14-76 Resolution No. 14-76
RESOLUTION
AUTHORIZING EXECUTION OF A DOWNTOWN BUSINESS LOAN INTEREST
SUBSIDY PROGRAM AGREEMENT WITH CLASSIC ENTERPRISES, LTD.
(64 S. Grove Avenue)
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS,
that Sean R. Stegall, City Manager, and Kimberly A. Dewis, City Clerk, be and are hereby
authorized and directed to execute a Downtown Business Loan Interest Subsidy Program
Agreement on behalf of the City of Elgin with Classic Enterprises, Ltd. for the property located
at 64 S. Grove Avenue, a copy of which is attached hereto and made a part hereof by reference.
s/David J. Kaptain
David J. Kaptain, Mayor
Presented: June 11, 2014
Adopted: June 11, 2014
Vote: Yeas: 9 Nays: 0
Attest:
s/Kimberly Dewis
Kimberly Dewis, City Clerk
CITY OF ELGIN DOWNTOWN BUSINESS LOAN INTEREST SUBSIDY PROGRAM
THIS AGREEMENT is hereby made and entered into this 11th day of June, 2014,
by and between the City of Elgin, Illinois, a municipal corporation (hereafter referred to as
the "City"), and Classic Enterprises, Ltd., an Illinois corporation, (hereinafter referred to as
the "Developer").
WHEREAS, the City has established a Downtown Business Loan Interest Subsidy
Program for building improvements in the Center City in an effort to stimulate expansion,
reinvestment and business retention, a copy of such Downtown Business Loan Interest
Subsidy 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, Developer is the property owner of the real property commonly known
as 64 South Grove Avenue, Elgin, Illinois, (hereinafter referred to as the "Subject Property"),
which is located in the Center City area as described in Program hereto; and
WHEREAS, Developer has completed an application for participation in the subject
Program which identifies the proposed improvements to the Subject Property, a copy of
Developer's application for participation in the Subject Program being attached hereto and
made a part hereof as Exhibit "B"; and
WHEREAS, Developer has been approved for a conventional commercial loan with
Spring Lane Investments, LLC in the amount of $192,000 with an interest rate of 5.50 per-
cent to finance the cost of the proposed building improvements on the Subject Property, a
copy of such loan's attendant amortization schedule being attached hereto and made a
part hereof as Exhibit "C" (hereinafter referred to as "Subject Loan").
NOW, THEREFORE, for and in consideration of the mutual promises, covenants
and undertakings contained herein, and other good and valuable consideration, the suffi-
ciency of which is hereby mutually acknowledged, the parties hereto hereby agree as fol-
lows:
1. The foregoing recitals are hereby incorporated into and made a part of this agree-
ment in their entirety.
2. The Developer's application for participation in the Program is hereby approved.
3. So long as the Developer continues to make regularly scheduled loan payments on
the Subject Loan and otherwise complies with the terms of this agreement, City
shall pay an interest subsidy consisting of quarterly reimbursement payments to
Developer in an amount equal to 90 percent of the first year's interest, 80 percent
of the second year's interest, 70 percent of the third year's interest, 60 percent of
the fourth year's interest, and 50 percent of the fifth year's interest, said interest
payments commencing as of January 1, 2013. The City shall make payment to De-
veloper upon receipt of verification of payment from the lender and pursuant to the
amortization and payment schedules attached hereto and made a part hereof as
Exhibit "C."
4. In no event shall the interest rate of any Subject Loan Agreement provided for here-
in exceed ten percent (10%). In no event shall the total amount of the Subject Loan
exceed $200,000. In no event shall the total interest payments provided for herein
from City to Developer exceed $48,171.48. The Developer shall make all other
principal and interest payments and all other payments on the Subject Loan. The
City is not and shall not be deemed to be a party to the Subject Loan 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 oth-
erwise act as a guarantor on any loan agreements under any circumstances. Addi-
tionally, the provisions of this agreement shall not be construed so as to create any
obligations as to City based on any theory of equitable or promissory estoppel.
5. In the event the Developer conveys any of its respective interests in Subject Proper-
ty prior to December 31 , 2017, Developer shall refund all payments made by City
pursuant to this agreement not later than 30 days after such conveyance.
6. The terms, requirements and conditions of the Program as set forth in Exhibit "A"
hereto are hereby incorporated into and made a part of this agreement in their en-
tirety. The City's obligations under this agreement, including but not limited to the
City's obligations to make continued interest payments, are subject to Developer's
ongoing compliance with all terms and requirements of the Program and this
agreement.
7. This agreement may not be assigned without the prior written consent of the City.
8. Developer hereby agree 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 oth-
er 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 Developer or Developer's agents, employees', contractors' and assigns' negli-
gent 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 expira-
tion of this agreement.
9. This agreement shall not be construed to create a partnership, joint venture or em-
ployment relationship between the parties hereto.
10. Developer shall also pay when due all other obligations for the Subject Property, in-
cluding but not limited to, payments on any other loans, real estate taxes and insur-
ance.
11. 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.
12. 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 otherwise unenforceable for
any reason, the remainder of this agreement shall remain in full force and effect.
13. 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: Michael Butirro
Registered Agent
Classic Enterprises, Ltd.
64 South Grove Avenue
Elgin, IL 60120
14. This agreement constitutes the only agreement between the parties hereto regard-
ing the subject matter hereof. There are no other agreements, either oral or implied,
in existence between the parties hereto regarding the subject matter hereof. The
terms and provisions of this agreement shall not be amended unless such amend-
ments are in writing and, are properly executed by the parties hereto.
15. In the event of Developer's breach of any of the terms of this agreement, Developer
shall refund to City the full amount of any payments made by City to Developer or to
any other entity on Developer'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.
16. This agreement shall terminate on December 31, 2017. 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 Developer shall be entitled 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 CLASSIC ENTERPRISES, LTD.
Sean Stegall, City Manag r Its
Attest: Its
City Clerk
{{ Exhibit A
ELGIN
THE CITY IN THE SUBURBS'
DOWNTOWN BUSINESS LOAN
INTEREST SUBSIDY PROGRAM
PURPOSE:
The City of Elgin has established the Downtown Business Loan Interest Subsidy Program
("Program") for building improvements and business development in the Center City to
stimulate expansion, reinvestment and business retention. Interest on loans, up to a maxi-
mum of $200,000, may be subsidized by the city for the first five years of the loan.
LOAN TERMS:
Interest Rate: The interest rate for an eligible loan may not exceed ten percent
(10%) interest. The eligible loan's interest rate must be at or above
the prime rate of interest.
Terms of Loan: Eligible loans may not exceed a 10-year amortization. U.S. Small
Business Administration (SBA) "504" loans shall not exceed a 20-year
amortization.
Collateral: First or second mortgage on property.
Maximum Loan: Up to $200,000 per building project.
Purpose of Loan: Eligible loans shall be used solely for the acquisition or lease of oper-
ating facilities, the purchase of equipment or fixtures, space built out
or inventory.
Conventional Commercial Loans
City's Monthly Interest Payments. Interest payments made by the city under the Program
shall be at the following rates payable over a period of five (5) years:
First year: 90 percent of first year interest costs
Second year: 80 percent of second year interest costs
Third year: 70 percent of third year interest costs
Fourth year: 60 percent of fourth year interest costs
Fifth year: 50 percent of fifth year interest costs
Home Equity and Second Mortgage Loans
City's Monthly Interest Payments. Interest payments by the city under the Program shall be
at the following rates payable over a period of five years:
First year: 85 percent of first year interest costs
Second year: 75 percent of second year interest costs
Third year: 65 percent of third year interest costs
Fourth year: 55 percent of fourth year interest costs
Fifth year: 45 percent of fifth year interest costs
U.S. Small Business Administration (SBA) 504 Loans
City's Monthly Interest and SBA Program Fee Payments. Interest payments and the SBA
program fee payments commonly referred to as the SBA Small Business Administration
fee (covering a loss reserve for the program), the CSA Colson Services Corporation fee
(covering charges by Colson Services Corporation to handle payment processing and loan
accounting) and the CDC Certified Development Company fee (covering servicing the loan
and enforcing the terms of the loan documents) made by the city under the Program shall
be at the following rates payable over a period of five (5) years:
First year: 90 percent of first year interest and eligible SBA fee costs
Second year: 80 percent of second year interest and eligible SBA fee costs
Third year: 70 percent of third year interest and eligible SBA fee costs
Fourth year: 60 percent of fourth year interest and eligible SBA fee costs
Fifth year: 50 percent of fifth year interest and eligible SBA fee costs
Limitations
Notwithstanding anything to the contrary in this Program, the maximum amount of interest
and any eligible related loan fee payments by the city for any loan shall be in the maximum
amount of$75,000.
ELIGIBILITY REQUIREMENTS:
To be eligible to apply for the Program, the applying business must satisfy both of the fol-
lowing criteria:
1. Location: The business must be located in Elgin's "Center City," as depicted in
the areas outlined in the accompanying target area map.
2. Type of Business: The business must be engaged in retailing, wholesaling, distri-
bution, professional services, technology industry and other types of general com-
mercial and retail lines of business consistent with those business uses identified as
desirable in the city's adopted Riverfront/Center City Master Plan.
2
GENERAL REQUIREMENTS:
1. The 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 completed by an independent contractor. The agree-
ment for the contractor must be supported by two, different contractor bids.
3. Any business which is approved and is to receive benefits under the Program must ex-
ecute 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, an
agreement by such business to complete building improvements within a specified time
period, and an agreement by such business to continue operating 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 Program.
4. Participants in the Program must provide annual financial statements to the city during
participation in the Program.
QUALIFYING STANDARDS:
1. The 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 accord-
ance with the customary loan (with the loan to value ratio not to exceed 75 percent to 80
percent) unless other collateral or financial strength is provided.
APPLICATION PROCESS:
Eligible businesses should request a complete copy of the Program guidelines and a loan
application form. Once the loan is conditionally approved and structured by the lending
institution, the lender shall complete a loan proposal for submission to the city for final ap-
proval.
CORRESPONDENCE:
Inquiries regarding this program may be directed to: Tonya Hudson, Executive Director,
Downtown Neighborhood Association of Elgin, 847.488.1456 or Richard G. Kozal, Assis-
tant City Manager, City of Elgin, 847.931.6633.
(Revised April 13, 2011)
3
j Center City
- Map
CBD Boundary N
A
Map prepared by City of Elgin
Department of Community Development
�i
a -
U age t, F-11-1 �
A
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Exhibit B
DOWNTOWN--ECONOMIC D EVELOPME NT-1 PROGRAMS ELGIN
THE CITY IN THE SUBURBS
Application: Downtown Business Loan Interest Subsidy Program
7-L rr'-(Z\A M%Kf- Awt> tmr-J
Business Name Applicant Name
Business Mailing Address(for legal correspondence) City/State/Zip
Oj5-11-
t4)
Business Phone Cell Phone Email
12
Type of Business Years in Business 'C, �Lpl, /PT/Contracted)
PURPOSE FOR LOAN SUBSIDY REQUEST:
2f,r000,perty Acquisition-Appraised Value:$ _3 6t(>o o
❑ Owner in Title: 11 K A Nth b/A 0 b(A-Tt(Z Zd-)
❑ Description of property-Address:
Square footage:
❑ Appraisal documentation attached.
El Building Improvements-Total Project Cost:$_______
❑ Contractor bids attached (3 bids per item outlined in scope of work).
❑ Description of work:
C]Business Development or Expansion-Total Project Cost:
❑ Contractor bids attached (3 bids per item outlined in scope of work).
❑ Description of work:
LOAN TYPE:
❑ Commercial Loan—Loan Amount:$ Interest Rate: _ %
❑ Home Equity/Second Mortgage—Loan Amount:$`. Interest Rate: %
❑ SBA 504—Loan Amount:$ Interest Rate: %
ADDITIONAL DOCUMENTATION:
Z'��Business Year-End Financial Statements(Past Two Years)
lid"Business Current Year-to-Date Financial Statement
PREVAILING WAGE REQUIREMENT
If utilizing this program for the purposes of building improvements and/or business development, any
work done by contractors or laborers must comply with the Illinois Prevailing Wage Act. The following
language shall appear in any agreement between the program applicant and the city:
This Contract calls for the construction of a 'public work' within the meaning of the Illinois Pre-
vailing Wage Act, 820 ILCS 1301.01, et seq. (the 'Act'). The Act requires contractors and subcon-
tractors to pay laborers,workers and mechanics performing services on public works projects no
less than the 'prevailing rate of wages' (hourly cash wages plus fringe benefits) in a county
where the work is performed.
For information regarding current prevailing wage rates, please refer to the Illinois Department
of Labor's website at www.state.il.us/agency/idol/rates/rates.htm. All contractors and subcon-
tractors rendering services under this Contract must comply with all requirements of the Act, in-
cluding, but not limited to, all wage,notice and recordkeeping duties.
2- ve ead and understan the requirement to comply with the Illinois Prevailing Wage Act,
7- 1 -5110 i 4
Applicant ignature Date
Z151UJLI
Co-Ap icant Signature Date
Please submit this application and all supporting documentation to:
Downtown Neighborhood Association of Elgin
2 Douglas Avenue
Elgin,1L 60120
downtownelsin @Amail.com
Phone:(847)488-1456
Fax:(847)488-1449
r
OFFICE OF THE SECRETARY OF STATE
JESSE WRITE • Secretary of State
MARCH 15, 2011 6773-285-5
JOHN J BEER
399 QUENTIN RD 100
PALATINE, IL 60067
RE CLASSIC ENTERPRISE LTD.
DEAR SIR OR MADAM:
IT HAS BEEN OUR PLEASURE TO APPROVE AND PLACE ON RECORD THE ARTICLES OF
INCORPORATION THAT CREATED YOUR CORPORATION. WE EXTEND OUR BEST WISHES
FOR SUCCESS IN YOUR NEW VENTURE.
THE CORPORATION MUST FILE AN ANNUAL REPORT AND PAY FRANCHISE TAXES PRIOR
TO THE FIRST DAY OF ITS ANNIVERSARY MONTH (MONTH OF INCORPORATION)NEXT
YEAR. A PRE-PRINTED ANNUAL REPORT FORM WILL BE SENT TO THE REGIST£RIrI3
AGENT AT THE ADDRESS SHOWN ON THE RECORDS OF THIS OFFICE APPROXIMATELY
60 DAYS PRIOR TO ITS ANNIVERSARY MONTH.
SECURITIES CANNOT BE ISSUED OR SOLD EXCEPT IN COMPLIANCE WITH THE
ILLINOIS SECURITIES,LAW OF 1953, 815 ILLINOIS COMPILED STATUTES, 511
ET SEQ, FOR FURTHER INFORMATION CONTACT THE OFFICE OF THE SECRETARY OF
STATE, SECURITIES DEPARTMENT AT(217)782-2256 OR(312) 793-3384.
MANY SERVICES ARE NOW AVAILABLE ON-LINE AT WWW.CYBERDRIVEILLINOIS.COM.
YOU MAY CHECK THE STATUS OF THIS CORPORATION,PURCHASE A CERTIFICATE OF
GOOD STANDING OR PILE AN ANNUAL REPORT WHEN IT IS DUE.
SINCERELY,
JESSE WHITE
SECRETARY OF STATE
DEPARTMENT OF BUSINESS SERVICES
CORPORATION DIVISION
TELEPHONE(217 782-G96I
Farm BCA-2.10 ARTICLES of INCORPORATION ,
(Rev.Jm MW 67732855
• 'Filed: 3!15/201 Jesse White Secre ay of Stat �- -a
ism Secretary of Stabs
De�trn�t of Business services
8prirpfield.lL 132756 'nos toe q►
Uwwwa berd"Ilinais.coom 8Mdaryotah"
Payment must be made by . ��
certified check, cashier's check, Franchise Tax $
Illinois sttvrnay's check, lUinais Filing Fes $
475.00
ay:a�A'se check er, �CAF
•
1. CORPORATE NAME: C LA-551 --
1111111111 CAF
(liceCorporatenamefn Udoor�tabi�Ubewow'COrpor 60f.`m Ci'�3398 orllhereo�.)
Z InW Regisred Agent: il-sa- ;7
Fil!*Abms MA*b tRlW -Lad Name
initial Registered Office: IA' e w► e 1912
N bar St+W Sub# (A Aa DWAMSWracrWVe Q
a0. L el 'a 6 d
COY ZIP code tbrerrty
3. Purpose or purposes for which the corporation is organized: 44
(If not su iclard apBae to cover this point add one or mane sheets of this size.)
t7t `-j`r4,awsac ,?a:,> o F 044 i 45QS. f ze-d2 A c M� raL 4t��t
,^L.i..�.�ro r'� �t,L S iu+e=S ���R.J►47 d rl ��
4. Paragraph 1: AuthoriPed Shaves, Issued Shares and ConsiderWon received:
Number of Shares- Number of Shares Consideration to be
Class AuRKWIaed Proposed to be Issued Deceived Therefor
Co !o u a
TQTAL-$ ood
Paragraph 2: The prefarences,quarlficaams, limiudlons, rewicUone and special or relative rigMs In respect of the
stem of Sam am WW
(if not SuMclent spate to oover this point add one or more sheets of this size_)
siF aa3a�aF+
^ r.
•5.' (7PTIONAL• (a)Number of directors c onstitudng the Initial board of directors of-"oorporetion: �„T,,..,.r..,.
(b)Names and addresses of the persons who are to serve as directors until the flii annual meeting of
shareWdem or until their successors are ehm9ed end qualify:
Name Address Ci ZIP
^► L &PI
JX&diai- banAjEg S al t- 6!
.?j
OP77ONAL (a)it is esftaftd that the value of all party to be owned by the
oorporatiat far ttw following yew wherever boated 4011 be: 5
(b)It Is esdroated last the Yak*of the property to be iOMW Within
the State of IlGnds during the following ye arvAll be: $
(C)it is estimated drat the gross amount of business that vA be
transacted by ate corporaaw during the fal"ng year will be: $
(d)it is estimated that the gross amount of business that W be
traneacted from pieces of business in the State of kraals during
the following year will be: $
7. OPMNAL• 07HER PROVMONS.
Attach a separate sheO of this sin for-any other prwWon to be lnctaded in itre AiWes of
incorporatiam e.g..wAhaiting preemptive rights,denying cumulative voting,regulating internal
affairs,voting majority requirements,fixing a duration ether Vian perpetual,etc.
8. NAMRS)&ADDRESMES)OF INCORPORATORIS)
The undersigned invwpor*agq)heretay declure(s),under penaities or petJury,that the atetements made In the foregoing
• Articles of Incorporation are true. -y
Dates
(Mondr&Day Yeas r
Addrew
I. 1. a' v� 7�r4Ci7rl�"L , �...I
{type orPri t New) cAYTO" Slate ?YP Codes
Z. 2
9*" Street
Mpe or Part Name) CWTavn State ZIP Code
3- 3. -
S�graafure S`traat
(7Ype or Print Name) COMM State ZIP code
(Signatures must be in&M IN on original document,Carbon copy,phowc opy or rubber stamp signatures may only be
used on conformed cople&)
NOTE: If a corporation acts as lncarponwx,the name of the corporation and the state of lncorpom ion shall be shown and
the execution shall be by a duty auttalzed corporate offiCw,
FEE SCHEDME
. The initial fmndsise tax Is assessed at the rate of 161400 of 1 percent($1.60 per$1,000)on the pald4n capital
represented in this state,with a minimum of$Z.
. The filing fee is$76.
. The minhMm total due(fray Otte tax+filing fee)is$100.
(Applies when the C.onsidergtion to be Received as set forth in Item 4 does not exceed$16,067)
. Tht OWartment of Business Services in Springfield vrili provide assislAnce in calculating the total fees If neoesseq.
Illinds Secretary of State Springfield,It.62766
Department of Busfnells Services Telephone (217) 782961
atFU03WIR
)tortxc+a
t ItIIno1: COMMERCIAL REAL ESTATE PURCHASE
AND SALE AGREEMENT
,'+ AYwcistiim
of REALT015'
This commercial Rest Estate Purchose ano Sate Agreement("Agreement*)is made by and between yon/!✓�-�_
,41i' - 1'N 1S7`is�,lr.y7S, Y E r (`Seller)and /AA 1/1 4�4r,-
y--(_Y W/ Q a"_f nit//.(r 1CaT'iao?0 ('Buyer'}. The Agreement Date shall be the bate of
execution of this Agreement by the party last executmg trio Agreement.
ARTICLE 1, DEFINED TERMS
� c 4c-
/*
"4
,- e one1.01 r a(record and Seiler of certain real property described below
102 Al/CN!�L''.C, 1� /1n it�he-gr,�er.{7-V,el prrN/k: ,t�i{/"�/r(1�1� l�r�/_ r/r &/y^Y
103 The Property is certain rest estate which is commonly known as t
CZ l ln/ , 11LilA'GZ,_5 ,consisting of LR/VQ fl V17 (improvementsI
and having tax Identification number(s)of 0 I 6 S - The legal description of the Property is(or
shall be)attached hereto as Exhibit A
Q
104 The Purchase Price is 5 .2,r604PQO consisting of.
(a) 5-n n C which deposited with .�ey A,E l►>1r',� ('EsCrowee') Awitren OA'
f .. rr�anF�ie(-Initial Earnest Deposit');and
o n /,/- ''G-� �C'
(b) �Y,a Dl� which shall WW* be deposited with Escrowee Ea►ys-nt
*tSupp)smeaiai Earnest Deposit');and
(e) 1811ance of purehose oricel to be paid by Buyer to Seller at closing by certified check, cashier's chock, Of wue
transfer,plus or minus proralions and credits(if any)as described below
rT 1K. /7'd�/1 r Z oN
1.05 ja) �rct7 o C r-7 B. E {R +D/G �eller's Broker andror designated agent.ZV
(b) �it7b!f L�1_�JIiJ/?/{1/< d F + uyat's Broker andrpr designated agent. N
106 Due Diligence period shall be the penod commencing upon the Agreement Date and extending for L/'J� days
thereafter,unless extended by a writing executed by both Setter and Buyer•or shortened by a writing executed by Buyer
107 Address of the parties for notice;
(a) Seller 8u 1i9h'!'s �NAiGfT1l`NTS t/ .. y
tter �,.rt�ri 0 0. It"ir & &,o%4
"sue
with a copy to. %mlh a copy to
AL Dam 4M4'le/s rJrfy , iPkA&5/_z eL4W limy.
8�11l PSAUCtMY ewers AMDI"
?/y/A/{Allyk,? /41i/z
r.t Tr r r4
h'at'e- &YO •-.t/� — 7:7di0
G96 -- ,J t a —
1 08 buyer's intended use of the Property is f(RA'Jr'/?4/Y 171V7 CIntended use`).
ti"wrn 10%im Coem iclW As*oci*tion rrt Reshot*
1.08 List of Exhibits
Exhibit A Legal Description
Exhlbit 8 List of Personal Property
Extubft C List of Leases
Exhibit 0-1 List of Defaults in leases
Exhibit D List of Mortgage(s)to be Assumed by Buyer
Exhibit E Notices)of Increased Assessed Valuation of the Property
Exhibit P Service Contracts of the Property
Exhibit G Estoppel Certificate
ARTICLE 2: AGREEMENT TO CONVEY
2.01 In consideration for payment of the Purchase Price by Buyer to Seiler,Seller agrees to Convey:
(a) Legal title to the Properly to Buyer,by(Warranty,Special Warranty,or Trustee's)Deed; and
(b) Legal title to the personal property(if any)listed on Exhibit B by Big of Sale
2.02 Title Commitment Review: Within 14 days after the Agreement Date, Seller shall provide Buyer with a current title
commitment Ina preliminary amount of$10,000,covering title to the rest estate described on Exhibit A. Unless Buyer and/or
Buyers counsel objects to encumbrances shown in the title commitment (other than the Permitted Exceptions described
below)within 18 days after receipt from Seller,than an objections thereto shall conclusively presumed to be waived by Buyer:
During the 30-day period,Buyer may,by written notice to Seger,cancel this agreement in the event Buyer finds any conditions
of title reflected in such title commitment which are ob)edionsttle to Buyer in Buyer's sole and absolute discretion
(`Unacceptable Exceptions") provided, however, that Seller shell first be given Vie opportunity to remove or Insure over the
Unacceptable Exceptions. If Seller is unable to remove or insure over the Unacceptable Exceptions within 15 business days
Of Buyer's notice,then Buyer may terminate this Agreement. Title to the Property shall be deemed acceptable to Buyer if it is
subject only to the following exceptions,if any("Permitted Exceptions`).
(a) Conditions, Covenants, and Restrictions of Retard, provided same do not prohibit use of the property for Buyer's
Intended Use;
(b) Easements of record for the benein of private parties and the public, lot the lohovnng uses utilities,drainage, and
roads and highways,provided same do not prohibit use of the property for Buyer's intended Use;
(c) Party wall rights and agreements;
(d) Existing leases end tenancies(it any)as listed on Exhibit C.which leases shalt be assigned by Seller to Buyer and
assumed by Buyer at closing of the sale of the Property,
(e) Special taxes or assessments for improvements not yet completed and for improvements already completed;
(0 Mortgage(s)of Seiler(if any)to be assumed by Buyer as listed on Exhibit D and mortgage(s)of Buyer,aM
ill) 0eneral taxes for the year.20 16 end s bsequent years. `err of�Gr.9 rN x r s-
2.03 Seller shall provide to Buyer at closing an Affidavit of Title covering the date of closing,subject only to the Permitted
Exceptions listed in Section 202, and any un-permitted exceptions over which the Title Insurer commits to extend title
insurance. In the event that title to the Property is to be conveyed by Trustee's Deed,the Affidavit of Title shall be executed by
the beneficiary or beneficiaries of the Trust:
ARTICLE 3; SURVEY
3.01 Seller, at its expanse, shall furnish to Buyer within thirty(30)clays of the Agreement Date a slaked survey of the Property.
Such survey shall show the location and course of all visible and recorded easements and rights-of way, access 10 public
rights-of-way,the location of the building and improvements on the subject property(including fences)to be within the lot lines
and not encroaching over any setback line or easement, and no encroachments of buildings or other improvements from
adjoining properties. If requested, the Seller shag provide an affidavit verifying that no changes in improvements have been
made since the dale of said survey. If sold survey shows improper location of improvements or encroachments and Seller is
unable to obtain title Insurance protection for the benefit of Buyer and Buyer's mortgage tender. If any, against any loss
resulting from such improper location or encroachment. Buyer may,at Buyer's option,declare this Agreement to be null and
void.
2
("W)4%6NICAMNICAR xE PL'Rr'll SAIX WRIANT OJ0ADMon.doc
horften Illinois Commvrciel AumiYrian of Raartara
ARTICLE 4: REPRESENTATIONS AND WARRANTIES OF SELLER
4.61 SeI&
Seller hereby represents,warrants,and covenants to Buyer.that,as of the execution of this AgreemenC
(a) The Schedule of Leases set forth in Exhibit C attached hereto and made a part hereof sets forth each of the leases
for the Property, the name of each tenant, the expiration date of each lease, the curtent rental, the current status of rental
collections,the amount of security deposit,and any special provisions(including without rmiiation options to renew,extend the
term or to purchase the Property)
(b) All of the leases set forth at Exhibit C are to full force ano effect and there are nn defaults there under, except as
listed on Exhibit CA.
(c) No lease contains any option to renew or extend the term thereof or to purchase or acquire any interest in the
Property,except as noted in Exhibit C. No options, warrants, rights,or agreements to purchase.participate in,or acquire an
or any portion of the Premises are outstanding. To the best of Seller's actual knowledge. none of the leases contain
provisions,whether oral or written,far rent allowance,concessions,or abatements or decorating or other allowance
C �4.r
(d) The rest estate taxes for the Properly were$ /•Jr/ and Seller Itas not received any notice of
any increase in the a sessed valuation of the Premises over the assessed valuation, except as atteched as Exhibit E. if,
between the date hereof and the dale of Closing,Seller receives notice of any increase to the assessed valuation, Seller will
promptly notify Buyer of some
(a) There are no written or oral contracts or commitments relating to the Property including without limitation for
management,performance of service,employment, or purchase or lease of equipment ('Contracts')relating to the Properly
with respect to any spent,employee or third party,which are not terminable at Cite will of the Seller on not more then thirty(30)
days'notice and without penalty,except as listed on Exhibit F.
(f) To the best of Seller's knowledge, there are no lawsuits threatened of pending involving all or any portion of the
Property and no notice has been received by Seller or any condemnallon proceedings or any'building,zoning,environmental,
fire or health code violations which are threatened or pending. It between the data hereof and the date of Closing,my notice
of code violation*Is received or any lawsuits are initialed with respect to the Property, Seiler will promptly notify Buyer of
same,and with respect to code violations,will correct same prior Ip closing
(g) Seiler has good and marketable title to an of said items of personal properly free and clear of all hens, clams, and
encumbrances,
(h) The execution of this Agreement is not in violation of or prohibited by any contract,agreement,or other obligation to
which Seller is bound,and the party executing this Agreement for Seller warrants hislher authority to bind Seller
(i) All of the documents delivered to the Purchaser Pursuant to this Contract air true aria correct.
The representations and warranties made by Seller hereir,aoove shall be remade at Closing and Shall survive closing for a period of
one year from the date of closing
Seller further covenants and agrees to Buyer that between the date heteof and the Closing Date
(j) Seller shall use its best efforts to lease any vacant space at rents not less than 100 140 of she current rental rates and
upon terms cnnslslent with those now in effect for a term not to exceed--IV17 _subject to approval by Buyer. Seller shall
not enter into arty new undertakings or agreements relating to the manegement, financing or maintenance of the Property
which extend beyond the Closing Date or prepay tot a period Of more than one (t) month any sums payable under ary
Contracts,without prior written notice to and approval of Purchaser
(k) Seiler shall continue to operate and maintain the Property in first class condition in the some manner the Seller has
previously done during its ownership of the Property which includes making necessary repairs at Seller's cost between the
date hereof and Closing,and complying with cite provisions of all leases and Contracts to which it is a party
(I) Seller shall keep Property adequately insured by financially sound and reputable insurers against loss or damage by
fire with extended coverage endorsements and maintain reasonable adequate liability insurance covering liability for personal
injury or property damage to the extent and in tie manner customary for Property of its character
C tnavONIN RVI 1CAll RE PURCNI SAM.'AORAt\'1'O1a.S95rle�n d:r
Jr
>ra�r�trn HW+o2s Convneraaf AioodarWn or noRltWs
W Seiler shag duly pay and discharge,or cause to be paid or discharged,a shall provide a credit to Buyer at closing for
all taxes,assessments,and other governmental charges imposed upon the Properly, os well as all claims for tabor,materials.
or supplies which have been Incurred prior to Closing the final date for payment of which will occur prior to Closing,and which
If unpaid,might by law become a lien or charge upon the Property.
(n) To the best of Seller's knowledge, no Hazardous Materials (as defined billow) have been used, placed,
manufactured,stored,handled, generated,released or disposed of on,under, at or from the Property or any part thereof or
from any property located within 300 feel of any boundary tine of the Property,and which could be detrimental to the Property,
or which is in violation of any applicable law or regulation. For purpose hereof,`Hazardous Materials"means any hazardous,
toxic, or dangerous substance, material, waste,gas or particulate matter which is defined as such for purposes of regulation
by any local government authority, the State of Illinois, or the United States Government, including, but not limited to,any
material or substance which Is (i)defined as a'hazardous waste""hazardous material,'*hazardous substance;'extremely
hazardous waste; or "restricted hazardous waste" under any provision of Illinois taw, (ii) petroleum, (iii) asbestos, (iv)
polychlorinated blphonyl,(v)radioactive material,(Yi)designated as a"hazardous substance"pursuant to Section 311 of the
Clean Water Act,33 U.S.G.Sec. 1251 M&a(33 U.S.C.Sea 1317),(vii)defined as a`hazardous waste"pursuant to Section
1004 of the Resource Conservation and Recovery Act,42 U.S.C.Sec 6901 g4 US,(42 U.S.0 Sec.6903),or(viii)defined as
a "hazardous substance' pursuant to Section 101 of the Comprehensive Environmental Response, Compensation, and
Usbifity Act,42 U.S.C. Sec. 9601 ILL=(42 U.S C.Sec 9601).
4.02
Buyer hereby represents,warrants,and covenants to Seller that it:
(a) Has the authority to execute this Agreement and bind Buyer;
(b) Shall make host efforts to perform any and all inspections or other leeks of its due diligence in it timely manner;and
(c) Shall make best efforts to obtain mortgage financing in accordance with the terms, conditions, and t+me periods
described herein.
ARTICLE 5: TITLE INSURANCE
Seller shall provide to Buyer at closing, at Seher's expense, an Owners Tale Policy as described above with the following
endorsements: (Extended coverage,zoning,contiguity,EPA) Seller and Buyer shall share equally the coats for any deed and money
escrow, Clap Coverage, and/or Now York Style Closing. Soifer shall pay all required State and County transfer taxes, and
shall pay any Municipal Transfar Tax. Buyer shall pay all expense related to its mortgage lender including without
limitation the cost of any loan policy or policies and endorsements thereto,or lender's escrow required by Buyer's lender(s).
ARTICLE 8: MORTGAGE
This Agreement is subject to the condition that Buyer be able to procure w4birr days of the Agreement Date a firm commitment
for a loan to be secured by a mortgage or tryst eed on the properly in the amount or 3 7 eV nc+, ocr ,er such lesser sum as
Buyer acoepta,with Interest not to exceed %a year to be amortized over .2 icy years, the commission and service
charges for such loan not to exceed %. If, after making every masonobte effort, Buyer is unable to procure such
commitment within the lime spe6fiod herein and so notifies Seller thereof within X_days of the Agreement Date,this Agreement
shall become null and void and ah earnest money shah be returnod to Buyer, provided that If Seller,at its option,within a like period of
time fotlawlng Buyer's notice, procures for the Buyer sucli a commitment or noblres Buyer that Seller will accept a purchase money
mortgage upon the some terms,this Agreement shall remain in full force and effect.
ARTICLE 7: INSPi:CTION ,w i:'ss
From the Agreement Date and continuing for a period of
( !C1 )days from receipt of the documents tleschbed below
("inspection Period'),Buyer,its employees and agents,shall have the right to inspect:
(a) The Properly, including the right to make such physical investigations and stuoies of the structural and mechanical
aspects of the Property as Buyer shall deem necessary,provided that Buyer shah hold Seller harmless from any claims
or liabilities based upon accidents,injuries or damages sustained by virtue of Buyer's Inspection pursuant to this paragraph:
(b) The leases relating to the property,
(c) All Contracts of the property;
(d) All notices of changes in assessed valuation relating to the property for the current or subsequent tax year,if any,In
possession of the Seller,and the current real estate tax bill(s)covering the property;
4
C kD;w0NICAk\4lC'AR RE PMRCIi SALE ACIRMN 10103DSClew d(K
NOMM M Illinois Commemat Assooi bob of Rea nowt
(d) Ali Statements and invoices for the past year covering all utilities(elecinaty,gas and water)relating to the property,
(0 All Insurance policies insuring the property and the improvements and personal property located thereon which may
be assumed by Buyer;
(g) All books and records,financial data and olMor papers and matters relating ro the operating expensus ana ir�curne for
the current year, and schedules attached to federal Income tax returns which relate to the Property and financial statements
for the past three(3)years;
Seller agrees to cooperate in all respects to facilitate Buyers Inspection and agrees to promptly make available all documents,
books and records necessary to permit the inspections described heroin and, to the extent such records are available it
Buyer shall advise Seller at any time prior to the expiration of the Inspection Period that Buyer,in its sole discretion,elects not
to proceed with the transaction contemplated hereunder, this Agreement Shall thereupon terminate and neither party hereto
shalt have any further rights against the other,except[hat all eamest money and interest earned thereon shall be immediately
returned to Buyer. in the absence of written notice from Buyer to Seller prior to expiration of the Inspection Penod that Buyer
has noted any Concerns of conditions of the Properly which are unacceptable to Buyer, this contingency shag be deemed
waived. Buyer shall not suffer or permit any mechanic's lien to attach to the Property, and Buyer shall hold Seller harmless
from any and all claims and liabilities based upon accidents or injuries sustained by virtue of Buyer's possession or use of the
Property pursuant to any and all inspections of the Propomy pursuant to this Agreement
ARTICLE 8: ATTORNEY'S APPROVAL
It Is further agreed by and between the parties hereto(net their respective attorneys shall have ten(10)business days from the dale of
the Agreement Date to approve or disapprove the terms;of this Agreement. in the event a party's attorney disapproves any of the terms
hereof, she or he shall, within the sold ten (10) business days, serve notice upon the other party, his agent, or attorney, of his
disapproval. Said notice shall contain a statement of the specific terms which are not approved and suggested revisions of those
terms
IN THE ABSENCE OF WRITTEN NOTICE WITHIN THE TIME SPECIFIED HEREIN,THIS PROVISION SHALL M DEEMED WAIVED
BY ALL PARTIES HERETO AND THIS AGREEMENT SHALL CONTINUE,iN FULL FORCE AND EFFECT
ARTICLE B. CLOSING
901 Closing Date and Place: The dale of dosing shall be +fAia P!�e 7 rr any other stale an which Seller and
Buyer may otherwise agree in writing at the office of the title insurer nearest the Property or as the parties may agree provvtfed
that title is shown to be good as described above amllior otherwise acceptable to Buyer
902 Seller's Closing Documents At or prior to the Closing, Seller shall deliver to Buyer or to Escrowee each of the foliowing If
applicable:
(a) The Title Commitment for an Dwnet,s Policy Issued in accordance with Article 2 02,which policy shalt be later dated
as of the Closing Date;
(b) A stamped deed with all stamps affixed thereto.with Buyer or Buyers Nominee indicated as the Grantee.
(c) An Affidavit of Title executed by the Seller warranting that no outstanding mechanic's lien rights exist and that the
property is subject to no leases, liens or other claims or encumbrences of title except those specifically permitted pursuant to
this Agreement;
id) 'free and correct copies of all Contracts affecting Ine Property.
(e) All original leases relating to the property.duty encorsed for assignment in favor of Buyer or Buyer's Nominee, by b
duly authorized agent of Seller,together with an appropriate estoppel ceriificate(s)to the form of Exhibit 0 from said tenants)
confirming(i)that said leases are in full force and effect and there exist no defaults there under(or specifying the defaults)as
of the Closing Date;and(ii)that the transaction contemplated herery wilt not constitute a breach under such leases,
M Currant Rent Roll eenlfied to be correct by Seller for the Property;
(c) Copies of certificates of Insurance for each policy of insurance in effect with respect to the Property as of the cloying
eats with appropriate assignments or endorsement (or letters of direction from Seller to the insurers), executed oy a duty
authorized agent of Seller,If Buyer chooses to assure Such!nsurance policies and they are assumable.
(h) A Bill of Sale covering the Items of personal property being sold to Buyer or Buyer's Nominee.executed by Seller,
5
C Jtpik'i; >MVN'IVAR xti 10100 SALE AURM1T030303cicm,Jnc
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Npr{tlpm fNRWf COnrnCfGtl1 AifOC13U0/I Or 1i4U110f6
(i) All riles relating to the tenants of the properly,original leases. Contracts, viatranties and guaranties regarding the
Property in the possession of Sailer or Seller's agent.
G) A letter from Sallee to each tenant of the Property advising.if applicable, the tenant to make payments of rent cue
from the from and after the closing to Buyer or at Buyer's directian;
(k) An assignment of sit warranties,guaranties and rights under contracts and subcontracts held by Seller with respect to
the construction of the improvements on the Properly and the installation of all fixtures and equipment thereon,if any,which
warranties and rights under contracts are set forth in Exhibit F;
{I) Keys to an locks on the Property,it available;
(m) Real Estate Transfer Declarations.
The parties hereto shall also deliver such additional documents and matters as shall be reasonable required to close the Venaactiona
contemplated by this Agreement Including without hmitatlon,Real Estate Transfer Tax Declarations,copies of paid real estate tax bills,
and most recent notices of assessment valuation,if any.
903 Buyer's Closing Documents: At or prior to closing,Buyer shall deliver to Seller or to Escrawee each of the following:
(a) The purchase price,plus or minus adjustments,credits,and proration provided lot herein;
(b) Real Estate Transfer Declaration(s);
(c) Acceptance of assignment of all leases, warranties, guarantees, and rights under Contracts held by Seller as
described above;
(d) Aft othar documents required pursuant to other provisions of this Agreement and the Escrow Agreement to be
executed and delivered by Purchaser;end
(e) Such other instruments and documents as may be reasonably required in order to carry out the purposes of this
Agreement.
ARTICLE 10: BROKERS
10.01 Seller represents and warrants to Buyer that it has worked with no real estate broker other than
Qg,efee,✓ , ,z•-g aZ&A ("Seller's Broker),and Buyer ra sents and warrants to Seller that It has worked
with no rest estate broker other than p,4ZU f ey 2�.i/tr�V ("Boyar's Broker). in the event that Sellers
Broker and Buyer's Broker is the some inndividual licenses,then Seller and Buyer acknowledge that if there is dual agency the
disclosure of dual agency has been made and that Seller and Buyer have consented to such dust agency, end that this
Agreement shall serve as confirmation of such consent.
10.02 Seller shall pay the sales commission pursuant to separate Agreement between Seller and Seller's Broker jot computed in the
amount of : r"A of the purchase price to Seller's Broker who shall share this commission with Buyer's Broker
pursuant to aparate agree ant between Seller's Broker and Buyer's Broker (or in the following ratio:
%a rrj /3vi ,J Boiler's Broker and Buyer's Broker are intended third party beneficiaries of(his Agreement.
Seller and Buyer agree to Indemnity, defend, and hold the other harmless against any and all claims of other real estate
brokers if such claims aria based on the acts of the indemnifying parry.
ARTICLE 11: FLOOD PLAIN
If the property is located within a designated flood plain as determined by the flood plain maps of the Department of Housing and Urban
Development,Buyer may,at its election obtain flood plain Insurance it required by its lender.
ARTICLE 12: NOTICES
12.01 Whenever notice is required by the provisions of this Agreement to be given to the parties, it shall be deemed to have been
duly given when delivered personally,or within forty-eight(48)hours after deposit to the United States mail,postage pre-paid,
registered or certified mail, or by the next business day if sent by express courier service, or by telephone facsimile, to the
persons named In Section 1.07 at the addresses shown in such section,
r v
G
CAN%-%WlCAR1NK:AR R@ MCN SALE Agrtwwr woloscicwdw
Alarfiw�,t�e,t.aa Cun.+tNergyt Aswaelwn al keeewa
1202 Fax Transmittal: All notices herein required shall be to writing antl shall be wirverd on the parties a1 the addresses in Serl+uri
1.07 The malting of a notice by registered or cerAfied mail, return receipt requftbled, :,hall be sufficient service when itle
notice is mailed. Notices may also be served by personal delivery,telegram,Of Uy the use of a facsimile machine with proof of
transmission and a copy of the notice with proof of transn%;ssion being sent by regular marl on the date of Iransrnissfon
ARTICLE 13: DEFAULT AND REMEDIES
13 C i 1 tnae i5 of the essence of psis Agreement In the event trial Buyer should fad to perform this Agreement, plan Sailer, rnay,
upon written notice to Buyer of its dalaull. (wilt a copy to Escrowee as defined below), demand that the earnest money be
toriaited to Seiler, not as a penalty,but as liquidated damages to Seller, and as Sitiler's sole remedy against Buyer,and INN
Agreement shall be null and void. In the event that Seller should fail to perform Ibis Agreement,then Buyer may,upon written
notice to Seller(with a copy to Escrowee as defined below) of its default, dematid that pae earnest money be returned to
Buyer, but such return shall not release Sailer train its obligation under this Agreement, and Buyer shall have all rights and
remedies against Salter,at law and or in equity
1302 In this event of tiny default, the party holding ill" eearhesl money (`Escrowee") shall give notice to both Seller and Buyer of
Escrowee's intended disposition of the earnest money. Seller and Buyer hereby agree Its:+(if neither party objects in writing to
the Escrowee and to the other party,to the proposed disposition of the earnest money within 30 calendar days of the dale of
mailing of such notice, than Escrowee shall dispose of its earnest money as previously indicated in such earlier dernand or
notice, if eilhef Seiler or Buyer objects to the Escrowee's intended disposition of the earnest rnortey within the atorenlenlw►wd
30 day period, then all parties hereto agree that ESetowee may either (a)continue to hold the earnest money until directed
otherwise either by: (1)a joint written direction of Suitor and Buyer;or(ii)a coup order which is either not subject to or no
longer subject to appeal,or(b)deposit by urterplander the earnest money with the Claris of the Circuit Court for the County in
which the Property Is located. Sailer end Buyer agreee that Escrowee may be resnit.tursed from the earnest money for all its
costs including reasonable attorney fees related to the filing cif the tnterpleadesr: anti Sailer and Buyer agree to sndemnify and
',old Escrowee harmless from any and an claims, artu wemanrts including the payrnuni of x1lornay tees,costs,and expenses
ansi ng out of any default clairn ur demands
ARTICLE 14; DAMAGE AND DESTRUCTION
1401 The provisions of the Uniform Vendor and Purchaser task Act at Use State of illinois shall he applicable to this Agreement
1402 11.prior to Closing,pia improvernonts on the Property Shall be destroyed or matetialiy damaged by fire or other casualty,INN,
Agreement shall, at the option of Buyer of Seller, extacised by written notice to the other within five (5)business days attar
such destruction or damage,be null and void anti ;sit Intimes auposiied by Buyer stall be refunded to Buys( If net party
eltscts to ierminate this Agreement,Irsen Seller shrill caninnence restoration and repair of(tie property to the original condition
within one hundred eighty(1190)day period.
ARTICLE 15: EMINENT DOMAIN
in this event of any threatened, contemplated, commenced or consummated procesdulgs of efirineattt dornain (wrstlers notice of which
shall be given by Seller to Buyer immediately)respecting the property.Buyer tray,at its opban. by wnllett 1`106Ce to Stillter given wiper+
five(5)days after Buyer is notified of such actual or possible proctwdings(but prior to Clowny),it)unilaterally terminate this Agreement
or(d)acrispt the Property subject to such procriedlny;;in whit ri event Seller shall at Ine closing aiisign Io Buyer its entire fight. title and
,nteres,i tie atilt it)any condemnation award
ARTICLE 16: ATTORNEY'S FEES
In the event that tither party should commence litigation to eitforce the ternis of this Agreemi:nl•tticluding without termination furfuiture,
specific performance,or any claim for damages caused by this cfislauit of a party,andsur in defending any proceeding to winch Buyer or
Seller is inacle it party to any tegat proceeding as a rasull Of Use ;acts or ortsissions of Ines other party, the prevailing party shall tie
emitted to its reasonnble costs and allumey's fees from the mon.lxtevatling party
ARTICLE 17• TAX DEFERRED EXCHANGE
Buyer and Steller agree to cooperate with respect it)exelcisiny all apprupriale docuntoll to alitnv i3tiyer or Seger at-built to cturiplttle i,
iihe-kvio exchange of real estate as provided under Skclion 1031 of the U.S Internal Revenue•. Corte The additional costs irtialwy to
the Excnarige shall be paid by the gaily seeking to curnpiele ti,e Exchahgerfs) it is understood that the closing shall not Imo Uel aywl
because of the Exchanges)
ARTICLE 18: APPLICABLE LAW
Tees Agr,—woenl shall ae governed Uy and coristtuell n accuritaiti v w0li Ilse laws lit the Slatt,of itO low,
ill%ti-1RNLr'i A015,>.n.f.:\<i1C.7N1IiIUUi1,lo.n�a.,
Noditra Obn"Com~01M AGWOaUM 01 ROOAWs
ARTICLE 19, OTHER ADVISORS
The parties hereto acknowledge that they have been advised by the real estate broker(s)named above that this document has legal
consequences. No representation or recommendation is made by any real estate broker as to the legal or tax consequences of this
Agreement or the transaction which It addresses. These are issues to be addressed or which have been addressed by the parties'
attorneys,Anancial,and other advisors,This Agreement is offered by the Northern Illinois Commercial Association of Realtors
('NICAR')to Its members for use by their clients and customers. All ponies hereto hereby release any and all claims they may have
against NICAR and Its officers,attorneys,employees,agents,and members arising or which may artso from use of this Contract to Its
present form or as may be amended by any party.
IN WITNESS WHEREOF,Buyer and Sailer have executed this Agreement as of the day and year staled below,
BUYER: SELLER:
10,r tA vi
Name: f r� . Name:
Its: its:
i
Date. Y ) Date:
If
i
e
C 0&v9%N0CAXW1CAN RE PURCrt SALE AGMINT 0A30U1*m.&c
NoAMHn Mrloix Coaimefda)Astocii4ion or R"kart
gNHIBIT
Legal Description of Real Estate corrlrmnly known as which is the subject of
Commercial Real Estate Purchase and Sale Agreement between
Seller,and _ _ �._ _ Buyer,
(to be Inserted)
9
C-U-4NICAAWICAR KE MXCH SALE AGAMN7 03030$dem.loc
Northern MmO4 Commerdal Assvdakn or R"Nors
F.XHIBIT I
List of personal property to be conveyed by Seller,to Buyer pursuant to Commertlal Real Estate Purchase and Sale Agreement.
(lo be Inserted)
10
C'OAre1N1CARWICAR RE PURCN SALE AGRMNT 030305clew,doc
�j1+tm d;nois Commsrail Aetocation al Rsatlut
ark
:..,,,ARTICLE 19: OTHER ADVISORS
The parties hereto acknowledge that they have been advised by the real estate broker(s)named above that this document has legal
consequences. No representation or recommendation Is made by any root estate broker as to the legal or tax consequences of this
Agreement or the transaction which It addresses. These are Issues to be addressed or which have been addressed by the parties'
attorneys,financial,and other advisors,This Agreement is offered by the Northam Illinois Commercial Association of Realtors
('NICAR')to Its members for use by their clients and customers. Ail parties hereto hereby release any and all claims they may have
against NICAR and Its officers,attorneys,employees,agents,and members arising or which may arise from use of this Contract In its
present form or as may be amended by any party.
IN WITNESS WHEREOF,Buyer and Seller have executed this Agreement as of the day and year stated below.
BUYER: SELLER;
By: LA W5 S
Name: Name:
Its: Its: j
Date: Dale:
d.^
8
C FLU-e.+ICAAWJCAa RE rUACn sA,_E AcRMNt 03030xtm.doc
Settlement Statement(HUD-1)
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OWN No.2502M
A.8 aUleweM6401001" B.Typedloen
• 1S. loenType:Caler.tfribs.
First American Title Insurance Company L FbNwWw.23"05
Final Statement
7. LaaNurabar:
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bawi0rbbrmrbar somrM TOW bladb.
D. N9rse of aonoerer:6dad19el Bu M DorN Buirro
64 South Grove Avenue,Spin,6.60120
E NEW of$Wier:Spolp L"Imestru b,LLC
F. NemeolLoWer:CmhTranasc6m
0. Properly Locdon:64 South Grow Avenue,EOK IL 60120
H. Seltlenlerlt Agent FM A nim 76r broula=Cartgerry (617W2840 L
Address:2353 Hosed Road,Sub 116,Hobw EsWe6.IL 60165 tieple.lard Deb:0= 011
PMt Drib:03737 1.3:36 PM
PI9ae of Seldsom t Addrow:2353--m Rwd,Suite 116.H00man Fsbfee,IL 60195 DWbweeeNOt Dete 032912011
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100.OWAORN DusfornOwnw 400. AMW*Drwr Sdw
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101. 761A0 101. 16100
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First American Title Insurance Company LM NM
Final Statement
Moment Deb:
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BUY 8): SELLER(S):
Spring Lane Investments,LLC
KlUchael Butirro k
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Daniel Butirm
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WARRANTY DEED
Statutory(ILLINOIS)(General)
2011K022806
SANDY WEGMAN
RECORDER - KANE COUNTY, IL
RECORDED: 4/8/2811 2:52 Ph
REC: FEE: 44.88 RHSPS FEE: 18.88 1
TRANSFER TAIL: 384.68
PAGES: a
The Grantor, Spring Lane Investments, LLC, a Delaware limi a ' i �mpany, for and
in consideration of Ten and 00/100 ($10.00) Dollars, in hand p d WARRANT to:
Michael Butirro and Daniel Butirro, as Tenants in Co a . an address at
,/l 'l CHIUA49(m G ` v, Ir th following described
Kea] state situated in the Uounty of ane, in the State of in a reverse side for legal
description), subject only to the following permitted exce i v: ed none of which shall
materially restrict the reasonable use of the premises res' ce; ( eneral real estate taxes not
due and payable at the time of closing; (b)building Ii t if any, so long as it does not
interfere with the current use and enjoyment of the o
Permanent Index Number(PIN): 06-14-433-025
Address(es)of Real estate: 64 South Grove Av in IL 120
DATED thi r da March,2011
SPRING LANE INVESTMENTS, LLC
By: ok", CITY OF ELGN
FWAL ESTATE
Alexander R. Domanskis, Its Autho ' tory TwwsFEWSTAMP
State of Illinois ) 50738
ss.
County of Cook )
I, the undersigned, ublic in and for said County, in the State aforesaid, DO
HEREBY CERTIFY that Ale d . Domanskis, personally known to me to be the same person
whose name is subscribed to t regoing instrument, appeared before me this day in person, and
acknowledged that he signed, sealed and delivered the said instrument as his free and voluntary act,
and as the free and voluntary act of Spring Lane Investments, LLC, for the uses and purposes therein
set forth.
Given under my hand and official sea),this 23rd day of March, 2011.
C x ires
OFFICIAL SEAL
DAINIUS R.DUMSAYS
NOTARY PUBLIC,-TATE OF ILLINOIS
MYCOMAIISSION CXPIRES OCT.31,
zo1, Notary Public
This instrument was prepared by: ,
Dainius I R. Dumbrys, Boodell & Domanskis,LLC, 205 N. Michigan, Suite 4307, Chicago, IL 60601
100023230I.'� /:
LEGAL DESCRIPTION
TAX NUMBER: 06-14-433-025
PROPERTY ADDRESS: 64 South Grove Avenue, Elgin, 1L 60120
THE SOUTHERLY 25 FEET OF THE NORTHERLY 33 FEET OF LOT 10 IN BLOCK 21 OF
THE ORIGINAL TOWN OF ELGIN ON THE EAST SIDE OF FOX RIVER, (EXCEPT THAT
PART LYING WESTERLY OF THE EASTERLY LINE OF RIVERDALE AVENUE) IN THE
CITY OF ELGIN, KANE COUNTY, ILLINOIS.
STATE O O1 ao REAL ESTATE
_ TRANSFER TAX
ux d
UA c 0038400
o
N C Y FP 351013 _
Mail to: /Send Subsequent ax Bills to: '
Dennis M. Nolan Michael Buhrro/D o j\i e t��t l )
Law Office of Dennis M. Nolan, P.C.
221 West Railroad Avenue ►9 nl S U.:u.K I^ 0 ea+v
Bartlett, IL 60103
Sckp,uw46vvL6 IL 6utci4
100023230)
Sandy Wiegman
Kane County Recorder
— —_ 719 S.Batavia Ave.,Bldg.C
Geneva II,60134
�+
Phone.630-232-5935
Fax 630-232-5945
PLAT ACT AFFIDAVIT OF METES AND BOUNDS
STATE OF ILLINOIS)
CO OF NE
�. Qf� G�- 1fi�8�1"ic'r � 4being duly sworn on oath,
states that affiant resides at 2r-27 — -c
And further states that: (please check the appropriate box) r
That the attached deed is not in violation of 765 ILCS 2051 a in that the sale or
exchange is of an entire tract of land not being a part of a larger tra ;
B. [ ] That the attached deed is not in violation of 765CS /1 one of the following
reasons:(please circle the appropriate number)
1. The division or subdivision of land into parcels or tracts (�more in size which does not
Involve any new streets or easements of access;
2. The division of lots or blocks of less than one(1 cre n ny subdivision which does not
involve any new streets or easements of a
3. The sale or exchange of parcels of land be of a oining and contiguous land;
4.'The conveyance of parcels of land or inte t use as right of way for railroads or other
public utility facilities and other pipe li as o involve any new streets or easements of
access; -
5. The conveyance of land owned by a rail d o r blic utility which does not involve any new
streets or easements of access;
6.The conveyance of land for highway othe 1 purposes or grants or conveyances relating to
the dedication of land for public u o in relating to the vacation of land impressed with a
public use;
7.Conveyances made to correct io i prior conveyances;
8.The sale or exchange of par s land following the division into no more than two(2)
parts of a particular p I d f d existing on July 17, 1959 and not involving any new
streets or easement f
9. The sale of a single lot I n .0 acres from a larger tract when a survey is made by an Illinois
Registered Lan ey v ;that this exemption shall not apply to the sale of any
subsequent lots he s larger tract of land, as determined by the dimensions and
configuration of the r on October 1, 1973,and provided also that this exemption does not
invalidate any local r uire nts applicable to the subdivision of land;
10. This conveyance is of la described in the same manner as title was taken by grantor(s).
AFFIANT further states that_he makes this affidavit for the purpose of inducing the Recorder of
Deeds of Kane County, Illinois, to accept the attached deed for recording.
SUBSCRIBED AND SWORN TO BEFORE ME
This day of AAZC -, 20
Signature of Notary Public OFF1C Signature of Affiiant
LtIOTARYPLeuc USAN M NU:4NAL Ly
1 STA H Up4 ols
EV'RES:05N7/13
MORTGAGE AND ASSIGNMENT OF RENTS
THIS MORTGAGE, made this 23rd day of March, 2011,by Michael Butirro and Daniel Butirro,
all Illinois residents and all with an address at 64 South Grove Avenue, Elgin, IL 60120
(collectively and individually referred to as "Mortgagor") in favor of Spring Lane Investments,
LLC, a Delaware limited liability company, with its principal address at 8 Oak Lake Drive,
Barrington Hills, IL 60010(collectively"Mortgagee").
WITNESSETH :
WHEREAS,this Mortgage secures a loan against non-residential, commercial property.
WHEREAS, Mortgagor is justly indebted to Mortgagee on a certain loan in the principal
amount of One Hundred Ninety Two Thousand and 00/100 Dollars ($192,000.00), as well as the
legal fees and expenses associated with the preparation of this loan, and interest thereon
evidenced by that certain Loan Note of even date herewith made by Mortgagor to the order of,
and delivered to,Mortgagee(the "Note").
WHEREAS,pursuant to the Note, Mortgagor promises to pay the said principal sum and
interest at the rate or rates and in installments as provided in said Note, and a final payment of
principal and interest, if not sooner paid, on or before March 1, 2016, at 8 Oak Lake Drive,
Barrington Hills, IL 60010, or such place as the Mortgagee may from time to time in writing
appoint.
This instrument was prepared by PIN No. 06-14-433-025
and should be returned after recording to:
Alexander R.Domanskis Property Address:
Boodell&Domanskis, LLC 64 South Grove
205 N. Michigan Avenue,Suite 4307 Elgin, IL 60120
Chicago, Illinois 60601
(000232561
1
NOW, THEREFORE, Mortgagor, to secure the payment of the principal indebtedness
and interest thereon in accordance with the terms of the Note, as said Note may be amended,
modified or replaced from time to time, and to secure the performance of the covenants and
agreements herein contained by Mortgagor to be performed and the additional obligations
hereinafter described, and also in consideration of the sum of Ten Dollars($10.00) in hand paid,
the receipt whereof is hereby acknowledged, does by these presents MORTGAGE, GRANT,
REMISE, RELEASE, ALIEN AND CONVEY unto Mortgagee, its successors and assigns, the
commercial real estate and all of its estate,right, title and interest therein situate, lying and being
in the County of Kane and State of Illinois, legally described in Exhibit A, attached hereto and
made a part hereof, which, with the property hereinafter described, is collectively referred to
herein as the "Premises";
TOGETHER with all easements and rights of way appurtenant thereto, and all heretofore
or hereafter vacated alleys and streets abutting said real estate;
TOGETHER with all buildings and other improvements now located thereon or which
may hereafter be placed thereon (the "Improvements"), tenements, easements, fixtures and
appurtenances thereto belonging, and all rents, issues and profits thereof for so long and during
all such times as Mortgagor may be entitled thereto (which are pledged primarily and on a parity
with said real estate and not secondarily), and all fixtures, apparatus, equipment or articles now
or hereafter therein or thereon used to supply heat, gas, electricity, air conditioning, water, light,
power, sprinkler protection, waste removal, refrigeration, and ventilation, it being understood
that the enumeration of any specific articles of property shall in no way exclude or be held to
exclude any items of property not specifically mentioned;
TOGETHER with all the estate, interest, right, title, other claim or demand, including
claims or demands with respect to the proceeds of insurance in effect with respect thereto, which
Mortgagor now have or may hereinafter acquire in the Premises, and any and all awards made
for the taking of eminent domain, or by any proceedings or purchase in lieu thereof, or of the
whole or any part of the Premises, including without limitation any awards resulting from the
change of grade of streets and awards for severance damages;
All of the land, estate and property hereinabove described, real, personal and mixed,
whether affixed or annexed or not (except where otherwise hereinabove specified) and all rights
hereby conveyed and mortgaged are intended so to be as a unit and are hereby understood,
agreed and declared to form a part and parcel of the real estate and to be appropriated to the use
of the real estate, and shall for the purposes of this Mortgage be deemed to be real estate and
conveyed and mortgaged hereby.
Mortgagor covenants that it is lawfully seized of the Premises, that the same are
unencumbered and that it has good right,full power and lawful authority to convey and mortgage
the same, and that they will forever defend said Premises and the quiet and peaceful possession
of the same against the lawful claims of all persons whomsoever.
(00023256)
2
TO HAVE AND TO HOLD the Premises mortgaged and conveyed unto the said
Mortgagee,its successors and assigns,forever,for the purposes and uses herein set forth.
Mortgagor hereby fiuther covenants and agrees to and with Mortgagee,as follows:
I. PROTECTION AND MAINTENANCE OF THE PREMISES.
(a) Maintenance Repair and Restoration of Improvements, Payment of
Indebtedness,Payment of Prior Liens.
Mortgagor shall: (i) promptly repair, restore or rebuild any building or improvements
now or hereafter on the Premises which may become damaged or destroyed to substantially the
same character as prior to such damage or destruction; (ii)keep said Premises in good condition
and repair, without waste, and free from nuisance, mechanics' lien or other liens or claims for
lien not expressly subordinated to the lien hereof or insured over;(iii) immediately pay when due
any indebtedness which may be secured by a lien or charge on the Premises superior to the lien
hereof, and upon request exhibit satisfactory evidence of the discharge of such prior lien to
Mortgagee; (iv) comply with all requirements of applicable law, including any applicable local,
state or federal environmental laws, municipal ordinances,and restrictions of record with respect
to the Premises and the use thereof; and (v) pay each item of indebtedness secured by this
Mortgage when due according to the terms hereof and of the Note; and (vi) complete, within a
reasonable time, the Improvements at any time in the process of erection upon the Premises. As
used in this Paragraph 1 and elsewhere in this Mortgage, the term "indebtedness" shall mean and
include the principal sum evidenced by the Note, together with all interest thereon, and all other
sums at any time secured by this Mortgage,
(b) Contested Liens. Notwithstanding anything to the contrary herein
contained, Mortgagor shall have the right to contest by appropriate legal or administrative
proceedings diligently prosecuted any mechanics', materialmen's or other lien or claim for lien
upon the Premises (collectively referred to as a "Contested Lien") and no Contested Lien shall
constitute a Default (hereinafter defined) hereunder, provided that Mortgagor shall furnish to
Mortgagee such security as may be deemed reasonably satisfactory to Mortgagee to insure
payment thereof and to prevent any sale, foreclosure or forfeiture of the Premises by reason of
nonpayment thereof, and provided further that, upon final determination of the lien or claim for
lien, Mortgagor shall immediately pay any judgment recorded, with all prior costs and charges,
and shall have the lien released and any judgment satisfied. Security delivered to Mortgagee in
the form of cash or its equivalent shall be released to Mortgagor to be applied toward satisfaction
of such judgment upon presentation of appropriate documentation.
Z. PAYMENT OF TAXES,TAX CONTESTS OR TAX DEPOSITS.
(a) Mortgagor's Obligation to Pay Taxes When Due. Mortgagor shall pay
when due and before any penalty or interest attaches all general real estate taxes, and shall pay
special taxes, special assessments, water charges, sewer service charges, and all other like
(OW23256) 3
charges against the Premises of any nature whatsoever when due and prior to delinquency (all
hereinafter referred to as "Taxes"), and shall, upon written request, furnish to Mortgagee
duplicate receipts therefor.
(b) Right to Contest Taxes. Mortgagor may contest the validity or amount of
any such Taxes by appropriate legal or administrative proceedings diligently prosecuted,
provided that if in conjunction with such contest Tenant shall not pay such contested tax,
pending any such legal proceedings, Mortgagor shall give Mortgagee such security as may be
deemed reasonably satisfactory to Mortgagee to insure payment of the amount of the tax,
assessment,tax lien or other imposition or charge, and any and all interest and penalties thereon,
including Mortgagee's reasonable attorneys' fees as may be required. Security delivered to
Mortgagee in the form of cash or its equivalent shall be released to Mortgagor to discharge any
tax due with respect to said contest,upon presentation of appropriate documentation.
3. INSURANCE.
(a) Mortgagor to Maintain Insurance. Mortgagor shall maintain the following
policies of insurance with respect to the Premises: (a) casualty insurance for the full replacement
cost of the completed Improvements and (b)public liability insurance. All policies of insurance
to be furnished hereunder shall be in forms, companies and amounts satisfactory to Mortgagee,
with standard mortgagee clauses attached to all policies in favor of and in form satisfactory to
Mortgagee, naming Mortgagee as loss payee, and including a provision requiring that the
coverage evidenced thereby shall not be terminated or materially modified without less than ten
10 days' prior written notice to Mortgagee and with Mortgagee named as an additional insured
with respect to all public liability insurance carried by Mortgagor. Mortgagor shall deliver all
policies, including additional and renewal policies, to Mortgagee, and, in the case of insurance
about to expire, shall deliver renewal policies not less than thirty (30) days prior to their
respective dates of expiration.
(b) No Separate Insurance. Mortgagor shall not take out separate insurance
concurrent in form or contributing in the event of loss with that required to be maintained
hereunder unless Mortgagee is included thereon under a standard mortgage clause acceptable to
Mortgagee. Mortgagor shall immediately notify Mortgagee whenever any such separate
insurance is taken out and shall promptly deliver to Mortgagee the policy or policies of such
insurance.
4. ASSIGNMENT OF RENTS AND INCOME. To further secure the Note,
Mortgagor hereby assigns unto Mortgagee, and grants to Mortgagee a security interest in, all of
the rents, leases and income now or hereafter generated with respect to the operation of the
business on the Premises, it being the intention hereby to establish an absolute transfer and
assigiunent of all such leases, rents and income thereunder to Mortgagee, however such income
is generated, and with respect to the assignment of leases, whether such leases now exist or shall
exist in the future. Mortgagor hereby irrevocably appoints Mortgagee its attorney-in-fact (this
power of attorney and any other powers of attorney granted herein are powers coupled with an
{00023256} 4
interest and cannot be revoked, modified or altered without the written consent of Mortgagee)
with or without taking possession of the Premises as provided herein, to lease any portion of the
Premises to any party upon such terms as Mortgagee shall determine, to collect all income
generated by the business on the Property and to collect all rents due under each of the leases,
with the same rights and powers and subject to the same immunities, exoneration of liability and
rights of recourse and indemnity as Mortgagee would have upon taking possession pursuant to
the provisions of this Mortgage. Mortgagor represents that no rent has been or will be paid by
any person in possession of any portion of the Premises for more than one installment in advance
and that the payment of none of the rents for any portion of the Premises has been or will be
waived, reduced or otherwise discharged or compromised by Mortgagor. Mortgagor waives any
rights of set-off against any person in possession of any portion of the Premises. Mortgagor
agrees that it will not assign any of the rents, income or profits of the Premises, except to a
purchaser or grantee of the Premises. Nothing herein contained shall be. construed as
constituting Mortgagee a mortgagee in possession in the absence of the taking of actual
possession of the Premises by Mortgagee pursuant to this Mortgage. Mortgagor expressly
waives all liability of Mortgagee in the exercise of the powers herein granted Mortgagee except
for Mortgagee's gross negligence or willful misconduct. Mortgagor shall execute and deliver, at
the request of Mortgagee, all such finther assurances and assignments in the Premises as
Mortgagee shall from time to time require. Although the assignment contained in this paragraph
is a present assignment, Mortgagee shall not exercise any of the rights or powers conferred upon
it by this paragraph until a Default shall exist under this Mortgage. Within thirty (30) days of
Mortgagee's written demand, Mortgagor will fuznish Mortgagee with executed copies of each of
the leases and with estoppel letters from each tenant in a form satisfactory to Mortgagee.
Mortgagor hereby warrants and represents that there are no leases for all or any part of the
Improvements presently in effect.
5. EFFECT OF EXTENSIONS OF TIME. If the payment of said indebtedness or
any part thereof be extended or varied or if any part of any security for the payment of the
indebtedness be released, all persons now or at any time hereafter liable therefore, or interested
in said Premises, shall be held to assent to such extension, variation or release, and their liability
and the lien and all provisions hereof shall continue in full force, the right of recourse against all
such persons being expressly reserved by the Mortgagee, notwithstanding such extension,
variation or release.
6. MORTGAGEE'S PERFORMANCE OF DEFAULTED ACTS. In case of De-
fault (defined below), Mortgagee may, but need not, make any payment or perform any act
herein required of Mortgagor in any form and manner deemed expedient, and may be made or
accomplished either before or after acceleration of the indebtedness secured hereby or
foreclosure of the lien hereof and during the period of redemption, if any. Mortgagee may, but
need not, make full or partial payments of principal or interest on prior encumbrances, if any,
and purchase, discharge, compromise or settle any tax lien or other prior lien or title
encumbrance or claim thereof, or redeem from any tax sale or forfeiture affecting said Premises
or contest any tax or assessment or cure any default of landlord in any lease of the Premises. All
monies paid for any of the purposes herein authorized and all expenses paid or incurred in
(00023256) 5
connection therewith, including reasonable attorneys' fees, and any other monies advanced by
Mortgagee in regard to any tax if not paid and or to protect the Premises or the lien hereof, shall
be so much additional indebtedness secured hereby, and shall become immediately due and
payable without notice and with interest thereon at the Default Rate specified in the Note
(hereinafter called the "Default Rate"). Inaction of Mortgagee shall never be considered as a
waiver of any right accruing to it on account of any default on the part of Mortgagor.
7. MORTGAGEE'S RELIANCE. Mortgagee in making any payment hereby
authorized: (a)relating to taxes and assessments, may do so according to any bill, statement or
estimate procured from the appropriate public office without inquiry into the accuracy of such
bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or
title or claim thereof; or (b) for the purchase, discharge, compromise or settlement of any other
prior lien, may do so without inquiry as to the validity or amount of any claim for lien which
may be asserted, subject to Mortgagor's rights as set forth in sub-paragraphs 1(b)and 2(b)hereof
8. ACCELERATION OF INDEBTEDNESS IN CASE OF DEFAULT. Mortgagor
further covenants and agrees with Mortgagee, that if. (a)default be made in the due and punctual
payment of the Note secured hereby, or any payment due in accordance with the terms thereof
and such default is not cured within the time periods set forth in the Note; or(b) Mortgagor shall
file a petition in voluntary bankruptcy or under any Chapter of Title Eleven of the United States
Code or any similar law, state or federal, whether now or hereafter existing, or any answer
admitting insolvency or inability to pay its debts, or fail to obtain a vacation or stay of involun-
tary proceedings within sixty (60) days, as hereinafter provided; or (c) Mortgagor shall be
adjudicated a bankrupt, or a trustee or a receiver shall be appointed for Mortgagor or the major
part thereof in any involuntary proceeding or any court shall have taken jurisdiction of the
property of Mortgagor in any involuntary proceeding for the reorganization, dissolution,
liquidation or winding up of such Mortgagor, and such trustee or receiver shall not be discharged
or such jurisdiction relinquished or vacated or stayed on appeal or otherwise stayed within sixty
(60) days; or(d) Mortgagor shall make an assignment for the benefit of creditors, or shall admit
in writing its inability to pay its debts generally as they become due, or shall consent to the
appointment of a receiver or trustee or liquidator of all of its property or the major part thereof;
or(e) default shall be made in the due observance or performance of any other of the covenants,
agreements or conditions hereinbefore or hereinafter contained, required to be kept or performed
or observed by Mortgagor, which shall not be cured within thirty (30) days after written notice
thereof is sent by Mortgagee to Mortgagor, or commenced to be corrected and diligently pursued
to completion within sixty (60) days after such notice if correction is impossible to perform
within a 30-day period; or(f)the occurrence of a Prohibited Transfer(as defined in Paragraph 28
below); or(g) default which shall not have been cured within the applicable grace period, if any,
shall be made in the due observance or performance of any of the covenants, agreements or
conditions contained, required to be kept or observed by Mortgagor or the beneficiary of
Mortgagor in any other instrument given to secure the payment of the Note, including that
certain Security Agreement of even date herewith by and between the beneficiary of Mortgagor
and Mortgagee, then and in every such case the whole of the indebtedness hereby secured shall,
at once, at the option of Mortgagee, become immediately due and payable without notice to
(00023256) 6
Mortgagor. For purposes of this Mortgage, each of the events described in (a)through(g) in the
preceding shall be referred to as a "Default". if while any insurance proceeds or condemnation
awards are being held by Mortgagee to reimburse Mortgagor for the cost of rebuilding or
restoration of any or all Improvements on the Premises, as set forth in this Mortgage,Mortgagee
shall be or become entitled to, and shall accelerate the indebtedness secured hereby, then and in
such event, Mortgagee shall be entitled to apply all such insurance proceeds and condemnation
awards then held by it in reduction of the indebtedness hereby secured and any excess held by it
over the amount of indebtedness then due hereunder shall be returned to Mortgagor or any
subsequent party holding record title to the Premises or otherwise entitled thereto, without
interest.
9. FORECLOSURE: EXPENSE OF LITIGATION
(a) Right to Foreclosure. In case of Default,Mortgagee shall have the right to
foreclose the lien hereof for the indebtedness secured hereby or part thereof in accordance with
the applicable state law, and to exercise any other remedies of Mortgagee at law or in equity or
otherwise. In any suit to foreclose the lien hereof, there shall be allowed and included as
additional indebtedness in the decree for sale all reasonable expenditures and expenses which
may be paid or incurred by or on behalf of Mortgagee for reasonable attorneys' fees, appraisers'
fees, outlays for documentary and expert evidence, stenographers'charges,publication costs, and
costs (which may be estimated as to items to be expended after entry of the decree) of procuring
all such abstracts of title, title searches and examinations, title insurance policies and similar data
and assurances with respect to the title as Mortgagee may deem reasonably necessary either to
prosecute such suit or to evidence to bidders at any sale which may be had pursuant to such
decree the true condition of the title to or the value of the Premises. All costs and expenses of
the nature mentioned in this paragraph and such reasonable expenses and fees as may be incurred
in the protection of said Premises and the maintenance of the lien of this Mortgage,including the
reasonable fees of any attorney employed by Mortgagee in any litigation or proceeding affecting
this Mortgage, the Note or said Premises, including probate and bankruptcy proceedings, or in
preparations for the commencement or defense of any proceeding or threatened suit or
proceeding shall immediately become due and payable by Mortgagor, with interest thereon at the
Default Rate (as defined in the Note) from the time of such expenditure until paid. Anything
herein to the contrary notwithstanding, any costs or fees of Mortgagee that is awarded or
confirmed by any court in conjunction with the foreclosure proceedings set forth herein shall be
deemed reasonable.
(b) Mortgagee May Bid. Upon any foreclosure sale, Mortgagee may bid for
and purchase the Premises and shall be entitled to apply all or part of the indebtedness secured
hereby as a credit to the purchase price.
10. APPLICATION OF PROCEEDS OF FORECLOSURE SALE. The proceeds of
any foreclosure sale of the Premises shall be distributed and applied in the following order of
priority: first, on account of all costs and reasonable expenses incident to the foreclosure pro-
ceedings, including all such items as are mentioned in the preceding paragraph hereof, second,
100023256) 7
all other items which may under the terms hereof constitute secured indebtedness additional to
that evidenced by the Note, with interest thereon as herein provided and all principal and interest
remaining unpaid on the Note; third, any surplus to any party entitled thereto as their rights may
appear.
11. POSSESSION DURING FORECLOSURE.
(a) Appointment of Receiver. Upon, or at any time after the filing of a
complaint to foreclose this Mortgage, the court in which such complaint is filed may appoint a
receiver of said Premises upon Mortgagee's request, and Mortgagor hereby waives any objection
thereto and agrees not to raise any such objection during any foreclosure proceeding. Such
appointment may be made either before or after sale, without notice, without regard to the
solvency or insolvency of Mortgagor at the time of application for such receiver and without
regard to the then value of the Premises or whether the same shall be then occupied as a
homestead or not and Mortgagee hereunder or any holder of the Note may be appointed such
receiver. Such receiver shall have power to collect the rents, issues and profits of said Premises
during the pendency of such foreclosure suit and, in case of a sale and a deficiency during the
full statutory period of redemption, whether there be redemption or not, as well as during any
further times when Mortgagor, except for the intervention of such receiver, would be entitled to
collect such rents,issues and profits, and all other powers which may be necessary or are usual in
such cases for the protection, possession, control, management and operation of the Premises
during the whole of said period, The court from tirne to time may authorize the receiver to apply
the net income in his hands in payment in whole or in part of: (i) the indebtedness secured
hereby, or by any decree foreclosing this Mortgage, or any tax, special assessment or other lien
which may be or become superior to the lien hereof or of such decree,provided such application
is made prior to the foreclosure; (ii)the deficiency in case of a sale and deficiency.
(b) Mortgagee's Right of Possession in Case of Default. In any case in which
under the provisions of this Mortgage, Mortgagee has a right to institute foreclosure proceedings,
whether before or after the whole principal sum secured hereby is declared to be immediately
due, or whether before or after the institution of legal proceedings to foreclose the lien hereof or
before or after sale thereunder,forthwith, upon demand of Mortgagee,Mortgagor shall surrender
to Mortgagee and Mortgagee shall be entitled to take actual possession of the Premises or any
part thereof personally, or by its agent or attorneys. In such event, Mortgagee in its discretion
may, with process of law, enter upon and take and maintain possession of all or any part of said
Premises,together with all documents, books,records,papers and accounts of Mortgagor or then
owner of the Premises relating thereto, and may exclude Mortgagor, their respective agents or
servants, wholly therefrom and may as attorney in fact or agent of Mortgagor,or in its own name
as Mortgagee and under the powers herein granted, hold, operate, manage and control the
Premises and conduct the business, if any, thereof, either personally or by its agents, and with
full power and to use such measures, legal or equitable, as in its discretion or in the discretion of
its successors or assigns may be deemed proper or necessary to enforce the payment or security
of the avails, income,rents, issues, and profits of the Premises,including actions for the recovery
of rent, actions in forcible detainer and actions in distress for rent, and with full power: (i) to
cancel or terminate any lease or sublease for any cause or on any ground which would entitle
{00023256}
Mortgagor to cancel the same; (ii) to elect to disaffirm any lease or sublease which is then
subordinate to the lien hereof, provided Mortgagee has not previously agreed to recognize the
rights of possession of a tenant thereunder; (iii)to extend or modify any then existing leases and
to make new leases, which extensions, modifications and new leases may provide for terms to
expire, or for options to lessees to extend or renew terms to expire, beyond the maturity date of
the indebtedness hereunder and beyond the date of the issuance of a deed or deeds to a purchaser
or purchasers at a foreclosure sale, it being understood and agreed that any such leases, and the
options or other such provisions to be contained therein,shall be binding upon Mortgagor and all
persons whose interests in the Premises are subject to the lien hereof and upon the purchaser or
purchasers at any foreclosure sale, notwithstanding any redemption from sale, discharge of the
mortgage indebtedness, satisfaction of any foreclosure decree, or issuance of any certificate of
sale or deed to any purchaser; (iv) to make all necessary or proper repairs, decorating, renewals,
replacements, alterations, additions, betterments and improvements to the premises as to it may
seem judicious; (v)to insure and reinsure the same and all risks incidental to Mortgagee's posses-
sion, operation and management thereof; and (vi) to receive all of such avails, rents, issues and
profits; hereby granting full power and authority to exercise each and every of the rights,
privileges and powers herein granted at any and all times hereafter, without notice to Mortgagor.
Mortgagee shall not be obligated to perform or discharge, nor does it hereby undertake to
perform or discharge, any obligation, duty or liability under any leases. Mortgagor shall and
does hereby agree to indemnify and hold Mortgagee harmless of and from any and all liability,
loss or damage which it may or might incur under said leases or under or by reason of the
assignment thereof and of and from any and all claims and demands whatsoever which may be
asserted against it by reason of any alleged obligations or undertakings on its part to perform or
discharge any of the terms, covenants or agreements contained in said leases. Should Mortgagee
incur any such liability, loss or damage, under said leases or under or by reason of the
assignment thereof, or in the defense of any claims or demands, the amount thereof, including
costs, expenses and reasonable attorneys' fees, shall be secured hereby, and Mortgagor shall
reimburse Mortgagee therefor immediately upon demand.
(c) Application of Income Received by Mortgagee. Mortgagee, in the
exercise of the rights and powers hereinabove conferred upon it, shall have full power to use and
apply the avails, rents, issues and profits of the Premises to the payment of or on account of the
following, in such order as Mortgagee may determine:
(i) to the payment of the operating expenses of said Premises, including cost
of management and sale or leasing thereof(which shall include reasonable compensation
to Mortgagee and its agent or agents, if management be delegated to an agent or agents,
and shall also include lease or sale commissions and other compensation and expenses of
seeking and procuring tenants or purchasers and entering into leases or sales contracts),
established claims for damages, if any, and premiums on insurance hereinabove
authorized;
{00023256) 9
(ii) to the payment of taxes and special assessments now due or which may
hereafter become due on the Premises; and, if this is a leasehold mortgage, of all rents
due or which may become hereafter due under the underlying lease;
(iii) to the payment of all repairs, decorating, renewals, replacements,
alterations, additions, betterments, and improvements of the Premises, including the cost
from time to time of installing or replacing personal property such as appliances therein,
and of placing the Premises in such condition as will, in the judgment of Mortgagee,
make it readily rentable or saleable; and
(iv) to the payment of any indebtedness secured hereby or any deficiency
which may result from any foreclosure sale.
12. RIGHTS AND REMEDIES CUMULATIVE; NO WAIVER. Each right, power
and remedy herein conferred upon Mortgagee is cumulative and in addition to every other right,
power or remedy, express or implied, given now or hereafter existing, at law or in equity, and
each and every right, power and remedy herein set forth or otherwise so existing may be
exercised from time to time as often and in such order as may be deemed expedient by
Mortgagee, and the exercise or the beginning of the exercise of one right, power or remedy shall
not be a waiver of the right to exercise at the same time or thereafter any other right, power or
remedy, and no delay or omission of Mortgagee in the exercise of any right, power or remedy
accruing hereunder or arising otherwise shall impair any such right, power or remedy, or be
construed to be a waiver of any default or acquiescence therein.
13. RELEASE UPON PAYMENT AND DISCHARGE OF MORTGAGOR'S
OBLIGATIONS. Mortgagee shall release this Mortgage and the lien thereof by proper
instrument upon payinent and discharge of all indebtedness secured hereby. Mortgagee may
require from Mortgagor reimbursement of any reasonable attorneys' fees and other out of pocket
expenses incurred for preparation and delivery of any release.
Mortgagee shall not withhold from Mortgagor, or fail to execute, any and all releases
necessary for the transfer or sale of any of the planned condominium units to be located at the
Property. Mortgagee shall provide, when requested, a release of mortgage for the sale of each
individual unit of the planned condominium.
14. GIVING OF NOTICE. Any notice which shall be required to be given hereunder
shall be in writing, and the mailing thereof in the United States mail by certified or registered
mail addressed to Mortgagor and Mortgagee at their respective addresses as set forth in
Paragraph 29(c) hereof, or at such other place as any Mortgagor or Mortgagee may by notice in
writing designate as a place for service of notice, or personal delivery, or overniglit courier, shall
constitute service of notice hereunder. Any notice mailed shall be deemed to have been given
two (2) business days after the date of mailing. Notice may also be given by hand delivery and,
in such case,shall be deemed to have been given as of the date of receipt.
ION23256 J 10
15. WAIVER OF DEFENSE. No action for the enforcement of the lien or of any
provision hereof shall be subject to any defense which would not be good and available to the
party interposing same in an action at law upon the Note hereby secured.
16. WAIVERS.
(a) Waiver of Statutory Rim. To the extent permitted bylaw,Mortgagor
hereby expressly waives any and all rights of redemption from sale under any order or decree of
foreclosure of this Mortgage, or under any sale pursuant to any statute,order,decree or judgment
of any court, on their own behalves and on behalf of each and every person (except decree or
judgment creditors of Mortgagor) acquiring any interest in or title to the Premises subsequent to
the date of this Mortgage, and to the extent permitted by law, hereby waive any homestead right
in and to the Premises.
(b) Waiver of Claims. To the extent permitted by law, Mortgagor further
waives any and all right to claim or recover against Mortgagee, its officers, employees, agents
and representatives for loss or damage to any Mortgagor, the Premises, any Mortgagor's other
property, or the property of others under any Mortgagor's control from any cause except for the
gross negligence and willful or malicious acts of Mortgagee, its employees, agents and
representatives. All sums payable by Mortgagor hereunder shall be paid without notice,demand,
counterclaim, setoff, deduction, or defense, and without abatement, suspension, deferment,
diminution, or reduction, and the obligations and liabilities of Mortgagor hereunder shall in no
way be released, discharged, or otherwise affected (except as expressly provided herein) by
reason of. (i) any damage to or destruction of or any condemnation or similar taking of the
Premises or any part thereof; (ii) any restriction or prevention of or interference with any use of
the Premises or any part thereof; (iii) any title defect or encumbrance or any eviction from the
Premises or any part thereof by title paramount or otherwise; (iv) any bankruptcy, insolvency,
reorganization, composition, adjustment, dissolution, liquidation, or other like proceeding
relating to Mortgagee, or any action taken with respect to this Mortgage by any trustee or
receiver of Mortgagee, or by any court, in any such proceeding; (v) any claim which Mortgagor
has or might have against Mortgagee; (vi)-any default or failure on the part of Mortgagee to
perform or comply with any of the terms hereof of any other agreement with Mortgagor; or(vii)
any other occurrence whatsoever, whether similar or dissimilar to the foregoing; or whether or
not Mortgagor shall have notice or knowledge of any of the foregoing. Except as expressly
provided herein, Mortgagor waives all rights now or hereafter conferred by statute or otherwise
to any abatement, suspension, deferment, diminution, or reduction of any obligations secured
hereby.
17. FILING AND RECORDING FEES. Mortgagor will pay all filing, registration or
recording fees, and all expenses incident to the execution and acknowledgment of this Mortgage
and all federal, state, county and municipal taxes, and other taxes (other than Mortgagee's
income on other like taxes accruing by reason of the interest payable on the loan), duties,
imposts, assessments and charges arising out of or in connection with the execution and delivery
of said Note and this Mortgage.
1W023256? 11
18. NO MERGER. It being the desire and intention of the parties hereto that the
Mortgage and the lien thereof do not merge in fee simple title to the Premises, it is hereby
understood and agreed that should Mortgagee acquire any additional or other interests in or to
the Premises or the ownership thereof, then,unless a contrary intent is manifested by Mortgagee
as evidenced by an express statement to that effect in an appropriate document duly recorded,
this Mortgage and the lien thereof shall not merge in the fee simple title,toward the end that this
-Mortgage may be foreclosed as if owned by a stranger to the fee simple title.
19. TRUTH-IN-LENDING. Mortgagor represents and agrees that the obligations
secured hereby is an exempt transaction under the Truth-In-Lending Act, 15 U.S:C., § 1601 et
seq.
20. MAXIMUM ALLOWABLE RATE OF INTEREST. All agreements herein and
in the Note are expressly limited so that in no contingency or event whatsoever, whether by
reason of advancement of the proceeds hereof, acceleration of maturity of the unpaid principal
balance of the Note, or otherwise, shall the amount paid or agreed to be paid to Mortgagee for
the use, forbearance or detention of the money to be advanced hereunder exceed the highest
lawful rate permissible under applicable usury laws. If, from any circumstances whatsoever,
fulfillment of any provision hereof or of the Note or any other agreement referred to herein, at
the time performance of such provision shall be due, shall involve transcending the limit of
validity prescribed by law which a court of competent jurisdiction may deem applicable hereto,
then, ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity and if
from any circumstance Mortgagee shall ever receive as interest an amount which would exceed
the highest lawful rate, such amount which would be excessive interest shall be applied to the
reduction of the unpaid principal balance due under the Note and not to the payment of interest.
21. MORTGAGEE'S LIEN FOR SERVICE CHARGE AND EXPENSES. At all
times, regardless of whether any loan proceeds have been disbursed, this Mortgage secures (in
addition to any loan proceeds disbursed from time to time) the payment of any and all loan fees
or service charges, liquidated damages, loan expenses including but not limited_to reasonable
attorneys' fees of Mortgagee's counsel to prepare loan documents, appraisal fees, and advances
due to or incurred by Mortgagee in connection with the loan to be secured hereby, provided,
however, that in no event shall the total amount of loan proceeds disbursed plus such additional
amounts exceed three hundred percent(300 1/o)of the face of the Note.
22. MISCELLANEOUS. The following understandings shall be applicable to this
Mortgage.
(a) Successors. This Mortgage and all provisions hereof shall extend to and
be binding upon Mortgagor and its successors, grantees and assigns, any subsequent owner or
owners of the Premises and all persons claiming under or through any Mortgagor, and the word
"Mortgagor" or "Mortgagors" when used herein shall include all such persons and all persons
liable for the payment of the indebtedness or any part thereof, whether or not such persons shall
have executed said Note or this Mortgage. The word "Mortgagee" when used herein shall
1000237.361 12
include the successors and assigns of Mortgagee named herein, and the holder or holders, from
time to time,of any Note secured hereby.
(b) lnyandijy of a Provision. in the event one or more of the provisions
contained in this Mortgage or any Note secured hereby or in any other security documents given
to secure the payment of the Note secured hereby shall for any reason be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall at the
option of Mortgagee, not affect any other provision of this Mortgage, and this Mortgage shall be
construed as if such invalid, illegal or unenforceable provision had never been contained herein
or therein.
(c) No, tices. Any notice which any party hereto may be required or may
desire to give hereunder shall be in writing and shall be deemed to have been given on the
second business day after mailing if mailed by United States registered or certified mail in
Illinois addressed to their addresses as set forth herein or as changed by prior notification to the
other party.
(d) Illinois Law. This Mortgage and the Note it secures are to be construed
and governed by the laws of the state of Illinois.
(e) Grammatical Adjustments. Whenever the context requires, the singular
form of any word herein shall include the plural fonn, and vice versa, and the neuter form of any
word shall include the masculine and feminine forms, and vice versa.
SIGNATURES FOLLOW ON NEXT PAGE
1000232561 13
IN WITNESS WHEREOF, Mortgagor has executed this instrument the day and year first
above written.
M T AGOR:
Michael Butirro Daniel Butirro
State of Illinois )
SS
County of COy\(. )
I, the undersigned, a Notary Public, in and for the County and State aforesaid, DO
HEREBY CERTIFY,that Michael Butirro,personally known to me to be the same person whose
name is subscribed to the foregoing instrument, appeared before me this day in person and
severally acknowledged that he signed the foregoing instrument as his free and voluntary act and
deed as aforesaid, for the uses and purposes therein set forth.
Given under my hand and official seal, this 23rd day of March,2011.
Aaw d
Commission expires: OFFICIAL SEAL
HEATF�-,R HUGHES
LMe TARY PUCtlC-STATE OF ILLINOIS
G6AAMISSION EXPiRCSW-SI 12
State of Illinois )
SS
County of (A4-- )
I, the undersigned, a Notary Public, in and for the County and State aforesaid, DO
HEREBY CERTIFY, that Daniel ButilTo, personally known to me to be the same person whose
name is subscribed to the foregoing instrument, appeared before me this day in person and
severally acknowledged that he signed the foregoing instrument as his flee and voluntary act and
deed as aforesaid, for the uses and purposes therein set forth.
Given under my hand and official seal,this 23rd day of March,2011.
&*t*A
No Pub is
Commission expires:
p OFFICIAL SEAL
IIEAT14ER HUGHES
NOTARY PUBLIC,•S1,f t OF ILLINOIS
MY COMMISSION�XPIRES:03(31172
,000232561 14
EXHIBIT "A"
LEGAL DESCRIPTION
Address: 64 South Grove Avenue, Elgin, IL 60120
PIN: 06-14-433-025
THE SOUTHERLY 25 FEET OF THE NORTHERLY 33 FEET OF LOT 10 IN BLOCK 21 OF
THE ORIGINAL TOWN OF ELGIN ON THE EAST SIDE OF FOX RIVER,(EXCEPT THAT
PART LYING WESTERLY OF THE EASTERLY LINE OF RIVERDALE AVENUE)IN THE
CITY OF ELGIN, KANE COUNTY, ILLINOIS.
{00023256 1 15
Amortization Schedule
Mar,2011 $880.00 $299.05 $191,700.95
Apr,2011 $876.63 $300.42 $191,400.53
May,2011 $877.25 $301.80 $191,098.74
Jun,2011 $875.87 $303.18 $190,795.56
Jul, 2011 $874.48 $304.57 $190,490.99
Aug,2011 $873.08 $305.96 $190,185.03
Sep, 2011 $871.68 $307.37 $189,877.66
Oct, 2011 $870.27 $308.78 $189,566.88
Nov, 2011 $868.86 $310.19 $189,258.69
Dec, 2011 $867.44 $311.61 $188,947.08
Jan, 2012 $866,01 $313.04 $188,634.04
Feb, 2012 $864.57 $314.48 $188,319.57
Mar,2012 $863.13 $315.92 $188,003.65
Apr, 2012 $861.68 $317.36 $187,686.28
May,2012 $860.23 $318.82 $187,367.47
Jun, 2012 $858.77 $320.28 $187,047.18
Jul,2012 $857.30 $321.75 $186,725.44
Aug, 2012 $855.82 $323.22 $186,402.21
Sep, 2012 $854.34 $324.70 $186,077.51
Oct, 2012 $852.86 $326.19 $185,751.32
Nov,2012 $851.36 $327.69 $185,423.63
Dec,2012 $849.86 $329.19 $185,094.44
)an,2013 $848.35 $330.70 $184,763.74
Feb,2013 $846.83 $332.21 $184,431.53
Mar,2013 $845.31 $333.74 $184,097.79
Apr,2013 $843.78 $335.27 $183,762.52
May,2013 $842.24 $336.80 $183,425.72
Jun,2013 $840.70 $338.35 $183,087.37
Jul, 2013 $839.15 $339.90 $182,747.48
Aug,2013 $837.59 $341.46 $182,406.02
Sep,2013 $836.03 $343.02 $182,063.00
Oct,2013 $834.46 $344.59 $181,718.41
Nov, 2013 $832.88 $346.17 $181,372.24
Dec,2013 $831.29 $347.76 $181,024.48
Jan,2014 $829.70 $349.35 $180,675.12
Feb,2014 $828.09 $350.95 $180,324.17
Mar,2014 $826.49 $352.56 $179,971.61
Apr, 2014 $824.87 $354.18 $179,617.43
May,2014 $823.25 $355.80 $179,261.63
{400239791
Jun,2014 $821.62 $357.43 $178,904.20
Jul, 2014 $819.98 $359.07 $178,545.13
Aug, 2014 $818.33 $360.72 $178,184,41
Sep,2014 $816.68 $362.37 $177,822.04
Oct,2014 $815.02 $364.03 $177,458.01
Nov,2014 $813.35 $365.70 $177,092.31
Dec,2014 $811.67 $367.37 $176,724.94
Jan,2015 $809.99 $369.06 $176,355.88
Feb,2015 $808.30 $370.75 $175,985.13
Mar,2015 $806.60 $372.45 $175,612.68
Apr,2015 $804.89 $374.16 $175,238.52
May,2015 $803.18 $375.87 $174,862.65
Jun, 2015 $801.45 $377.59 $174,485.06
Jul, 2015 $799.72 $379.32 $174,105.73
Aug,2015 $797.98 $381.06 $173,724.67
Sep,2015 $796.24 $382.81 $173,341.86
Oct, 2015 $794.48 $384.56 $172,957.29
Nov,2015 $792.72 $386.33 $172,570.97
Dec, 2015 $790.95 $388.10 $172,182.87
Jan,2016 $789.17 $389.88 $171,792.99
Feb, 2016 $787.38 $391.66 $171,401.33
Mar, 2016 $785.59 $393.46 $171,007.87
Apr,2016 $783.79 $395.26 $170,612.61
May,2016 $781.97 $397.07 $170,215,53
Jun, 2016 $780.15 $398.89 $169,816.64
Jul,2016 $778,33 $400.72 $169,415.92
Aug, 2016 $776.49 $402.56 $169,013.36
Sep,2016 $774.64 $404.40 $168,608.96
Oct,2016 $772.79 $406.26 $168,202.70
Nov,2016 $770.93 $408.12 $167,794.58
Dec,2016 $769.06 $409.99 $167,384.59
Jan,2017 $767.18 $411.87 $166,972.72
Feb, 2017 $765.29 $413.76 $166,558.97
Mar, 2017 $763.40 $415.65 $166,143.31
Apr, 2017 $761.49 $417.56 $165,725.76
May,2017 $759.58 $419.47 $165,306.29
Jun, 2017 $757.65 $421.39 $164,884.89
Jul, 2017 $755.72 $423.33 $164,461.57
Aug,2017 $753.78 $425.27 $164,036.30
Sep,2017 $751.83 $427.21 $163,609.08
Oct,2017 $749.87 $429.17 $163,179.91
Nov, 2017 $747.91 $431.14 $162,748.77
(00023979)
Dec, 2017 $745.93 $433.12 $162,315.66
Jan,2018 $743.95 $435.10 $161,880.55
Feb,2018 $741.95 $437.10 $161,443.46
Mar,2018 $739.95 $439.10 $161,004.36
Apr, 2018 $737.94 $441.11 $160,563.25
May,2018 $735.91 $443.13 $160,120.12
Jun,2018 $733.88 $445.16 $159,674.95
Jul, 2018 $731.84 j447.20 $159,227.75
Aug, 2018 $729.79 $449.25 $158,778.49
Sep,2018 $727.73 $451.31 $158,327.18
Oct, 2018 $725.67 $453.38 $157,873.80
Nov,2018 $723.59 $455.46 $157,418.34
Dec,2018 $721.50 $457.55 $156,960.79
Jan,2019 $719.40 $459.64 $156,501.15
Feb,2019 $717.30 $461.75 $156,039.40
Mar,2019 $715.18 $463.87 $155,575.53
Apr,2019 $713.05 $465.99 $155,109.53
May,2019 $710.92 $468.13 $154,641.41
Jun, 2019 $708.77 $470.27 $154,171.13
Jul,2019 $706.62 $472.43 $153,698.70
Aug, 2019 $704.45 $474.60 $153,224.10
Sep,2019 $702.28 $476.77 $152,747.33
Oct, 2019 $700.09 $478.96 $152,268.38
Nov,2019 $697.90 $481.15 $151,787.23
Dec,2019 $695.69 $483.36 $151,303.87
Jan, 2020 $693.48 $485.57 $150,816.30
Feb,2020 $691.25 $487.80 $150,330.50
Mar,2020 $689.01 $490.03 $149,840,47
Apr,2020 $686.77 $492.28 $149,348.19
May,2020 $684.51 $494.54 $148,853.65
Jun,2020 $682.25 $496.80 $148,356.85
Jul, 2020 $679.97 $499.08 $147,857.77
Aug, 2020 $677.68 $501.37 $147,356.41
Sep,2020 $675.38 $503.66 $146,852.74
Oct, 2020 $673.08 $505.97 $146,346.77
Nov, 2020 $670.76 $508.29 $145,838,48
Dec, 2020. $668.43 $510.62 $145,327.85
]an, 2021 $666.09 $512.96 $144,814.89
Feb,2021 $663.73 $515.31 $144,299.58
Mar,2021 $661.37 $517,67 $143,781.90
Apr,2021 $659.00 $520.05 $143,261.86
May, 2021 $656.62 $522.43 $142,739.43
100023979) 9
Jun,2021 $654.22 $524.83 $142,214.60
Jul,2021 $651.82 $527.23 $141,687.37
Aug,2021 $649.40 $529.65 $141,157.72
Sep, 2021 $646.97 $532.08 $140,625.65
Oct,2021 $644.53 $534.51 $140,091.13
Nov,2021 1642.08 $536.96 $139,554.17
Dec,2021 $639.62 $539.42 $139,014.74
Jan,2022 $637.15 $541.90 $138,472.85
Feb,2022 $634.67 $544.38 $137,928.47
Mar,2022 $632.17 $546.88 $137,381.59
Apr,2022 $629.67 $549.38 $136,832.21
May,2022 $627.15 $551.90 $136,280.31
Jun,2022 $624.62 $554.43 $135,725.88
Jul,2022 $622.08 $556.97 $135,168.91
Aug, 2022 $619.52 $559.52 $134,609.38
Sep,2022 $616.96 $562.09 $134,047.29
Oct,2022 $614.38 $564.66 $133,482.63
Nov,2022 $611.80 $567.25 $132,915.38
Dec,2022 $609.20 $569.85 $132,345.52
3an,2023 $606.58 $572.46 $131,77106
Feb,2023 $603.96 $575.09 $131,197.97
Mar,2023 $601.32 $577.72 4130,620.25
Apr,2023 $598.68 $580.37 $130,039.88
May,2023 $596.02 $583.03 $129,456.84
Jun,2023 $593.34 $585.70 $128,871.14
Jul,2023 $590.66 $588.39 $128,282.75
Aug,2023 $587.96 $591.09 $127,691.67
Sep,2023 $585.25 $593.79 $127,097.87
Oct,2023 $582.53 $596.52 $126,501.36
Nov, 2023 $579.80 $599.25 $125,902.11
Dec, 2023 $577.05 $602.00 $125,306.11
Jan,2024 $574.29 $604.76 $124,695.35
Feb,2024 $571.52 $607.53 $124,087.83
Mar,2024 $568.74 $610.31 $123,477.51
Apr, 2024 $565.94 $613.11 $122,864.40
May,2024 $563.13 $615.92 $122,248.48
Jun, 2024 $560.31 $618.74 $121,629.74
Jul, 2024 $557.47 $621.58 $121,008.16
Aug,2024 $554.62 $624.43 4120,383.74
Sep,2024 $551.76 $627.29 $119,756.45
Oct,2024 $548.88 $630.16 $119,126.28
Nov,2024 $546.00 $633.05 $118,493.23
{00023979) 0
Dec, 2024 $543.09 $635.95 $117,857.28
Jan,2025 $540.18 $638.87 $117,218.41
Feb,2025 $537.25 $641.80 $116,576.61
Mar,2025 $534.31 $644.74 $115,931.87
Apr,2025 $531.35 $647.69 $115,284.18
May,2025 $528.39 $650.66 $114,633.52
Jun,2025 $525.40 $653.64 $113,979.87
Jul,2025 $522.41 $656.64 $113,323.23
Aug,2025 $519.40 $659.65 $112,663.58
Sep,2025 $516.37 $662.67 $112,000.91
Oct,2025 $513.34 $665.71 $111,335.20
Nov,2025 $510.29 $668.76 $110,666.44
Dec,2025 $507.22 $671.83 $109,994.61
]an,2026 $504.14 $674.91 $109,319.70
Feb,2026 $501,05 $678.00 $108,641.70
Mar, 2026 $497.94 $681.11 $107,960.60
Apr, 2026 $494.82 $684.23 $107,276.37
May,2026 $491.68 $687.36 $106,589.00
Jun, 2026 $488.53 $690.52 $105,898.49
Jul, 2026 $485.37 $693.68 $105,204.81
Aug, 2026 $482.19 $696.86 $104,507.95
Sep,2026 $478.99 $700.05 $103,807.90
Oct, 2026 $475.79 $703.26 $103,104.64
Nov,2026 $472.56 $706.49 $102,398.15
Dec, 2026 $469.32 $709.72 $101,688.43
]an, 2027 $466.07 $712.98 $100,975.45
Feb, 2027 $452.80 $716.24 $100,259.21
Mar,2027 $459.52 $719.53 $99,539,68
Apr, 2027 $456.22 $722.82 $98,816.86
May, 2027 $452.91 $726.14 $98,090.72
Jun, 2027 $449.58 $729.47 $97,361.25
Jul,2027 $446.24 $732.81 $96,628.44
Aug,2027 $442.88 $736.17 $95,892.28
Sep,2027 $439.51 $739.54 $95,152.74
Oct, 2027 $436.12 $742.93 $94,409.80
Nov, 2027 $432.71 $746.34 $93,663.47
Dec,2027 $429.29 $749.76 $92,913.71
]an,2028 $425.85 $753,19 $92,160.52
Feb,2028 $422.40 $756.65 $91,403.87
Mar,2028 $418.93 $760.11 $90,543.76
Apr, 2028 $415.45 $763.60 $89,880.16
May, 2028 $411.95 $767.10 $89,113.06
(00023979) x 97
Jun,2028 $408.43 $770.61 $88,342.45
Jul, 2028 $404.90 $774.15 $87,568.30
Aug, 2028 $401.35 $777.69 $86,790.61
Sep, 2028 $397.79 $781.26 $86,009.35
Oct, 2028 $394.21 $784.84 $85,224.52
Nov, 2028 $390.61 $788.44 $84,436.08
Dec, 2028 $387.00 $792.05 $83,644.03
Jan,2029 $383.37 $795.68 $82,848.35
Feb, 2029 $379.72 $799.33 $82,049.02
Mar, 2029 $376.06 $802.99 $81,246.03
Apr,2029 $372.38 $806.67 $80,439.36
May,2029 $368.68 $810.37 $79,629.00
Jun, 2029 $364.97 $814.08 $78,814.92
Jul,2029 $361.24 $817.81 $77,997.10
Aug,2029 $357.49 $821.56 $77,175.54
Sep,2029 $353.72 $825.33 $76,350.21
Oct,2029 $349.94 $829.11 $75,521.10
Nov,2029 $346.14 $832.91 $74,688.20
Dec,2029 $342.32 $836.73 $73,851.47
Jan, 2030 $338.49 $840.56 $73,010.91
Feb,2030 $334.63 $844.41 $72,166.49
Mar,2030 $330.76 $848.26 $71,318.21
Apr, 2030 $326.88 $852.17 $70,466.03
May,2030 $322.97 $856.08 $69,609.95
Jun,2030 $319.05 $860.00 $68,749.95
Jul,2030 $315.10 $863.94 $67,886.01
Aug, 2030 $311.14 $867.90 $67,018.10
Sep,2030 $307.17 $871.88 $66,146.22
Oct,2030 $303.17 $875.88 $65,270.35
Nov,2030 $299.16 $879.89 $64,390.45
Dec, 2030 $295.12 $883.93 $63,506.53
]an, 2031 $291.07 $887.98 $62,618.55
Feb, 2031 $287.00 $892.05 $61,726.51
Mar,2031 $282.91 $896.13 $60,830.37
Apr, 2031 $278.81 $900.24 $59,930.13
May,2031 $274.68 $904.37 $59,025.76
Jun, 2031 $270.53 $908.51 $58,117.25
Jul,2031 $266.37 $912.68 $57,204.57
Aug,2031 $262.19 $916.86 $56,287.71
Sep, 2031 $257.99 $921.06 $55,366.65
Oct,2031 $253.76 $925.28 $54,441.36
Nov, 2031 $249.52 $929.53 $53,511.84
(00023979) c &
Dec,2031 $245.26 $933.79 $52,578.05
Jan,2032 $240.98 $938.07 $51,639.99
Feb,2032 $236.68 $942.36 $50,697.62
Mar,2032 $232.36 $946.68 $49,750.94
Apr,2032 $226.03 $951.02 $48,799.92
May,2032 $223.67 $955.38 $47,844.53
Jun, 2032 $219.29 $959.76 $46,884.77
Jul,2032 $214.89 $964.16 $45,90.61
Aug, 2032 $210.47 $968.58 $44,952.03
Sep, 2032 $206.03 $973.02 $43,979.02
Oct, 2032 $201.57 $977.48 $43,001.54
Nov, 2032 $197.09 $981.96 $42,019.58
Dec, 2032 $192.59 $986.46 $41,033.12
Jan,2033 $188.07 $990.98 $40,042.14
Feb,2033 $183.53 $995.52 $39,046.62
Mar, 2033 $178.96 $1,000.08 $38,046.54
Apr,2033 $174.38 $1,004.67 $37.041.87
May,2033 $169.78 $1,009.27 $36,032.60
3un, 2033 $165.15 $1,013.90 $35,018.70
Jul,2033 $160.50 $1,018.55 $34,000.15
Aug,2033 $155.83 $1,023.21 $32,976.94
Sep,2033 $151.14 $1,027.90 $31,949.04
Oct, 2033 $146.43 $1,032.61 $30,916.42
Nov, 2033 $141.70 $1,037.35 $29,879.07.
Dec,2033 $136.95 $1,042.10 $28,836.97
Jan, 2034 $132.17 $1,046.88 $27,790.09
Feb,2034 $127.37 $1,051.68 $26,738.42
Mar,2034 $122.55 $1,056.50 $25,681.92
Apr,2034 $117.71 $1,061.34 $24,620.58
May, 2034 $112.84 $1,066.20 $23,554.38
Jun, 2034 $107.96 $1,071.09 $22,483.29
Jul, 2034 $103.05 $1,076.00 $21,407.29
Aug,2034 $98.12 $1,080.93 $20,326.35
sep,2034 $93.16 $1,085.89 $19,240.47
Oct, 2034 $88.19 $1,090.86 $18,149.61
Nov, 2034 $83.19 $1,095.86 $17,053.74
Dec,2034 $78.16 $1,100.88 $15,952.86
Jan,2035 $73.12 $1,105.93 $14,846.93
Feb,2035 $68.05 $1,111.00 $13,735.93
Mar,2035 $62.96 $1,116.09 $12,619.84
Apr,2035 $57.84 $1,121.21 $11,498.63
May, 2035 $52.70 $1,126.35 $10,372.28
100023979)
Jun, 2035 $47.54 $1,131.51 $9,240.78
Jul,2035 $42.35 $1,136.69 $8,104.08
Aug,2035 $37.14 $1,141.90 $6,962.18
Sep, 2035 $31.91 $1,147.14 $5,815.04
Oct,2035 $26.65 $1,152.40 $4,662,64
Nov, 2035 $21.37 $1,157.68 $3,504.97
Dec,2035 $16.06 $1,162.98 $2,341.98
Jan, 2036 $10.73 $1,168.31 $1,173.67
Feb, 2036 $5.38 $1,173.67 $0.00
{00023979}
Illinois Anti-Predatory 114415 111 Be=via tell I fill If
Lending Database 201 1 K022807
Program SANDY WEGPIAN
9 RECORDER - KANE COUNTY, IL
Certificate of Exemption KCWXD- 4/1/26112:52 PM
p REC FEE: 44.40 RISPS FEE: 16.68
POES: 16
VIRST AMERICAN T ;LE:
� �W
'.ni IAj
V
Report Mortgage Fraud
800-532-8786
The property identified as: PIN: 06-14-433-025 h
Address: J�J�
Street: 64 South Grove
Street tine 2:
City: Elgin State: IL 4e: 60120
Lender. Spring Lane Investments,LLC
Borrower. Michael Butirro and Daniel Butirro
Loan I Mortgage Amount: $192,000.00
This property is located within the m r an exempt from the requirements of 765 ILCS 77J7O et seq.because
it is commercial property.
Certificate number: F3968BD6-63OF 4120-BCBE 4A6356CBFBD4 Execution date: 03/23/2011
1�
6q
i
pN
MORTGAGE AND ASSIGNMENT OF T
THIS MORTGAGE,made this 23rd day of March,2011,by 16 and Daniel Butirro,
all Illinois residents and all with an address at 64 South Grov en E in, IL 60120
(collectively and individually referred to as "Mortgagor") i r ring Lane Investments,
LLC,a Delaware limited liability company, with Its .nc' ad t 8 Oak Lake Drive,
Barrington Hills, IL 60010(collectively"Mortga "
WHEREAS, this Mortgage secures a an g s on-residential,commercial property.
WHEREAS, Mortgagor is justly* e ortgagee on a certain loan in the principal
amount of One Hundred Ninety Two sa 0/100 Dollars ($192,000.00),as well as the
legal fees and expenses associated th reparation of this loan, and interest thereon
evidenced by that certain Loan N en a herewith made by Mortgagor to the order of,
and delivered to, Mortgagee(the' "
WHEREAS,pursu t t te, Mortgagor promises to pay the said principal sum and
interest at the rate or tes t i lments as provided in said Note, and a final payment of
principal and interes i of s o paid, on or before March 1, 2016, at 8 Oak Lake Drive,
Barrington Hills, IL 6 1 or u h place as the Mortgagee may from time to time in writing
appoint.
This instrument was prepared by PIN No. 06-14-433-025
and should be returned after recording to:
Alexander R. Domanskis Property Address:
Boodell &Domanskis, LLC 64 South Grove
205 N. Michigan Avenue,Suite 4307 Elgin, IL 60120
Chicago, Illinois 60601
;b0023236}
1
NOW, THEREFORE, Mortgagor, to secure the payment of the principal indebtedness
and interest thereon in accordance with the terms of the Note, as said Note may be amended,
modified or replaced from time to time, and to secure the performance of the covenants and
agreements herein contained by Mortgagor to be performed and the additional obligations
hereinafter described, and also in consideration of the sum of Ten Dollars ($10.00) in hand paid,
the receipt whereof is hereby acknowledged, does by these presents MORTGAGE, GRANT,
REMISE, RELEASE, ALIEN AND CONVEY unto Mortgagee, its successors and assigns, the
commercial real estate and all of its estate, right,title and interest therein situate,lying and being
in the County of Kane and State of Illinois, legally described in Exhibit A, attached hereto and
made a part hereof, which, with the property hereinafter described, is collectively referred to
herein as the"Premises";
TOGETHER with all easements and rights of way appurtenan th eto, and all heretofore
or hereafter vacated alleys and streets abutting said real estate;
TOGETHER with all buildings and other improvements to t hereon or which
may hereafter be placed thereon (the "Improvements"), in n s ents, fixtures and
appurtenances thereto belonging, and all rents, issues and pr a so long and during
all such times as Mortgagor may be entitled thereto (which marily and on a parity
with said real estate and not secondarily), and all fixtures a ra s, quipment or articles now
or hereafter therein or thereon used to supply heat, ,e ci , a' conditioning, water, light,
power, sprinkler protection, waste removal, re i n a tilation, it being understood
that the enumeration of any specific articles of p y 1 ' no way exclude or be held to
exclude any items of property not specificall do e
TOGETHER with all the estate, int est ri t, We, other claim or demand, including
claims or demands with respect to the proce f su ce in effect with respect thereto,which
Mortgagor now have or may hereinafter cq a Premises, and any and all awards made
for the taking of eminent domain, or b ings or purchase in lieu thereof, or of the
whole or any part of the Premises, inc ng * bout limitation any awards resulting from the
change of grade of streets and awa ever ce damages;
All of the land, a nd ro y hereinabove described, real, personal and mixed,
whether affixed or an o o (e ep where otherwise hereinabove specified) and all rights
hereby conveyed and ort tended so to be as a unit and are hereby understood,
agreed and declared a an parcel of the real estate and to be appropriated to the use
of the real estate, and a for h purposes of this Mortgage be deemed to be'real estate and
conveyed and mortgaged e y
Mortgagor covenants that it is lawfully seized of the Premises, that the same are
unencumbered and that it has good right, full power and lawful authority to convey and mortgage
the same, and that they will forever defend said Premises and the quiet and peaceful possession
of the same against the lawful claims of all persons whomsoever.
