Bank of Hope as successor to Foster Bank v. Tie et al

Filing 3

MOTION by Plaintiff Bank of Hope as successor to Foster Bank for judgment by confession (Attachments: # 1 Exhibit)(Wright, Alexander)

Bank of Hope v. Ka Soen Tie, et al.
BANK OF HOPE'S MOTION FOR ENTRY OF JUDGMENT BY CONFESSION

EXHIBIT "A"

IN THE UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF ILLINOIS, EASTERN DMSION

Bank of Hope as successor to Foster Bank,

)

Plaintiff, .

)
)
)

) No.
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Ka Soen Tie, Lushia Yun Tie and Fox deaners Co.,)

)
Defendant(s).

)

AFFIDAVIT OF SONG CHO

I, Song Cho, being first duly swam on oath, depose and state as follows:
1.

I am over 18 years of age and competent.

2.

This affidavit is made on my personal knowledge and the documents contained

herein, and if sworn as a witness, I could and would competently testify to the facts contained herein
and documents attached hereto.
3,

I am employed by Bank of Hope as successor to Foster Bank (herein "Bank"),

Plaintiff in the above-captioned cause, as a First Vice President. One of my duties as First Vice
President is to review loan accounts to ensure that timely payments are made and to ensure
compliance with other loan terms. I am authorized to make this affidavit.
4,

In my capacity as First Vice President, I am personally familiar with the files, ledgers

and records kept by the Bank and have access to all documents processed by the Bank that relate to
the loan made by it to Ka Soen Tie and Lushia Yun Tie (collectively, "Borrowers") and guaranteed by
Fox deaners Co. ("Guarantor").
5.

My full and careful review of the loan documents, itemization of interest charges, late

fees and principal balance in the above-captioned suit relating to Borrowers and Guarantor shows
the following:

A

On or about February 24, 2006, Ka Soen Tie and Lushia Yun Tie (collectively,
"Borrowers") executed a promissory note ("Note") in favor of Plaintiff in the
original amount of $140,000.00. A true and correct copy of the Note is attached
hereto as "Exhibit 1."

B.

To secure the Note, Borrowers executed a mortgage ("Mortgage") on the property
commonly known as 219 E. 69th St., Chicago, IL 60637. A true and correct copy of
the Mortgage is attached hereto as "Exhibit 2."

C.

On or about April 28, 2011, Borrowers executed an Amendment/Extension to the
Note (" Amendment") adjusting the interest rate and extending the maturity date of
the Note to March 1, 2016 ("Maturity Date"). A true and correct copy of the
Amendment/Extension is attached hereto as "Exhibit 3."

D.

Borrowers defaulted on the Note by failing to make the August 1, 2013 payment and
on or about June 13,' 2014, Borrowers entered into a Forbearance Agreement
("Forbearance"), under which Plaintiff agreed to forbear enforcing its rights under
the Note pursuant to the terms of the Forbearance. A true and correct copy of the
Forbearance is attached hereto as "Exhibit 4."

E.

To induce the Bank to enter into the Forbearance, Guarantor executed a Girnmercial
Guaranty(" Guaranty"), under which Guarantor guaranteed full and prompt payment
of the indebtedness due and owing under the Note. A true and correct copy of the
Guaranty is attached hereto as part of "Exhibit 4."

F.

Borrowers and Guarantor defaulted on the Note by failing to pay the balance in full
on or before the Maturity Date.

G.

As of January 25, 2017, the amount in default under the Note is $154,134.66, which
includes principal in the amount of $118,289.09, interest in the amount of

$14,577.92, late charges of $8,037.99, enviromnental charges of $9,350.00, appraisal
fees of $3,300.00, force placed insurance fees of $366.92 and other fees of $212.74.
The Note has a per diem interest rate of $16.43, with attorneys' fees and costs to be
added pursuant to separate affidavits from Ashen IFaulkner.
6.

The matters set forth in this Affidavit are true in substance and in fact and are based

upon my own personal lmowledge and upon my own personal review of Borrowers' foan records,
including the Loan Payoff Statement dated January 25, 2017 ("Payoff') now held and maintained in the
normal and ordinary course of the Bank's business. A true and correct copy of the Payoff is attached
hereto as "Exhibit 5."
7.

I prepared the attached Payoff in the regular course of business of the Bank and it was

in the regular course of the Bank's business at or around the date the Payoff was generated to produce
such documents.
8.

The Payoff was generated from the Bank's electronic accounting/payment

management system Fiserv (herein "Fiserv") which automatically calculates, tracks and maintains
balances and interest owed based upon parameters inputted into the system as set forth in the
underlying obligation, in this case the Note, and triggered by payment activity in relation to the
obligation.
9.

It is the Bank's regular and ordinary course of business to enter incoming credits,

payments or costs into Fiserv at or near the time payment or credit are received and all credits and
payments made to the Bank for application to the indebtedness of the Note are reflected in the
statement. Fiserv is recognized as standard in the finance industry and produces an accurate record
in the form of the Payoff when properly employed and I properly employed and operated Fiserv to
generate the Payoff. Fiserv operates on computing equipment recognized as standard in the finance
industry and is utilized in the regular course of the Bank's business.

10.

The Bank has perlormed all that has been required of it to be perlormed under the

Note. The Bank has demanded that Borrowers and Guarantor fulfill their obligations under the
Note, Guaranty and Forbearance, however, they have refused and continue to refuse to fulfill their
obligations.
11.

Under penalties provided by law pursuant to Section 1-109 of the Illinois Code of

Civil Procedure and 28 U.S. Code § 1746, the undersigned certifies that the statements set forth in
this instrument are true and correct.

By:

< . --·c2,.cC"
SongCho,
First Vice President, Bank of Hope

Dated: January

·7,t:; , 2017

Bank of Hope v. Ka Soen Tie, et al.
AFFIDAVIT OF SONG CHO

EXHIBIT "1"

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fOSTlRBANK
5225 NKEOZlf
CH!CAGO, ll 606Z5

KA SOEN TIE; LUSH IA lUN TIE
3006 SOUTH LYMAN STREET
CIIICAGO, IL 60608

/

Loan Number !OOQBlH

DateOHHOOR
Maturity Date OHl-2011

Loan Amount t l!0,000 00
Renewal Of

LENDER'S NAME AND ADDRESS
"You" means the lender, l1S auccessors and assigns.

BORROWER'S NAME AND ADDRESS

"I" lncludaa uch borrower above, Jointly and severally,

For value received, I promise to pay to you, or your order, at your edd1ess llsted above the PRINCIPAL sum of PDF bundrtd for Iv lhouun4 tod np/JOO

=----------------------------Dollars $JJQ.ll0Jl.Dl._ _ _ _ _ _ _ _ _ _ __
l]I Single Advance: I will receive ell of this princlpel sum on
02.24·200§
, No additional advances are contemplated under this note.
0 Multlple Advance: The principal sum shown above is the maximum amount of principal I can borrow under this note. On _ _ _ _ _ _ _ _ __
_______ ! will receive the amount of$
and future principal advances are contemplated.
Condition,: The conditions for future advanca, ere

------------f'---------------------

0

Open End Credit: You and I agree that I may borrow up to the maximum amount of principal more than one time. This feature Is subject to

D

all other conditions and expires on
Closed End Credit: You and I 8gree that I may borrow up to the maximum only one time (and subject to all other oondUlons),

INTEREST: I egree to pay Interest on the outstandinO principal balance from

02·?4·2006

7000%

at the rate of

per yeer until
Vatlabl• Rate: This rate may than change as stated below,
0 Index Rate: The future rate will be _ _ _ _ _ _ _ _ _ _ _ the following index r a t e : - - - - - - - - - - - - - - - - - -

0

D
D
0

No Index: The future rate will not be subject to any internal or external Index, It wilt be entirely in your concrol.
Frequency and Timing: The rate on this note i,;ey change as often as - - - - - - - - - - - - - - - - - - - - - - - - A change in the interest rate will take effect - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Limitations: During the term of this loan, the applicable ennuol Interest ra!e will not be more then - - - - - - - - - - % or less than
_ _ _ _ _ _ _ _ _ _ %, The rate may not ohongo more then _ _ _ _ _ _ _ _ _ _ _ % e a c h - - - - - - - - - - -

Effect of Variable Rate: A change in tho interoot rate will have the following effect on the peyments:
D The amount of the final payment will change.
0 The amount of each scheduled paymant will change.

D
ACCRUAL METHOD: Interest wm be calculated on a
basis,
POST MATURITY RATE: I agree to pay Interest on 1he unpaid balance of this note owing ofter maturity, and until paid In full, as stated below:

D on the seme fixed or variable rate basis in effect before maturity !as indicated above).
00 at a rate equal to 6'1' OYER JHE INTEREST RATE IDENTIFIED IN THIS NOTE
[XI LATE CHARGE: If a payment Is made more than
5
days after It Is due, I agree to pay a late charge of

5-000'1' of thp !•IP :1m2unl with a min of

m.o
0

RETURN CHECK CHARGE, 1 agree to pay tho greater of $ _-,-_ _ _ _ _ _ or ell costs end expenses incurred In connection with any payment

0

on this loen thet is returned beceuse it has been dishonored:
ADDITIONAL CHARGES: In addition to Interest, I egree to pay Iha following charges which

O

are

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are not

included In the principal amount

ebove:
PAYMENTS: I agree to pay this note es follows:
59 monthly p1ym1nu ol t999.79 h1~inn!ng 04·01·2006 and 1baUoon paymtn1 of t12Ut0.16 on 03-01·2011,

ADDITIONAL TERMS:

I.First mortgagt and an miQnmtnl GI 11nl11g1fn1t a commmlal pro pail}' lm!ed at 2Ul E. 6'9th St., Chicago, ll 60637 2.Tbi1dmo1tgag, a;1tn11 a m!d1ntlalp1optrty louted at 3006 S. tyman St., Chicago, IL
60606 Prepayment PH1lllu: II !hi ltnder reeelvu • p11paymtnl on orbtfoft lht ht 1nnimu1y of th, d1tt of 1ht first p1ym1nt du1 datt ol the Note, th1 Penalty lhallbt equal to 5'.4 of tht 11m1lning Principal
bal,rnc, of lht Nolt. U1h1 Ludn m1ivn I p11paym1nl aflu !ht ht 1nnlms11y but on or btfo1t the 2nd annivmary of th, dats ol lht ftut p1ym1n1 dut d111 of 1ht Nol 1, th1 Ptna!ty shaH bt eqUll lo-4% of
the r1m1ining Principal balance of tht Not1. It th1 llnd1r1teeivts I pn1paym1nt 1lter the 2nd annimurv but onw blfo11 lh1 3rd tnnlmnry ol tht date GI tht li1s1 p1ym1n1 dut dill of tht Nott, the P1n.11ty
shin bl 1qu1l lo 3% of th, 11m1lnfn; Pdncip1l b1!1nc1 of th• Nolt. I! th1 lude1 rmlvn I p11p1rmant 11111 tht 3rd annlvana1y but on 01 bt!Olt the 4th annivarury of !ht date ol tllt liut p1ym1nl due d1t, of
the Nole, th• Penalty JhtTI b1 equal to 2% of tilt 11m1inlng l'findp1! balance of tilt Note. II the lender rettivu 11111paym1nt ifter the 4th ;annlvermy GI the dillt ol l111 IJfll p1ymant due dale or lhl Nott, but
-·
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Note.
PURPOSE: The purpose of this loan is TO PAYOFF CURRENT MORTGAGE ANO CASH
SECURITY: This note ls separately secured by (describe separate
document by type and date):
0
0 CONFESSION OF JUDGMENT: I agree to the terms of the
"Confession of Judgment" paragraph on pege 2,

0

tThl1 so<:tlon 1, fer you, lnt11n1I UP. f111u,a 10 HSI I opuu, ncu,rw documonl doH not mun \ht
a~reamontwlll not ucu" 1Ms noi..l

SIGNATURES: I AGREE TO THE TERMS OF THIS NOTE !INCLUDING
THOSE ON PAG
\~ havo·rece~ d a copy on today's date.
1

\

Signature for lender

,J,,

KA SOEN TIE

,

f;y

lUSHIA YUN TIE

Chriitine Yoon

UNIVERSAL NOTE
" C,1984, 11191 81n~111S 1tem1 lnq. St.Cloud MN

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canned and Verified by: BBCN\JK05706 on 3/17/2014

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(page 1 of 21

DEFINITIONS: As used on page 1, •(E • means the terms that apply to
this loan, "I," "me• or "my" means each Borrower who signs this note
and each other person or legal entity (including guarantors, endorsers,
end sureties) who agrees to pay this note (together referred to 111 "us"J,
"You" or "your" means the Lender end its successors 11nd assigns.
APPLICABLE LA'!/: The law of the state of Illinois will govern this note,
Any term of this note which is contrary to appUcable law will not be
effective, unless the law permits you end me to agree to such a variation,
If any provision of this agreement cannot be enforced according to It,
terms, this fact wlll not effect the enforceability of the remainder of this
agreement. No modification of this 11gre11ment mey be mado without your
11xpr11ss wrilten consent. Time Js of the essonce Jn this agreement.
COMMISSIONS OR OTHER REMUNERATION: I understand end egrae tha1
any insurance premiums paid to Insurance companies as pert of this note
will Involve money retained by you at paid back to yau os cammlssians or
other remunerot!on.
In addition, I understand end agree thot some other poyments to third
parties as part of this note may also involve money retained by you or
peld beck to you as commissions or other temuneration.
PAYMENTS: Each peyment I make on this note will first reduce the
amount I owe you for chnrges which are neither inte,est nor principal.
The remoinder of each payment will then reduce accru9d unpaid lnterest,
and then unpaid prlnclpal. If you and I agre9 to II different applloatlon of
payments, we will describe our agreement on this note. I may prepay 11
pert of, or the entire belanc9 of this loan without penalty, unl9ss W9
specify to th9 contrary on this note. Any petll9I prepaym9nt wm not
eKcuse or reduce any later scheduled payment until this not9 is paid in full
{unl9SS, when I mak9 th9 prepayment, you end I agree in writing to the
contrary}.
INTEREST: lnt9rest accrues on the p1incipel remaining unpaid from tfma
to time, until paid in full. If I rec9ive the principal in more than one
edvance, each advance wlH start to earn inte,est only when I receive the
advance. The interest ,ate in effect on this note et any given time will
apply to the entire principal advanced at that time. Notwithstanding
anything to the contrary, I do not ogree to pay and you do not Intend to
charge any rate of Interest that is higher than the maximum rate of
inlerest you could cherge und9r appUcable law for the extension of credit
the! is agreed to here (91ther before or after maturity). lf any notice of
interest accrual ill sent and is in error, we mutually agree to correct It,
end if you actually collect more Interest than allowed by law end this
agreement, you agree to refund it to me.
INDEX RATE: Tho ind9x will serve only as a dovice for setting the rat9 on
this note. You do not guarante9 by selecting this Index, or the margin,
that the ,11111 on this note will be the same rate you charge on any other
loans or cless of loans- to me or other borrowers.
ACCRUAL METHOD: The emount of Interest that I will pay on this loan
wifl be calculated using the intere11t ret9 end accrual method stated on
page 1 of this note. For the purpose of Interest calculation, the sccruel
method wlll determine the number of days in a "year," If no accrual
m9thod is steted, then you may use eny reasonable accrual m9lhod for
oalouleting interest.
POST MATURITY RATE: For purposes of deciding when the "Post
Maturity Rate" lahown on page 1} applies, the term "maturity" masns the
date of the last scheduled payment indicated on page 1 of this note or
th9 date you accehtrate payment on the note, whichever is earlier.
SINGLE ADVANCE LOANS: If this is a single advance loan, you and I
expect that you will make only 0119 advance of principal. How9ve1, you
may add other amounta to the principal ii you make any payments
described in the MPAYMENTS BY LENDER" paragraph below.
MULTIPLE ADVANCE LOANS: If this is a multiple edvonce loan, you end I
e11pect that you will make more than one advance of principal. If this is
closed end credit, 1epoylng a pert of tho principal wl11 not entitl9 me to
addl1lonel credit.
PAYMENTS BY LENDER: If you are authorized to pay, on my b9half,
charges I em obHgated to pay (such as property insurance premiums),
th9n you may trnet those payments made by you es advances and add
them to th9 unpaid principal under this note, or you may demand
immediet9 peymont of lh9 charges.
SET·OFF: I agree that you may Ht off any amount due and payebl9 undor
this note ag9lnst any ,ight I have to receive money from you.
"Right to receive money fram you" means:
{1) any deposit account belence I hsve with you:
{2) any money OW9d to me on an item presented to you or In your
possesslan for collection or exchang9; and
(3) any 1epurchas9 agreement or other nondeposlt obligelion.
"Any amount due and payable under this note" means the total
amount of which you aro ent1tfed to demand paymant under tha terms of
this note at the time you set off, This total includes any balance lhe du9
date for which you properly accelerate under this note.
If my right to receive money from you is also owned by someone who
has not agre9d to pay this note, your right of set.off wm apply to my
intete$t in the obHgation and to any other amounts I could withdraw on
my sole request or endorsement. Your right of set·ofl do9s not apply to
an eccount or other obllgetfon wh9re my rights ere only as a
repres.entetive. It also do&a not apply to eny Individual Retirement
Account or other t&K·deferred retlrem9nt eccount.
You will not he liebl9 for the dishonor of any ch9ck when the dishonor
occurs because you set off this debt against any of my accounts. I agree
to hold you harm19SS from any such claims arising es a result of your
t1xercise of your right of set·Off,

