interest, encumbrance or claim and will defend the collateral against the claims and demands of all persons;and(b)that Undersigned will not sell,lease or encumber the col- lateral or grant any subsequent security interest therein nor part with possession thereof;and(c)if the collateral is in the possession of the Undersigned,that Under- signed will not remove the collateral from Undersigned's residence or place of business without the written consent of Lender;and(d)that Undersigned will not use or permit the collateral to be used in violation of any law,ordinance or p. lipy.pf•in ,rance covering said collateral;and(e)that Undersigned will maintain the collateral in • good condition and repair and shall payall taxes and assessments'rvied On'the boltateral. r. Loss,theft,damage to,destruction and Seizure tit the collateral shall not relieve Undersigned from the payment and performance of any obligation or indebtedness secured hereby. • If property insurance is required by the Lender,Undersigned shall procure and maintain insurance on the collateral for the full term of this note against the risks of fire, theft and such other risks as Lender may require(including the risk of collision in case the collateral is a motor vehicle) in such insurers as are satisfactory to Lender; and Undersigned shall deliver to Lender within ten(10)days from date,a fully paid policy or policies of insurance containing Lenders Loss Payable Clause in favor of Lender providing for ten (10)days prior written notice of cancellation.If Undersigned shall fail,for any reason,to insure the collateral at the times and in the manner hereinabove provided,or if Undersigned's insurance shall be cancelled,Lender,at its option,may procure such insurance as shall be deemed necessary by Lender and advance the premiums therefor on behalf of Undersigned.Undersigned promises to pay such premium,with interest thereon at the annual percentage rate shown hereon, as an additional indebtedness due hereunder-and secured hereby,or Lender may,at its option,declare all obligations secured hereby to be immediately due and payable. Undersigned hereby assigns to Lender any unearned or return premiums.Lender is hereby appointed Undersigned's attorney-in-fact to endorse any check or draft pay- able to Undersigned in order to collect such unlearned premium or any benefits of such insurance.All sums received by the Lender in payment of insurance losses or for return premiums under said policies of insurance-shall,at the option of the Lender,be applied to the unpaid principal balance or to currently maturing installments of the loan. Upon the occurrence of any event of default,the parties shall have all of the rights and remedies provided by Article 9 of the Uniform Commercial Code,including,but not by way of limitation,the right of the Lendei'to take immediate possession of the collateral,with or without judicial process,and for such purpose,to enter on the pre- mises where it may be located.Undersigned agrees in the event of default to make the Collateral available to the Lender at a place acceptable to the Lender which is con- venient to the Undersigned.In the event of resale of the collateral after repossession,Undersigned expressly agrees that the requirements of reasonable notice shall be met if notice is mailed to Undersigned at the address of Undersigned shown herein not less than five(5)days prior to the sale or other disposition.The Lender shall have the right to sell,assign,lease or otherwise dispose of the Collateral,or any part thereof.Disposition of the Collateral may be by public or private proceedings or sale. Unless the Collateral is of a type customarily sold in a recognized market,the Lender shall give the Undersigned at least five(5)days prior written notice of the time and place of any public sale,and if the Collateral is of a type customarily sold in a recognized market or is a type which is the subject of widely distributed standard price quotations,the Lender may buy at a private sale.The net proceeds realized upon any sale or other disposition of the Collateral,after deducting expenses of the sale or other disposition and reasonable attorneys'fees and legal expenses incurred by Lender,shall be applied to the payment of this note and all other indebtedness and obligations of the Undersigned to the Lender as the Lender shall elect.Lender shall account to Undersigned for any surplus realized on such disposition.Undersigned shall remain liable for any deficiency which Undersigned agreed to pay forthwith. No right or remedy granted to the Lender herein shall affect or diminish any right or remedy granted to the Lender in any security agreement,assignment of beneficial interest,mortgage or trust deed executed by one or more of the undersigned relating to any Collateral securing these Obligations.All rights and remedies of the Lender, whether provided for herein or conferred by law,are cumulative. - Demand,presentment for payment and notice of dishonor are hereby waived by Borrowers and all endorsers and guarantors hereon.The Lender is authorized to appropriate and