{00023256)
2
TO HAVE AND TO HOLD the Premises mortgaged and conveyed unto the said
Mortgagee,its successors and assigns, forever, for the purposes and uses herein set forth.
Mortgagor hereby further covenants and agrees to and with Mortgagee, as follows:
1. PROTECTION AND MAINTENANCE OF THE PREMISES.
(a) Maintenance, Repair and Restoration of Improvements Payment of
Indebtedness, Payment of Prior Liens.
Mortgagor shall: (i) promptly repair, restore or rebuild any u ing or improvements
now or hereafter on the Premises which may become damaged or des to substantially the
same character as prior to such damage or destruction; (ii) keep said a in good condition
and repair, without waste, and free from nuisance, mechanic ' ,said
o e 1' s or claims for
lien not expressly subordinated to the lien hereof or insured i• a ately pay when due
any indebtedness which may be secured by a lien or charge rti s superior to the lien
hereof, and upon request exhibit satisfactory evidence of is of such prior lien to
Mortgagee; (iv) comply with all requirements of applicab a cl ing any applicable local,
state or federal environmental laws,municipal ordi ces d r s ons of record with respect
to the Premises and the use thereof., and (v) t f indebtedness secured by this
Mortgage when due according to the terms her o t te; and (vi) complete, within a
reasonable time, the Improvements at any ti e ' th a of erection upon the Premises. As
used in this Paragraph I and elsewhere in th s a term "indebtedness" shall mean and
include the principal sum evidenced by the to tog h with all interest thereon, and all other
sums at any time secured by this Mortgage.
(b) Contested Liens th tanding anything to the contrary herein
contained, Mortgagor shall have the t t ntest by appropriate legal or administrative
proceedings diligently prosecuted n ch ' ', materialmen's or other lien or claim for lien
upon the Premises (collectively o as a "Contested Lien") and no Contested Lien shall
constitute a Default (her ' d n ereunder, provided that Mortgagor shall furnish to
Mortgagee such security a b deemed reasonably satisfactory to Mortgagee to insure
payment thereof and rev t e, foreclosure or forfeiture of the Premises by reason of
nonpayment thereof, rovi further that, upon final determination of the lien or claim for
lien, Mortgagor shall i is 1 pay any judgment recorded, with all prior costs and charges,
and shall have the lien re ed nd any judgment satisfied. Security delivered to Mortgagee in
the form of cash or its equiva ent shall be released to Mortgagor to be applied toward satisfaction
of such judgment upon presentation of appropriate documentation.
2. PAYMENT OF TAXES, TAX CONTESTS OR TAX DEPOSITS.
(a) Mortgagor's Obligation to Pay Taxes When Due. Mortgagor shall pay
when due and before any penalty or interest attaches all general real estate taxes, and shall pay
special taxes, special assessments, water charges, sewer service charges, and all other like
100023254 3
charges against the Premises of any nature whatsoever when due and prior to delinquency (all
hereinafter referred to as "Taxes"), and shall, upon written request, furnish to Mortgagee
duplicate receipts therefor.
(b) Rigbt to Contest Taxes. Mortgagor may contest the validity or amount of
any such Taxes by appropriate legal or administrative proceedings diligently prosecuted,
provided that if in conjunction with such contest Tenant shall not pay such contested tax,
pending any such legal proceedings, Mortgagor shall give Mortgagee such security as may be
deemed reasonably satisfactory to Mortgagee to insure payment of the amount of the tax,
assessment, tax lien or other imposition or charge, and any and all int st and penalties thereon,
including Mortgagee's reasonable attorneys' fees as may be requi Security delivered to
Mortgagee in the form of cash or its equivalent shall be released to M g or to discharge any
tax due with respect to said contest,upon presentation of appropriate u e tion.
3. INSURANCE. n
(a) Mortgagor to Maintain Insurance. M o a maintain the following
policies of insurance with respect to the Premises: (a) cas n e for the full replacement
cost of the completed Improvements and (b)publi bil t ins r All policies of insurance
to be furnished hereunder shall be in forms, co d is satisfactory to Mortgagee,
with standard mortgagee clauses attached to al of and in form satisfactory to
Mortgagee, naming Mortgagee as loss pa e , an i lu 'ng a provision requiring that the
coverage evidenced thereby shall not be to i o a ally modified without less than ten
10 days' prior written notice to Mortgagee a d ith gagee named as an additional insured
with respect to all public liability insurance b ortgagor. Mortgagor shall deliver all
policies, including additional and renew i Mortgagee, and, in the case of insurance
about to expire, shall deliver renewa lr 'e n t less than thirty (30) days prior to their
respective dates of expiration.
(b) No Sena u nc . Mortgagor shall not take out separate insurance
concurrent in form or -b in in event of loss with that required to be maintained
hereunder unless Mortgag i in u d t ereon under a standard mortgage clause acceptable to
Mortgagee. Mortg r sh 1 ' iately notify Mortgagee whenever any such separate
insurance is taken o d sh 1 romptly deliver to Mortgagee the policy or policies of such
insurance.
4. ASSIGNME OF RENTS AND INCOME. To further secure the Note,
Mortgagor hereby assigns unto Mortgagee, and grants to Mortgagee a security interest in, all of
the rents, leases and income now or hereafter generated with respect to the operation of the
business on the Premises, it being the intention hereby to establish an absolute transfer and
assignment of all such leases, rents and income thereunder to Mortgagee, however such income
is generated,and with respect to the assignment of leases, whether such leases now exist or shall
exist in the future. Mortgagor hereby irrevocably appoints Mortgagee its attorney-in-fact (this
power of attorney and any other powers of attorney granted herein are powers coupled with an
100023256} 4
interest and cannot be revoked, modified or altered without the written consent of Mortgagee)
with or without taking possession of the Premises as provided herein, to lease any portion of the
Premises to any party upon such terms as Mortgagee shall determine, to collect all income
generated by the business on the Property and to collect all rents due under each of the leases,
with the same rights and powers and subject to the same immunities, exoneration of liability and
rights of recourse and indemnity as Mortgagee would have upon taking possession pursuant to
the provisions of this Mortgage. Mortgagor represents that no rent has been or will be paid by
any person in possession of any portion of the Premises for more than one installment in advance
and that the payment of none of the rents for any portion of the Premises has been or will be
waived, reduced or otherwise discharged or compromised by Mortgag . Mortgagor waives any
rights of set-off against any person in possession of any portion o h Premises. Mortgagor
agrees that it will not assign any of the rents, income or profits of t emises, except to a
purchaser or grantee of the Premises. Nothing herein contai a be construed as
constituting Mortgagee a mortgagee in possession in the abs o t along of actual
possession of the Premises by Mortgagee pursuant to th' o Yortgagor expressly
waives all liability of Mortgagee in the exercise of the pow ei ed Mortgagee except
for Mortgagee's gross negligence or willful misconduct. M o a execute and deliver, at
the request of Mortgagee, all such further assurances as ' ents in the Premises as
Mortgagee shall from time to time require. AlthougNhe s ign contained in this paragraph
is a present assignment, Mortgagee shall not exe f ri is or powers conferred upon
it by this paragraph until a Default shall exist n is ge. Within thirty (30) days of
Mortgagee's written demand, Mortgagor wil ish g ee with executed copies of each of
the leases and with estoppel letters from e n t i a form satisfactory to Mortgagee.
Mortgagor hereby warrants and represents at h a no leases for all or any part of the
Improvements presently in effect.
5. EFFECT OF EXTENSI I E. If the payment of said indebtedness or
any part thereof be extended or vari o if part of any security for the payment of the
indebtedness be released, all pers s or any time hereafter liable therefore, or interested
in said Premises, shall be held t t such extension, variation or release, and their liability
and the lien and all provi ' r s 11 ontinue in full force,the right of recourse against all
such persons being expr 1 r ed by the Mortgagee, notwithstanding such extension,
variation or release.
6. MORT E' RFORMANCE OF DEFAULTED ACTS. In case of De-
fault (defined below), ga may, but need not, make any payment or perform any act
herein required of Mortgagor in any form and manner deemed expedient, and may be made or
accomplished either before or after acceleration of the indebtedness secured hereby or
foreclosure of the lien hereof and during the period of redemption, if any. Mortgagee may, but
need not, make full or partial payments of principal or interest on prior encumbrances, if any,
and purchase, discharge, compromise or settle any tax lien or other prior lien or title
encumbrance or claim thereof, or redeem from any tax sale or forfeiture affecting said Premises
or contest any tax or assessment or cure any default of landlord in any lease of the Premises. All
monies paid for any of the purposes herein authorized and all expenses paid or incurred in
{00023236) 5
connection therewith, including reasonable attorneys' fees, and any other monies advanced by
Mortgagee in regard to any tax if not paid and or to protect the Premises or the lien hereof, shall
be so much additional indebtedness secured hereby, and shall become immediately due and
payable without notice and with interest thereon at the Default Rate specified in the Note
(hereinafter called the "Default Rate"). Inaction of Mortgagee shall never be considered as a
waiver of any right accruing to it on account of any default on the part of Mortgagor.
7. MORTGAGEE'S RELIANCE. Mortgagee in making any payment hereby
authorized: (a)relating to taxes and assessments, may do so according to any bill, statement or
estimate procured from the appropriate public office without inquiry . to the accuracy of such
bill, statement or estimate or into the validity of any tax, assessment, a forfeiture, tax lien or
title or claim thereof; or (b) for the purchase, discharge, compromise o s lement of any other
prior lien, may do so without inquiry as to the validity or amount c .m for lien which
may be asserted, subject to Mortgagor's rights as set forth in sub-p a p and 2(b)hereof.
8. ACCELERATION F INDEBTEDNESS IN A AULT. Mortgagor
further covenants and agrees with Mortgagee, that if:(a)d e n the due and punctual
payment of the Note secured hereby, or any payment du i c d ce with the terns thereof
and such default is not cured within the time perio t f in h ote; or(b) Mortgagor shall
file a petition in voluntary bankruptcy or under t r i e Eleven of the United States
Code or any similar law, state or federal, wh t after existing, or any answer
admitting insolvency or inability to pay its or ai o btain a vacation or stay of involun-
tary proceedings within sixty (60) days, s ovided; or (c) Mortgagor shall be
adjudicated a bankrupt, or a trustee or a rec 've sha b appointed for Mortgagor or the major
part thereof in any involuntary proceedin an shall have taken jurisdiction of the
property of Mortgagor in any invol a r ing for the reorganization, dissolution,
liquidation or winding up of such Mort r, such trustee or receiver shall not be discharged
or such jurisdiction relinquished or vac t or yed on appeal or otherwise stayed within sixty
(60) days; or(d) Mortgagor shall a ass' ment for the benefit of creditors, or shall admit
in writing its inability to pay i s enerally as they become due, or shall consent to the
appointment of a receiver to or ' 'dator of all of its property or the major part thereof;
or(e) default shall be mad in e u observance or performance of any other of the covenants,
agreements or condit s her .n fo r hereinafter contained, required to be kept or performed
or observed by Mort g , wh h hall not be cured within thirty (30) days after written notice
thereof is sent by Mort a to rtgagor,or commenced to be corrected and diligently pursued
to completion within six (60 days after such notice if correction is impossible to perform
within a 30-day period;or( t e occurrence of a Prohibited Transfer(as defined in Paragraph 28
below); or(g) default which shall not have been cured within the applicable grace period, if any,
shall be made in the due observance or performance of any of the covenants, agreements or
conditions contained, required to be kept or observed by Mortgagor or the beneficiary of
Mortgagor in any other instrument given to secure the payment of the Note, including that
certain Security Agreement of even date herewith by and between the beneficiary of Mortgagor
and Mortgagee, then and in every such case the whole of the indebtedness hereby secured shall,
at once, at the option of Mortgagee, become immediately due and payable without notice to
100023256; 6
Mortgagor. For purposes of this Mortgage, each of the events described in(a) through (g) in the
preceding shall be referred to as a "Default". If while any insurance proceeds or condemnation
awards are being held by Mortgagee to reimburse Mortgagor for the cost of rebuilding or
restoration of any or all Improvements on the Premises, as set forth in this Mortgage, Mortgagee
shall be or become entitled to, and shall accelerate the indebtedness secured hereby,then and in
such event, Mortgagee shall be entitled to apply all such insurance proceeds and condemnation
awards then held by it in reduction of the indebtedness hereby secured and any excess held by it
over the amount of indebtedness then due hereunder shall be returned to Mortgagor or any
subsequent party holding record title to the Premises or otherwise entitled thereto, without
interest.
9. FORECLOSURE;EXPENSE OF LITIGATION
(a) Rat to Foreclosure. In case of Defaul M s have the right to
foreclose the lien hereof for the indebtedness secured hereb in accordance with
the applicable state law, and to exercise any other remedies rt t law or in equity or
otherwise. In any suit to foreclose the lien hereof, ther 1 wed and included as
additional indebtedness in the decree for sale all reason I x res and expenses which
may be paid or incurred by or on behalf of Mort ga fo a a attorneys' fees, appraisers'
fees, outlays for documentary and expert evident , p harges, publication costs,and
costs (which may be estimated as to items to be try of the decree) of procuring
all such abstracts of title, title searches and a t' n , tit insurance policies and similar data
and assurances with respect to the title as o e a eem reasonably necessary either to
prosecute such suit or to evidence to bidde a an sa which may be had pursuant to such
decree the true condition of the title to or th lu o e Premises. All costs and expenses of
the nature mentioned in this paragraph a suc so able expenses and fees as may be incurred
in the protection of said Premises and at to ante of the lien of this Mortgage,including the
reasonable fees of any attorney employ gagee in any litigation or proceeding affecting
this Mortgage, the Note or said P m e inc ding probate and bankruptcy proceedings, or in
preparations for the commenc efense of any proceeding or threatened suit or
proceeding shall immedia b o e e nd payable by Mortgagor, with interest thereon at the
Default Rate (as defined i th to from the time of such expenditure until paid. Anything
herein to the contr not - h n ' any costs or fees of Mortgagee that is awarded or
confirmed by any co r conk n ion with the foreclosure proceedings set forth herein shall be
deemed reasonable.
(b) Mortgagee May Bid. Upon any foreclosure sale, Mortgagee may bid for
and purchase the Premises and shall be entitled to apply all or part of the indebtedness secured
hereby as a credit to the purchase price.
10. APPLICATION OF PROCEEDS OF FORECLOSURE SALE. The proceeds of
any foreclosure sale of the Premises shall be distributed and applied in the following order of
priority: first, on account of all costs and reasonable expenses incident to the foreclosure pro-
ceedings, including all such items as are mentioned in the preceding paragraph hereof; second,
(WM3z6) 7
all other items which may under the terms hereof constitute secured indebtedness additional to
that evidenced by the Note, with interest thereon as herein provided and all principal and interest
remaining unpaid on the Note; third, any surplus to any party entitled thereto as their rights may
appear.
H. POSSESSION DURING FORECLOSURE.
(a) Anaointment of Receiver. Upon, or at any time after the filing of a
complaint to foreclose this Mortgage, the court in which such complaint is filed may appoint a
receiver of said Premises upon Mortgagee's request, and Mortgagor hereby waives any objection
thereto and agrees not to raise any such objection during any fore sure proceeding. Such
appointment may be made either before or after sale, without no without regard to the
solvency or insolvency of Mortgagor at the time of application for s h eceiver and without
regard to the then value of the Premises or whether the same s en occupied as a
homestead or not and Mortgagee hereunder or any holder of the e a appointed such
receiver. Such receiver shall have power to collect the rents i OTr is of said Premises
during the pendency of such foreclosure suit and, in case oft✓✓ s e eficiency during the
full statutory period of redemption, whether there be rede o as well as during any
further times when Mortgagor, except for the interventio o c e iver, would be entitled to
collect such rents, issues and profits, and all other p ers ich a necessary or are usual in
such cases for the protection, possession, cont d operation of the Premises
during the whole of said period. The court fro ti t authorize the receiver to apply
the net income in his hands in payment in e i p of (i) the indebtedness secured
hereby, or by any decree foreclosing this o an ax, special assessment or other lien
which may be or become superior to the lien er f o uch decree, provided such application
is made prior to the foreclosure;(ii)the defici ca of a sale and deficiency.
(b) Mort a gee's Ri of-Ns s ss on in Case of Default. In any case in which
under the provisions of this Mortgage, hko aeg has a right to institute foreclosure proceedings,
whether before or after the whole n c al s secured hereby is declared to be immediately
due, or whether before or after t 4 pt t ion of legal proceedings to foreclose the lien hereof or
before or after sale thereu , rt wit on demand of Mortgagee, Mortgagor shall surrender
to Mortgagee and M e a b en itled to take actual possession of the Premises or any
part thereof personal orb it g or attorneys. In such event, Mortgagee in its discretion
may, with process o ente u n and take and maintain possession of all or any part of said
Premises, together with 11 oc nts,books, records, papers and accounts of Mortgagor or then
owner of the Premises re ting ereto, and may exclude Mortgagor, their respective agents or
servants, wholly therefrom an may as attorney in fact or agent of Mortgagor,or in its own name
as Mortgagee and under the powers herein granted, hold, operate, manage and control the
Premises and conduct the business, if any, thereof, either personally or by its agents, and with
full power and to use such measures, legal or equitable, as in its discretion or in the discretion of
its successors or assigns may be deemed proper or necessary to enforce the payment or security
of the avails,income,rents, issues, and profits of the Premises,including actions for the recovery
of rent, actions in forcible detainer and actions in distress for rent, and with full power: (i) to
cancel or terminate any lease or sublease for any cause or on any ground which would entitle
{00023256) 8
Mortgagor to cancel the same; (ii) to elect to disaffirm any lease or sublease which is then
subordinate to the lien hereof, provided Mortgagee has not previously agreed to recognize the
rights of possession of a tenant thereunder; (iii)to extend or modify any then existing leases and
to make new leases, which extensions, modifications and new leases may provide for terms to
expire, or for options to lessees to extend or renew terms to expire, beyond the maturity date of
the indebtedness hereunder and beyond the date of the issuance of a deed or deeds to a purchaser
or purchasers at a foreclosure sale, it being understood and agreed that any such leases, and the
options or other such provisions to be contained therein, shall be binding upon Mortgagor and all
persons whose interests in the Premises are subject to the lien hereof and upon the purchaser or
purchasers at any foreclosure sale, notwithstanding any redemption fr m sale, discharge of the
mortgage indebtedness, satisfaction of any foreclosure decree, c iss an a of any certificate of
sale or deed to any purchaser; (iv) to make all necessary or proper repa ecorating, renewals,
replacements, alterations, additions, betterments and improvements e\prbpises as to it may
seem judicious;(v)to insure and reinsure the same and all risks inc' a o rtgagee's posses-
sion, operation and management thereof; and (vi) to receiv a o s v ' s, rents, issues and
profits; hereby granting full power and authority to exerc c every of the rights,
privileges and powers herein granted at any and all times h h t notice to Mortgagor.
Mortgagee shall not be obligated to perform or disch or o s it hereby undertake to
perform or discharge, any obligation, duty or liab' u d r a y 1 es. Mortgagor shall and
does hereby agree to indemnify and hold Mortg a nd from any and all liability,
loss or damage which it may or might incur ai or under or by reason of the
assignment thereof and of and from any an lai s emands whatsoever which may be
asserted against it by reason of any alleged b ' ' n r dertakings on its part to perform or
discharge any of the terms, covenants or agre m is n ined in said leases. Should Mortgagee
incur any such liability, loss or damage, er ai leases or under or by reason of the
assignment thereof, or in the defense of c t s r demands, the amount thereof, including
costs, expenses and reasonable attorne s' fe , h 1 be secured hereby, and Mortgagor shall
reimburse Mortgagee therefor immediat I emand.
(c) ADDlicatio In me Received by Mortgagee. Mortgagee, in the
exercise of the rights and h ein a conferred upon it, shall have full power to use and
apply the avails, rents, iss d ro is of the Premises to the payment of or on account of the
following,in such or as ay determine:
(i) t th a nt of the operating expenses of said Premises, including cost
of management a sae leasing thereof(which shall include reasonable compensation
to Mortgagee and its agent or agents, if management be delegated to an agent or agents,
and shall also include lease or sale commissions and other compensation and expenses of
seeking and procuring tenants or purchasers and entering into leases or sales contracts),
established claims for damages, if any, and premiums on insurance hereinabove
authorized;
{00023256} 9
(ii) to the payment of taxes and special assessments now due or which may
hereafter become due on the Premises; and, if this is a leasehold mortgage, of all rents
due or which may become hereafter due under the underlying lease;
(iii) to the payment of all repairs, decorating, renewals, replacements,
alterations, additions, betterments, and improvements of the Premises, including the cost
from time to time of installing or replacing personal property such as appliances therein,
and of placing the Premises in such condition as will, in the judgment of Mortgagee,
make it readily rentable or saleable;and
(iv) to the payment of any indebtedness secured a by or any deficiency
which may result from any foreclosure sale.
12. RIGHTS AND REMEDIES CUMULATIVE: NO Al R. ach right, power
and remedy herein conferred upon Mortgagee is cumulative i o o every other right,
power or remedy, express or implied, given now or hereaft ti aw or in equity, and
each and every right, power and remedy herein set fort of a so existing may be
exercised from time to time as often and in such o e deemed expedient by
Mortgagee, and the exercise or the beginning of th er s of n ght, power or remedy shall
not be a waiver of the right to exercise at the r e fter any other right, power or
remedy, and no delay or omission of Mortga e of any right, power or remedy
accruing hereunder or arising otherwise sh pa' uch right, power or remedy, or be
construed to be a waiver of any default or ac u h n.
13. RELEASE UPON PAYME N DISCHARGE OF MORTGAGOR'S
OBLIGATIONS. Mortgagee shall ease h' ortgage and the lien thereof by proper
instrument upon payment and dischar 1 'n btedness secured hereby. Mortgagee may
require from Mortgagor reimbursement ny r sonable attorneys' fees and other out of pocket
expenses incurred for preparation very any release.
Mortgagee shall not wit fr ortgagor, or fail to execute, any and all releases
necessary for the transfer sa o an o the planned condominium units to be located at the
Property. Mortgagee sha p vt e, hen requested, a release of mortgage for the sale of each
individual unit of the e o ' ium.
14. G1VIN I E. Any notice which shall be required to be given hereunder
shall be in writing, and ma' ng thereof in the United States mail by certified or registered
mail addressed to Mortgagor and Mortgagee at their respective addresses as set forth in
Paragraph 29(c) hereof, or at such other place as any Mortgagor or Mortgagee may by notice in
writing designate as a place for service of notice, or personal delivery, or overnight courier, shall
constitute service of notice hereunder. Any notice mailed shall be deemed to have been given
two (2)business days after the date of mailing. Notice may also be given by hand delivery and,
in such case, shall be deemed to have been given as of the date of receipt.
(00023256) 10
15. WAIVER OF DEFENSE. No action for the enforcement of the lien or of any
provision hereof shall be subject to any defense which would not be good and available to the
party interposing same in an action at law upon the Note hereby secured.
16. WAIVERS.
(a) Waiver of Statutory Rights. To the extent permitted by law, Mortgagor
hereby expressly waives any and all rights of redemption from sale under any order or decree of
foreclosure of this Mortgage, or under any sale pursuant to any statute,order,decree or judgment
of any court, on their own behalves and on behalf of each and every Orson (except decree or
judgment creditors of Mortgagor) acquiring any interest in or title to a remises subsequent to
the date of this Mortgage, and to the extent permitted by law, hereby w 'v any homestead right
in and to the Premises.
(b) Waiver of Claims. To the extent p itt ia ortgagor further
waives any and all right to claim or recover against Mortga , ' s o , employees, agents
and representatives for loss or damage to any Mortgagor, t es any Mortgagor's other
property, or the property of others under any Mortgagor's of o any cause except for the
gross negligence and willful or malicious acts ga s employees, agents and
representatives. All sums payable by Mortgagor e s paid without notice,demand,
counterclaim, setoff, deduction, or defense, t ent, suspension, deferment,
diminution, or reduction, and the obligation li it 'e f Mortgagor hereunder shall in no
way be released, discharged, or otherwise a xc as expressly provided herein) by
reason of. (i) any damage to or destructi0 of or y ondemnation or similar taking of the
Premises or any part thereof; (ii) any rest rictt or re ntion of or interference with any use of
the Premises or any part thereof; (iii) a tit l ec or encumbrance or any eviction from the
Premises or any part thereof by title p o t or otherwise; (iv) any bankruptcy, insolvency,
reorganization, composition, adjustme t, di ution, liquidation, or other like proceeding
relating to Mortgagee, or any ac ' n t en h respect to this Mortgage by any trustee or
receiver of Mortgagee, or by an , any such proceeding; (v) any claim which Mortgagor
has or might have agains o a ee; v any default or failure on the part of Mortgagee to
perform or comply with a o th to s ereof of any other agreement with Mortgagor; or(vii)
any other occurrence atso v er similar or dissimilar to the foregoing; or whether or
not Mortgagor shall a noti r knowledge of any of the foregoing. Except as expressly
provided herein, Mortg a' all rights now or hereafter conferred by statute or otherwise
to any abatement, suspen 'on, ferment, diminution, or reduction of any obligations secured
hereby.
17. FILING AND RECORDING FEES. Mortgagor will pay all filing, registration or
recording fees, and all expenses incident to the execution and acknowledgment of this Mortgage
and all federal, state, county and municipal taxes, and other taxes (other than Mortgagee's
income on other like taxes accruing by reason of the interest payable on the loan), duties,
imposts,assessments and charges arising out of or in connection with the execution and delivery
of said Note and this Mortgage.
10OM3256) 11
18. NO MERGER. It being the desire and intention of the parties hereto that the
Mortgage and the lien thereof do not merge in fee simple title to the Premises, it is hereby
understood and agreed that should Mortgagee acquire any additional or other interests in or to
the Premises or the ownership thereof, then, unless a contrary intent is manifested by Mortgagee
as evidenced by an express statement to that effect in an appropriate document duly recorded,
this Mortgage and the lien thereof shall not merge in the fee simple title,toward the end that this
Mortgage may be foreclosed as if owned by a stranger to the fee simple title.
19. TRUTH-IN-LENDING. Mortgagor represents and a ees that the obligations
secured hereby is an exempt transaction under the Truth-ln-Lending 15 U.S.C., § 1601 et
seq.
20. MAXIMUM ALLOWABLE RATE OF INTERES 1 ents herein and
in the Note are expressly limited so that in no contingenc r v h ever, whether by
reason of advancement of the proceeds hereof, acceleration the unpaid principal
balance of the Note, or otherwise, shall the amount paid or b paid to Mortgagee for
the use, forbearance or detention of the money to be a e under exceed the highest
lawful rate permissible under applicable usury la 1 om a circumstances whatsoever,
fulfillment of any provision hereof or of the No t ment referred to herein, at
the time performance of such provision shall e a olve transcending the limit of
validity prescribed by Iaw which a court of et t ri fiction may deem applicable hereto,
then, ipso facto, the obligation to be fulfille a du to the limit of such validity and if
from any circumstance Mortgagee shall eve ec ive s terest an amount which would exceed
the highest lawful rate, such amount which 1 be cessive interest shall be applied to the
reduction of the unpaid principal balance ue u t Note and not to the payment of interest.
21. MORTGAGEE' LIEN VICE CHARGE AND EXPENSES. At all
times, regardless of whether any 1 n ceed ave been disbursed, this Mortgage secures (in
addition to any loan proceeds di om time to time) the payment of any and all loan fees
or service charges, liquid m e I expenses including but not limited to reasonable
attorneys' fees of Mortgag 's o s to prepare loan documents, appraisal fees, and advances
due to or incurred b ort e i nnection with the loan to be secured hereby, provided,
however, that in no en shal h total amount of loan proceeds disbursed plus such additional
amounts exceed three h r ent(300%)of the face of the Note.
22. MISCELLA US. The following understandings shall be applicable to this
Mortgage.
(a) Successors. This Mortgage and all provisions hereof shall extend to and
be binding upon Mortgagor and its successors, grantees and assigns, any subsequent owner or
owners of the Premises and all persons claiming under or through any Mortgagor, and the word
"Mortgagor" or "Mortgagors" when used herein shall include all such persons and all persons
liable for the payment of the indebtedness or any part thereof, whether or not such persons shall
have executed said Note or this Mortgage. The word "Mortgagee" when used herein shall
J00023M} 12
include the successors and assigns of Mortgagee named herein, and the holder or holders, from
time to time,of any Note secured hereby.
(b) Invalidity of a Provision. In the event one or more of the provisions
contained in this Mortgage or any Note secured hereby or in any other security documents given
to secure the payment of the Note secured hereby shall for any reason be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall at the
option of Mortgagee, not affect any other provision of this Mortgage, and this Mortgage shall be
construed as if such invalid, illegal or unenforceable provision had never been contained herein
or therein.
(c) Notices. Any notice which any party hereto y e required or may
desire to give hereunder shall be in writing and shall be deemed a een given on the
second business day after mailing if mailed by United States r er r ertified mail in
Illinois addressed to their addresses as set forth herein or as yip notification to the
other party. v (�
(d) Illinois Law. This Mortgage and t to ' s cures are to be construed
and governed by the laws of the state of Illinois.
(e) Grammatical Adjustment . n v context requires, the singular
form of any word herein shall include the pl a e versa, and the neuter form of any
word shall include the masculine and femini e d ' e versa.
0
SI ATURES FOLLOW ON NEXT PAGE
{00023256) 13
IN WITNESS WHEREOF, Mortgagor has executed this instrument the day and year first
above written.
M T AGOR:
Michael Butirro Daniel Butirro
State of Illinois )
SS
County of C ova }
I, the undersigned, a Notary Public, in and for the Cou t n a aforesaid, DO
HEREBY CERTIFY,that Michael Butirro,personally know r t m th ame person whose
name is subscribed to the foregoing instrument, appeared o day in person and
severally acknowledged that he signed the foregoing instru and voluntary act and
deed as aforesaid,for the uses and purposes therein set fort .
Given under my hand and official seal,thi a o a h,2011.
1A A%J—V Now N (Wkv,
NotarPip
Commission expires: OFFICIAL SEAL
HEATHER HUGHES
NOTARY PUBLIC-STATE OF ILLINOIS
MY coMMISSION EXPIRES:03131/12
State of Illinois )
County of
I, the undersi , a ublic, in and for the County and State aforesaid, DO
HEREBY CERTIFY, a Dam 1 utirro, personally known to me to be the same person whose
name is subscribed to a or o ng instrument, appeared before me this day in person and
severally acknowledged t t he 'geed the foregoing instrument as his free and voluntary act and
deed as aforesaid, for the uses and purposes therein set forth.
Given under my hand and official seal,this 23rd day of March,2011.
&**JAJA ��tlkk
Notary Pub ic
Commission expires: OFFICIAL SEAL
HEATHER HUGHES
NOTARY PUBLIC,•STATE OF ILLINOIS
MY COMMISSION EXPIRES'03/31112
;"232561 14
EXHIBIT "A"
LEGAL DESCRIPTION
Address: 64 South Grove Avenue, Elgin, 1L 60120
PIN: 06-14-433-025
THE SOUTHERLY 25 FEET OF THE NORTHERLY 33 FEET OF LOT 10 IN BLOCK 21 OF
THE ORIGINAL TOWN OF ELGIN ON THE EAST SIDE OF FOX IkVER, (EXCEPT THAT
PART LYING WESTERLY OF THE EASTERLY LINE OF RIVER AVENUE) IN THE
CITY OF ELGIN, KANE COUNTY, ILLINOIS.
0
{00123256] 15 J
LOAN NOTE
$192,000.00 March 23,2011
Elgin, Illinois
FOR VALUE RECEIVED, Michael Butirro and Daniel autirro, all Illinois residents, with an
address at 64 South Grove Avenue, Elgin, IL 6012(ki�vidudly and collectively "Maker"), promise
to pay to the order of Spring Lane Investments, LLB;a.Delaware limited liability company("Payee"),
at its place of business at 8 Oak Lake Drive, Bafrington Hills, IL 60010, or at such place as the holder
hereof may from time to time designate in writing, the principal sum disbursed by Payee to Maker of
One Hundred Ninety Two Thousand and 00/100 Dollars ($192,000.00) (the "Loan" and the actual
amount of the Loan disbursed shall be the "Loan Amount"), in lawful money of the United States of
America, with interest thereon to be computed on the unpaid principal balance from tune to time
outstanding at the Applicable Interest Rate(as such tern is defined in Section 2 hereof),and to be paid
in installments as follows:
Monthly payments of principal and interest at the Applicable Interest Rate, calculated from
time to time in accordance with Section 3 hereof, and amortized over 25 years, shall be due and
payable in arrears on the 1 st day of each calendar month beginning with the first full calendar month
after the date hereof ALL MONTHLY PAYMENTS MUST BE MADE VIA ELECTRONIC
TRANSFER INTO PAYEE'S BANK ACCOUNT NUMBER WITH ROUTING
NUMBER
Maker will pay this loan in full on March 1,2016 ("Maturity Date"). The payment due on the
Maturity Date will be for all principal and all accrued interest not yet paid. Unless otherwise agreed or
required by applicable law, payments will be applied first to unpaid collection costs and late charges,
if any,then to accrued unpaid interest,and finally to principal.
1. Loan Term.
(a) The Maturity Date is March 1, 2016.
(b) Lender is-UNDER NO OBLIGATION TO REFINANCE AT THE MATURITY DATE
AND HAS MADE NO REPRESENTATIONS IN THAT REGARD. The Loan may have to be repaid
from other financing or other assets of the Maker with the new interest rate considerably higher than
the present rate.
2. Applicable Interest Rate. This loan will accrue interest at the fixed rate of Five and `/2
Percent(5.50%)per annum,payable monthly(the"Applicable Interest Rate").
3. Calculation of Interest; Application of Payments.
(a) Interest on the outstanding principal balance of this Note shall be calculated on the
basis of a 360-day year for the actual number of days elapsed in each calendar or partial calendar
month for which calculation is made.
(00023248 }
—1—
(b) Unless otherwise agreed,required by applicable law or upon Maker's default,payments
will be applied first to any unpaid collection costs, late charges and lender's charges, then to accrued
unpaid interest under this Note and finally to principal.
4. Security for the Loan; Loan Documents.
(a) This Loan is secured by: (i)this Note; (ii)a Mortgage,Assignment of Leases and Rents
and Security Agreement (the"Mortgage") for the property located at 64 South Grove Avenue, Elgin,
IL 60120 (referred to as the"Mortgaged Property"); and(iii) all of the other loan documents executed
by Maker in favor of Payee dated as of the date hereof and such other documents now or hereafter
executed by Maker and/or others(but only to the extent execution is required to bind Maker or others)
in favor of Payee, which wholly or partially secure or guarantee payment of this Note (as the same
may be amended, restated, renewed, consolidated and/or replaced from time to time in accordance
with their respective terms) including, without limitation, any collateral assignments, reserve and/or
escrow accounts and financing statements (such other documents, collectively, the "Other Security
Documents"or"Other Loan Documents").
(b) As used herein, the term "Loan Documents" means, collectively, this Note, the
Mortgage,and the Other Security Documents.
5. Late Charge. If any monthly payment due and payable under this Note is not paid
before the tenth(10th) day after the date such payment is due, Maker shall pay to Payee on demand an
additional amount equal to five (5%) percent of such delinquent payment, of such unpaid sum to
defray the expenses incurred-by Payee in handling and processing such delinquent payment and to
compensate Payee for the loss of the use of such delinquent payment, and such additional amount shall
be secured by the Mortgage and the Other Security Documents.
6. Events of Default. The entire outstanding principal balance of tivs Note,together with
all accrued and unpaid interest thereon and all other sums due under the Loan Documents (all such
sums, collectively, the "Debt"), or any portion thereof, shall become immediately due and payable at
the option of Payee: (a) if any payment of principal or interest required in this Note is not paid after
same is due or on the Applicable Maturity Date, whichever first occurs; or(b) upon the happening of
any other Event of Default under and as defined in the Mortgage or in any other Loan Documents
executed by Maker in favor of Payee after the expiration of all applicable grace, notice and cure
periods (each of the foregoing, an "Event of Default"). In the event that Payee retains counsel to
collect the Debt or to protect or foreclose the security provided in connection herewith after an Event
of Default, Maker also agrees to pay on demand all costs of collection incurred by Payee, including
reasonable attorneys'fees for the services of counsel whether or not suit be brought.
(a) The following shall constitute Events of Default hereunder-
(i) if Maker fails to pay or expend promptly when due or required any sum
of money required to be paid or expended under this Note or the Mortgage;
(ii) if Maker fails for twenty (20) days after the giving to it by the Payee of
written notice to comply with any covenants or agreements made by it in this Note or the Mortgage,
(00023248 }
—2—
other than a covenant to pay or expend any sum of money or if Maker otherwise fails to comply with
any terms or conditions of this Agreement; provided, however, that if: (i) compliance with such
non-monetary term or condition cannot reasonably be effected within such twenty(20) day period and
the condition giving rise to Maker's non-compliance is reasonably capable of being cured within the
time periods set forth herein, or (ii) Maker shall have in good faith promptly and diligently
commenced to cure such default within such twenty(20) day period, then the period to cure shall be
deemed extended sixty(60) days from the date of such non-compliance so long as Maker diligently
and continuously proceeds to cure such non-compliance to Payee's satisfaction;
(iii) if a default shall occur under the Note, the Mortgage or any document
delivered by Maker to Payee in connection with the Loan and shall remain uncured beyond all
applicable grace periods set forth therein;
(iv) if at any time any representation or warranty made by Maker herein shall
be incorrect and Maker shall fail to correct same within thirty (30) days after written notice thereof
from Payee;
(v) if Maker or any entity related in whole or in part to Maker shall default
in any respect under any other Loan Documents, including all loan documents executed by Maker in
favor of Payee dated as of the date hereof, which default remains uncured beyond all applicable grace,
notice and cure periods;
(vi) if any of the following events occur: (1) if by order of a court of
competent jurisdiction, a receiver, liquidator or trustee of Maker or any of its, his or their properties,
shall be appointed and shall not have been discharged within sixty (60) days, or (2) if any of the
creditors of Maker shall commence against Maker an involuntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect and if such case shall not be
discharged or dismissed within ninety(90)days after the date on which such case was commenced, or
(3) if Maker is adjudicated bankrupt or insolvent or a petition for reorganization is granted (without
regard for any grace period provided for herein), or(4)if there is an attachment or sequestration of any
of the property of Maker and same is not discharged or bonded within thirty(30) days,or(5)if Maker
shall commence a voluntary case under any such law, now or hereafter in effect, relating to the
reorganization of Maker or the arrangement or readjustment of the debts of Maker, or (6) if Maker
shall make any assignment for the benefit of its or his creditors or shall admit in writing its inability to
pay its or his debts generally as they become due or shall consent to the appointment of or taking
possession by a receiver,liquidator, assignee, trustee, custodian, sequestrator(or other similar official)
of Maker or of any part of its or his property, or if Maker shall fail generally to pay its or his debts as
such debts become due, or if Maker shall take any action in furtherance of any of the foregoing;
(vii) if the Maker's real estate or business assets, or any part thereof or any
interest therein is sold, conveyed, assigned or transferred by Maker without the prior written consent
of Payee;
(viii) if there is a material adverse change in the identity, control or financial
condition of the Maker or the Maker's real estate;
{00023248 )
—3—
(ix) if Maker ceases to do business or terminates its or his business for any
reason whatsoever or shall cause or-institute any proceeding for the dissolution or termination of
Maker;
(x) if Maker fails to pay or cause to be paid, before any fine, penalty,
interest or cost that may be added thereto, all franchise taxes of Maker, or real estate taxes,
assessments, water rates and charges, and other governmental charges, general and special, ordinary
and extraordinary, foreseen as well as unforeseen, of any kind and nature whatsoever, including, but
not limited to, assessments for public improvements or benefits which are assessed, levied, confirmed,
imposed or become a lien upon the Mortgaged Property or become payable while any portion of the
Loan remains outstanding or Maker enters into any agreement, whether written or oral, which has the
effect of deferring the payment of any tax or other charges which are or can be assessed, levied,
confirmed, unposed or become a lien on the Mortgaged Property or become payable;or
(xi) if Maker encumbers, alienates, hypothecates, grants a security interest in
or grants any other interest whatsoever in the "Mortgaged Property", as that term is defined in the
Mortgage, or any part thereof or any right, title or interest in this Note or any proceeds of the Loan
without the prior written consent of Payee.
(b) In lieu of or in addition to any rights or remedies to which the Payee may be
entitled at law, in equity or pursuant to any other provision of this Note, Payee shall have the right
upon the happening of any such Event of Default which remains uncured beyond all applicable grace,
notice and cure periods under this Note after the same becomes an "Event of Default", as that term is
described in the Mortgage or this Note, to declare the indebtedness evidenced by the Note, together
with all sums required to be paid under the terms hereof and/or of the Mortgage,immediately due and
payable as set forth in the Note and Mortgage.
WHETHER OR NOT THE PAYEE ELECTS TO EMPLOY ANY OR ALL OF THE
REMEDIES AVAILABLE TO IT UPON THE OCCURRENCE OF AN EVENT OF DEFAULT,
THE PAYEE SHALL NOT BE LIABLE FOR PAYMENT OF ANY EXPENSE INCURRED IN
CONNECTION WITH THE EXERCISE OF ANY REMEDY AVAILABLE TO THE PAYEE OR
FOR THE PERFORMANCE OR NON-PERFORMANCE OF ANY OTHER OBLIGATION OF THE
MAKER.
7. Default Rate Interest. Upon the occurrence of an Event of Default which remains
uncured beyond all applicable grace, notice and cure periods, which includes failure to pay when
payments are due, failure to pay upon maturity or where technical default exists due to material
changes that have not been reported in writing, and agreed upon by the Payee, the Payee, at its option
may enforce the following remedies and or any other remedies available to the Lender under
applicable law: (a) declare the entire unpaid principal balance and all accrued interest immediately
due, without notice and then borrower will pay that amount; and/or (b) Declare an increase in the
interest rate to the greater of five percent (5%) per annum over the Applicable Interest Rate, or
Eighteen percent (18%) per annum but in no event more than the maximum interest rate permitted
under applicable law until such Event of Default is cured by paying all past due principal and interest
after which payment, the interest rate shall return to the Applicable Interest Rate as calculated under
Section 2 of this Loan Note. Should the default condition not be cured, foreclosure proceedings may
{00023248 )
—4—
be initiated to collect the Loan in full.
8. Prepayment. This Loan may be prepaid in whole or in part at any.time without any
prepayment penalty.
9. Covenants of Maker. Maker covenants with the Payee as follows:
(a) Except to the extent permitted in the Loan Documents,Maker will not(i)assign
this Note or the proceeds of the Loan, (ii) further encumber, alienate, hypothecate, grant a security
interest in or grant any other interest whatsoever in the Mortgaged Property, or any part thereof or
interest therein in any way whatsoever without the prior written consent of Payee.
(b) Maker will pay to or for the account of Payee at the closing of the Loan: (i)the
Administration Fee (ii) Payee's Counsel Fees, and (iii) all costs and expenses required to satisfy the
conditions of this Note and the closing of the Loan; without limitation of the generality of the
foregoing,Maker will pay:
(i) all taxes and recording expenses, including mortgage recording taxes on
the Mortgage and stamp taxes on the Note,if any;
(ii) all title insurance charges and premiums;and
(iii) one half of the costs of surveying the Mortgaged Property.
To the extent services are required of Payee's Counsel after the date hereof, including,
but not limited to, those normally incident to the closing, assignment and satisfaction of a loan of the
character contemplated hereby, Maker shall pay the reasonable fees therefor promptly upon the
rendering of such a bill and delivery thereof to Maker.
(c) Maker will cause all conditions hereof to be satisfied to the extent it is within its
power to do so,
(d) Maker will indemnify, defend and hold harmless Payee from claims of brokers
arising by reason of the execution hereof or the consummation of the transactions contemplated
hereby, and from expenses incurred by Payee in connection with any such claims (including, but not
limited to, attorneys' fees and appellate attorneys'fees).
(e) Maker will:
(i) not enter into any contract or agreement with any lender or an affiliate,
except upon terms and conditions that are intrinsically fair and substantially similar to those that would
be available on an arms-length,third-party basis;
(ii) not incur any indebtedness, secured or unsecured, direct or indirect,
absolute or contingent (including guaranteeing any obligation), other than: (a) the Loan; and (b) trade
and operational debt incurred in the ordinary course of business with trade creditors and in amounts as
(00023246 )
—5—
are customary and reasonable under the circumstances. Except with Payee's prior written approval in
each instance, no indebtedness other than the Loan shall be secured by the Mortgaged Property.
Payee's approval shall be granted or withheld at Payee's sole discretion. In connection with any such
financing approved by Payee, Maker shall be required to obtain and deliver to Payee a subordination
and standstill agreement from such Payee which shall be in form and substance satisfactory to Payee
in its sole discretion;
(iii) not make any loans or advances to any third party (including any
constituent party, any Maker or any affiliate of Maker, of any constituent party or of any Maker),
except in de minirnis amounts in the ordinary course of business and of the character of trade or
operational expenses;
(iv) do or cause to be done, all things necessary to preserve its existence,and
Maker will not, nor will Maker permit any constituent party or Maker, to amend, modify or otherwise
change the corporate certificate, shareholder's agreement, articles of incorporation or other
organizational documents, as the case may be, of Maker or the articles of incorporation, shareholder's
agreement or other organizational documents, as the case may be, of any constituent party of Maker in
a manner which would materially and adversely affect the Maker's existence as a single purpose entity;
(v) maintain books and records and bank accounts separate from those of its
affiliates and any constituent party, and it will file or cause to be filed separate tax returns. Maker
shall not change the principal place of its business without providing Payee with written notice of
such;
(vi) be, and at all times will hold itself out to the public as, a legal entity
separate and distinct from any other entity (including any affiliate of Maker, any constituent party or
any affiliate of any constituent party);
(vii) not cause or seek the dissolution or winding up, in whole or in part, of
Maker or any constituent party;
(viii) not commingle its funds and other assets with those of any constituent
party,any affiliate of Maker, of any constituent party or of any other person;
(ix) not file or consent to the filing of any petition to take advantage of any
applicable insolvency, bankruptcy, liquidation or reorganization statute, or make an assignment for the
benefit of creditors; and
(x) not hold itself out to be responsible for the debts or obligations of any
other person;
(f) INTENTIONALLY DELETED.
(g) That if there occurs an Event of Default, Maker agrees to the following:
(00023248 )
—6—
(i) to an assignment or termination of all existing leases and non-objection to
any new Payee teases for Maker's existing business locations if there is an uncured default of 90 days
or longer;and
(ii) to an assignment of any existing vendor or employee contracts or
agreements.
10. No Usury. It is expressly stipulated and agreed to be the intent of Maker and Payee at
all times to comply with applicable state law or applicable United States federal law(to the extent that
it permits Payee to contract for, charge, take, reserve, or receive a greater amount of interest than
under state law) and that this Section shall control every other covenant and agreement in this Note
and the other Loan Documents. If the applicable law(state or federal) is ever judicially interpreted so
as to render usurious any amount called for under this Note or under any of the other Loan Documents,
or contracted for, charged, taken, reserved, or received with respect to the Debt, or if Payee's exercise
of the option to accelerate the maturity of this Note, or if any prepayment by Maker results in Maker
having paid any interest in excess of that permitted by applicable law, then it is Maker's and Payee's
express intent that all excess amounts theretofore collected by Payee shall be credited on the principal
balance of this Note and all other Debt (or, if this Note and all other Debt have been or would thereby
be paid in full, refunded to Maker), and the provisions of this Note and the other Loan Documents
immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder
reduced, without the necessity of the execution of any new documents, so as to comply with the
applicable law and so as to permit the recovery of the fullest amount otherwise called for hereunder or
thereunder. All sums paid or agreed to be paid to Payee for the use, forbearance, or detention of the
Debt shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread
throughout the full stated term of the Debt until payment in full so that the rate or amount of interest
on account of the Debt does not exceed the maximum lawful rate from time to time in effect and
applicable to the Debt for so long as the Debt is outstanding. Notwithstanding anything to the contrary
contained herein or in any of the other Loan Documents, it is not the intention of Payee to accelerate
the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned
interest at the time of such acceleration.
11. Transfers Not Permitted. Without the prior written consent of Payee,Maker shall not
sell, convey, alienate, mortgage, encumber, pledge or otherwise transfer, or permit the transfer of,
directly or indirectly, the Mortgaged Property or ownership interests of Maker, except as permitted in
the Mortgage and the Other Security Documents.
12. Leases. Without the prior written consent of Payee, which shall not be unreasonably
withheld,Maker shall not enter into any leases for the Mortgage Property.
13. Authori . Maker represents that Maker has full power, authority and legal right to
execute, deliver and perform its obligations pursuant to this Note, the Mortgage and the other Loan
Documents to be executed by it and that to Maker's knowledge this Note, the Mortgage and the Other
Loan Documents to be executed by it constitute valid and binding obligations of Maker.
(00023299 }
—7—
14. NQflees. All notices or other communications required or permitted to be given
pursuant hereto shall be given in the manner specified in the Mortgage directed to the parties at their
respective addresses as provided therein.
15. WAIVER OF JURY TRIAL. MAKER AND PAYEE HEREBY AGREE NOT TO
ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WANE ANY
RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL
NOW OR HEREAFTER EXIST WITH REGARD TO THIS NOTE, THE MORTGAGE, OR ANY
OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION
ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS
GIVEN KNOWINGLY AND VOLUNTARILY BY MAKER AND PAYEE, AND IS INTENDED
TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE
RIGHT TO TRIAL BY JURY WOULD OTHERWISE ACCRUE. MAKER AND PAYEE ARE
EACH HEREBY AUTHORIZED BY THE OTHER TO FILE A COPY OF THIS SECTION IN ANY
PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY MAKER AND PAYEE.
16. Governine Law. Tlus Note shall be governed by and construed in accordance with the
laws of the State of Illinois and the applicable laws of the United States of America.
17. Miscellaneous.
(a) No release of any security for the Debt or any person liable for payment of the Debt,no
extension of time for payment of this Note or any installment hereof, and no alteration, amendment or
waiver of any provision of the Loan Documents made by agreement between Payee and any other
person or party shall release, modify, amend, waive, extend, change, discharge, terminate or affect the
liability of Maker, and any other person or party who might be or become liable for the payment of all
or any part of the Debt, under the Loan Documents.
(b) Maker and all others who may become liable for the payment of all or any part of the
Debt do hereby severally waive presentment and demand for payment, notice of dishonor, protest,
notice of protest, and notice of non-payment. If, after receipt of any payment of all or any part of the
Debt, Payee is compelled or agrees, for settlement purposes, to surrender such payment to any person
or entity for any reason (including, without limitation, a determination that such payment is void or
voidable as a preference or fraudulent conveyance, an impermissible setoff, or a diversion of trust
funds), then this Note and the other Loan Documents shall continue in full force and effect or be
reinstated, as the case may be, and Maker shall be liable for, and shall indemnify, defend and hold
harmless Payee with respect to the full amount so surrendered. The provisions of this Section shall
survive the cancellation or termination of this Note and shall remain effective notwithstanding the
payment of the obligations evidenced hereby, the release of any security interest, lien or encumbrance
securing this Note or any other action which Payee may have taken in reliance upon its receipt of such
payment. Any cancellation, release or other such action shall be deemed to have been conditioned
upon any payment of the obligations evidenced hereby having become final and irrevocable.
(c) This Note may not be modified, amended, waived, extended, changed, discharged or
terminated orally or by any act or failure to act on the part of Maker or Payee, but only by an
agreement in writing signed by both of the parties hereto.
(00023298 ]
(d) Whenever used, the singular number shall include the plural, the plural the singular,
and the words "Payee" and "Maker" shall include their respective successors, assigns, heirs,executors
and administrators.
(e) if Maker consists of more than one person or party, the obligations and liabilities of
each such person or party shall be joint and several.
(f) To the extent permitted by Applicable Law, Payee reserves a right to setoff in all of
Maker's accounts with Payee (whether checking, savings, or some other account). This includes all
accounts with Payee that Maker holds Jointly with someone else and all accounts Maker may open in
the future. However, this does not include any IRA Keogh accounts, or any trust accounts for which
setoff would be prohibited by law. Maker authorizes Payee, to the extent permitted by Applicable
Law, to charge or setoff all sums owing on the Loan against any and all such accounts,and, at Payee's
option, to administratively freeze all such accounts to allow Maker to protect Payee's charge and
setoff rights provided herein.
SIGNATURES FOLLOW ON NEXT PAGE
(00023248 )
IN WITNESS WHEREOF,Maker and Payee have duly executed this Note on the day and
year first above written.
MAIPR:
Michael Butirro Daniel Butirro
(00023248 )
-10-
Business&Professional Consultants,Ltd.
155 N. Pfingsten Road,Suite 325
Deerfield, Illinois 60015
Telephone:(847)498-8880•(847)498-8860
FAX: (847)498-6089
May 19,2014
Richard G. Kozal
Assistant City Manager
City of Elgin
150 Dexter Court
Elgin, ILL 60120-555
Re: Michael&Daniel Butirro
64 South Grove Avenue, Elgin 60120
Dear Richard,
We are the outside accounting firm for Spring Lane Investments, L.L.C. which is the
seller/financier of the mortgage on 64S Grove. Our function as outside accountants is to confirm
and record that the loan payments are being made and allocate the principal and interest.
Please see the attached document for the detail you need regarding the$1,179.05 monthly
mortgage payments,the dates of receipt, allocation of P/I, annual totals,cumulative totals,and
ending loan balance. As you can see,all payments are current.
Our firm also prepares the annual federal form 1098 reflecting mortgage interest paid to Spring Lane
Investments, I.I.C. Attached are copies of the 2013 form 1098's prepared and issued to Michael&
Daniel Butirro by Spring Lane Investments, LLC and filed with the Internal Revenue Service.
I believe that the information provided here and previously should satisfy your requirements. Please
call me if you have any further questions in this matter.
Sincerely,
�u CCi
Robert E.Clausen,CPA
Eric: Schedule of Mortgage Payments to Spring Lane Investments through May 2014
2013 Fed Form(s) 1098 issued by Spring Lane Investments LLC to Michael and Daniel Butirro
cc: Spring Lane Investments, LLC
Michael Butirro
Daniel Butirro
Don Obenauf
Al Domanskis
CERTIFIED PUBLIC ACCOUNTANTS
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CLASSIC ENTERPRISES LTD.
FINANCIAL STATEMENTS
FOR THE MONTH ENDED DECEMBER 31, 2013
CLASSIC ENTERPRISES LTD.
BALANCE SHEET
AS OF DECEMBER 31, 2013 AND 2012
Assets
2013 2012
Current Assets
Cash and Equivalents
Regular Checking Account $ 7,476 $ 0
Total Cash and Equivalents 7,476 0
Other Current Assets
Other Receivables 44,715 0
Total Ot1w Current Assets 44,715 0
Total CUM,tAsseta 52,191 0
Property and Equipment
Furniture and Equipment 63,181 0
Leasehold Improvernents 560,880 0
Building 250,000 0
Less Accumulated Depredation (28,861) 0
Net Property and Equipment 845,200 0
Total Assets 897,391 $ 0
Liabilities and Stockholders' Equity
2013 2012
Current Liabilities
Total Current Liabilities 0 0
Long-Term Liabilities
Bank loans Payable 166,074 0
Loan Payable Mike 65,902 0
Loan Payable Dan 761,685 0
Total Long-Term Liabilities 993,661 0
Total Liabilities 993,661 0
Stockholders'Equity
Net Income $ (96,270) 0
Total Stockholders'Equity (96,270) 0
Total Liabilities and Stockholders'Equity $ 897,391 $ 0
For management internal use only
1
CLASSIC ENTERPRISES LTD.
STATEMENT OF PROFIT AND LOSS
1 MONTH 1 MONTH 12 MONTHS 12 MONTHS
ENDED ENDED ENDED ENDED
DEC.31,2013 96 DEC.31,2012 % DEC.31,2013 % DEC.31,2012 %
Sales
Sales $ 4,318 100.00% $ 0 0100% $ 34,657 100.00% $ 0 0.00 9x
Total Sales 4,318 100.00 0 0.00 34,657 100.00 0 0.00
Gross Profit 4,318 100.00 0 0.00 34,657 100.00 0 0.00
Operating Expenses
Bank Service Charges 0 0.00 0 0.00 5 0.01 0 0.00
Cleaning 0 0.00 0 0.00 200 0.58 0 0.00
Depredation Expense 28,861 668.38 0 0.00 28,861 83.28 0 0.00
Insurance Expense 1,384 32.05 0 0.00 11,522 33.25 0 0.00
License and Fees 0 0.00 0 0.00 8,550 24.67 0 0.00
C4tice Expense 11,402 264.05 0 0.00 11,765 33.95 0 0.00
Office Supplies 0 0.00 0 0.00 1,286 3.71 0 0.00
Other Taxes 0 0.00 0 0.00 18,486 53.34 0 0.00
Postage 0 0.00 0 0.00 112 0.32 0 0.00
Professional Fees 450 10.42 0 0.00 2,800 8.08 0 0.00
Repairs and Maintenance 0 0.00 0 0.00 2,943 8.49 0 0100
Supplies Office 0 0.00 0 0.00 4,464 12.88 0 0.00
Telephone Expense 0 0.00 0 0.00 2,569 7.41 0 0.00
Utlllbes 788 18.25 0 0.00 11,621 33.53 0 0.00
Interest Expense 1,497 34.67 0 0.00 25,744 74.28 0 0.00
Total Operating 44,382 1,027. 0 0.00 130,928 377.79 0 0.00
Expenses 83
Op�er jting Income (40,064) 927.83 10 0.00 (96,271) 277.79 0 0.00
Net Income(Loss) $ (40,064) 927.83 $ 0 0.00% $ (961271) (277.79)% 0 0.00 9a
For management internal use only
1
CLASSIC ENTERPRISES LTD.
FINANCIAL STATEMENTS
FOR THE MONTH ENDED JANUARY 31, 2014
CLASSIC ENTERPRISES LTD.
BALANCE SHEET
-AS OF 3ANUARY 31, 2014 ARID 2013
Assets
2014 2013
Current Assets
Cash and Equivalents
Regular Cheddng Account $ 7,324 $ 48,314
Total Cash and Equivalents 7,324 48,314
Other Current Assets
Other Receivables _ 44,715 33,983
Total Other Current Assets 44,715 33,983
Total Current Assets 52,039 82,297
Property and equipment
Furniture and Equipment 63,181 63,181
Leasehold Improvements 560,880 542,829
Building 250,000 250,000
Mess Accumulated Depredation (31,863) 0
Net Property and.Equipment 842,198 856,010
Total Assetsc Bg4,237 938,307
Liabilides:and Stockholders' E9uity
2014 2013
Current Liabilities
Total Current Liabilities 0 0
Long Term Liabilities
Bank loans Payable 166,074 210,324
Loan Payable Mike 65,902 40,000
Loan Payable ban 761,685 732.278
Total tong-Term Liabilities 993,661 982,602
Total.Liabilities 993,661 982,602.
Stodd holders'Equity
Retained Earnings (96,270) 0
Net Income (3,1544) (44,294)
Total Stockholders'Equity (99,424) (44,294)
Total Liabilities and Stockholders'Equity $ 894,237 $ 936,308
For management internal use only
1
CLASSIC ENTERPRISES LTD.
STATEMENT OF PROFIT AND LOSS
1 MONTH 1 MONTH 1 MONTH 1 MONTH
ENDED ENDED ENDED ENDED
JAN.31,2014 % JAN.31,2013 % ]AN.31,2014 % JAN.31,2013
Sales
Sales $ 5,548 -10D.00% $ 0 0.00% $ 5,548 100.00% $ 0 0.W%
Total Sales 5,548 100.00 0 0.00 5,548 100.00 0 0.00
Gross Profit 5,548 100.00 0 0.00 5,548 100.00 0 0.00
Operating Expanses
Clewing 0 0.00 200 0.00 0 0.00 200 0.00
Depreciation Expense 2,999 54.06 0 0.00 2,999 54.06 0 0.00
Insurance Expense 663 11.95 6,117 0.00 663 11.95 6,117 0.00
License and Fees 0 0.00 8,520 0.00 0 0.0D 8,520 0.00
Office Expense 363 6.54 0 0.00 363 6.54 0 0.00
Office Supplies 0 0.00 1,158 0.00 0 0.00 4,158 0.00
Other Taxes 0 0.00 12,470 0.00 0 0.00 12,470 0.00
Postage 0 0.00 112 0.00 0 0.00 112 D.00
Professional Fees 0 0.D0 1,450 0.00 0 0.00 1,450 0.00
Repairs and Mainteronce 0 0.00 831 0.00 0 0.00 831 0100
Supplies Office 0 0.00 4,464 0.00 0 0.00 '4,464 0.00
Telephone Expense 0 0.00 2,022 0.00 0 0.00 ;2,022 0.00
Utilities 1,376 24.80 3,985 0.00 1,376 24.80 3,985 .0.00
Interest Expense 3,298 59AS 2,966 0.00 3,298 59.45 2,966 0.00
Total Operating 8,699 -156.80 44,295 0.00.. 8,69_9 156.80 44,295 0:00
Expenses..
Operating Income (3,151) 5( 6.80) (44,2.95) 0.00 (3,151) 5660 X94,295) 0.00
(Loss)
Net Income(Loss) $ (3,151) 56.80 $ (44,295) 0.00% (3,151) 56 80 $ (4+,295) 0.00,%
For management internal use only
Exhibit C
MORTGAGE AND ASSIGNMENT OF RENTS
THIS MORTGAGE, made this 23rd day of March, 2011,by Michael Butirro and Daniel Butirro,
all Illinois residents and all with an address at 64 South Grove Avenue, Elgin, IL 60120
(collectively and individually referred to as "Mortgagor") in favor of Spring Lane Investments,
LLC, a Delaware limited liability company,with its principal address at 8 Oak Lake Drive,
Barrington Hills, IL 60010(collectively"Mortgagee").
WITNESSETH :
WHEREAS, this Mortgage secures a loan against non-residential, commercial property.
WHEREAS, Mortgagor is justly indebted to Mortgagee on a certain loan in the principal
amount of One Hundred Ninety Two Thousand and 00/100 Dollars($192,000.00), as well as the
legal fees and expenses associated with the preparation of this loan, and interest thereon
evidenced by that certain Loan Note of even date herewith made by Mortgagor to the order of,
and delivered to,Mortgagee(the "Note").
WHEREAS, pursuant to the Note,Mortgagor promises to pay the said principal sum and
interest at the rate or rates and in installments as provided in said Note, and a final payment of
principal and interest, if not sooner paid, on or before March 1, 2016) at 8 Oak Lake Drive,
Barrington Hills, IL 60010, or such place as the Mortgagee may from time to time in writing
appoint.
This instrument was prepared by PIN No. 06-14-433-025
and should be returned after recording to:
Alexander R. Domanskis Property Address:
Boodell&Domanskis, LLC 64 South Grove
205 N. Michigan Avenue, Suite 4307 Elgin, IL 60120
Chicago, Illinois 60601
{00023256;
1
NOW, THEREFORE, Mortgagor, to secure the payment of the principal indebtedness
and interest thereon in accordance with the terms of the Note, as said Note may be amended,
modified or replaced from time to time, and to secure the performance of the covenants and
agreements herein contained by Mortgagor to be performed and the additional obligations
hereinafter described, and also in consideration of the sum of Ten Dollars($10.00) in hand paid,
the receipt whereof is hereby acknowledged, does by these presents MORTGAGE, GRANT,
REMISE, RELEASE, ALIEN AND CONVEY unto Mortgagee, its successors and assigns, the
commercial real estate and all of its estate, right, title and interest therein situate, lying and being
in the County of Kane and State of Illinois, legally described in Exhibit A, attached hereto and
made a part hereof, which, with the property hereinafter described, is collectively referred to
herein as the"Premises';
TOGETHER with all easements and rights of way appurtenant thereto, and all heretofore
or hereafter vacated alleys and streets abutting said real estate;
TOGETHER with all buildings and other improvements now located thereon or which
may hereafter be placed thereon (the "Improvements"), tenements, easements, fixtures and
appurtenances thereto belonging, and all rents, issues and profits thereof for so long and during
all such times as Mortgagor may be entitled thereto (which are pledged primarily and on a parity
with said real estate and not secondarily), and all fixtures, apparatus, equipment or articles now
or hereafter therein or thereon used to supply heat, gas, electricity, air conditioning, water, light,
power, sprinkler protection, waste removal, refrigeration, and ventilation, it being understood
that the enumeration of any specific articles of property shall in no way exclude or be held to
exclude any items of property not specifically mentioned;
TOGETHER with all the estate, interest, right, title, other claim or demand, including
claims or demands with respect to the proceeds of insurance in effect with respect thereto, which
Mortgagor now have or may hereinafter acquire in the Premises, and any and all awards made
for the taking of eminent domain, or by any proceedings or purchase in lieu thereof, or of the
whole or any part of the Premises, including without limitation any awards resulting from the
change of grade of streets and awards for severance damages;
All of the land, estate and property hereinabove described, real, personal and mixed,
whether affixed or annexed or not (except where otherwise hereinabove specified) and all rights
hereby conveyed and mortgaged are intended so to be as a unit and are hereby understood,
agreed and declared to form a part and parcel of the real estate and to be appropriated to the use
of the real estate, and shall for the purposes of this Mortgage be deemed to be real estate and
conveyed and mortgaged hereby.
Mortgagor covenants that it is lawfully seized of the Premises, that the same are
unencumbered and that it has good right,full power and lawful authority to convey and mortgage
the same, and that they will forever defend said Premises and the quiet and peaceful possession
of the same against the lawful claims of all persons whomsoever.
(00023256)
2
TO HAVE AND TO HOLD the Premises mortgaged and conveyed unto the said
Mortgagee, its successors and assigns, forever, for the purposes and uses herein set forth.
Mortgagor hereby further covenants and agrees to and with Mortgagee,as follows:
1. PROTECTION AND MAINTENANCE OF THE PREMISES.
(a) Maintenance, RMair and Restoration of Improvements, Payment of
Indebtedness, Payment of Prior Liens.
Mortgagor shall: (i) promptly repair, restore or rebuild any building or improvements
now or hereafter on the Premises which may become damaged or destroyed to substantially the
same character as prior to such damage or destruction; (ii) keep said Premises in good condition
and repair, without waste, and free from nuisance, mechanics' lien or other liens or claims for
lien not expressly subordinated to the lien hereof or insured over; (iii)immediately pay when due
any indebtedness which may be secured by a lien or charge on the Premises superior to the lien
hereof, and upon request exhibit satisfactory evidence of the discharge of such prior lien to
Mortgagee; (iv) comply with all requirements of applicable law, including any applicable local,
state or federal environmental laws,municipal ordinances, and restrictions of record with respect
to the Premises and the use thereof; and (v) pay each item of indebtedness secured by this
Mortgage when due according to the terms hereof and of the Note; and (vi) complete, within a
reasonable time, the Improvements at any time in the process of erection upon the Premises. As
used in this Paragraph 1 and elsewhere in this Mortgage, the term "indebtedness" shall mean and
include the principal sum evidenced by the Note, together with all interest thereon, and all other
sums at any time secured by this Mortgage.
(b) Contested Liens. Notwithstanding anything to the contrary herein
contained, Mortgagor shall have the right to contest by appropriate legal or administrative
proceedings diligently prosecuted any mechanics', materialmen's or other lien or claim for lien
upon the Premises (collectively referred to as a "Contested Lien") and no Contested Lien shall
constitute a Default (hereinafter defined) hereunder, provided that Mortgagor shall furnish to
Mortgagee such security as may be deemed reasonably satisfactory to Mortgagee to insure
payment thereof and to prevent any sale, foreclosure or forfeiture of the Premises by reason of
nonpayment thereof, and provided further that, upon final determination of the lien or claim for
lien, Mortgagor shall immediately pay any judgment recorded, with all prior costs and charges,
and shall have the lien released and any judgment satisfied. Security delivered to Mortgagee in
the form of cash or its equivalent shall be released to Mortgagor to be applied toward satisfaction
of such judgment upon presentation of appropriate documentation.
2. PAYMENT OF TAXES TAX CONTESTS OR TAX DEPOSITS.
(a) Mortgagors Obligation to Pay Taxes When Due. Mortgagor shall pay
when due and before any penalty or interest attaches all general real estate taxes, and shall pay
special taxes, special assessments, water charges, sewer service charges, and all other like
(00023256) 3
charges against the Premises of any nature whatsoever when due and prior to delinquency (all
hereinafter referred to as "Taxes"), and shall, upon written request, furnish to Mortgagee
duplicate receipts therefor.
(b) Right to Contest Taxes. Mortgagor may contest the validity or amount of
any such Taxes by appropriate legal or administrative proceedings diligently prosecuted,
provided that if in conjunction with such contest Tenant shall not pay such contested tax,
pending any such legal proceedings, Mortgagor shall give Mortgagee such security as may be
deemed reasonably satisfactory to Mortgagee to insure payment of the amount of the tax,
assessment,tax lien or other imposition or charge, and any and all interest and penalties thereon,
including Mortgagee's reasonable attorneys' fees as may be required. Security delivered to
Mortgagee in the form of cash or its equivalent shall be released to Mortgagor to discharge any
tax due with respect to said contest,upon presentation of appropriate documentation.
3. INSURANCE.
(a) Mortgagor to Maintain Insurance. Mortgagor shall maintain.the following
policies of insurance with respect to the Premises: (a) casualty insurance for the full replacement
cost of the completed Improvements and (b)public liability insurance. All policies of insurance
to be furnished hereunder shall be in forms, companies and amounts satisfactory to Mortgagee,
with standard mortgagee clauses attached to all policies in favor of and in form satisfactory to
Mortgagee, naming Mortgagee as loss payee, and including a provision requiring that the
coverage evidenced thereby shall not be terminated or materially modified without less than ten
10 days' prior written notice to Mortgagee and with Mortgagee named as an additional insured
with respect to all public liability insurance carried by Mortgagor. Mortgagor shall deliver all
policies, including additional and renewal policies, to Mortgagee, and, in the case of insurance
about to expire, shall deliver renewal policies not less than thirty (30) days prior to their
respective dates of expiration.
(b) No Separate Insurance. Mortgagor shall not take out separate insurance
concurrent in form or contributing in the event of loss with that required to be maintained
hereunder unless Mortgagee is included thereon under a standard mortgage clause acceptable to
Mortgagee. Mortgagor shall immediately notify Mortgagee whenever any such separate
insurance is taken out and shall promptly deliver to Mortgagee the policy or policies of such
insurance.
4. ASSIGNMENT OF RENTS AND INCOME. To further secure the Note,
Mortgagor hereby assigns unto Mortgagee, and grants to Mortgagee a security interest in, all of
the rents, leases and income now or hereafter generated with respect to the operation of the
business on the Premises, it being the intention hereby to establish an absolute transfer and
assigiunent of all such leases, rents and income thereunder to Mortgagee, however such income
is generated, and with respect to the assignment of leases, whether such leases now exist or shall
exist in the future. Mortgagor hereby irrevocably appoints Mortgagee its attorney-in-fact (this
power of attorney and any other powers of attorney granted herein are powers coupled with an
100023256) 4
interest and cannot be revoked, modified or altered without the written consent of Mortgagee)
with or without taking possession of the Premises as provided herein, to lease any portion of the
Premises to any party upon such terms as Mortgagee shall determine, to collect all income
generated by the business on the Property and to collect all rents due under each of the leases,
with the same rights and powers and subject to the same immunities, exoneration of liability and
rights of recourse and indemnity as Mortgagee would have upon taking possession pursuant to
the provisions of this Mortgage. Mortgagor represents that no rent has been or will be paid by
any person in possession of any portion of the Premises for more than one installment in advance
and that the payment of none of the rents for any portion of the Premises has been or will be
waived, reduced or otherwise discharged or compromised by Mortgagor. Mortgagor waives any
rights of set-off against any person in possession of any portion of the Premises. Mortgagor
agrees that it will not assign any of the rents, income or profits of the Premises, except to a
purchaser or grantee of the Premises. Nothing herein contained shall be construed as
constituting Mortgagee a mortgagee in possession in the absence of the taking of actual
possession of the Premises by Mortgagee pursuant to this Mortgage. Mortgagor expressly
waives all liability of Mortgagee in the exercise of the powers herein granted Mortgagee except
for Mortgagee's gross negligence or willful misconduct. Mortgagor shall execute and deliver, at
the request of Mortgagee, all such further assurances and assignments in the Premises as
Mortgagee shall from time to time require. Although the assignment contained in this paragraph
is a present assignment, Mortgagee shall not exercise any of the rights or powers conferred upon
it by this paragraph until a Default shall exist under this Mortgage. Within thirty (30) days of
Mortgagee's written demand, Mortgagor will furnish Mortgagee with executed copies of each of
the leases and with estoppel letters from each tenant in a form satisfactory to Mortgagee.
Mortgagor hereby warrants and represents that there are no leases for all or any part of the
Improvements presently in effect.
5. EFFECT OF EXTENSIONS OF TIME. If the payment of said indebtedness or
any part thereof be extended or varied or if any part of any security for the payment of the
indebtedness be released, all persons now or at any time hereafter liable therefore, or interested
in said Premises, shall be held to assent to such extension, variation or release, and their liability
and the lien and all provisions hereof shall continue in full force, the right of recourse against all
such persons being expressly reserved by the Mortgagee, notwithstanding such extension,
variation or release.
6. MORTGAGEE'S PERFORMANCE OF DEFAULTED ACTS. In case of De-
fault (defined below), Mortgagee may, but need not, make any payment or perform any act
herein required of Mortgagor in any form and manner deemed expedient, and may be made or
accomplished either before or after acceleration of the indebtedness secured hereby or
foreclosure of the lien hereof and during the period of redemption, if any. Mortgagee may, but
need not, make full or partial payments of principal or interest on prior encumbrances, if any,
and purchase, discharge, compromise or settle any tax lien or other prior lien or title
encumbrance or claim thereof, or redeem from any tax sale or forfeiture affecting said Premises
or contest any tax or assessment or cure any default of landlord in any lease of the Premises. All
monies paid for any of the purposes herein authorized and all expenses paid or incurred in
{00023256 1 5
connection therewith, including reasonable attorneys' fees, and any other monies advanced by
Mortgagee in regard to any tax if not paid and or to protect the Premises or the lien hereof, shall
be so much additional indebtedness secured hereby, and shall become immediately due and
payable without notice and with interest thereon at the Default Rate specified in the Note
(hereinafter called the "Default Rate"). Inaction of Mortgagee shall never be considered as a
waiver of any right accruing to it on account of any default on the part of Mortgagor.
7. MORTGAGEE'S RELIANCE. Mortgagee in making any payment hereby
authorized. (a)relating to taxes and assessments, may do so according to any bill, statement or
estimate procured from the appropriate public office without inquiry into the accuracy of such
bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or
title or claim thereof; or (b) for the purchase, discharge, compromise or settlement of any other
prior lien, may do so without inquiry as to the validity or amount of any claim for lien which
may be asserted,subject to Mortgagor's rights as set forth in sub-paragraphs 1(b)and 2(b)hereof.
8. ACCELERAJION OF INDEBTEDNESS IN CASE OF DEFAULT. Mortgagor
further covenants and agrees with Mortgagee, that if (a) default be made in the due and punctual
payment of the Note secured hereby, or any payment due in accordance with the terms thereof
and such default is not cured within the time periods set forth in the Note; or(b) Mortgagor shall
file a petition in voluntary bankruptcy or under any Chapter of Title Eleven of the United States
Code or any similar law, state or federal, whether now or hereafter existing, or any answer
admitting insolvency or inability to pay its debts, or fail to obtain a vacation or stay of involun-
tary proceedings within sixty (60) days, as hereinafter provided; or (c) Mortgagor shall be
adjudicated a bankrupt, or a trustee or a receiver shall be appointed for Mortgagor or the major
part thereof in any involuntary proceeding or any court shall have taken jurisdiction of the
property of Mortgagor in any involuntary proceeding for the reorganization, dissolution,
liquidation or winding up of such Mortgagor, and such trustee or receiver shall not be discharged
or such jurisdiction relinquished or vacated or stayed on appeal or otherwise stayed within sixty
(60) days; or (d) Mortgagor shall make an assignment for the benefit of creditors, or shall admit
in writing its inability to pay its debts generally as they become due, or shall consent to the
appointment of a receiver or trustee or liquidator of all of its property or the major part thereof,
or(e) default shall be made in the due observance or performance of any other of the covenants,
agreements or conditions hereinbefore or hereinafter contained, required to be kept or performed
or observed by Mortgagor, which shall not be cured within thirty (30) days after written notice
thereof is sent by Mortgagee to Mortgagor, or commenced to be corrected and diligently pursued
to completion within sixty (60) days after such notice if correction is impossible to perform
within a 30-day period; or(0 the occurrence of a Prohibited Transfer(as defined in Paragraph 28
below); or(g) default which shall not have been cured within the applicable grace period, if any,
shall be made in the due observance or performance of any of the covenants, agreements or
conditions contained, required to be kept or observed by Mortgagor or die beneficiary of
Mortgagor in any other instrument given to secure the payment of the Note, including that
certain Security Agreement of even date herewith by and between the beneficiary of Mortgagor
and Mortgagee, then and in every such case the whole of the indebtedness hereby secured shall,
at once, at the option of Mortgagee, become immediately due and payable without notice to
{00023256} 6
Mortgagor. For purposes of this Mortgage, each of the events described in (a)through (g) in the
preceding shall be referred to as a "Default". If while any insurance proceeds or condemnation
awards are being held by Mortgagee to reimburse Mortgagor for the cost of rebuilding or
restoration of any or all Improvements on the Premises, as set forth in this Mortgage,Mortgagee
shall be or become entitled to, and shall accelerate the indebtedness secured hereby,then and in
such event, Mortgagee shall be entitled to apply all such insurance proceeds and condemnation
awards then held by it in reduction of the indebtedness hereby secured and any excess held by it
over the amount of indebtedness then due hereunder shall be returned to Mortgagor or any
subsequent party holding record title to the Premises or otherwise entitled thereto, without
interest.
9. FORECLOSURE:EXPENSE OF LITIGATION
(a) Right to Foreclosure. In case of Default,Mortgagee shall have the right to
foreclose the lien hereof for the indebtedness secured hereby or part thereof in accordance with
the applicable state law, and to exercise any other remedies of Mortgagee at law or in equity or
otherwise. In any suit to foreclose the lien hereof, there shall be allowed and included as
additional indebtedness in the decree for sale all reasonable expenditures and expenses which
may be paid or incurred by or on behalf of Mortgagee for reasonable attorneys' fees, appraisers'
fees,outlays for documentary and expert evidence, stenographers'charges,publication costs, and
costs (which may be estimated as to items to be expended after entry of the decree) of procuring
all such abstracts of title,title searches and examinations, title insurance policies and similar data
and assurances with respect to the title as Mortgagee may deem reasonably necessary either to
prosecute such suit or to evidence to bidders at any sale which may be had pursuant to such
decree the true condition of the title to or the value of the Premises. All costs and expenses of
the nature mentioned in this paragraph and such reasonable expenses and fees as may be incurred
in the protection of said Premises and the maintenance of the lien of this Mortgage, including the
reasonable fees of any attorney employed by Mortgagee in any litigation or proceeding affecting
this Mortgage, the Note or said Premises, including probate and bankruptcy proceedings, or in
preparations for the commencement or defense of any proceeding or threatened suit or
proceeding shall imunediately become due and payable by Mortgagor,with interest thereon at the
Default Rate (as defined in the Note) from the time of such expenditure until paid. Anything
herein to the contrary notwithstanding, any costs or fees of Mortgagee that is awarded or
confirmed by any court in conjunction with the foreclosure proceedings set forth herein shall be
deemed reasonable.
(b) Mortgagee May Bid. Upon any foreclosure sale, Mortgagee may bid for
and purchase the Premises and shall be entitled to apply all or part of the indebtedness secured
hereby as a credit to the purchase price.
10. APPLICATION OF PROCEEDS OF FORECLOSURE SALE. The proceeds of
any foreclosure sale of the Premises shall be distributed and applied in the following order of
priority: first, on account of all costs and reasonable expenses incident to the foreclosure pro-
ceedings, including all such items as are mentioned in the preceding paragraph hereof; second,
(00023256) 7
all other items which may under the terms hereof constitute secured indebtedness additional to
that evidenced by the Note, with interest thereon as herein provided and all principal and interest
remaining unpaid on the Note; third, any surplus to any party entitled thereto as their rights may
appear.
11. POSSESSIQN DURING FORECLOSURE.
(a) Appointment of Receiver. Upon, or at any time after the filing of a
complaint to foreclose this Mortgage, the court in which such complaint is filed may appoint a
receiver of said Premises upon Mortgagee's request, and Mortgagor hereby waives any objection
thereto and agrees not to raise any such objection during any foreclosure proceeding. Such
appointment may be made either before or after sale, without notice, without regard to the
solvency or insolvency of Mortgagor at the time of application for such receiver and without
regard to the then value of the Premises or whether the same shall be then occupied as a
homestead or not and Mortgagee hereunder or any holder of the Note may be appointed such
receiver. Such receiver shall have power to collect the rents, issues and profits of said Premises
during the pendency of such foreclosure suit and, in case of a sale and a deficiency during the
full statutory period of redemption, whether there be redemption or not, as well as during any
Rather times when Mortgagor, except for the intervention of such receiver, would be entitled to
collect such rents,issues and profits,and all other powers which may be necessary or are usual in
such cases for the protection, possession, control, management and operation of the Premises
during the whole of said period. The court from time to time may authorize the receiver to apply
the net income in his hands in payment in whole or in part of: (i) the indebtedness secured
hereby, or by any decree foreclosing this Mortgage, or any tax, special assessment or other lien
which may be or become superior to the lien hereof or of such decree,provided such application
is made prior to the foreclosure; (u)the deficiency in case of a sale and deficiency.
(b) Mortgagee's Right of Possession in Case of Default. In any case in which
under the provisions of this Mortgage, Mortgagee has a right to institute foreclosure proceedings,
whether before or after the whole principal sum secured hereby is declared to be immediately
due, or whether before or after the institution of legal proceedings to foreclose the lien hereof or
before or after sale thereunder,forthwith, upon demand of Mortgagee, Mortgagor shall surrender
to Mortgagee and Mortgagee shall be entitled to take actual possession of the Premises or any
part thereof personally, or by its agent or attorneys. In such event, Mortgagee in its discretion
may, with process of law, enter upon and take and maintain possession of all or any part of said
Premises,together with all documents,books, records,papers and accounts of Mortgagor or then
owner of the Premises relating thereto, and may exclude Mortgagor, their respective agents or
servants,wholly therefrom and may as attorney in fact or agent of Mortgagor,or in its own name
as Mortgagee and under the powers herein granted, hold, operate, manage and control the
Premises and conduct the business, if any, thereof, either personally or by its agents, and with
full power and to use such measures, legal or equitable, as in its discretion or in the discretion of
its successors or assigns may be deemed proper or necessary to enforce the payment or security
of the avails, income,rents, issues, and profits of the Premises,including actions for the recovery
of rent, actions in forcible detainer and actions in distress for rent, and with full power: (i) to
cancel or terminate any lease or sublease for any cause or on any ground which would entitle
(00023256) 8
Mortgagor to cancel the same; (ii) to elect to disaffirm any lease or sublease which is then
subordinate to the lien hereof, provided Mortgagee has not previously agreed to recognize the
rights of possession of a tenant thereunder; (iii) to extend or modify any then existing leases and
to make new leases, which, extensions, modifications and new leases may provide for terms to
expire, or for options to lessees to extend or renew terms to expire, beyond the maturity date of
the indebtedness hereunder and beyond the date of the issuance of a deed or deeds to a purchaser
or purchasers at a foreclosure sale, it being understood and agreed that any such leases, and the
options or other such provisions to be contained therein, shall be binding upon Mortgagor and all
persons whose interests in the Premises are subject to the lien hereof and upon the purchaser or
purchasers at any foreclosure sale, notwithstanding any redemption from sale, discharge of the
mortgage indebtedness, satisfaction of any foreclosure decree, or issuance of any certificate of
sale or deed to any purchaser; (iv) to make all necessary or proper repairs, decorating, renewals,
replacements, alterations, additions, betterments and improvements to the premises as to it may
seem judicious; (v) to insure and reinsure the same and all risks incidental to Mortgagee's posses-
sion, operation and management thereof; and (vi) to receive all of such avails, rents, issues and
profits; hereby granting full power and authority to exercise each and every of the rights,
privileges and powers herein granted at any and all times hereafter, without notice to Mortgagor.
Mortgagee shall not be obligated to perform or discharge, nor does it hereby undertake to
perform or discharge, any obligation, duty or liability under any leases. Mortgagor shall and
does hereby agree to indemnify and hold Mortgagee harmless of and from any and all liability,
loss or damage which it may or might incur under said leases or under or by reason of the
assignment thereof and of and from any and all claims and demands whatsoever which may be
asserted against it by reason of any alleged obligations or undertakings on its part to perform or
discharge any of the terms, covenants or agreements contained in said leases. Should Mortgagee
incur any such liability, loss or damage, under said leases or under or by reason of the
assignment thereof, or in the defense of any claims or demands, the amount thereof, including
costs, expenses and reasonable attorneys' fees, shall be secured hereby, and Mortgagor shall
reimburse Mortgagee therefor immediately upon demand.
(c) Application of Income Received by Mortgauee. Mortgagee, in the
exercise of the rights and powers hereinabove conferred upon it, shall have full power to use and
apply the avails, rents, issues and profits of the Premises to the payment of or on account of the
following, in such order as Mortgagee may determine:
(i) to the payment of the operating expenses of said Premises, including cost
of management and sale or leasing thereof(which shall include reasonable compensation
to Mortgagee and its agent or agents, if management be delegated to an agent or agents,
and shall also include lease or sale commissions and other compensation and expenses of
seeking and procuring tenants or purchasers and entering into leases or sales contracts),
established claims for damages, if any, and premiums on insurance bereinabove
authorized;
(00023256) 9
(ii) to the payment of taxes and special assessments now due or which may
hereafter become due on the Premises; and, if this is a leasehold mortgage, of all rents
due or which may become hereafter due under the underlying lease;
(iii) to the payment of all repairs, decorating, renewals, replacements,
alterations, additions, betterments, and improvements of the Premises, including the cost
from time to time of installing or replacing personal property such as appliances therein,
and of placing the Premises in such condition as will, in the judgment of Mortgagee,
make it readily rentable or saleable; and
(iv) to the payment of any indebtedness secured hereby or any deficiency
which may result from any foreclosure sale.
12. RIGHTS AND REMEDIES CUMULATIVE, NO WAIVER. Each right, power
and remedy herein conferred upon Mortgagee is cumulative and in addition to every other right,
power or remedy, express or implied, given now or hereafter existing, at law or in equity, and
each and every right, power and remedy herein set forth or otherwise so existing may be
exercised from time to time as often and in such order as may be deemed expedient by
Mortgagee, and the exercise or the beginning of the exercise of one right, power or remedy shall
not be a waiver of the right to exercise at the same time or thereafter any other right, power or
remedy, and no delay or omission of Mortgagee in the exercise of any right, power or remedy
accruing hereunder or arising otherwise shall impair any such right, power or remedy, or be
construed to be a waiver of any default or acquiescence therein.
13. RELEASE UPON PAYMENT AND DISCHARGE OF MORTGAGOR'S
OBLIGATIONS. Mortgagee shall release this Mortgage and the lien thereof by proper
instrument upon payment and discharge of all indebtedness secured hereby. Mortgagee may
require from Mortgagor reimbursement of any reasonable attorneys' fees and other out of pocket
expenses incurred for preparation and delivery of any release.
Mortgagee shall not withhold from Mortgagor, or fail to execute, any and all releases
necessary for the transfer or sale of any of the planned condominium units to be located at the
Property. Mortgagee shall provide, when requested, a release of mortgage for the sale of each
individual unit of the planned condominium.
14. GIVING OF NOTICE. Any notice which shall be required to be given hereunder
shall be in writing, and the mailing thereof in the United States mail by certified or registered
mail addressed to Mortgagor and Mortgagee at their respective addresses as set forth in
Paragraph 29(c) hereof, or at such other place as any Mortgagor or Mortgagee may by notice in
writing designate as a place for service of notice, or personal delivery, or overnight courier,shall
constitute service of notice hereunder. Any notice mailed shall be deemed to have been given
two (2) business days after the date of mailing. Notice may also be given by hand delivery and,
in such case,shall be deemed to have been given as of the date of receipt.
{00023256) 10
15. WAIVER OF DEFENSE. No action for the enforcement of the lien or of any
provision hereof shall be subject to any defense which would not be good and available to the
party interposing same in an action at law upon the Note hereby secured.
lb. WAIVERS.
(a) Waiver of Statutory Rights. To the extent permitted by law,Mortgagor
hereby expressly waives any and all rights of redemption from sale under any order or decree of
foreclosure of this Mortgage, or under any sale pursuant to any statute,order,decree or judgment
of any court, on their own behalves and on behalf of each and every person (except decree or
judgment creditors of Mortgagor) acquiring any interest in or title to the Premises subsequent to
the date of this Mortgage, and to the extent permitted by law, hereby waive any homestead right
in and to the Premises.
(b) Waiver of Claims. To the extent permitted by law, Mortgagor further
waives any and all right to claim or recover against Mortgagee, its officers, employees, agents
and representatives for loss or damage to any Mortgagor, the Premises, any Mortgagor's other
property, or the property of others under any Mortgagor's control from any cause except for the
gross negligence and willful or malicious acts of Mortgagee, its employees, agents and
representatives. All sums payable by Mortgagor hereunder shall be paid without notice, demand,
counterclaim, setoff, deduction, or defense, and without abatement, suspension, deferment,
diminution, or reduction, and the obligations and liabilities of Mortgagor hereunder shall in no
way be released, discharged, or otherwise affected (except as expressly provided herein) by
reason of: (i) any damage to or destruction of or any condemnation or similar taking of the
Premises or any part thereof, (ii) any restriction or prevention of or interference with any use of
the Premises or any part thereof; (iii) any title defect or encumbrance or any eviction from the
Premises or any part thereof by title paramount or otherwise; (iv) any bankruptcy, insolvency,
reorganization, composition, adjustment, dissolution, liquidation, or other like proceeding
relating to Mortgagee, or any action taken with respect to this Mortgage by any trustee or
receiver of Mortgagee, or by any court, in any such proceeding; (v) any claim which Mortgagor
has or might have against Mortgagee; (vi)-any default or failure on the part of Mortgagee to
perform or comply with any of the terms hereof of any other agreement with Mortgagor; or (vii)
any other occurrence whatsoever, whether similar or dissimilar to the foregoing; or whether or
not Mortgagor shall have notice or knowledge of any of the foregoing. Except as expressly
provided herein, Mortgagor waives all rights now or hereafter conferred by statute or otherwise
to any abatement, suspension, deferment, diminution, or reduction of any obligations secured
hereby.
17. FILING AND RECORDING FEES. Mortgagor will pay all filing, registration or
recording fees, and all expenses incident to the execution and acknowledgment of this Mortgage
and all federal, state, county and municipal taxes, and other taxes (other than Mortgagee's
income on other like taxes accruing by reason of the interest payable on the loan), duties,
imposts, assessments and charges arising out of or in connection with the execution and delivery
of said Note and this Mortgage.
(00023256) l 1
18. NO MERGER. It being the desire and intention of the parties hereto that the
Mortgage and the lien thereof do not merge in fee simple title to the Premises, it is hereby
understood and agreed that should Mortgagee acquire any additional or other interests in or to
the Premises or the ownership thereof, then, unless a contrary intent is manifested by Mortgagee
as evidenced by an express statement to that effect in an appropriate document duly recorded,
this Mortgage and the lien thereof shall not merge in the fee simple title,toward the end that this
Mortgage may be foreclosed as if owned by a stranger to the fee simple title.
19. TRUTH-IN-LENDING. Mortgagor represents and agrees that the obligations
secured hereby is an exempt transaction under the Truth-In-Lending Act, 15 U.S.C., § 1601 et
seq.
20. MA2MIUM ALLOWABLE RATE OF INTEREST. All agreements herein and
in the Note are expressly limited so that in no contingency or event whatsoever, whether by
reason of advancement of the proceeds hereof, acceleration of maturity of the unpaid principal
balance of the Note, or otherwise, shall the amount paid or agreed to be paid to Mortgagee for
the use, forbearance or detention of the money to be advanced hereunder exceed the highest
lawful rate permissible under applicable usury laws. If, from any circumstances whatsoever,
fulfillment of any provision hereof or of the Note or any other agreement referred to herein, at
the time performance of such provision shall be due, shall involve transcending the limit of
validity prescribed by law which a court of competent jurisdiction may deem applicable hereto,
then, ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity and if
from any circumstance Mortgagee shall ever receive as interest an amount which would exceed
the highest lawful rate, such amount which would be excessive interest shall be applied to the
reduction of the unpaid principal balance due under the Note and not to the payment of interest.
21. MORTGAGEE'S LIEN FOR SERVICE CHARGE AND EXPENSES. At all
times, regardless of whether any loan proceeds have been disbursed, this Mortgage secures (in
addition to any loan proceeds disbursed from time to time) the payment of any and all loan fees
or service charges, liquidated damages, loan expenses including but not limited_to reasonable
attorneys' fees of Mortgagee's counsel to prepare loan documents, appraisal fees, and advances
due to or incurred by Mortgagee in connection with the loan to be secured hereby, provided,
however, that in no event shall the total amount of loan proceeds disbursed plus such additional
amounts exceed three hundred percent(300 1/4)of the face of the Note.
22. MISCELLANEOUS. The following understandings shall be applicable to this
Mortgage.
(a) Successors. This Mortgage and all provisions hereof shall extend to and
be binding upon Mortgagor and its successors, grantees and assigns, any subsequent owner or
owners of the Premises and all persons claiming under or through any Mortgagor, and the word
"Mortgagor" or "Mortgagors" when used herein shall include all such persons and all persons
liable for the payment of the indebtedness or any part thereof, whether or not such persons shall
have executed said Note or this Mortgage. The word "Mortgagee" when used herein shall
t00023Z56 1 12
include the successors and assigns of Mortgagee named herein, and the holder or holders, from
time to time,of any Note secured hereby.
(b) Invalidity of a Provision. In the event one or more of the provisions
contained in this Mortgage or any Note secured hereby or in any other security documents given
to secure the payment of the Note secured hereby shall for any reason be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall at the
option of Mortgagee, not affect any other provision of this Mortgage, and this Mortgage shall be
construed as if such invalid, illegal or unenforceable provision had never been contained herein
or therein.
(c) Notices. Any notice which any party hereto may be required or may
desire to give hereunder shall be in writing and shall be deemed to have been given on the
second business day after mailing if mailed by United States registered or certified mail in
Illinois addressed to their addresses as set forth herein or as changed by prior notification to the
other party.
(d) Illinois Law. This Mortgage and the Note it secures are to be construed
and governed by the laws of the state of Illinois.
(e) Grammatical Adjustments. Whenever the context requires, the singular
form of any word herein shall include the plural form, and vice versa, and the neuter form of any
word shall include the masculine and feminine forms,and vice versa.
SIGNATURES FOLLOW ON NEXT PAGE
{00023256) 13
IN WITNESS WHEREOF, Mortgagor has executed this instrument the day and year first
above written.
MGGR:
Michael Butirro Daniel Butirro
State of Illinois )
SS
County of Qzuv, )
1, the undersigned, a Notary Public, in and for the County and State aforesaid, DO
HEREBY CERTIFY,that Michael Butirro,personally known to me to be the same person whose
name is subscribed to the foregoing instrument, appeared before me this day in person and
severally acknowledged that he signed the foregoing instrument as his free and voluntary act and
deed as aforesaid, for the uses and purposes therein set forth.
Given under my hand and official seal, this 23rd day of March,2011.
....,.r,.No, tS
Commission expires: OFFICIAL SEAL
yEAT1 :R HUGHES
r1OTARY PUGLIC-STATE OF ILLINOIS
4�W CosAMSSION cX°S2_ .03131f12
nww '"
State of Illinois )
SS
County of CA4-- )
I, the undersigned, a Notary Public, in and for the County and State aforesaid, DO
HEREBY CERTIFY, that Daniel Butirro, personally known to me to be the same person whose
name is subscribed to the foregoing instrument, appeared before me this day in person and
severally acknowledged that he signed the foregoing instrument as his flee and voluntary act and
deed as aforesaid, for the uses and purposes therein set forth.
Given under my hand and official seal,this 23rd day of March,2011.
bljj&A �" —
Notary Pub is
Commission expires:
OFFICIAL SEAL
HEATHER HUGHES
NOTARY P IBLIC•S,IAT,E OF iLLINDIS ,
t,?Y C'(AmsslaN EXPIR.ES:03f31112
,000232561 14
EXHIBIT "A„
LEGAL DESCRIPTION
Address: 64 South Grove Avenue,Elgin,IL 60120
PIN: 06-14-433-025
THE SOUTHERLY 25 FEET OF THE NORTHERLY 33 FEET OF LOT 10 IN BLOCK 21 OF
THE ORIGINAL TOWN OF ELGIN ON THE EAST SIDE OF FOX RIVER,(EXCEPT THAT
PART LYING WESTERLY OF THE EASTERLY LINE OF RIVERDALE AVENUE)IN THE
CITY OF ELGIN,KANE COUNTY, ILLINOIS.
(00023256) 15
Amortization Schedule
Mar,2011 $880.00 $299.05 $191,700.95
Apr, 2011 $878.63 $300.42 $191,400.53
May, 2011 $877.25 $301.80 $191,098.74
Jun,2011 $875.87 $303.18 $190,795.56
Jul,2011 $874.48 $304.57 $190,490.99
Aug, 2011 $873.08 $305.96 $390,185.03
Sep, 2011 $871.68 $307.37 $189,877.66
Oct,2011 $870.27 $308.78 $189,566.88
Nov, 2011 $868.86 $310.19 $189,258.69
Dec,2011 $867.44 $311.61 $188,947.08
Jan,2012 $866.01 $313.04 $188,634.04
Feb,2012 $864.57 $314.48 $188,319.57
Mar,2012 $863.13 $315.92 $188,003.65
Apr, 2012 $861.68 $317.36 $187,686.28
May,2012 $860.23 $318.82 $187,357.47
Jun, 2012 $858.77 $320.28 $187,047.18
Jul,2012 $857.30 $321.75 $186,725.44
Aug,2012 $855.82 $323.22 $186,402.21
Sep,2012 $854.34 $324.70 $186,077.51
Oct,2012 $852.86 $326.19 $185,751.32
Nov,2012 $851.36 $327.69 $185,423.63
Dec,2012 $849.86 $329.19 $1B5,094.44
Jan,2013 $848.35 $330.70 $184,763.74
Feb,2013 $846.83 $332.21 $184,431.53
Mar,2013 $845.31 $333.74 $184,097.79
Apr,2013 $843.78 $335.27 $183,762.52
May,2013 $842.24 $336.80 $183,425.72
Jun,2013 $840.70 $338.35 $183,087.37
Jul, 2013 $839.15 $339.90 $182,747.48
Aug,2013 $837.59 $341.46 $182,406.02
Sep,2013 036.03 $343.02 $182,063.00
Oct,2013 $834.46 $344.59 $181,718.41
Nov,2013 $832.88 $346.17 $181,372.24
Dec,2013 $831.29 $347.76 $181,024.48
Jan,2014 $829.70 $349.35 $18D,675.12
Feb,2014 $828.09 $350.95 $180,324.17
Mar, 2014 $826.49 $352.56 $179,971.61
Apr,2014 $824.87 $354.18 $179,617.43
May,2014 $823.25 $355.80 $179,261.63
J00023979) �- -�
Jun,2014 $821.62 $357.43 $178,904.20
Jul, 2014 $819.98 $359.07 $178,545.13
Aug,2014 $818.33 $360.72 $176,184.41
Sep,2014 $816.68 $362.37 $177,822.04
Oct,2014 $815.02 $364.03 $177,458.01
Nov,2014 $813.35 $365.70 $177,092.31
Dec,2014 $811.67 $367.37 $176,724.94
Jan,2015 $809.99 $369.06 $176,355.88
Feb, 2015 $808.30 $370.75 $175,985.13
Mar,2015 $806.60 $372.45 $175,612.68
Apr,2015 $804.89 $374.16 $175,238.52
May,2015 $803.18 $375.87 $174,862.65
Jun, 2015 $801.45 $377.59 $174,485.06
Jul, 2015 $799.72 $379.32 $174,105.73
Aug,2015 $797.98 $381.06 $173,724.67
Sep,2015 $796.24 $382.81 $173,341.86
Oct, 2015 $794.48 $384.56 $172,957.29
Nov,2015 $792.72 $386.33 $172,570.97
Dec,2015 $790.95 $388.10 $172,182.87
Jan,2016 $789.17 $389.88 $171,792.99
Feb,2016 $787.38 $391.66 $171,401.33
Mar,2016 $785.59 $393.46 $171,007.87 .f
Apr, 2016 $783.79 $395.26 $170,612.61
May, 2016 $781.97 $397.07 $170,215.53
Jun, 2016 $780.15 $398.89 $169,816.64
Jul, 2016 $778.33 $400.72 $169,415.92
Aug, 2016 $776.49 $402.56 $169,013.36
Sep,2016 $774.64 $404.40 $168,608.96
Oct,2016 $772.79 $406.26 $168,202.70
Nov,2016 $770.93 $408.12 $167,794.58
Dec,2016 $769.06 $409.99 $167,384.59
Jan, 2017 $767.18 $411.87 $166,972.72
Feb, 2017 $765.29 $413.76 $166,558.97
Mar, 2017 $763.40 $415.65 $166,143.31
Apr, 2017 $761.49 $417.56 $165,725.76
May,2017 $759.58 #419.47 $165,306.29
Jun,2017 $757.65 $421.39 $164,884.89
Jul, 2017 $755.72 $423.33 $164,461.57
Aug,2017 $753.78 $425.27 $164,036.30
Sep,2017 $751.83 $427.21 $163,609.08
Oct, 2017 $749.87 $429.17 $163,179.91
Nov, 2017 $747.91 $431.14 $162,748.77
(00023979) IK
Dec,2017 $745.93 $433.12 $162,315.66
Tan,2018 $743.95 $435.10 $161,880.55
Feb,2018 $741.95 $437.10 $161,443.46
Mar,2018 $739.95 $439.10 $161,004.36
Apr,2018 $737.94 $441.11 $160,563.25
May,2018 $735.91 $443.13 $160,120.12
Jun,2018 $733.88 $445.16 $159,674.95
Jut, 2018 $731.84 $447.20 $159,227.75
Aug,2018 $729.79 $449.25 $158,778.49
Sep,2018 $727.73 $451.31 $158,327.18
Oct, 2018 $725.67 $453.38 $157,873.80
Nov,2018 $723.59 $455.46 $157,418.34
Dec,2018 $721.50 $457.55 $156,960.79
Jan, 2019 $719,40 $459.64 $156,501.15
Feb,2019 $717.30 $461.75 $156,039.40
Mar,2019 $715.18 $463.87 $155,575.53
Apr,2019 $713.05 $465.99 $155,109.53
May,2019 $710.92 $468,13 $154,641.41
Jun, 2019 $708.77 $470.27 $154,171.13
Jul,2019 $706.62 $472.43 $153,698.70
Aug, 2019 $704.45 $474.60 $153,224,10
Sep, 2019 $702.28 $476.77 $152,747.33
Oct, 2019 $700.09 $478.96 $152,268.38
Nov, 2019 $697.90 $481.15 $151,787.23
Dec,2019 $695.69 $483.36 $151,303.87
Jan, 2020 $693.48 $485.57 $150,818.30
Feb,2020 $691.25 $487.80 $150,330.50
Mar,2020 $689.01 $490.03 $149,840.47
Apr, 2020 $686.77 $492.28 $149,348.19
May,2020 $684.51 $494.54 $148,853.65
Jun,2020 $682.25 $496.80 $148,356.85
Jul, 2020 $679.97 $499.08 $147,857.77
Aug, 2020 $677.68 $501.37 $147,356.41
Sep,2020 $675.38 $503.66 $146,852,74
Oct, 2020 $673.08 $505.97 $146,346,77
Nov, 2020 $670.76 $508,29 $145,838,48
Dec, 2020. $668.43 $510,62 $145,327,85
]an, 2021 $666.09 $512.96 $144,814.89
Feb,2021 $663.73 $515.31 $144,299.58
Mar,2021 $661.37 $517.67 $143,781.90
Apr,2021 $659.00 $520.05 $143,261.86
May, 2021 $656.62 $522.43 $142,739.43
(00023979} Pf
Jun,2021 $654.22 $524.83 $142,214.60
Jul,2021 $651.82 $527.23 $141,687.37
Aug,2021 $649.40 $529.65 $141,157.72
Sep,2021 $646.97 $532.08 $140,625.65
Oct,2021 $644.53 $534.51 $140,091.13
Nov,2021 $642.D8 $536.96 $139,554.17
Dec,2021 $639.62 $539.42 $139,014.74
Jan,2022 $637.15 $541.90 $138,472.85
Feb,2022 $634.67 $544.38 $137,926.47
Mar,2022 $632.17 $546.88 $137,381.59
Apr,2022 $629.67 $549.38 $136,832.21
May,2022 $627.15 $551.90 $136,280.31
Jun, 2022 $624.62 $554.43 $135,725.88
Jul, 2022 $622.08 $556.97 $135,168.91
Aug,2022 $619.52 $559.52 $134,609.38
Sep,2022 $616.96 $562.09 $134,047.29
Oct,2022 $614.38 $564.66 $133,482.63
Nov,2022 $611.80 $567.25 $132,915.38
Dec,2022 $609.20 $569.85 $132,345.52
3an,2023 $606.58 $572.46 $131,773.06
Feb,2023 $603.96 $575.09 $131,197.97
Mar, 2023 $601.32 $577.72 $130,620.25
Apr,2023 $598.68 $58037 $130,039.88
May,2023 $596.02 $583.03 $129,456.84
Jun, 2023 $593.34 $585.70 $128,871.14
Jul,2023 $590.66 $588.39 $128,282.75
Aug,2023 $587.96 $591.09 $127,691.67
Sep,2023 $585.25 $593.79 $127,097.87
Oct,2023 $582.53 $596.52 $126,501.36
Nov, 2023 $579.80 $599.25 $125,902.11
Dec, 2023 $577.05 $602.00 $125,306.11
Jan,2024 $574.29 $604.76 $124,695.35
Feb,2024 $571.52 $607.53 $124,087.83
Mar,2024 $568.74 $610.31 $123,477.51
Apr, 2024 $565.94 $613.11 $122,864.40
May,2024 $563.13 $615.92 $122,248.48
Jun, 2024 $560.31 $618.74 $121,629.74
Jul, 2024 $557.47 $621.58 $121,008.16
Aug,2024 $554.62 $624.43 $120,383.74
Sep,2024 $551.76 $627.29 $119,756.45
Oct, 2024 $548.88 $630.16 $119,126.28
Nov,2024 $546.00 $633.05 $118,493.23
{00023979} �,]�/
Dec, 2024 $543.09 $635.95 $117,857.28
Jan,2025 $540.18 $638.87 $117,218.41
Feb, 2025 $537.25 $641.80 $116,576.61
Mar,2025 $534.31 $644.74 $115,931.87
Apr,2025 $531.35 $647.69 $115,284.18
May,2025 $528.39 $650.66 $114,633.52
Jun,2025 $525.40 $653.64 $113,979.87
Jul,2025 $522.41 $656.64 $113,323.23
Aug,2025 $519.40 $659.65 $112,663.58
Sep,2025 $516.37 $662.67 $112,000.91
Oct,2025 $513.34 $665.71 $111,335.20
Nov,2025 $510.29 $668.76 $110,666.44
Dec,2025 $507.22 $671.83 $109,994.61
Jan,2026 $504.14 $674.91 $109,319.70
Feb,2026 $501,05 $678.00 $108,641.70
Mar,2026 $497.94 $681.11 $107,960.60
Apr, 2026 $494.82 $684.23 $107,276.37
May, 2026 $491.68 $687.36 $106,589.00
Jun,2026 $488.53 $690.52 $105,898.49
Jul, 2026 $485.37 $693.68 $105,204.81
Aug, 2026 $482.19 $696.86 $104,507.95
Sep,2026 $478.99 $700.05 $103,807.90
Oct, 2026 $475.79 $703,26 $103,104.64
Nov,2026 $472.56 $706.49 $102,398.15
Dec, 2026 $469.32 $709.72 $101,688.43
Jan, 2027 $466.07 $712.98 $100,975.45
Feb, 2027 $462.80 $716.24 $100,259.21
Mar,2027 $459.52 $719.53 $99,539.68
Apr, 2027 $456.22 $722.82 $98,816.86
May, 2027 $452.91 $726.14 $98,090.72
Jun, 2027 $449.58 $729.47 $97,361.25
Jul,2027 $446.24 $732.81 $96,628.44
Aug,2027 $442.88 $736.17 $95,892.28
Sep,2027 $439.51 $739.54 $95,152.74
Oct, 2027 $436.12 $742.93 $94,409.80
Nov, 2027 $432.71 $746.34 $93,663.47
Dec,2027 $429.29 $749.76 $92,913.71
Jan,2028 $425.85 $753.19 $92,160.52
Feb,2028 $422.40 $756.65 $91,403.87
Mar,2028 $418.93 $760.11 $9D,643.76
Apr, 2028 $415.45 $763.60 $89,880.16
May, 2028 $411.95 $767.10 $89,113.06
{00023979) fy
Jun,2028 $408.43 $770.61 $88,342.45
Jul,2028 $404.90 $774.15 $87,568.30
Aug,2028 $401.35 $777.69 $86,790.61
Sep,2028 $397.79 $781.26 $86,009.35
Oct,2028 $394.21 $784.84 $85,224.52
Nov, 2028 $390.61 $788.44 $84,436.08
Dec, 2028 $387.00 $792.05 $83,644.03
Jan,2029 $383.37 $795.68 $82,848.35
Feb, 2029 $379.72 $799.33 $82,049.02
Mar,2029 $376.06 $802.99 $81,246.03
Apr,2029 $372.38 $806.67 $80,439.36
May,2029 $368.68 $810.37 $79,629.00
Jun, 2029 $364.97 $814.08 $78,814.92
Jul,2029 $361.24 $817.81 $77,997.10
Aug,2029 $357.49 $821.56 $77,175.54
Sep,2029 $353.72 $825.33 $76,350.21
Oct,2029 $349.94 $829.11 $75,521.10
Nov,2029 $346.14 $832.91 $74,688.20
Dec,2029 $342.32 $836.73 $73,851.47
Jan,2030 $338.49 $840.56 $73,010.91
Feb,2030 $334.63 $844.41 $72,166.49
Mar,2030 $330.76 $848.28 $71,318.21
Apr, 2030 $326.88 $852.17 $70,466.03
May,2030 $322.97 $856.08 $69,609.95
Jun, 2030 $319.05 $860.00 $68,749.95
Jul,2030 $315.10 $863.94 $67,886.01
Aug, 2030 $311.14 $867.90 $67,018.10
Sep,2030 $307.17 $871.88 $66,146.22
Oct,2030 $303.17 $875.88 $65,270.35
Nov,2030 $299.16 $879.89 $64,390.45
Dec, 2030 $295.12 $883.93 $63,506.53
Jan, 2031 $291.07 $887.98 $62,618.55
Feb, 2031 $287.00 $892.05 $61,726.51
Mar,2031 $282.91 $896.13 $60,830.37
Apr, 2031 $278.81 $900.24 $59,930.13
May,2031 $274.68 $904.37 $59,025.76
Jun,2031 $270.53 $908.51 $58,117.25
Jul,2031 $266.37 $912.68 $57,204.57
Aug.2031 $262.19 $916.86 $56,287.71
Sep, 2031 $257.99 $921.06 $55,366.65
Oct, 2031 $253.76 $925.28 $54,441.36
Nov, 2031 $249.52 $929.53 $53,511.84
{00023979} f �&
Dec,2031 $245.26 $933.79 $52,578.05
Jan,2032 $240.98 $938.07 $51,639.99
Feb,2032 $236.68 $942.36 $50,697.62
Mar,2032 $232.36 $946.68 $49,750.94
Apr, 2032 $228.03 $951.02 $48,799.92
May, 2032 $223.67 $955.38 $47,844.53
Jun, 2032 $219.29 $959.76 $46,884.77
Jul,2032 $214.89 $964.16 $45,910.61
Aug,2032 $210.47 $968.58 $44,952.03
Sep, 2032 $206.03 $973.02 $43,979.02
Oct, 2032 $201.57 $977.48 $43,001.54
Nov, 2032 $197.09 $981.96 $42,019.58
Dec,2032 $192.59 $986.46 $41,033.12
Jan,2033 $188.07 $990.98 $40,042.14
Feb,2033 $183.53 $995.52 $39,046.62
Mar,2033 $178.96 $1,000.08 $38,046.54
Apr,2033 $174.38 $1,004.67 $37,041.87
May, 2033 $169.78 $1,009.27 $36,032.60
3un,2033 $165.15 $1,013.90 $35,018.70
Jul,2033 $160.50 $1,018.55 $34,000.15
Aug,2033 $155.83 $1,023.21 $32,976.94
Sep,2033 $151.14 $1,027.90 $31,949.04
Oct,2033 $146.43 $1,032.61 $30,916.42
Nov, 2033 $141.70 $1,037.35 $29,879.07.
Dec,2033 $136.95 $1,04110 $28,836.97
Jan, 2034 $132.17 $1,046.88 $27,790.09
Feb,2034 $127.37 $1,051.68 $26,738.42
Mar,2034 $122.55 $1,056.50 $25,681.92
Apr, 2034 $117.71 $1,061.34 $24,620.58
May,2034 $112.84 $1,066.20 $23,554.38
Jun, 2034 $107.96 $1,071.09 $22,483.29
Jul, 2034 $103.05 $1,076.00 $21,407.29
Aug,2034 $98.12 $1,080.93 $20,326.35
Sep,2034 $93.16 $1,085.89 $19,240.47
Oct, 2034 $88.19 $1,090.86 $18,149.61
Nov, 2034 $83.19 $1,095.86 $17,053.74
Dec,2034 $78.16 $1,100.88 $15,952.86
Jan,2035 $73.12 $1,105.93 $14,846.93
Feb,2035 $68.05 $1,111.00 $13,735.93
Mar, 2035 $62.96 $1,116.09 $12,619.84
Apr,2035 $57.84 $1,121.21 $11,498.63
May, 2035 $52.70 $1,126.35 $10,372.28
{00023979) ,��/1
Jun, 2035 $47.54 $1,131.51 $9,240.78
Jul,2035 $42.35 $1,136.69 $8,104.08
Aug,2035 $37.14 $1,141.90 $6,962.18
Sep, 2035 $31.91 $1,147.14 $5,815,04
Oct,2035 $26.65 $1,152.40 $4,662,64
Nov,2035 $21.37 $1,157.68 $3,504.97
Dec,2035 $16.06 $1,162.98 $2,341.98
)an,2036 $10.73 $1,168.31 $1,173.67
Feb, 2036 $5.38 $1,173.67 $0.00
{00023979 1 6