OAT£ OF
TRANSACTION

PRINCIPAL
ADVANCE

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llOMOWER'S

REAL ESTATE OR RESIDENCE SECURITY: If this note is secured by reel
estate ore residence that is personal property, the existence of II defou!t
and your remedies for euch a default will be det9rm!ned by applicable
law, by the terms of any separate instrument creating the security
Interest and, to the eKtent not prohibitod by law and not contrary to the
terms of tha separate security instrum9'1t, by the ~Default~ and
·Remedies" peregraphs hertin.
DEFAULT: I will be In d9fault lt any one or more ol the following occur: {11 f
fail to make a payment on time or In the amount due; 121 I fell to ke9p the
property Insured, if required: (31 I fail to pay, or ke9p any promise, on any
debt or egreemant I have with you; {41 any other creditor of mine ettampts to
collect any debt I owe him through court proce9dlngs; (611 di9, am declared
inoompetenl, make an usignment for lhe benefit of creditors, or become
insolvent (either becaus9 my liebllitl9s e11oeed my assets or I 11m unabl9 to
poy my debts es thoy b9com9 duo); 16} I make ony written statement or
provide 11ny financial Information thet is unuue or Inaccurate et the time it
was provid9d; 17) I do or fell to do something which causes you to
believe that you will hav9 difficulty coJl9ctlng th1.1 emount I OW9 you; (8)
any collateral s9curing this note is used in a manner or for a purpose
which threatens confiscation by a l1.1gal authority; (91 I change my nama
or essum9 on additional name without first not!lylng you before meking
such e change; (10) I fall to plant, cultivate and harvest crops [n due
s9ason if I em a producer of crops; {11) any loan proceeds ere used for o
purpose that wnt contribute to e11cesslve erasion of highly erodlble land or
to the conversion of wetlands to produce an eg,icu\tural commodity, as
further eKplained In 7 C.F.R. Pe,t 1940, Subpart G, EKhlbit M.
REMEDIES: If I em In defeult on this note you have, but are not limited to,
.
the following remedies:
(1)You may demand immediate payment of ell I OW9 you under this
note (principal, accrued unpaid interest end other eccru9d charges).
!2) You may set off this debt ageinst 11ny right I have to the payment
of money from you, subJect to th9 terms of the "Sat•OW
paragraph herein.
13) You may demand security, edd!tional security, or additional parti9s
to be obligated to pay this note as a condition for not using any
other uimedy.
(41 You may refuse to make advances to me or el!ow purchases on
credit by me,
151 You may use eny rem9dy you heve under state or federel law.
By s9l9cting any ona or more of those remedies you do not give up
your right to Inter Us9 any other remedy, By waiving your fight to declare
6" event to be e default, you do not waive your right ta tater consider the
event as II defoult If it continues or happens ega!n.
CONFESSION OF JUDGMENT: lf agreed on page 1, then, In addition to
your remedies listed herein, I authorize any attorney to eppenr in any
court of record having Jurisdlotron over this matter and to confess
Judgment, without process, against me, in fevor of you, for eny unpaid
princfpal, acc1ued Interest end accrued charges due on this agreement,
together with collection costs including reasonable attorney's fees.
COLLECTION COSTS AND ATTORNEY'S FEES: I agree to pay all costs of
colt9ction, repl9vin ar any other or similar type of coat if 1 am In default.
In addition, if yau hire an attorney to collect this note, I also agree to pay
any fee you incur with such attorney plua court cogts (except whore
prahlbited by law). To the extent permitted bY, the. United Stetes
Bankruptcy Cod9, I elso agree to pay the reasonab e attorney's fea!I and
costs you incur to collect this d9bt as awarded by any court ex9rcising
jurisdicllpn under the Bankruptcy Code,
WAIVER: I give up my rights to require you to do certain things. I will not
require you to:
111 demand payment of amounts due tpresentment);
(21 obtain olfic1al certification of nonpayment (protest!; or
(31 give no1ic9 that amounls due have not been pold tnot!ce of
dishonor).
I waive any defenses I have based on suretyship or Impairment of
collateral,
OBLIGATIONS INDEPENDENT: I understand that I must pay this nota
ev9n if someone else has also agreed to pey it (by, for exampl9, signing
this form or e separate guarantee or endorsement). You may sue me
elone, or anyone else who is obligated on thla note, or any numb9r of us
together, to col1ac1 this note. You may do so without any notice that it
has not been paid (notice of dishonor). You may without notic9 rnlease
any party to this agreement without releaslno any othar party. 11 you give
up eny of your rights, with or without notice, it wm not alfect my dutr to
pay this note. Any extension of new credit to any of ua, or ,enewa of
this note by ell or less then ell of us wlll not rel911se me from my duty to
pay It. {Of course, you are entitl9d to only ona payment in full) I agree
that you may at your option extend thia note or tho debt represented by
this note, or any portion of the note or debt, from time to time without
limit or notice end for eny t9rm without affecting my liability for p11ym9nt
of the note. I wm not assign my obllgatioo under this agreement without
your prior written approval.
FINANCIAL INFORMATION: I agree to provide you, upon request, any
financial statement or Information you may deem necessery, I warrant
that the financial statements end Information I provide to you er9 or will
be accurate, corr9ct end complete.
NOTICE: Unloss oth9rwise required by law, eny notice to me shall be
given by dativ9ring it or by mailing It by first class mail addressed to m9
et my last known address. My current eddresa Is on page 1. I agree to
inform you In writing of 9ny change In my addr11BS. I will give any notice
to you by mailing It first cl11ss to your eddren atated on page 1 ol this
agreement, or to any other address that you have designated.

PRINClPAt
PAYMENTS

lfflllALS
(~Olf&qulr.dJ

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IS81 B0nhr5 S UMl'I, Inc .. St. Clo~d. MN Form UN·ll 31812002

canned and Verified by: BBCN\JK05706 on 3/17/20 4

PRINC!PAt
8AtANCE

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INTEREST

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INTEREST
PAYMENTS

INTEREST
PAID
THROUGH:

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(p11ge 2 ol 2}

Bank of Hope v. Ka Soen Tie, et al.
AFFIDAVIT OF SONG CHO

EXHIBIT "2"

·~Ei
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This instrument was-prepared.by:

Doell· 0606842260 Fee: $44.00

FOSTER BANK
5225 N·KEDZIE
CHICAGO; IL 60625

~

Eugen~ "Gene" Moore RHSP Fee:$10.00
cook Counly Recorder of Deeds

Date: 0212712006 11 :31 AM Pg: 1 o! 11

When recorded return to {na·me, address):

"
(j

FOSTER BANK
5225 N KEDZIE
CHICAGO, IL 60625
LOAN 1000611-1

1

- - - - S t a t e ol·llllnols ------------Space.Above This Line For Recording Oata. - - - -

REAL ESTATE MORTGAGE
(With Future Advance Clause)

k

1. DATE AND PARTIES. The date of this Mortgage (Security Instrument) is _ _ _ __....0"'2,..2,.,4~-~2~0.,.o,,.5._____ and
the parties, their addresses-and tax identification· numbers, if required, are as follows:

MORTGAGOR:

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KA SOEN TIE and LUSHIA YUN TIE, AS JOINT TENANTS
3006 SOUTH LYMAN STREET
CHICAGO, IL 60608

0 If checked, refer to the attached Addenqum incorporated herE!in, for additional Mortgagors, their signatures and

acknowledgments.
LENDER:

·

FOSiER BANK

Organized and existing under the laws of the state of Illinois
5225 N .KEDZIE
CHICAGO, IL 60625
2. C!)NVEYANCE. For good and valuable consideration,. the receipt and sufficiency of which is ackhowledged, and to
Secure. the Secured Debt (ctefined · beloW) and_. Mortg~gor's performance under this Security ·1nstrumerit, Mortgagot
grants, bargains~ sells, conveys, mortgages and warrants to·Lender the following described property:
Sl:E ATTACHED EXHIBIT A

The property is located in ""-C\.ll"-------,,,--,----------at
(Cqunty)

2j 9 EAST 69TH STREET

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(City)
(Zip Code)
Together with all rights,_ easem8nt:$,. appurtenances, roY~lties, mineral rights, oil° and·

9as

rights, ~~Ops, timber, all

diversion payments or third_ p_atty paymer:its made to crop p'roducers, all water and riparian rights, wells, ditches,
reservoifs, and wate.r. stock ·an~ au eXiSting.ai,"d future imp~oYements, structures; .fixtures, and replacements that may

now, or at any timei in the future,·be part of the·real estate described above (all ref8rred to as "Property").

·

3. SECURED DEB'{ AND FUTURE ADVANCES; The term "Secured p~bt" .is. defined as follows:
A. Debt ·incurred iJnd.er the terms· ,Qt all .promissory .note'(s}~ conti'ac~(s,, guaranty(les) or other evidence of debt
-describ·ed ·below and all their extensions, renewals; modifications or· substitutions. (When :referencing the debts
beloV/ir is s0ggest6d: that you. include· ilems such as borrowers·' names, note amouritS, interest rateS; maturity
dates, ·-etc.)

SEE A TT ACHED, "EXHIBIT B:' A COPY OE THE PROMISSORY NOTE W.l;IICH SECURED B'I' THf$
,,
.
MORTGAGE.
~

IU1NOIS- AGRlCULlUAAUCOMMERCIAl REAL ESTATE SECURITY INSTRUMENT !NOT FOR FNMA, r.HLMC, fHA OR VA USE, ANO NOT FOR CONSUMER PURPOSES)
~ IO 1993, 2001 B1nkers Syst•ms, Inc:., S1. Cloud, MN fcum AGCO-RESl·ll 12/27/2002

canned and Verified by: BBCNIJK05706 on 3/12/2014

(pBge

t

of "81

B.

All future advances from Lender to Mortgagor or other future obligations of Mortgagor to Lender under any
promissory note, contract, guaranty, or other evidence of debt existing now or executed after this Security
Instrument whether or not this Security Instrument ls specifically referenced. If more than one person signs this
Security Instrument, each Mortgagor agrees that this Security Instrument will secure all future advances and
future obligations that are given to or incurred by any one or more Mortgagor, or any one or more Mortgagor
and others. All future advances and other future obligations are secured by this Security Instrument even
though all or part may not yet be advanced, All future advances and other future obligations are secured as if
made on the date of this Security Instrument. Nothing in this Security Instrument shall · constitute a
commitment to make additional or future loans or advances in any amount. Any such commitment must be
agreed to in a separate writing.

C. All obligations Mortgagor owes to Lender, which now exist or may later arise, to the extent not prohibited by
law, including, but not limited to, liabilities for overdrafts relating to any deposit account_agreement between

Mortgagor and Lender.
0. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otherwise protecting
the Property and its value and any other sums advanced and expenses incurred by lender under the terms of

this Security Instrument.
This Security Instrument will not secure any other debt if Lender fails to give any required notice of the right of
rescission.
4. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in accordance

with the terms of the Secured Debt and this Security Instrument.
5. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, securitY agreement or other lien
document that created a prior security interest or encumbrance on the Property, Mortgagor agrees:

A. To make all payments when due and to perform or comply with all covenants.
B. To promptly deliver to Lender any notices that Mortgagor receives from the holder.
C. Not to allow any modification or extension of, nor to request any future advances under any note or agreement
secured by the lien document without Lender's prior written consent.

6. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground
rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender
copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will
defend title to the Property against any claims that would impair the lien of this Security lnstrument. Mortgagor agrees
to assign to Lender, as requested by Lender, any rights, olaims or defenses Mortgagor may have against parties who
supply labor or materials to maintain or improve the Property.

7. DUE ON SALE OR ENCUMBRANCE. Lender may, at its option, declare the entire balance of the Secured Debt to be
immediately due and payable upon the creation of, or contract for the creation of, any lien, encumbrance, transfer or

sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591). as applicable. This
covenant shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this Security
Instrument Is released.

B. TRANSFER OF AN INTEREST IN THE MORTGAGOR. If Mortgagor is an entity other than a natural person lsuch as a
corporation or other organization), Lender may demand immediate payment if:
A. A beneficial interest in Mortgagor is sold or transferred.

B. There is a change in either the identity or number of members of a partnership or similar entity.
C. There Is a change In ownership of more than 25 percent of the voting stock of a corporation or similar entity.
However, Lender may not demand payment in the above situations if it is prohibited by law as of the date of this
Security Instrument.

9. ENTITY WARRANTIES AND REPRESENTATIONS. If Mortgagor is an entity other than a natural person (such as a
corporation or other organization), Mortgagor makes to Lender the following warranties and representations which shall
continue as fang as the Secured Debt remains outstanding:
A, Mortgagor is duly organized and validly existing in Mortgagor's state of incorporation or organization. Mortgagor

Is in good standing in all states in which Mortgagor transacts business. Mortgagor has the power and authority
to own the Property and to carry on its business as now being conducted and, as applicable, is qualified to do
so in each state In which Mortgagor operates.

·

B. The execution, delivery and performance of this Security Instrument by Mortgagor and the obligations
evidenced by the Secured Debt are within the power of Mortgagor, have been duly authorized, have received all
(page 2 of SJ
~ ©1993, 2001 BanketsSy'1ems,lnc.,St.Cloud,MN FormAGCO,RESHl 12/27/2002

~canned and Verified by: BBCNIJK05706 on 3/12/2014

,

,.
·;
necessary governmental approval, and wilt not violate any provision of law, or order of court or governmental

agency.
C. Other than previously disclosed in writing to Lender, Mortgagor has not changed its name within the last ten
years and has not used any other trade or fictitious name. Without Lender's prior written consent, Mortgagor
does not and will not use any other name and will preserve its existing name, trade names and franchises until

the Secured Debt is $atisfied.
10. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep the Property in good condition and

make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any wa·ste, impairment, or
deterioration of the Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees
that the nature of the occupancy and use will not substantially change without Lender's prior written consent.
Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written
consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any
loss or damage to the Property.
No portion of the Property will be removed, demolished or materially altered without Lender's prior written consent
except that Mortgagor has the right to remove items of personal property comprising a part of the Property that

become worn or obsolete, Prov:ided that such personal property is replaced with other personal property at least equal
in value to the replaced personal property, free from any title retention device, security agreement or oth~r
encumbrance. Such replacement of personal property will be deemed subject to the security Interest created by this

Security Instrument. Mortgagor shall not partition or subdivide the Property without lender's prior written consent.
Lender or Lender's agents may, at lender's option, enter the Property at any reasonable time for the purpose of
inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a
reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and
Mortgagor will in no way rely on Lender's inspection.
11. AUTHORITY TO PERFORM, If Mortgagor fails to perform any duty or any of the covenants contained in this Security

Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as
attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. lender's right to perform for
Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from

exercising any of Lender's other rights under the law or this Security Instrument. If any construction on the Property is
discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect lender's
security Interest in the Property, including completion of the construction.
12, ASSIGNMENT OF LEASES AND RENTS, Mortgagor assigns, grants, bargains, conveys, mortgages and warrants to
Lender as additional security all the right, title and interest in the following (Property).

A, Existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use
and occupancy of the Property, Including but not limited to, any extensions, renewals, modifications or
replacements (leases).
B. Rents, issues and profits, including but not limited to, security deposits, minimum rents, percentage rents,
additional rents, common area maintenance charges, parking charges, real estate taxes, other applicable taxes,
insurance premium contributions, liquidated damages following default, cancellation premiums, "loss of rents"
insurance, guest receipts~ revenues, royalties, proceeds, bonuses, accounts, contract rights, general intangibles,
and all rights and claims which Mortgagor may have that in any way pertain to or are on account of the us~ or
occupancy of the whole or any part of the Property (Rents).
In the event any item listed as Leases or Rents is determined to be personal property, this Assignment will also be

regarded as a security agreement.
Mortgagor will promptly provide Lender with copies of the Leases and will certify these Leases are true and correct

copies. The existing Leases will be provided on execution of the Assignment, and all futu're Leases and any other
information with respect to these Leases will be provided immediately after they are executed. Mortgagor may collect,
receive, enjoy and use. the Rents so long as Mortgagor is not in default. Mortgagor will not collect in advance any

Rents due in future lease periods, unless Mortgagor first obtains Lender's written consent. Upon default, Mortgagor
will receive any Rents in trust for Lender and Mortgagor will not commingle the Rents with any other funds. When
Lender so directs, Mortgagor will endorse and deliver any payments of Rents from the Property to Lender. Amounts
collected will be applied at Lender's discretion to the Secured Debts, the costs of managing, protecting and preserving

the Property, and other necessary expenses. Mortgagor agrees that this Security Instrument is immediately effective
between Mortgagor and Lender and effective as to third parties on the recording of this Assignment.

As long as this Assignment is in effect, Mortgagor warrants and represents that no default exists under the Leases,
and the parties subject to the Leases have not violated any applicable law on leases, licenses and landlords and

tenants. Mortgagor, at its sole cost and expense, will keep, observe and perform, and require all other parties to the
Leases to comply with the Leases and any applicable law. If Mortgagor or any party to the Lease defaults or fails to
observe any applicable law, Mortgagor will promptly notify Lender. If Mortgagor neglects or refuses to enforce

compliance with the terms of the Leases, then Lender may, at Lender's option, enforce c~mpliance.
Mortgagor will not sublet, modify, extend, cancel, or otherwise alter the Leases, or accept the surrender of the
Property covered by the Leases (unless the Leases so require) without Lender's consent. Mortgagor will not assign,
/page 3 o! 8}
~ ©1993, 2001 81nkers Systems, Inc., St. C1oud, MN Form AGCO.RESML 12/27/2002

~canned and Verified by: BBCNIJK05706 on 3/12/2014

compromise, subordinate or encumber the Leases and Rents without Lender's prior written consent. Lender does not

assume or become liable for the Properly's maintenance, depreciation, or other losses or damages when Lender acts to
manage. protect or preserve the Property, except for losses and damages due to Lender's gross negligence or
intentional torts. Otherwise, Mortgagor will indemnify Lender and hold Lender harmless for all liability, loss or damage
that Lender may incur when Lender opts to exercise any of its remedies against any party obligated under the leases.
13. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions

of any lease if this Security Instrument is on a leasehold. If the Property includes a unit in a condominium or a planned
unit development, Mortgagor will perform all of Mortgagor's duties under the covenants, by~taws, or regulations of the
condominium or planned unit development.
14. DEFAULT. Mortgagor will be in default if any of the following occur:
A. Any party obligated on the Secured Debt falls to make payment when due;

B. A breach of any term or covenant in this Security Instrument or any other document executed for the purpose
of creating, securing or guarantying the Secured Debt;

C. The making or furnishing of any verbal or written representation, statement or warranty to Lender that Is false
or incorrect in any material respect by Mortgagor or any person or entity obligated on the Secured Debt;
0. The death, dissolution, or insolvency of, appointment of a receiver tor, or application of any debtor relief law to,
Mortgagor or any other person or entity obligated on the Secured Debt;
E. A good faith belief by Lender at any time that Lender is insecure with respect to any person or entity obligated
on the Secured Debt or that the prospect of any payment is impaired or the value of the Property is Impaired;

F. A material adverse change in Mortgagor's business including ownership, management, and financial conditions,
which Lender in its opinion believes impairs the value of the Property or repayment of the Secured Debt; or
G. Any loan proceeds are used for a purpose that will contribute to excessive erosion of highly erodible land or to
the conversion of wetlands to produce an agricultural commodity, as further explained in 7 C.F.R. Part 1940,
•
Subpart G, Exhibit M.
15. REMEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mortgagor with notice

of the right to cure or other notices end may establish time schedules for foreclosure actions. Subject to these
limitations, if any, Lender may accelerate the Secured Debt and foreclose this Security Instrument in a manner
provided by law if Mortgagor is In default. Upon default, Lender shall have the right, without declaring the whole
indebtedness due and payable, to foreclose against all or part of the Property and shall have the right to possession
provided by law. This Security Instrument shall continue as a lien on any part of the Property not sold on foreclosure.
At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become

immediately due and payable, after giving notice if required by law, upon the occurrence of a default or anytime
thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this

Security Instrument and any related documents. All remedies are distinct, cumulative and not exclusive, and the
Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. The acceptance by
Lender of any sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or
after foreclosure proceedings are filed shall not constitute a waiver of Lender's right to require complete cure of any
existing default. By not exercising any remedy on Mortgagor's default, Lender does not waive Lender's right to later
consider the event a default if It continues or happens again.

16. EXPENSES; ADVANCES ON COVENANTS: ATTORNEYS' FEES: COLLECTION COSTS. Except when prohibited by law,

Mortgagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Security Instrument.
Mortgagor will also pay on demand any amount incurred by lender for insuring, inspecting, preserving or otherwise
protecting the Property and Lender's security interest. These expenses will bear interest from the date of the payment

until paid in full at the highest interest rate in effect as provided in the terms of the Secured Debt. Mortgagor agrees to

pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lender's rights and remedies under
this Security Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, and other legal
expenses. This Security Instrument shall remain in effect until released. lender agrees to pay for any recordation costs

of such release.

17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means all

federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or Interpretive letters
concerning the public health, safety, welfare, environment or a hazardous substance; and (21 Hazardous Substance

means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which
render the substance dangerous or potentially dangerous to tho public health, safety, welfare or environment. The term

includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste"
or "hazardous substance" under any Environmental Law.

Mortgagor represents, warrants and agrees that:
A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance has been, is, or
will be located, transported, manufactured, treated, refined, or handled by any person on, under or about the
Property, except In the ordinary course of business and in strict compliance with all applicable Environmental
.
Law.
(page 4 of 8/

~ S1993, 2001 81nk111 Systems, Inc., St, Cloud, MN Form AGCO·RESHL 12/27/2002

_______________________________. .1~r1

scanned and Verified by: BBCNIJK95706 on 3/12/2014
._

•

B. Except as previously disclosed and acknowledged In writing to Lender, Mortgagor has not and will not cause,
contribute to, or permit the release of any Hazardous Substance on the Property.
C. Mortg~gor Will immediately notify Lender If (1) a release or threatened release of Hazardous Substance occurs
on, under or -about the Property or migrates or threaten,s to migrate from nearby property; or (2) there is a
violation of any Environmental Law concerning the rroperty. In such an event, Mortgagor will take all necessary

remedial action in accordanc~ with Envi~onr'nental Law.

0. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been,
are and shall remain In full compliance with any applicable Environmental Law and Mortgagor has no knowledge

of or reason to believe there is any pending or threatened investigation, claim, or proceeding of any kind relating
to ( 11 any Hazardous Substance located on, under or·about the Property; or (21 any violation by Mortgagor or

any tenant of any Enviroflmental Law. Mo'rtgagor will immediately notify Lender in writing as soon as
Mortgagor has reason to believe there is any such pending or threatened investigation, claim, or proceeding. In
such an event, Lender has the right, but not the obli{lation, to participate in any such proceeding including the
right to receive copies of any docur'nents relating to such proceedings.
E. Except as previously disclosed and acknowledged in writing to lender, there· are no underground storage tanks,

private dumps or oPen wells located on or under the Property and no such tank, dump or well will be added
unless Lender first consents in writing.

F. Mortgagor will permit, or cause any tenant to permit, Lender or Lender's agent to enter and inspect the
Property and review all recortls at any reasonable time to determine (1) the existence, location and nature of
any Hazardous Substance on, under or about the Property; (2) the existence, location, nature, and rriagnitude of
any Hazard~us Substance that has been released on, under or about the Property; or (31 whether or not
Mortgagor and any tenant are In compliance with applicable Environmental Law.

G. Upon Lender's request and at any time, Mortgagor agrees, at Mortgagor's· expense, to: eng.age a qualified
environmental engineer to prepare an environmental aupit of the Property and t!J submit the resul~s of such
audit to Lender. The choice of the environmental engineer who will perform Such audit is subject to- lender's
approval.

H. Lender may perform any ofMortgago(s obligations Under this section at Mortgagor's expense.
I.

As a consequence of any breach of any representation, warranty oc promise made in this. section, (1) Mortgagor
will indemnify and hold lender and Lender's successors or assigns harmless from· and against all losses, claims,
demands, liabilities, damages, cleanup, response and remediation costs, penalties and expenses, including
without limitation all costs Qf litigation and attorneys' fees, which Lender and Lender's successors or assigns

may sustain; and (2) at Lender's discretion,· Lender may release 'this Security Instrument and in return
Mortgagor will provid·e Lender with collateral of at least equal value to the Property secured by this Security

Instrument without prejudice to any of Lender's rights under this Security Instrument.

J. Notwithstanding any of the language contained in this Security Instrument to the· contrary, the terms of this
section shall survive any foreclosure or satisfaction of this Security lnstrumeht regardl~ss of any passage of
title to Lender or any disposition by Lender of any or all of the Property. Any claims and defenses to the

contrary are hereby waived.

.

.

18. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action, by private or puplic
entities to purchase or take any or all of the Property through condemnation, eminent domain~ or any other means.
Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims.
Mortgagor assigns to Lender the proceeds of any award or clairn for damages connected with a·condemnation or·other
taking of all or any part of the Property. Such proceeds shall be considered payments and will be applied as provided in

this Security Instrument, This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust,
security agreement or other lien document.
19. INSURANCE. Mortgagor agrees to maintain insurance as follows:
A. Mortgagor shall keep the Property insured against loss by fire, flood, theft and ..other hazards and risks

reasonably associated with the Property due to its type and location, This insurance Shall be maintained in the
amounts and for the periods that Lender requires. What Lender requires pursuant to the preceding two
sentences can change during the term of the Secured Debt. The insurance ca~rl~r· providing the insurance shall
be chosen by Mortgagor subject to Lender 1s approval, which·shan·not be unreasonably withheld. If Mortgagor
fails to maintain the coverage describ8d above, Lender may, at. Lender's option, obtain coverage to protect
Lender's rights in the Property according to the terms of this Security lnstrulTlen~.
All insurance policies and renewals shall be acceptable to Lender and shall include a standard. "mortgage
clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation
or termination of the insurance. ~ender shall have the right to hold the policies and renewals. If lender requires,
Mortgagor shall immediately give to Lender all receipts· of paid premium$ and renewal ·notices. Upon loss,
Mortgagor· shall give immediate notice to the insurance carrier arid Lender. Lender may make proof of loss if not
made immedia.tely by Mortgagor.

·

fpag,, 6 of
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©1993. 2001 Banke11Sy,toms,lnc.,St.Cloud,MN FormAGCO-AESI-IL 12/2712002

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C

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Unless otherwise agreed In writing, all insurance proceeds shall be applied to restoration or repair of the

Property or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to
principal shall not extend or postpone the due date of scheduled payment nor change the amount of any

payment. Any excess will be paid to the Mortgagor. If the Property is acquired by Lender, Mortgagor's right to
any insurance policies and proceeds resulting from damage to the Property before the acquisition shall pass to

Lender to the extent of the Secured Debt immediately before the acquisition.
B. Mortgagor agrees to maintain comprehensive general liability insurance naming Lender as an additional insured

in an amount acceptable to Lender, insuring against claims arising from any accident or occurrence in or on the
Property.
·
C. Mortgagor agrees to maintain rental Joss or business interruption insurance, as required by Lender, in an amount
equal to at least coverage of one year's debt service, and required escrow account deposits (if agreed to
separately in writing), under a form of policy acceptable t6 Lender.
20. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be
required to pay to Lender funds for taxes and insurance in escrow.

21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial
statement or information Lender may deem reaso.nably necessary. Mortgagor agrees to sign, deliver, and file any
additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve
Mortgagor1 s obligations under this Security Instrument and Lender's lien status on the Property.
22. JOINT AND INDIVIDUAL LIABILITY: CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this
Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence
of debt, Mortgagor does so only to mortgage Mortgagor's interest in the PropertY to secure payment of the Secured
Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a
guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing
any action or claim against Mortgagor or any party indebted under the obligation. These rights may includet but are not
limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security
Instrument may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt
without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument.
The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and
Lender.
23. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the
jurisdiction in which Lender is located, except to the extent otherwise required by the laws of the jurisdiction where
the Property is located. This Security Instrument is complete and fully Integrated. This Security Instrument may not be
amended or modified by oral agreement. Any section in this Security Instrument, attachments, or any agreement
related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or
impliedly permits the variations by written agreement. If any section of this Security Instrument cannot be enforced
according to its terms, that section will be severed and will not affect the enforceability of the remainder of this
Security Instrument. Whenever used, the singular shall include the plural and the plural the singular. The captions and
headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or
define the terms of this Security Instrument. Time is of the essence in this Security Instrument.
24. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by mailing it by first class mail
to the appropriate party's address on page 1 of this Security Instrument, or to any other address designated in writing.
Notice to one mortgagor will be deemed to be notice to all mortgagors.
25. WAIVERS, Except to the extent prohibited by law, Mortgagor hereby waives and releases any and all rights and
remedies Mortgagor may now have or acquire in the future relating to the right of homestead exemption, redemption,
reinstatement, appraisement, the marshalling of liens and assets and all other exemptions es to the Property,
26. MAXIMUM OBLIGATION LIMIT, The total principal amount secured by this Security Instrument at any one time shall
not exceed $ 140.000.00
. This limitation of amount does not include interest, attorneys fees,
and other fees and charges validly made pursuant to this Security Instrument. Also, this limitation does not apply to
advances made under the 'terms of this Security Instrument to protect Lender's security and to perform any of the
covenants contained in this Security Instrument.
27, U.C.C. PROVISIONS. If checked, the following are applicable to, but do not limit, this Security Instrument:

D Construction Loan. This Security Instrument secures an obligation incurred for the construction of an
0
0

improvement on the Property,
Fixture Flllng. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the
future and that are or will become fixtures related to the Property.
Crops; Timber; Minerals: Rents 1 Issues and Profits. Mortgagor grants to Lender a security Interest in all crops,
timber and minerals located on the Property as well as all rents, issues, and profits of them including, but not
limited to, all Conservation Reserve Program (CRP) and Payment in Kind (PIK) payments and similar
governmental programs (all of which shall also be included in the term "Property").
(page 6 of BJ

~ ©1993, 2001 Banke1s Sp1ems, Inc., St. Ctoud, MN Form AGCO·RESl-ll 12127/2002

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D Persol"!al Property, Mortgagor grants to Len~e~ a security .imere!;,,t in al.L personal property located on or
connected with the Property, ·-including all ·fari"n products, inventory; equipment, accounts, doc~ments,
instruments, chat-tel p·aper, genera} intangibles, and all'othe.r items of personal property·Mortgagor owns now or
.in the future, and ·that are used or useful .In the construction, ownership,. operation, management,. or
maintenance of the Property (all of which shall also be included in the term "Proper.ty"), The term _"personal
prop•rW" specifically· excludes that- property described. a·s "household goods" secuted

tn

connection with a.

"consume:,1' loan as those. terms are defin.ed in appl(cable federal regulations governing unfair and deceptive
·
credit practices.

D Filing As ·Financing Statement, Mortgagor agrees and acknowledges that this Security Instrument also suffices
as. a financing stat8ment and any carbon, photographic or other reproduction may be filed of record for
purposes.of Article 9 of the Uhiform Commercial Code.

28, OTHER TERMS. If checked/the foll~wing am applicable to.this Security Instrument:
D Line of Credit, The Secured Debi includes a revolving line of credit provision. Although the Secured Debt may
be reduc.ed t<>: a zero balance, this Security Instrument will remain in effect until released.

0

Separate Assignment. The .Mortg_agor has executed or will execute a separate assignment of leases and rents.
lf the separate assignment of leases and -rents is p(operly executed and recorded, theh the separate assignment
wJII supersede this Securit\'_lnstrument's "Assignment·of Leases and Rents" section.
·
·
.·

SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained In this Security Instrument

and in any attachments·. Mortgagor also ac.knowledges receipt of a copy of this Security Instrument on the datQ Stated
on page 1.
· ·
Entity Nemit_: - - - - ~ - - - - - - - - - - - - - -

1s;gnature) KA

..
(Signature)-==

4
·

1~

.

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· {Oatel

7. - 1-'-f -,:, t..
tOatel

~:--

(Oate)

1s1gnatu,e~HIA YUN TIE ~ t

21"

1Sfgn,C;,)° ' <,1 kf

ACKNOWLEDGMENT:
·STATE OF JJ!lullnu,o..,j,,s_ _ _ _ _ _ _ _ __

<

.

'2..'

'2..1.f'!Date!
·Ck

,.,_,,,.,,,_.._____________,J ss.
February 2006

UndMdualt

. "OFFICIAL SEAL"
MARY .1! PETERSON
•

~ 0 t993, 2901

i:oMM)SSION EXPIRES 04/08/08

Bank,rs Sys1ems, Inc., St. Cloud, MN Fo,m AOi:O•RESML 12(27/2002

,canned and Verified by: BBCNIJK05706 on 3/12/2014

(page 7 ,of 8) . ·

'
-------------1 ss.

rnusinm
0! £,,011'

A~knowl•dgmenU

STATE OF _ _ _ _ _ _ _ _ _ _ _ , COUNTY OF
This instrument was acknowledged before me this _ _ _ _ _ day of
by

-----------------------------------------------

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - lll1letsll
of _______________________________________ lName of Busfncuor En11tyl

a
My commission expires;

on behalf of the business or entity.

(Nolery Pub1ie)

(page 8 of 81
~ @1993, 2001 81nke11 Sy,temi, Inc., St, C/QVd, MN Fo,m AGCO·AESl·IL 12/27/2002

\canned and Verified by: B8CN1JK05706 on 3/12/2014

EXHIBIT A
LEGAL DESCRIPTION:
.

'

LOT 27, 28, 29, AND 30 IN BLOCK "B", lN SONNENSCHEIN AND SOLOMON
PARK MANOR SUBDIVISION OF BLOCKS 5, 7 AND 12 IN FREER SUl3DIVISION
OF THE EAST Yz OF THE SOUTHWEST Y. 0F SECTION 22, TOWNSHIP 38 .
NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK
COUNTY, ILLINOIS
0

PIN:

20-22-315-008-0000
20-22-315-009-0000
20-22-315-010-0000
20-22-315-011-0000

ADDRESS:

219 EAST 69TH STREET, CHICAGO, ILLINOIS

i

· 3canned and Verified by: B8CNIJK05706 on 3/12/2014
·•

·.

.

.

. ...

'

Bank of Hope v. Ka Soen Tie, et al.
AFFIDAVIT OF SONG CHO

EXHIBIT "3"

Loan#1000611-1

AMENDMENT/EXTENSION
TO
COMMERCIAL MORTGAGE BALLOON NOTE
Date of Note:

February 24, 2006

Amount of Note:

$140,000.00 .

Interest Rate:

7.00%Fixed

Amortized Period:

300 Months

Maturity Date:

March 1, 2011

Borrower/Mortgagor:

Ka Soen Tie and Lushia Yun Tie

Lender/Mortgagee:

Foster Bank, an Illinois Banking Corporation

In consideration of Ten Dollars and other good valuable· consideration, the receipt and
sufficiency of which is hereby acknowledged by all parties, the Borrower and Lender do hereby
agree to amend the above identified Note as follows:
New amount of Note: ONE HUNDRED THIRTY THOUSAND TWO HUNDRED

THIRTY EIGHT AND 97/100 UNITED STATES DOLLARS
($130,238.97)
New Interest Rate:

6.50 % Fixed

Effective date of new interest rate:

April ·..l-8./4, 2011

New Monthly Payment:

$971.03

New Amortization Period:

240 Months

New Maturity Date:

March 1, 2016

Prepayment Penalties: If the Lender receives a prepayment on or before the 1st anniversary of
the date of the first payment due date of the Note, the Penalty shall be equal to 5% of the
remaining Principal balance of the Note. If the Lender receives a prepayment after the 1st
anniversary but on or before the 2nd anniversary of the date of the first payment due date of the
Note, the Penalty shallbe equal to 4% of the remaining Principal balance of the Note. If the
Lender receives a prepayinent after. the 2nd anniversary but on or before the 3rd anniversary of
the date of the first payment due date of the Note, the Penalty shall be equal to 3% of the
remaining Principal balance of the Note. If the Lender receives a prepayment after the 3rd .
anniversary but on or. before the 4th anniversary ofthe date of the first payment due date of the
Note, the Penalty shall be equal to 2% of the remaining Principal balance of the Note. lfthe
Lender receives a prepayment after the 4th anniversary of the date of the first payment due date
of the Note, but before the due date of the Note, the Penalty shall be equal to 1% of the
· remaining Principal balance of the Note.
All other terms and conditions of the Note shall remain the same.
Scanned and Verified by: BBCN\JK05706 on 3/17/2014

Loan#1000611-1

Dated this .

.#'

day of April, 2011

· Lender/Mortgagee:
FOSTER BANK, an Illinois banking corporation

Borrower: Ka Soen Tie and Lushia Yun Tie

canned andVerified by: BBCNIJK05706 on 3/17/2014

Bank of Hope v. Ka Soen Tie, et al.
AFFIDAVIT OF SONG CHO

EXHIBIT "4"

FORBEARANCE AGREEMENT
This Forbe!Ullnce Agr.eetnent ("Agreement") is !Ollde and enteted into ae ofJime 13., 2014,
by and runong Ka Seen 'I'le and Lushia Yuo 'lie (ccillectively "Bottowet''), Fol< Cleaners d'o: (''Fox")
and BBCN Bank f/k/a Fostet Bank ("Lender")..

RECITALS
WHEREAS, on or about February 24, 2006, Botrower executed a Promissory Note in favor
of Lender in the amount of One HundJ:ed and .Forty Thousand 00/100 Dollars ($140,000.00)
(herein "Note");
'
WHEREAS, otl or about April 28, 2011, Bonower executed an Amendment/Extension to
Commetclal Mortgage Bruloon Note ("Note Amendment', adjusting the Interest rate and extending
the matutlty date to Match 1, 2016 ("Matutlty Pate'?,
·
WHEREAS, as secutity" £or the Note, on or about February 24, 2006, Borrower signed a
Real Estate Mortgage ("Mortgage") to Lender on the property located at 219 East 691" Stteet,
Chicago, IL 60637;
WHEREAS, on or about March 'l, 2011, Bottawer signed a Mortgage Extension
Ag1:eement ("Mortgage Extension") acknowledging the adjusted Interest n,,te •nd extending the
Maturity Date,
WHEREAS, the Note, Note .Amendment, Mortgage and Mortgage Extension shall hereafter
be referred to collectively as "Loan Documents",
WHEREAS, Borrower is in default of the Loan Docmnents fot foiling to pay the August 1,
2013 loan payme11t and each payment theJ:ellfter, Md as of April 21, 2014, the total arnouot
Borrowet owes Lender uodet the Loan Docwnents is $122,896.21 ("Loan Balance'~. In addition,
interest, attmney's foes and costs conlinue to
undet the Loan Docutnenm and Borrower
.remains liable fot the same (all payment obligations described in of tlilil Parag.taph shall be referred
to collectively 11$ the "Indebtedness");

•=•

WHEREAS, Bottowet: has requested thut the Lender futbe<lt frorn e:ll:etclsing its rights
under tho Loan Documents through the Fotbes.tance Period, .nd Le11der has sgreed to fod:,ear from
exercising its right1' through the Forbeatance Period pursoont to the tetms and provisions stated
below;
WHER.EFORE, in coJlSideratlon of mut:ual ptotnlees and co"l"enants and other good and
valuable ~onsideration, the receipt and sufficiency of which Is hereby acknowledged, the parties
agree as follows:
l.

Incorporation of Rocitn~. Borrower acknowledges and agrees that the Recitals set forth
above ate true and aocui'ate and are .incorpor..ted into and form n part of this Agreement.

1

['_x"_"'_m,_Js-u::_w:_BJ_:m_u_::A_Ml_&_m,_w._ma_:s_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
..

_.l !

2.

Fru;beamnce Eerlod. The Forberu:aoce Perl~d shall begin on the datc of thfo Ag,eement and
end on the earlier to occut of (l) May i, 20i5, (ll) hnmedlately upon the failllfe ofBottower
or Fox to observe or perform any of their obligations or agreements under this .Agt'eement
or any of the Loan Documents, (ill) the PropeJ:ty or commercial assets of Botrower or Fox
ru:e sold or (iv) the filing of a petition for Bankruptcy by the Borrower or Fox,

3.

Forbearance Petlod CoyepllQ!§, During the Forbeamnce Period, the following ·conditions
precedent must be soti$1ied and tnainWned by the Bottower and Fox:

(•) In consideration of Lender's l.'lorbeiu:once 6n its tlghts as set forth 111 this Agreement,.
Borrower hereby ag1-eea to execute aiid i:JellV'er to Lender (i) a conune1'Cial guaranty from
Fox in the amount of the Indebtedness °(Att,.cbcd as "Exhibit A") and (ll) a CommeJ.'Clal
Security Agreement on all the business ll'ssets of Fox (Attached as "&hibitB"),
(b) Bottowet shall repay the Indebtedness during the Forbearance Period under the
following terms:
i.

Upon execution of this Agreement, the Mny 1, 2014 payment of $1,500.00 shall
be itnrncdlately due and owfng Lendo;;

iL

Begi.Mlng June 1, 2014, and continuing on the first (1") day of each tnonth
thereafu-.t tlu:ough April 1, 2015, Borrower shall make monthly lnstrulments
paymeJ:>ls of$1,500,00 to Lender;
.
.

iii.

The interest rate undetthls Agreement will be reduced from 6.5% to 5% fu<ed;

iv. • Pt.iucipal and Interest payments under the Note from August 1, 2013 through
.April 1, 2015 are deferred through the Fotbeal.'llllce Petlod;
v.

Upon the Forbearance Perlod expiring, tbe remalnlog Loan Balance, including all
deferted payn1ents under this Agtee.tnent, will be r<:-amottlzed through the
Maturity Date of the Note. Beginning May 1, 2015i lllld conducing on the litst
day of each month thereafter· thtough the Maturity Date, Botrowet shall mske
equal monthly Installments payments to Lender on the telX!aining Loan Biuance
through March 1, 2016. If on Mai:ch 1, 2016 the· Note is not paid in full, one
flnal balloon payment shall be due and owing Lender for the re.tnaltiiog Loan
Balance due on the Note.

(c) All Payments made by Bottower o.t Fox under this Agreement shall be applied to the
Indebtedness at the Lender's sole and absolute discretion. The fuilure by Bor,:ower or
Fox to perform any obligation under this Agreement for a period In excess of seven (7)
days after written notlce will be an lmn:l<;<l[ate default,
4.

Terms of Agteetnent. Nothing contalned 1n thls Agree1net1t shall be construed in such a
manner as to require. the Lei1der to extend the Forbearance Period beyond May 1, 2015 or
modify the tertns of the Loan Documents; provided, however, that the Lender may, one or
more times, but shiill hnve no .obli$11tion to, extend the Forbeamoce Pedod to a dote or dates
subsequent to May 1, 2015 and/or modify the tertne of the Loan Documents once the
2

r:0:06 li@ ,;: It: ii iil.O,IIM&lbi .llilildli

I

Fotbearance period has ended. Notwlthstilnding the foregoing or anything to the contraty
contained ln this Agteetnent; on M11y 1, 2015, the Lender's agreement to forbeax under this
Ag,:eement will tetminate, and the Leni:let Jhall have the right, without additional notice, to
ptoceed to exetdse all of the Lendet1s F~rbeatance 'Petlod rlght• and post-Fotbeatance
Period rights under this Agreement, ilS well as all rights and remedies under the Loan
Documents.
5,

Notlces. Notice from one party to another relating to this Agreement shall be deemed
effective If made mwtlting (including telecomtnunlcatione) und delivered to the recipien~s
address, e-mail address, or facslmile number set forth below by any of the following means
(a) hand delivery, (h) registered or certii:1ed J,nail, postage prepa.!d, (c) Federal Express, or like
ove1nlght coutler service, (d) tclecopy, fu~e, (e) e-tnall ttanstnlseloo, or other wire
transmission with requeet for Msurance
receipt ma manner typical with respect to
communications of that type ot (~ Regulh U.S. Mail Postage Prepaid. Notice made m
accordance with this section shall be deemed delivered on receipt of delivered by hand or
wire t:t~nsml.ssloc, on the third business day aftet malling If mailed i:egu}at U.S. mall,
registered or cettffled mail, or on the· next business day after tnallmg or deposit with an
ovetnlght courier service.

of

Lenders Attr,

Deborah Ashen, Esq.
Asheo/Faulliner
217 N,Jeffe!Son St., Suite 601
Chicago, IL 60661
F: [phone]
P: {312) 655°0800
B-mall: [e-mail]

Lender:

BBCNBank
3731 WU.hlte Blvd, Ste, 1000
Los Angeles, CA 90010

Borrower&
Guarantors:

Ka Soen Tie and Lushia Yun Tie
3132 S, May St.
Chicago, lL 60608

I

Fm, Cleane.ra Co.
· c/o Ka Soen Tie, President
3132 $, May St
Chicago, IL 60608
6,

Prohib!tlon gn AssigtunMt. Thfa Agreement J:nay not be assigned without the prior written
cm1sent of the Lender, which may be withheld for any or no reason. Any attempt to a831gn
this Agree.roent without written consent o~ the Lender s!;tall be void and without force or
effect

7.

j

Prcvlous Represenmtlons. The Borrower and Fox repreeent and warrant to Lender that all
wtltteri representations, Information an'd state.meats made, provided, or delivered to Lender

by Bor1:ower, Fox, or pettions acting at thek request or on its behalf, were and are complete
3

ri@6 .£ e; ""' w..,.;,:;:;;;.11.,. Oiill2111.

I

and accu.rnte in all material respects and were not and are not misleading (by loclusion or
'
·
omli,,ion) in any matetW respect.
8.

No Release, Nothing contalned ln this .Agreement, the discussions or communications
leading up to this Agreement or any Loan 'Documents mentloned ln this Agreement shall
waive the Lender's tight to poasession of any property or the commercial assets o£Borrower
or the commercial asse.ts of Fox, or any dght or remedy of Lender under the Loan
Documents, or at law or in equity.

9,

Su\'YlYll) of loan Documents, Notwithstanding anything to the conttaty contaloed lo this
Agreetnent; the Loan DocUtncnts are ln full fow: and effect ln accordance with their
respective te.ttns, are and tetn<i!n 'l'alid and blndlng obligations of the Borrower and Fox, and
lite hereby reaffirmed and ratified by the patties, The liens; security interest and assignments
created by the Loan DoClltnents and this ~reement ru:e and continue to be valid, effective,
properly perfects, enforceable and, except M otherwise expressly t<:leased or agreed to by
Lender in w.tlting, are hereby ratified anti cohiirined ln all respects.

10.

Conflict. 'I'hls Agreement and all Loan Documents referenced in this Agreement shall be
construed to the 1naxinnun extent possible to avoid any conflict between the respective
ptovlslons of such documents, but in the event of any irreconcilable conflict the teJ:rns of
this Agreement shall go'l'etn,

11.

\1()Juvei: of Defenses, Borrower and Fox acknowledge and agree that (a) the Loan
Documents to which Borrower and .Fox are a party are the legal, valid and binding
obligations of Borrower and Fox, enforceaBle against Borrower and Fox in accordance wlth
thdt respective terms, (b) Bot.tower and Fox have no defenses of any nature whatsoever to
the enfoi:cement of the Loan Documents or security insttUlDents referenced Jn. chis
Agreement, and (c) Borrower and Fox have no claims, counterclaims or offsets ,igalnst
Lender in respect of the .Loan Documents or secutlty Instruments referenced lo this
Agreement, or whfoh could be asserted against Lender by reason of any act, conduct or
o.tnls,don of Lender, nor shall this Agreement or the Fotberu:ance contemplated by this
Agreement give tise to any such defenses, clauna, counterclaims or offsets. Borrower and
Fox consent to all of the transactlor>s contemplated by thls Agreement, and except ••
expressly inodilled by this ;\gteement, tatllies 11nd afflttn• the continuing 'l'aildity .and
enforceability of the Loan Doeuments or s~curity insttuments referenced in this Agreement
'The consents, releases, waivers and : ackhowledgments of Borrower and Fox in thl•
Agteement shall survive the tettnina!l,on O! eltpiration of this .Agreement,

12,

Acknow!edg®1ent of Default. Boxcower and Fox acknowledge and agree that (a) Botrower
is in default under the Loan Documents for falling to make the monthly payincnts due alld
owing; and such default Is material and entitle the Lender to pursue ill of illl terned/es under
the Loan Docutnents ot secutlly lnsttuinents referenced In thls Agteement, or othetwise
avillable at law or in equity, with sill applicable grace periods and requitemet1ts of notice of
default having been satisfied or waived, !'lld (b) as a result of such defat1lt,, and the
satisfaction or waiver of.iill applicable•gracc petlods and notices of default, the Lender Is
entitled to pursue ill of it.s tights and rc,:qeclies under the Loan Documents and sec\ldty
11greemcnts created undet this Agreement ;
4

[""'""'" Mi uaco.:wsM1J:01111£11

I

13.

14.

)teleaae of Clrums by the Borrowey and Fox. Except for the Lender's obligations under this
Agteement, Borrower and 'Foll:, for thbtneelves and on behalf of theit agents, employees,
representlltive, e.fllliare,, predecessors-in-interest, successors, and assigns (such petsons and
entities other than the Borrower or Fox 11te j:eferred to collectively as the "Other lleleasors"),
do hereby teleaae, dischru!ge and acquit the Lender, and its officers, directors, shareholder,
agents, employees, and afllllates anll theit reepective successors, belts and assigns
(collectivcly, the "Released Party"), of and from any and oil rights, claitns, de1nands,
obligations, liabilities, Indebtedness, breaches of contract, breaches of duty or any
relationship,. acts, omlseions, misfeasance, malfeasance, causes of action, promises, damages,
costs, losses and expenses. of every klnd, nature, desctlptlon or character, and h:resp.ective of
how, why or by reaeon of what facts, which could or may be claltned to exist, whether
known or unknown, suapected or unsuspected, llquidated or uollqu!dated, claimed or
uncla.!med, whether based on: contract, tort; breach of any duty, or other legal or equitable
theory of recovery, each as thbugh fully set forth heteln at length (collectively the "Claim•"),
which ln any way arlsc out of, are connected with ouelate to any or all of the following: (a)
the Loan Dot:WOents and security agteements referenced In this. Agreement, as well as any
action or Jnactlon 0£ the Released Patties or any of them with respect to the Loan
Docu.tnents or security agreements referehced in this Agreement ot the administration
.thereof; (b) iuiy or all of the ttansactions which ate the subject of or cont=plated by IUlY or
all of the Loan Document, or security agreements tnentioned in this Agreement; or (c) any
fact, matter ·ot transaction existing or occurring as of ot prior to the execution of this
Agreement by the patties and relating to this Agreement, the Lom OocUl'Ilents, or all other
docgments referenced in this Apment.
No Waiv¢r by the LendeJ:.' This Agreem.,;.t by the Lender to forbear from exercising its
tights and remedies ,mder the Loan Doculnents or all other documents referenced in this
Agreement shall not constitute a wolver of, consent to, ot condocing of any default by
Borrower and Borrower and Fox agree. that the Lender may Immediately exercise oll tlghts
and r,;inedles anilable to it under the Loan Documenw and the corumetclal assets of Fox
llnooedlately upon ter.mination of the Forbelltance Petlod or upon a default by Borrower -0r
Fox,

15,

N2 Wavier. No waiver by the Lendet of any of its tights or remedies Jn connection with this
Agreement, any doCUIIICllts L-eferenoed in this Agreement, or the Loan Docwnent~ or all
ot:het documents referenced ln thie Agreement, shall be effective
such wnhrer is in
writing and signed by the Len?et,

uni•••

16.

No Third Pat:!y Beneflclarles. Nothing in this Agreement is iate11ded to or shall confer ally
tights or remedies upon any person, other than the parties hereto and, s,ibject to any
restrictions on· asolgntnent contllined in this Agreement, the Loan DoL"ll.tneuts, or all other
do~uments referenced In this Agreement, tbeit respective successol:ll and assigns, This
Agreement shall be binding upon and shnll lnute to the benefit of the p11ttles hereto and·
theit respective •uccessors and assigns.

17,

~

Nothing in this Agreement shall-~•) diminish or otherwise .llmlt any obligation
Borrower .uid Fox may have under the Lodn Documents or in th.is Agreement wlth tespect

; s.
rM&ilM&0:110:61 iifa:OIJO.s& Jlilbfiii

I

to payment of the Lender's costs and expenses, or (b) prevent the Lender from requiring
Bottower or Fox to pay all sueh costs lllld expenses in accOfdance with the terms of the
Loan Documents or in this Agreement, Including, but not limited to reasonable 11ttorneys'
fees and court costs.
'

18.

Eptlre ,l\gJ;eement. This Agteetnent, all documents to be delivered and execured pursuant to
thi~ Agreement, and the Loan Documents contain the entlte agreement and undetstanding
between the parties concerning the matters covered by this Agteement and supersede all
prior and contemporaneous agteements, 'statements, understandings, tei:ms, conditions,
negotiations, i:epresentations ·and wai:tanties, whether written or oral, made by the Lender,
Bonower or Fox concerning the matters coveted by this Agteement,

19.

Confession of Judgment. To secw:e the payment of the Indebtedness pursuant to this
Agteetnent, Borrower and Fox hereby irrevocably authorize and empower Lender to select
any attorney of Its choosing to appeai: ln either State or Federal Court in Cook County,
Illlnols, in tenn time or vacation and to confess judgment, without ptocess, In favot of the
holder of this Confession, for such atnountt as may appeai: to be unaided thereon, together
wlth ressonable costs of collection, including but not limited to attorney' fees and to waive
and i:elease all errors which tllllY intervene In such proceedings, consent to immediate
execution upon such judgtnent, heteby ratifying ad confinning all that said attorney may do
by virtue hereof. If • copy of the Loan Documents or all other documents teferenced in this
Agreement vetlf:ieil by an affidavit, shall have been filed in the pJ'Oceeding, It will not be
necessaty to fde the original as a wa.rrant of attorney, Agteetnent, Borrower and Fo,c waive
the right to any stay of execution and ihe benefit ofall exemption laws now or hereafter In
effect No single exercise of the foregoing,warrant and power to confess Judgment will be
deemed to exhaust the power, whether or not any such exercise shall be held by MY cou,:t to
be invalid, voidable, or void; but the power will eontlnue undiminisbed and may be exercised
from tltne to tltne as Lender may elect until all amou.ots owing herein have been paid in fu!L
Agi:eetnent, BortoWet and Fox hereby waive and release any and all claltns ot causes of
action which Agreement, Borrower and Fox might have against any attorney acting undet
the t•=• of authority which Agreement, Borrower and Fox have gtanted hetein atl,lng out
of or connected '11'.lth the confesslon of Judgtnent hereunder. The unde!:$lgned acknowle<lges
that thls Confession does not sec:nte payment of monies putsuailt to a "Consumer
Ttansactlon" as defined ln 735 lLCS 5/2-1301. 'I'he undersigned hereby waives the tight to
present for payment,. notice of dishonor, and protest. Additionally, the undersigned hereby
state~ that they have read and understand: this document in full,. are not now 11nder the
influence of any alcohol, dt:l!gs, or other ;Intoxicating substance, nor any dui:e,s, undue
iilfluence or Jnoopacity a.nd llgtee and conaerylll to be fully bound by the tlillns her.,ln.

20.

Tjme of the EssenQ!l. 'I'il1le is of the ess.ence of each provlsion of thls Agreement.

21.

St:yembili!J1. If <111y term or provJa!on of this AgteOIDetlt or the application thereof to any
person or circumstance sbrul, to any e,ctent, be Invalid or unenforceable, the remainder of
this Agreement, or the applicatiot1 of such tfl.tm Of provislnn to persons or.circumstances
other than those as to which it ls held invalld ,:,r unenfotceable, .shall not be affeeted thereby,
and each mch term and provision of this Ai,>teement shall be valid and shall be enfot<:ed to
the fullest extent pettnltted by law,
·

r:OO!tlliJ Olli &Bi Ahll,&SM&i Jllll)&IJ

I

22.

Execution and Cougtet~. Thls. Agreement may be executed Jn any nUlllber of
counteJ:parts so long as each signatory hereto executes at least one such counterpart. Eacb.
such counteJ:part shall constitute one orlglnal, but all such counterparts 1:llkcn together shall
constitute one and the srune instrument. Thls Agreement may be signed and ttansmltted by
facsimile transmission ot by electtonic l:rilnsmlsslon; the signature of aoy person by facsimile
transmission ot clecttonlc transrulssJon shall be consldeted an otigfo.el signature; and a
facaJmlle ot electronic copy hoteof shall have the same blodlng effect as an otlglnal signature
·on an original tlocument.
·

23.

Gow;n,lpg !,aw, Thls Agreement shall be govc:tned by and construed aod enforoed in
accotdance with the internal laws of the State. oflllinols, County of Cook.

7

rdii,,,Ctl O IIUIA&A&LIIOOlll,lili
Iii

I

(EXHIBIT A)
COMMERCIAL GUARANTY
THIS COMMERCIAL GUARANTY/'Guarllllty'? ls made as of this _
day of June,
2014 by Fox Cleaners Co. (herein as "Guarantor''), to lllld for the benefit of BBCN Battle f/k/ a
Foster Bank ("Lender'?,
·
.

I

Wf'l'NESSE'tH:
WHEREAS, on or about Februaty 24, 2006, Ka Soen Tie and Lushla Ymt Tle (collectively
"Bortowet'? executed a Promissory Note in favor of the Lendex Jn the amount of One Hundi:ed
and Forty 'Thnusa.nd 00/100 Dollars ($140,000.00) (herein "Note'?;
· WHEREAS, on or about Aprll 28, 2011,.Botrower executed an Amendment/Extension to
Commercial Mortgage Balloon Note ("Note Amenilment") lldjustlng the interest rate and extending
the11:"tutity date to MMch 1, 2016;, ·
' ,

WHEREAS, as security for the Note, on or about Febtuai:y 24, 2006, Bottowet signed •
Real Estate Mortgage (''Mortgage'? to Lender on the property located at 219 East 69'& Street,
Chicag-o, IL 60637;
WHEREAS, on or about Match 1, 2011, Borrower ·signed a Mortgage Extension
Agt.eement ("Mortgage Extension'? acknowledging the adjusted lntei:est iate and extended maturity
date.
·

WHEREAS, the Note, Note Amendment, Mortgage and Mortgllge Extension shall
hereafter be referred to collectively as "Loan Documents",
WHEREAS,.J3orrowec ls in default of the Loan Documents for failing to pay the August 1,
2013- loan payment and each payment thereafter, and as of Aprll 21, 2014, the total amount
Bottower owes Lender Ullder the Loan Docutnents ls $134,840,88 ("Loan Balance'?, In .uddition,
interest, 1tttotney's foes and costs continue t<:i accrue under the Loan Downents and Botrowet
remains liable t'o.r the same (all payment obligations described in of this Pwgmph shall be referred
to collectively as the "Indebtedness");

that

WHEREAS,. Bottower bas requested.
the I.ender forbear ftotn. exercising its .tights
under the Loan Docmnentl! through the Forbearsn~e Period, and Lender hits 11greed to forbe11t from
exercfolng its tights through the Forb~arance Pexlocl;
.
WHEREAS, the execution and delivety of thls Cornmercfal Guaranty is a .condition
precedent to the execution and acceptance of the Forbearance Agreement between I..etldet and
Borrow61';

NOW, THEREFORE, Guarantor agrees to Guaranty the debt under the Forbearance
Agreement and Note as follows:

8

riJiii !iii Oil II

iii Li Oil 4,IAIO:,.h &I Wll),1111

I

1.

Gµaranty. Guarantor° absolutely, uncondltlorut!ly and irrevocably guMWtees to

Lendor:
(a)
The full and ptompt payment of all ptlncipal, lntorest, late fees and othet costs under
the Note ru1d the Loan Ilalauce undet the Fo.tbearance Agreement between Lender and Bottowet
when paymeut becomes due to Lendet lllldet any and all clreumstances;

(b)
The full aud prompt payment of any othet alll01lllbl due Lendet under any of the
othet Loan Documents, ... and when. the same shall in any manner be ot become due .fill provided
the,ein;
I

(c)
The payment of all eii:penses,, JncludJng teasollable attotneys' fees, incurred by
Lender in exetcising any of ibl rights and remedies under any of the Loan Documents, Note or
Forbeamnce Agreement or Jncurred by Lender In enforcing this Guaranty (all pay1nent obligations
described in Subparagraphs (a), (b) or (c) of this Paragraph 1 being hereinafter referred to
collectively as the "l:ndebtedness");
(d)
The full, complete and punctual observance, performance and ,at!sfac:tion of all
obllgatlons, duties aud agreements (the "Obllgat\ons'~ of ;ill parties from whom performance is
owed to Lender under any of the Loan Do~'Ujllents, Note or Forbearance Agreement (the
"Obligots").
•

2.

•

I

Lender's R,,;medles. :Ca) In the event of ruiy default by Borrower under the Note or

Forbearance Agreetnent, after the exphation of ariy applicable cute period, Guarantor agtees,. on
demand by Lettder, to pay all sums guaranteed or due hereunder tegatdless of auy defense, right of
set-off or claims which the Borrower or Guarantor roay have agalnst Lender. Guarautot
acknowledges and agrees that this Guaranty ls an absolute, ittevooable, present and
continuing guaranty of payment, and continues 1-egardless of any amettdtnenta,
modificatlott~, extensions ot rettewals Ulldet the Note or Forbearance .Agreement,

(b) In the event that Borrower defaults in the performance of M>Y of the Obligations,
Gua.bmto.t wees, on demand by Lender (i) to assume ;ill tesponsiblllty for and petfotm such
Obligations iu accordance with the terms and condltlons of the Note or Forbearance Agreement; (iJ)

to pay any and all costs and expenses llecCllsaty for the full aud timely perfol'tnllnce of such
Obligations; aod (ill) except for lo,s, damage, cost, expense, injury or liability at!sJng out ofLendet'.s
gtoss negligence or willful misconduct, to Indemnify and hold Lender harmless from and against any
and all lo•s, dntnage, cost, experuie, injuty or liability Lender may snffer or incur in. connection with
the exercise of ill! rights undcJ: this Gua.r:anty or any other Loan Documents ot Fo.tbearancc
Agreement. If Guarantor fails to commence and pursue diligently the perfor1na11ce of such
Oblig;,tions within seven (J) days after his receipt of written notlce from Lender demanding tbe
petfotmllt1Ce of Gt1atantor, then, either before at after pursuing any other remedy of Lender agalust
Guarantor or any other Obligo.., aud .regardless of l.vhethet Lender shall ever pursue any suvh other
remedy, Lendor shall have the· tight to itself ptirf= or cause others to perform such Obligations.
All amounts required to be paid by Lender In the performance thereof sball be Included within the
tetm "Indebtedness" and all obllgationa perfol'tned ,by Lendr.r putsuaut to the terms heteof shall be
Included within the term "Obllgatlons", Notwithstanding anything to the conttaty herein contained,
in any action to enforce any of the Obllgatlons of Guarantor under this Guw,.nty, Lender, at its
election, may proceed against Guarantor, with or without (A) joining any of the othor Obllgotll In
9

i

_[_""_""_'"'_"""_EiS,._,OO_MIJl_·"l)_Gii_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ , , ,

any such actfon; (B) commencing 11111 action agi.ln~t or obtaining any judgment against any of the
othet Obligors; or (C) commencing any proceeding to enforce the Loan, realize upon any security
interest or collateml ot obtllin any judgment, del'tee Ior foreclosure sale.
.
3.
No Dischal:lll', Gua.ra.otor agtees that the obligations, coveru,.nts and agreements of
Guamntor under this Guaraoty shall not be affected or impaired by any act of Lender, or any event
or condition except full pc,rformmce of the Obligations and payment of all lndebt.edness and any
other sums due here\llldet. Guarantor agrees that he is d!tectly, jointly and severally, with any other
guarantor of the Obligations liable to.Lender as same exi5t or may exist from t!tne to time, that the
obligations of Guarantor hereundor ate independent of the obligations of Borrower or any other
guatantor, and that a separate action may be' brought against Gu11tantor whether such action is
brought.against Botrower, or any other guatantor or whether Bot.tower, or any such other gumntor
is joined ln such action. Guat:11ntor agrees that, without full performance of the Obligations and
payment in full of the Indebtedness, the liability of buamntor hereunder shall not be dlscb,u;ged by:
(a) any extension of tln,e for the payment of the fodebtedness or performance of the Obligations
under the Note or Fo1bearance Agreement, or any indulgences or modifications which Lender may
ext.end to any of the Borrowers,' or any other ,igteement telat!ng to the Indebtedness or the
Obligations, all whether /llade with or without the knowledge or consent of Guatantot; (b) any sale,
tt1W.sfer or asslgnment of all or any portion of the Note or Forbearance Agreement by Lender, its
successors and :assigns; (c) any consent which Lender may give to any sale, transfer or assignment of
all or any portion of the Indebt.edneso, the Obli~tlom or any collateral securing payinent and
performance of the Indebtedness or Obligatiol;)s by any of the Obllgors, thelt pe.rn,ltted successors
;end assigns; (d} the existence of any defenses to enforcement by Lender of the Note; (e) ru.ty failure,
omission, delay or Inadequacy, whether entite or piirtJal, of Lender to enforce any of the conditions
of the Note; (f} the existence of any aet-off, claim, i:eduction, or dlminution of the Indebtedness, or
any .defense of any kind or natute, which. Guamntor lnllY have against any of the Obligors or which
any J?arty has against Lender .e.:cept for good fo.ith defenses made by Gtlafantor; (g) the addition of
any and all ·other guarantors, obllgors or other per,ons liable for the payment of the Indebt.edness
and petfottnance oftbe Obligations and the acceptance of any and all other security for the payment
of tb.e Indebtedness and J?etfottnance of the Obligations; (h) the release or discharge of any of the
Obligora In bankruptcy or other debtor and credltor proceeding; (i) any rejection or disclaimer of
any of the Obligors; ~) foreclosure of the Secutlty Agreement by Lender or the exercise by Lender
of My other rlghtB. and remedies uudcr any of the Loan Documents; or (k) the performance of such
othc,r acts as may be pertnitt.ed under the L<>an M lt may be from tune to time amended; all whothe.t
or not Guatantor shrul have had notlce or knowll:dge or any act or omission refeued to In the
foregoing clauses (a) through (k) of this Pro,agmph. Guarlltltor intends that Guarantor shall
teroain liable hereunder until all Indebtedness shall have been paid in full or released lo
wtitlng by Lender.

4,
Waiyex. (a) G,iara.utor expressly waives: ~) notke of the acceptllnce by Lender of
this Guru.Mty, (ii) e.:cludlng notices expressly required herein, notice of the existence,. c1'eation,
payment or nonpayment of the Indebtedness;.: (lii) presentment, detru1nd for payment or
perfotJnance, notice of dishonor, protest, and iill other notllles whatsoever unless expt<>Ssly set fo1'lh
herein; (iv) diligence by Lender ln any atrempt to collect ariy Indebtedness or enfo1ce any
ObUgatlon; (v) fullute by Lender to assert or enfl>rce any tights or remedies avallablc to Lender
under the Note, Secutity Agreement, Initial Gujltllllty or Fotbearance Agteetnentl 1111d (vi) wy failure
by Lender to inform Guatantor of any facts Lender may now or hereafter know Kbout the Premises
or the l:tarula.ctlona contemplated by any of the Loan Documents, it being understood and agreed

10

rl,OO@Cii liiii "EIJIIA/iiHMIIU&ii

I

thai Lender has no duty so to inform and .that' Guarantor is fully responsible for being and
remaining informed by the Obllgors of all' Indebtedness or Obligations, No modillcatlon or waiver
of any of the ptovislons of this Gu.aranty will be bji,dlng upon Lender except ll8 expressly set forth
ln a wtltlog duly signed and dcllvered on behalf o~ Lender. Guatantor walves any right to require
Lender to proceed against any of the Obllgors or any seculity or any other guat'llntor•.

(b} Guarantor hereby U11condltlonally and irrevocably agrees that (~ Guarsntor will
not at any tltne aasert .against any of the Obligors (or any successor of any one of the Obligors if
such Obligot becomes bankrupt or becomes the subject of any case or proceeding under the
bankruptcy laws of the United States of America) any tight or claim to lndemolficatlon,
reimburaetnent, contribution or paynio.nt for or with respect to any and all 11mounts Gu!Ul\ntor tnay
pay or be obligated to pay Lender,' includlng, without Tu:nltatlon, the Indebtedness, and any and all
obligations which Guarantor may perCorm, satiszy or dLicharge, under or with respect to this
Guaranty, lnch.Jdlng, without Tu:nlt:11tion, the Obligations, an.d (ii) GtW..mntor waives nnd .releases all
such tights and clnims to indemn!flcatiqn,, reiinbumement, contribution or payment which
Guarantor may have now or at any ume agaln,t any of the Obligors (or any successor of any one of
the Obligors If such Obligot ·becomes bankrupt or becomes the subject of any case or proceeding
under the banktuptcy laws of the United States of America). Gua.tantor futther unconditionally and
irtevocably ag,:ees that Gunrsntor shall. have no rlght of subrogation, and waives any rlght to enforce
any remedy which Lender now has or may hereafter have against any of the Obligots, and any
security now or hereafter held by Lender, and waives any defense based upon ·an election of
remedies by Lender which destroys. or otherwise frnfalll! any subrogation tight~ of Guarantor or the
right of (',uarantot to proceed against •any of the Obligors for reimbursement, or both.
•
.
•
J

5.

'
Enforcement Costs, If any. 'of tbe following occm: (a) this Guaranty, Note or

Forbearance Agreement is placed in the hands of ~ attomey for collection or ls enforced through
any legal proceeding; (b) an attotoey is retained to represent Lender in ffny banktuptL'Y,
1-eorgru:,lzatlon, receivership, or other proceedings affecting credltots' rights and Involving a clahn
undec this Guaranty or any of the othet Loan Documents or Forbeal'ance Ag,:eement; (c) nn
attomey ls tetulned to prote(:t or enforce Lender's.rights under any of the Loan Documents or (d) an
attorney is tctalned to. represent Lender ln any other proceedings whatsoevet In connection with th!,
Guaranty or any of the Loan Documenm, then Guanntor agree, to pay to Lender upon dem•nd .U
reaso011ble attorneys' fees, costs and expenses, Jncludlng without funitatlon rourt costs, filing fees,
and all other reasonable costs and expenses lncu,rred in connection therewith (all of which are
referred to herein as "Enforcement Costs"), in addition to aU other ll.Olounts due here,mdei:.
;

6.
Governing Law; lntetptetatjgn, '):'his Guatal)ty has been negotiated, executed nnd
dcllv,ored in Chicago, Illlnols and shall be governed by the laws of the State of Xllinois (without
reforeaC<:', to the conflicts of!aw principles of that State), 'The beadings of riectlons and paragraphs
in this Guatanty are for convenience only and shall not be construed In nny wny to llinlt or define
the content, scope, or intent of the proviaion, hete-0f. As used in this Guaranty, the :ilngut..r shall
include the plural, and mnscnline, feminine, and neuter pronouns shall be fully int.erchangeable
where the context eo requires, If 11ny provision of this Guatnnty, or·any paragraph, sentence, clause,
phrase, or word, or the appllcatlon thereof,. In any clrcumsrance, is adjudicated by a court of
competent jurladiction to be invalid, the validity of the remainder of this Guaranty shall be
construed as if such Invalid pare were 11ev°' ind!uded herein. 'l'ltne ls of the essence of this
Guaranty, All payments to be made hereunder •1¥& be made in cuttency and coin of the United
States of America which is legal tender for public arid private debts at the tlmc-0fpayment.

r

GOS 1118 Oil &lbi JU:Oli&.s&I W::J&il

11

I

7,
Entjre A,w,ement, This Guaxanty shall constitute the eotire agreement between
the parties with respect to the subject matter hetepf and supersede all such prior agreements and
underatandlngs, both w.cltten and oral. This Guara~ty may not be modified or amended except by a
written instrument signed by Lender and Guaw.ntor1
8,
l'ay;tnent of Indebtedness, Lender agrees that the obligations of Gulltllntor under
this Guaranty shall terminate at such thne as either. (a) Lendet: sb..U have received payment of all of

the Indebtedness and all other sums due and owing under this Guamnty wd the other Loan
Documents or Forbearance Agreement and (b) the Obligations shall have been fully performed.
Release of this Guataoty, if it o~curs, however, shall not affect, in any respect, tlie Loan,
Forbearance Agreement ot any other instrument securing or guarantying the Indebtedness or
perfotmance of the Obllgatlons.
!>.
Successors and Asslgns. This Guaranty shall bind Guarantor and the
pxedecessoJ:S, affiliates, asslgns, successors, and 6ther tnnsferees of Guarantor; provided that
Guarantor shRll not be entitled to transfer or assign lts obligatlons hereunder without the prior
written consent of Lender, Regardless of whether this Guaranty is executed by more than ooe
person, it is agreed that the undersigned's liability hereunder is several and Independent of any other
guaranties or othct obligations at any time h, effect with respect to the Indebtedness, the
Obligations or any part thereof and that Guaraotor's lliibillty hereunder may be enforced rega,dless
of the exi,tence, valldlty, enforcement or non-enforcement of any such other guaranties or other
obligations.
10.
Notice,. Notice from one patty.to a;nothet relating to this Agreement shall be
deerned effective if made In writing {including telecomtnunications) and delivered to the recipient's
address, e-.ttlllll address, or facsitnlle D!l111ber set forth below by any of the followlog means (a) hand
delivery, (b) registered or cettlfied mail, postage prepaid, (c) Federal El<press, or like ovetnight
courier service, (d) telec<_>py-, facsimile, (e) e-mail transmission, or other wire transiniaalon with
request for assurance of receipt lo a mAnrier typical with respect to commuoications Qf that type or
(f) Regumr U.S. Mail l'ostage Prepaid. Notice· =de lo accordance with this section shall be deemed
delivered on teceipt of delivered by hand or wire transmission, on the third business day after
malllng if mailed regW!lr U.S. mail, registered or cetlifled mall, or on the next business day after
mailing o~ &posit wJ.tb.an
oveto!ght coutlet ne:wlce:

'Deborah k~en, Esq.
Ashen/Faulkner
217 N.Jefferson St., Suite 600
Chicago, IL 6066-1
F: [phone]
E-mail: [e-mail]
Lender:

BBCNBank;

3731 Wilshite Blvd, Ste. 1000·
.Los Ang#les, cA 90010
1

12

rO:WliiB"IIMBI bil.i,iii&J,,JIIOOllllSli

I

Gul\tllntot:

.

Folt Cleaners. Co.
c/o !(ii Soen'Tie, President
3132 S. May St,
Chicago,. IL 60608
.

I

11.
Venue and Trl@I by Jury. Guarantor hereby sublnits to persolll\l jurisdictlon in the
State of Illinois for the enforcement of this Guaranty and waives any and all personal tlghts to object
to such juriedlctlon for the purposes of lltigs.tlon to enforce this Guaranty. Guat!!ntor hereby
consents to the jutilldictlon of either the Circuit Court of Cook County, Illlnols, or the United Statel!
District Court for the Norl:hero District of Illinois, Eastern Division, in any action, suit or
proceeding which Lender may at any time wish to file in connection with this Guaranty or any
related matter. Guarai1tor hereby agrees that ~ action, suit or proceediog to enforce this Guaranty
may be brought in any State or Federal Court 1oca~ed in the County of Cook, State of llllnois and
hereby Wlllves any objection which Guarantot may have to the !&ylng of the venue of any sud
action, suit or proceeding in any such Court; titovided, however, that the provisions of this
paragmph shall not be deeined to preclude I.ender from filing any such action, suit or proceecllng in
any othe.t approprlare fo.tu!n. GUARANTOR HEREBY VOLUNTARILY, KNOWINGLY AND
IRREVOCABLY WAlVES ANY AND ALL RIGHTS TO A 1'RlALBY JURY WIDi RESPECT
TO ANY LEG.AL PROCEEDING ARISING IN CONNECTION WITH THIS GUARANTY
OR THE JNPEB'IBDNESS IN WHICH GUARANTOR AND LENDER ARE ADVERSE
PARTIES.
12.
Confession ofJudgm(lllt. To further. secure the payment and perfottnance of this
Guntanty, Guarantor hereby irrevocably authorlirns,and empowers any attorney of record to appear
in any court of record and to confess Judgment against Guarantor for the unpaid amount lo the
Note ll!1d Fol.'beatance Agr=ent between Lender.and Bottawet, and In this Guarsnty as evidenced
by an affidavit slgoed by an officer of Lender setting forth the amount then due, attorneys' lee8 plus
costs of suit, and ro release all errors, and waive .pl) tights of apperu, If a copy of the Note,
Forbooraoce Agreement, or Guaranty, verified by an affid~vl~ shall have been filed lo the
proceedlog, it wlll not be necessru.y to file the otlgina! as a warrant of attorney. Guarantor waives
the tight to any stay of execution and the benefit of all exemption mws now or he.reafter in effect
No single exercise of the foregolng warrant and power to confess juqgment will be deemed to
exhaust the power, whether or not any such exercille shall be held by any court to be invalld,
voidable, or void; but the power will coJ:Jtinue undiipinished and may be e:,:erclsed ftom r:ltne to time
as Lendet may el<:ct until all amounts owmg on the Note QJ, this Agreement hl!Ve been paid in full,·
Guarantor hereby waives and releases 1lllY and all
0£ causes of action which Guar1llltor nilght
have ag,tlnst any attorney act!llg undex the tet\DS of authority wbfoh Guarantor has granted herein
atislng out of ot connected with the confusslon of judgment hereunder, Guarantor acknowledges
that this Confession does not secure payment of monies pursuant to a "Consllhlet Transaction" as
defined in 735 ItCS 5/2--1301. Guarantor hereby waives the right to present fo,: payment, notice of
dishonor, and protest. Additionally, Guamntor hereby states that they have read and widerstand
this docutnent Jn ful~ are not now under the intluence of any alcohol, drugs, or otbe.r intoxicating
substance, nor any duress, undue influence or incopadty and agtee and consent.a to be fully bound
by the terms hereJn,

c\aitm

{Slgnatlm Pago to Follow]
13,

.l'_SIJ_a_s_@_ct_,u_:::_;u_m__w_w_,J_,rn_rw_::"_a:._ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __.I

I

IN Wl'.I'NESS WHEREOF, the undersigned Guatantor has duly ei<:ecuted this Gumnty
to l3BCN J3ank to secure the Forbeatance Agreement and Note executed by Ka Soon Tle and
Lushfa Yun Tie to BBCN Bat>k as of the date fltst set forth herelnabove,
;

STATE OF IIJJNOIS

I

)

)ss

l

COUNTY OF COOK)

!

•c In

and for said County, In the State ofotesaid, DO
that .p1,L'.lc...Jl!l:~!,:.l..M:5'.bl,LjL{.i~ behalf of Jfox Cleatters Co, is the
same person who enamels subscdbed to the foregolnginsttument and appeared befote !Ile this-day
in person and acknowledged that he signed and delivered this Commercial Guaranty to BBCN BMlk
a& his free and voluntary act as aforesaid for the uses and purposes theteitt set forth.

GIVEN under my hand and notarlalseal this $ a y of

,:siMAfl ,2014

··w~··
l4"'141'4~o'°'PP~,c~,A~L S~&A~l!M''- ~
...
CHONGW, KIM
Nolarl Public, $fate of llllnolt
M Camml1tlon l!x ,,... Nov, 03, 2014
ommlsslon No. 66324

14
[""'""' .;:::o:a; @u1e&1a& ; :mu:.

I

(EXHIBITB)
SECURITY AGREEMENT
'!'HIS SECURITY AGREEMENT (her~fter "Agreement") ls made as of June ,
2014 by Fox Cle1111ers Co, ("Guarautot'') and BBCN Bank f/k/a Foster Bank ("Lendet'1 and
pertains to certain persoftal property rdatlng to· the real esmte located at 7629 S. Jeffery, Chicago, IL
60649 .(the "Premises'?,

I

RECITALS
WHEREAS, Guarantor has executed and delivered to Lender a Co!Dtnetclal Guaranty (the
"Gua.i:anty') of eve.a date wherein Guarantor promises to pay Le.oder the amount of 'l134,840.88
plus any accruing inteteat, late fees and eosw Jn repayment putsUllilt to a Forbearance Agteetnent
relating to a Note from Ka Soen Tle and Lushla Y~ Tle to Lend~ (the "Debt'~: and

WHEREAS, as seeuclty for the tepaymenf of the Debt, Guar,,ntor is required to execute
and deliver to Lender this Agreement.
II

]'HEGRAN'I'
NOW, THEREFORE, as additional secutlty for the repayment of the Debt by Gw1rantor
and the financial accommodations made to Bo.ttower, and for other good and valuable
eonsldetatlon, the receipt and sufficiency of which ate heteby acknowledged, Guatantot hereby
grnnts to Lender a secutlty Interest in, and collat:erally assigns to Lender, Guaf<tntor's clght, title and
interest in the property of Fooc Cleaners Co. descclbed in Exhibit "A" attached hc,:;,to and made a
patt hereof. All such propetl:y is collectively t'eferted to herein as the "Goods."

lll

FARRANTIES AND GENERAL COVENAN'I'S
3.1
Absence of Other SecurJty lntcresta. Guarantor hereby warrants that it has full
title to the Goods, free of all 6ecurlty Jntete,w, lieru, alld encumbrances. Guarantor shall defend the
Goods against the claims and demands of all petsohs other than Lender and shill not do ·or permit
anything to be done that may lmpalt the valu.e o~ the Goods as colfateral hereunder without the
prior written consent of Lender.

3.2
Locatioa of Goods. Until a ''Default'' (as that term le defined Jn Patagtaph 4.1
hereof) h,u, occurred, Guarantor may have possession of the Goods 11,nd use the same .in any lawful
manner consistent with the provisions of this SecUJ:ity Agreement and all policies -of Jmurance on
the Goods. 'I'he Goods shill be kept on the Prerulses and Guarantor, so Jong ns it has full title to
the Good,, shall .not pettnit them to be removed from the Premises without the prlor wtltten

15

r:008 ii@ c;: IMI

L) ibU.IAli&,M Mi Oilildli

I

consent of Lende:r, provided that Guarantor •.hall have the right to replace llllJ items of personal
property included In the Goods with similar items if (a) such replacements have value and utility
equivalent or ·superior to that e:dstiog when the security interest created hereby first attacbed, and
(b) 1.ender has obtll.ined a first and pai:amm1nt lien on or security interest in such replacements, and
provided fw:thet that the provisions of this Agreement shall not apply to leased equipment or
personal property to !he extent said proper~ is encumbered by pur~se money. financing.
3.3
Use of Goods. Guatantor shall use the Goods solely for business purposes ln
connection with the operation of the Premises.
I

3,4
Goods as P«soMI Ptoperf;y.. Th,e Goods shall remafu personal pro1>erty even if
attached to real estRte, except to the extent that th6y become included in the property to which the
lien of a Mortgage has attached as a fust and patato.ount lien.
3.5
Maintepattce of l..endet's Lien. Guarantor shall from tline to time execute lllld
cause to be executed ~uch additional security agreemebts, financing statements, renewals thereof lllld
other documents (and pay the cost of filing and recording the same in all public offices deemed
necessary by Lender) and do such other· acts Qncludlng the deposit with Lender of any certificate of
title issuable with respect to the Goods, with, an official notation thereon of the security interest
hereunder) to establish, maintain and evidence Lepder's security intetest in the Goods, free of all
other liens ~nd clalms other than !hose of the other :f..oan Documents.
I

3.6
&pair Md lnl!Jlection of Goods., Guarantor shall at all times keeJ> the Goods ln
good condition and tepait and shall permit Lender or its agent, to lnspect lhe Good& at 1111
reasonable times.

3.7 · P3Yment of T@xps 011 Goods. Guarantor shall cause all ta,ces and assessments on
the Goods or on their use or 01,>etation to be paid when <lue.
3.8
Insurance on Goods. Guatantor ·shall at all tlroes until the indebtedness eecui:ed
hereby is paid in full cause the Goods to be lnemed. Lender is hereby authorized (but not obligated)
to act as attorney in fact for Guarantot in obtaining, adjusting, settling and cancelling all insurance
on the Premises and the Goods, endot'ning any checks or drafts drawn by insurets of the Premises
o.nd !he Good•, snd in directing Guarantor to endorse any such checks or drafts as Lender may
dlfect. Guo.ra.ntor shall forthwith remit to Lender In tbe form received, with any endorsements
necessru:y to effect payment !hereof to Lender, any proceeds of insurance re9ulted or maint-alncd
pursuant 1D this Security Agreement that Gual'nntot may receive or that Gua=tor aod any other
party or parties may receive.
3, 9
Lender's Right to Pedol'.fll Covenants. :Lender may, from time to tirne at its
eleclion, pay any amount or petform any act thaf'Gt1'11tfltor has agreed to do hereundet and that
Guarantor shall have failed to do, All moneys so advanced and expeD.11es so Incurred by Lender shall
be immediately due and peyable, shall be added to the principal R!Xlount of the Note, shall bear
interest at the ''Default lnterest Rate'' (as that term is defined in the Note), and shall be secured by
this Agreement and the other Loan Documents as though otlglru,.lly pait of the Note.

IV
DEFAUL'I'S AND REMEDIES
16,
["IJM&O:M iilillOIM aat.0.i1&!£&i)lll))dll

I

4.1 Defaults. Each of the following events shall constitute a default (a "Default'') under
thl., Agreement:

(a)
The matet!al unttuth ottnllterlal deceptiveness of anywam.nty or
i:epi:esentatlon herein or Jn any other Loan Do=t n\llde by Guarantor;

(b)

The fuilu.te by Guarantor to perform aoy obligation under this Agreement

for a period in excess of seven (7) days after the date on which notice of the nature of such
&!lute ls glven by Lender to Guatantof by ~ertlfied mull, retutn receipt requested;

(c)
l'he.occurrenC:e of any Defaµlt or Event of Default under the terms of the
Note or any of the other Loao Documents beyond the e:xpiration of the applicable notice or
gtace period, if any; and
(d) The loss, damage ur desttuclion (if uninsured), seizute, levy, forfeiture, dlstrslnt
or attachment of any substantial portion of the Goods that materially impalrs any of the
intended uses of the Pretnises,

4.2
Remedies. If a De.limit exlats {as cjeflned under 4.1), then at the election of Lender
and without furthet demand or notic,e of any kind, Lender may declaoo all indebtedness under the
Note or Forbeat1111ce Agteem.ent to be lmo:iediately, due and payable und exercise from time to time
any rights and tetnedies available to Lender under the terms of any of the Loan Documents or undet
tbe U:nifottn Commercinl Code of Illl,nois in order to collect such indebtedness. Gua.rantor shall, In
such event and if Lender so requosts, assemble the; Goods, at GlliUantor's expense, at a convenient
place design11ted by Lender. Guat:antor shall pay all expenses incurred by Lender In the collection of
such indebtedness, Including, without limitation, attorneys' foes and legal expenses, and lo the repair
of any teal estnre or other pro1>erty to which any of the Goods may be affixed. If any notification of
intended dlaposition of any of the Goods is required by law, auch notlflcatlon shall be deemed
reasonable and proper lf given at lout five (5) days before such ifuposltion, Any p1'0ceeds of the
disposition of any of the Goods may be applied by Lender to the payment of the expenses of
retaking, holding, preparing for sale, and selling the Goods, including without limltatlo11, attorneys'
fees and legal expenses, and any balance of such proceeds may be applied by Lender towatd the
payment of such of the indebtedness .~s Lender may from wne to time elect.
V

MISCELLANEOUS
5,1
Notices. Any .notice thnt Lender or Guarantor inlly desire or be required to w-ve to
the other euch party shall be in writing 11.Ud shall be mailed .or delivered In the lntended .recipient
thereof at its address herelnabove set.forth, ot at such othet address 11\l such intended recipient may,
from time to time, by notice in wtltlng, de.slgnate to the sendec pursuant hereto. Any such notice '
shall be sent in accord with the proylsiope of Section <i of the Forbearance Agtcetnoot.

'
!U
Governing Law; Lltlgatlon. 'l'H,IS AGREEMENT SH.II.IL BE CONSTRUED
AND ENFORCED ACCORDING TO '.I'HE LAWS OF THE STATE OF IWNOIS, TO'I'HE
MAXIMUM EXTENT l'ERMtITJID BY LAW, GUARANTOR HEREBY AGREES THAT
ALL ACTIONS OR PROCEEDlNGS .ARISING IN CONNECTION 'WITH THIS
AGREEMENT SHALL BE TRIED AND DE'IERMINED ONLY IN Tl-IE STATE OR
17

I'

iilMi iii I CiiiilOI J) IIM.i,IMO,hi 00111261l

I

FEDERAL COURTS LOcATED IN 'I'HE COUNTY OF COOK, STATE OF llJ..INOIS, TO
1'HE MAXIMUM IDCTENT PER.MITrED BY LAW, GUARANTOR HEREBY EXPRESSLY
WAIVES ANY RIGH'I' IT MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON
CONVENIENS OR TO OBJECT TO VENUE TO THE EXTBNT ANY PROCEEDING rs.
BROUGHT IN ACCORDANCE WITH THIS PARAGRAPH.
5,3
BJg!us Md Retnedles. All rights and remedlea· set forth it) this Agreement are
cumulatl.ve, and the holder of the Note and of every othet obligation secured hereby may recover
judgment t:heteon, issue execution therefor1; and resort to every other rlght or remedy available at
lnw or Ju equity, without first exhausting attd wlt1tout affecting or Jmpaitlng the security of any rlght
or remedy afforded hereby. Unlese expressly provided in this Agreemeot to the conttaty, no
consent or waiv<lf, whether c:gpress or implied, by, any party to or of any breach or de&ult by any
other party in the performance by such other party of its obligations hereunder shall be deemed a
consent to or waiver of the performance of any other obligation hereunder.

5.4
Intetptetatlon. If any pxovision of this Agreement, or ,my puagtaph, sentence,
clall8e, phrase or word, or the epplicatlon theteof, in any circutnstanc1; is held invalid, the validity of
the rdnalnder of thls Agreemeot shall be construed as if such invalid part were n.wer Included
herein. 'l'he headings of sections 11nd paragraphs in this Agreement are for convenience of reference
only and shall not be construed in any way to lltnlt or define the content, scope or intent of the
provisions hereof, & ll8ed in this Agreement, the singular shall include the plutsl 11nd vice-versa,
and masculine, femlnit1e M,d neuter pronouns shall be fully interchangeable, when the context so
·
requlres 1
•
5.6
Suc9essor/l and l\ssigl)~. This Agreement and ell p1"0visions hereof sholl be
binding upon Gulll'lll)tof and its successors, assigns 1111d legal represenmtlves, and all other persons
or entities claiming tmder or through Guanwtor, 11nd the word "Guarantor," whee used herein, shall
Include oil such person• aud entitles and any others liable for the paytneot of the indebtedness
secured hereby or any part thereof, whether ot not they have executed the Note or this Agreetnent.
The word ''Lender," when ll8cd herein shall lnclnde Lendet's successors, assigns and legal
representative•, Including all other holdeti1,. &om time l:o tltne, of the Note, Gullt:llnty •nd
Forbearance Agreement.
5.6
Jury Waiver. TO 'THE MAXIMUM EXTENT PERM1TI'ED BY LAW, RACH
OF GUARANTOR AND LENDER HEREBY EXPRESSLY WAIVES ANY RIGl·TI' TO
TRIAL BY JURY OF ANY AC'I'fON, CAUSE OF ACTION, CLAIM, DEMAND, OR
PROCEEDJNG ARISING UNDER OR WITH RESPECT TO THIS AGREEMENT OR THE
01'HER LOAN DOCUMENTS, OR IN ANY WAY CONNECTED WITH, RELATED TO,
OR INCIDENTAL TO THE DEALINGS OF GUARANTOR AND LENDER WITH
RESPEC'I' TO '11-DS AGREEMENT OR THE OTHER WAN DOCUMENTS, OR THE
TRANSACTIONS RELATED HERETO, IN RACH CASE WHETHER NOW EXIS'I'1NG OR
HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT, OR
OTHERWISE. TO THE MAXIMUM EXT.ENT PERMI'ITED BY LAW, EACH OF
GUABAN'I'OR AND LENDER HEREBY AGREES THAT ANY SUCH ACTION, CAUSE OF
ACTION, CLAIM, DEMAND OR PROCEEDING SHALL BE DECIDED BY A COURT
TRIAL WITHOU'l' A JU:RY AND THAT GUARANTOR OR. LENDER MAY FIL'B A COPY
OF THIS AGREEMENT WITH ANY COURT OR OTHER TRIBUNAL AS WRI'I'IBN

18
rJiifoll@COI MBI iiat.O,ii&l&.Ji WiiiiillJ

EVIDENCE OF THE CONSENT OF EACH 9F GUARANTOR AND LENDER. TO THE
WAIVER OF ITS RIGHT TO TRIAL BY JURY.
,
IN WITNESS WHEREOF, Guamntor !ms caused this Agreement to be executed as of
the day Md yeat £wit above written,
'

GUARANTOR:

STATE OF ILLINOIS

COUNTY OF COOK

)

) ss
)

said Co\Jllty, 1n the State aforesaid, DO
HEREBY CER: FY that t;.iJLl1JE'.,-_.,,,.;(../,~~!._(,.~n behalf of Fo:,i: Cleaner• Co. is the
same person whose rnune is subsctlbed t the foregoing Instrument, appeared before me this day in
petSon and acknowledged that he signed and delivered the ,,aid Colnllletcial See~1rity Agreement to
BBCN' '.Bank as his free !llld voluntaty act as aforesaid for the uses and purposes therein set forth,
GIVEN under my hand and notatlal seal thi,May of

,A,(,#fL , 2014

f ~

~

"""-"•
.-o~F~F.~c"'1A~L~S~EA~I!~"""'~
CHONGW, KIM

Notary ~ubll,, Slate of Ullnol,
My Commlulon ,,q,lro• Nov, 03, 2014

Comm\,nlon No, 663242

I
!

I
i
19

I

..JI

L['_.ii_lJJ_.iiS-cti- e,-gJ-i.A_.IP._&:S_.MJ_iiJ_,iil-261-J_ _ _ _ _ _ _ _ _ _ _ _ _.;..._ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
*_'

I

EXlllftITA

DESCRIPTION OF GOOPS
1,
All Bxl:ul!es and personal property now or hereafter owned by Guarantor and
atmched to of contained in and used in connection with Fox Cleaners Co, and the Pte.mlaes located
at 7629 S. Jeffery, Chicago, lL 60649 (the "Premises') ot llllY of the lmptovements now or hetenftet
located thereon, including without limitation any and all ult conditioners, antennae, bookcases,
cabinets, catpeu;, ,coolets, cuetnlns, dchumldlfiets, disposals, doots, drapes, dryers, ducts, dynamos,
elevators, englnes, equlpmen4 escalatol.'!l, fans, fittings, floor coverings, furnaces, fw:nl,hlo,gs,
furtdture, he..rdware, heatetS, huroidll:lera, loclneratoi:s, lighting, machinery, motors, ovens, 1>ipes,
plumbing, pumps, .radiatoi:s, ranges, ~ecteatioJ:1<\l (acillties, refrigerators, screens, security systems,
shades, shelving, sinks, s1>tlnklers1 stokers, s.toveli, toilets, ventllatots, wall coverings, Wll!lhets,
windows, window coverings, wiring, all renewals oi: replaceme11ts thereof ot articles in substitution
therefore, and all 1>roperty owned by Gt1arantot $1i!d now or he.,eaftet used for slmllar purposes in
or on the Premises;

2.
Guarantors tight, tltle and interest in articles or parw now or hereafter affixed to the
property described in Paragraph 1 of this Exhibit A or used in connection with such property, any
and al1 replacements for such property, and all other property of a similar ty!?e or used for shnllat
purposes JJOW ot hereafter in or on the Premises or any of the Jmpro11ements ilow or hereafter
located thereon;
3,
Gua±antor '• right, title s.nd interest in all personal property owned by Guarantor
and used or to be used in con11ectloJJ with the operittion of the Premises or the conduct of business
thereon, including withoutlimitatlon business equipment and inve11totles located on the Premises or
clsewhe.,e, together with files, books of account and other records, wherever located;

I

,;i
I

's

4,
Guarantor right, tltle and interest in and to any and all contracts now of hereafter
zelatlng r.o the Premise.• and executed by any architects, engineers, or contte.ctoi:s, including all
amendments, supplements and revisions thereof, together with al1 of Guarantor 's rights and
remedies thete1lnder and the benefit of al1 ·covenants and watta11tles thereon, and also together with
all drawlngs, <lesigns, estimates, layout.a, surveys, plats, pfans and specifications ptepa.red by any
architect, englnee.t or contractor, Including any IUllepdments, suppletnents and revlslons theteof ind
the right to use and eujoy the same, as well as all other tights, licenses, permits, agreements and test
results relating r.o constt.uctlon on the Premises;
5.
Giuuantor's rlght, tltle and interest in and to any and all contracts now o, hereafter
relating to the ope1-atlon of the Premises or the ~onduct of business thereon, includh1g without
limitation all management and other se,:vlce contracts, !tlld the rlght to ,ipproprlate and use any and
all trade name~ used or to be used in con11ection with such business;
6.
Gnarru:,tor 's clght, title and Interest in the tents, issues, deposits (including secudty
de1>osits 1111d utility deposits), accounts receivables itnd profits in connection with all leases,
contracts, and other agreements with any person or entity peJ:talning to ell or any part of the
Premises, whether such agreetncnts have been heretofore or are hereafter made;

20
, rJii&fuSO&iiOiiii iiiil.,,IIMSJIIWiiil&ii

I

II

'/,
Guarantor 's right, title and Interest ln all wmest money deposits, proceeds of
contract sales, accounts receivable and gene® lnmogtblee relating to the Premises;
8,
All of Guaamtor's right, io and proceeds from all fire and ha~al!d, loss-ofclncome
and other non.:Jlabillty lo,w:ance policies now or hereafter coveting Improvements now or hereafter
located on the Premises or described in this Seeurlty Agreement, the use or occupancy thereof, or
the buaioess conducted theteon;

?,
All of Guarantot's right, title and Interest ln all awards or payments, Including
lntetest thereon, that may be made with respect to the Premises, whether from the right of the
exe~e of eminent domain (including any tJ:ansfer made ln lieu of the exerclee of said right) or for
any olher Injury to or decrease lo volume of the Premises; and
10,

All proceeds from the sale, transfer or pledge of any or all of the foregoing property,

21'
: riiMIIIIClll:01 Bi ilii.i,IA&i,MIIIOII 112dii

I

Bank of Hope v. Ka Soen Tie, et al.
AFFIDAVIT OF SONG CHO

EXHIBIT "5"

Page I of 1

MIDWEST REGION

NAPERVILLE

4001 WEST DEVON AVE

1504 NORTH NAPER BOULEVARD

CHICAGO IL 60646

NAPERVILLE IL 60563

KA SOEN TIE
LUSHIA YUN TIE
3132 SMAY ST
CHICAGO IL 60608

Loan Payoff Statement
Loan Payoff for:
KA SOEN TIE
LUSHIA YUN TIE
3132 SMAY ST

Loan Number:
Date Quoted:
Payoff Good To:
Method:

100061100001

Jan 25, 2017
Jan 25, 2017
6/6

CHICAGO IL 60608

Collateral: Multiple
$118,289.09

Principal:
Interest To Jan 25, 2017:

$14,577.92

Late Charges:
Environmental Fee:

$8,037.99

Appraisal Fee:

$3,300.00

FP Insurance:

$366.92

$9,350.00

212.74

Other Fees:
Net Amount Due:

$154,134.66

Additional Information
One Day's Interest:

$16.43

https://dsmwrflalnav.secureaps.com/CLC_CLCl 151/CLCl 151.aspx?&Action=PAYOFFS... 1/25/2017

Bank of Hope v. Ka Soen Tie, et al.
BANK OF HOPE'S MOTION FOR ENTRY OF JUDGMENT BY CONFESSION

EXHIBIT "B"

IN THE UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF ILLINOIS, EASTERN DIVISION
Bank of Hope as successor to Foster Bank,

)
)
Plaintiff,
)
)
v.
)
)
Ka Soen Tie, Lushia Yun Tie and Fox Cleaners Co., )
)
Defendant(s).
)

No. 17-cv-00597
Honorable Mattbew F. Kennelly

AFFIDAVIT OF ALEXANDER WRIGHT
The undersigned being first duly sworn on oath states the following:
1.
I am one of the attorneys of record for Bank of Hope as successor to Foster Bank,
Plaintiff in this matter and I have been licensed to practice law in the state of Illinois since 2013. I have
knowledge and experience handling like matters.
2.
Attached is a 1-page fee sheet detailing the services performed in conjunction with the
above-captioned matter. The detailed sheet was produced from my firm's billing system called TABS.
TABS is reliable, accurate and widely used in the legal community to keep and maintain billing records.
3.
The attached statement indicates the costs and services performed and the amount of time
spent in handling this matter. Additional time will be spent in traveling to and from Court and presenting
this case to Court for Judgment. The hourly rate charged by our firm is $275.00 which is within the range
of fees customarily charged by firms in this area handling like matters. The attached sheet shows that a
total of 14.60 hours of work were performed on this matter, for a total of $3,990.00 in fees. Additionally,
costs of $901.84 were generated. Plaintiff seeks Court approval for an award of attorney's fees and costs in
the amount of $4,891.84.
4.
Under penalties provided by law pursuant to Section 1-109 of the Illinois Code of Civil
Procedure, the undersigned certifies that the statements set forth in this instrument are true and correct.
Dated: January 30, 2017

Respectfully submitted,
ASHEN IFAULKNER
By:

IS/Alexander Wright
Alexander N. Wright
Attorney for Bank of Hope

217 N. Jefferson St., Suite 601
Chicago, Illinois 60661
312.655.0800 I Atty. No.: 6314304
[e-mail]

Date: 01/30/2017

Page: 1

Detail Transaction FIie List
Law Offices of Deborah S. Ashen, Ltd.
Trans
Date

Client

Client ID 138.0057 Bank of Hope

Tmkr

"

Rate

Hours
to Bill

250.00

1.00

275.00

0.75

H Tcodef
Task Code

138.0057

04/24/2014

3 A

138.0057
138.0057

04/24/2014
04/29/2014

1 A
3 A

138.0057

05/15/2014

1 A

275.00

138.0057

05/27/2014

3 A

275.00

3.25

138.0057

05129/2014

3 A

275.00

1.00

138.0057

12/05/2014

3 A

275.00

2.25

138.0057

12/08/2014

3 A

275.00

138.0057

10/07/2016

5 A

275.00

0.50

138.0057

01/03/2017

5 p

275.00

1.10

138.0057
138.0057

01/06/2017
01/18/2017

1 p
5 p

1.840
275.00

0.20

138.0057

01/23/2017

5 p

275.00

1.50

138.0057

01/24/2017

5 p

275.00

0.40

138.0057

01/25/2017

5 p

275.00

0.25

138.0057
138.0057

01/26/2017
01/26/2017

1 p
5 p

70
1

275.00

0.50

138.0057
138.0057

01/27/2017
01/30/2017

5 p
5 p

1
1

275.00
275.00

0.60
1.30

Totalfor Cttent t[) 136,0067.

50
1

70
1

. )llllable

C::

"14,60 :

Amount

250.00 Ordered minutes of Foreclosure. Reviewed all
underlying documents, including the Note and Mortgage.
500.00 Minutes of Foreclosure
206.25 Reviewed minutes and all underlying title documents.
Prepared the demand letter and fmward to client for
approval.
0.00 Borrower contacted Bank to by to do a workout. Bank
requested hold file in abeyance while attempt to work out
payout.
893.75 Reviewed the term sheet and revised term sheet for the
forbearance agreement. Drafted the forbearance
agreement along with the Commercial Guaranty and
Security Agreement of Fox Cleaners. Researched the
Illinois Secretary of State to check the status of Fox
Cleaners and forwarded same to J. Min at BBCN.
275.00 Made revisions to the Forbearance Agreement,
Commercial Guaranty and Security AGreement and
forwarded to client
618.75 Per client, Borrower defaulted on the Forbearance
Agreement. Provide updated payoff and requested
move forward with immediately foreclosure. Review loan
docs and forbearance and drafted the Complaint, Lis
Pendens and Affidavit of publication. Also drafted the
motion for publication. Prepared pleadings for filing in
federal court.
0.00 Reviewed email correspondence from bank advising us
to hold off from filing suit. We will hold file in abeyance
until further direction from client.
137.50 Review loan document for setoff language, advise bank
of right to setoff under current accounts.
302.50 Review Bank's loan documents In preparation for
demand. Loan was secured by two properties, one was
previously sold. Borrowers own home, taxes current.
Forbearance in 2014, loan then guaranteed by corp. and
further secured by security agreement. Review notice
provisions in loan documents, draft and send demand to
borrowers and corporate guarantor.
1.84 postage
55.00 Demand has now expired. Bank would like to proceed
with litigation. Follow up to confirm that Bank will not
currently seek to foreclose.
412.50 Review NDIL rule for Judgment by Confession and draft
Complaint. Follow up with Bank on prove~up affidavit
110.00 Update Bank Affidavit for execution, update Bank on
status of matter.
68.75 Emails with client in Re payoff and fees. Request
updated payoff. Update affidavit for client execution.
400.00 Filing fee
137.50 Finalize and filed Complaint for Judgment by
Confession.
165.00 Draft Motion for Judgment.
357.50 Complete and file Motion for Judgment. Compile
Exhibits .

14.60

ARCH
ARCH
ARCH
ARCH
ARCH

ARCH
ARCH

ARCH
ARCH
9

4
10

11
12
13
5
14
15
16

}f?>: ..,, , i

.•,r,a9.1,!l.(I :.!l•~lf)(!;lep~£.;{c!
c••
· · · Tle,J~a Soon & LijshlaY~nTJe:1J0006J1c1

,;_,._;;\_~-:r;:

GRAND TOTALS
Billable

Ref#

,;,~>----

4,891.84

---··---·---·----

Monday 01iJ01201711:57 am