apply toward payment of this Note any moneys,credits or other property belonging to the undersigned,in the possession of the Lender,on deposit or otherwise,as well as any indebtedness of the Lender to the undersigned,and the Lender is hereby given a first and prior lien upon such moneys,credits,indebtedness and other property.All endorsers and guarantors consent that the time of pa'anent may extended or renewal notes taken by the holder hereof without notice and that such extension or renewal shall not discharge their liability hereon. All rights of Lender shall inure to the successors and assigns f?e ^d shall be binding upon Undersigned's heirs,personal repre- sentatives,successors and assigns.If there is more than on' .their obligations all be joint and several. • The laws of the State of Illinois shall govern the cons: e•- .red•hefeby •• I �' For value received,tfie ungersigrt@c,jointly andaeyexally,uocondltiotlally.guaran ee the..full and prompt payfgent'of'tfie within aote;•and_agree'to•5ay all costs, • expenses and attorneys'fees incurred by'holder in collecting the same and in enforcing this guaranty . `fine 4rtdersigned-agree that their lfability'hereunder-shall'in nowise be affected or impaired nor shall any guarantor be discharged,in whole or in part,by any of the following occurrences:(4 the death,incompetency,insolvency,bankruptcy,liquidlition,dissolution or withdrawal of maker or of any guarantor;or(2)renewal,financing or extension of the time of payment of any installment or installments of the within note or of any other indebtedness of maker to holder;or(3)acceptance by holder of part payment of any installment of the within note;or(4)release,surrender,sale,exchange or substitution by holder of all or any part of the collateral of maker or of any other guarantor;or(5)release by holder of any one or more of the undersigned guarantors or acceptance of new and additional guarantors;or(6)failure of holder to per- fect any security interest in the collateral of maker or of any guarantor or to record or register any lien or encumbrance thereon;or(7)unenforoeability of any dccume.nt.gr instruurent Pxectrteckby maker' _, e .p + f q • ' r •, , ' • • • Iris ek{�ressly agreed by tt e un)t>rslgnec,and each of'thern fhat 14 stfaalrnot ne'necessar7for Rotd'errto proceed first against the maker or any other guarantor,or to have recourse to the collateral of maker or any other guarantor,before proceeding to enforce this guaranty or as a condition to payment or performance by guarantors hereon.It is further agreed that holder shall have the exclusive right to determine where,in what manner and tc which indebtedness all payments and credits,including the proceeds of physical damage and credit insurance,shall be applied.The holder hereof may appropriate and apply toward payment of this guaranty any moneys,cre- dits or other property belonging to guarantors,or any one of them,in possession of the holder including,but without limitation,all balances,creolts,deposits and moneys; and holder is hereby granted a first and prior lien thereon. The undersigned,jointly and severally,waive demand,notice of dishonor,presentment for payment,diligence in collection,acceptance of ihi.guaranty and notice of any adverse change in the financial condition of maker or any guarantor or of any other fact that might materially increase the risk of the guarantors hereon.This guaranty shall be binding upon the undersigned,jointly and severally,and upon the heirs,legal representatives,successors and assigns of the undersigned,and of each of them, and shall inure to the benefit of holder,its successors and assigns.The validity and construction of this guaranty shall be governed by the laws of the State of Illinois. NON-BORROWER GRANE.OF SECURITY INTEREST IN COLLATERAL FOR VALUE RECEIVED,the Undersigned,as sole,or joint owner of the collateral given to secure payment of the foregoing Note and Security Agreement,hereby con • - veys and grants to Lender a security interest of the collateral and agrees to all of the terms anad conditions relating to the security interest and to any extensions or renewals thereof.The Undersigned is.not kiabte Roc;p'$ynterrt.ot.the indebtedness secured hereby. • • • (Revised) REQUEST FOR LEGAL _ k OPINION DOCUMENT OTHER (To Be Submitted in Duplicate) TO: Erwin W. Jentsch, Corporation Counsel FROM: TOM AI s- ck3s. cf� DATE: A,x,.rys-r 3 I4Rrt GENERAL SUBJECT: NZ►JNEE pR•L6N1 E. ` rPE'a-y .1p4P y Description of request, including all relevant information (attach additional sheets or exhibits as necessary) including previous requests on subject, specific facts prompting inquiry, copies of relevant correspondence and documents. ATTP1414Et FoZ. Yoc�R REV{Et.J AkE u u�e1Ti l�c,Utir—�t-�s C oe. Mo t k 1tAsr L44ENT Atvb t tJ�T�n e^ s%dl>=t ic.E CoNc t'tNCY a ( rY11-kPeCNV.MIENT Tn . st=Pg . R A -1-14E Lc&r\J Pce eSTY -otystpE nd4, c J‘c-)qJG E AkE_ IN O . Identify special circumstances requiring immediate response: T1S STEM i,MLL. Ao ,& r S/ 1487 A€71=NbeN meETING- Returned for following: RECEIVED: Sl -- - F 7 ROUTE TO: RESPONSE DUE: