HomeMy WebLinkAboutRESOLUTIONS-2014-069-R-149/9/2014
69-R-14
A RESOLUTION
Authorizing the City Manager to Negotiate and Execute a Loan
Agreement with Little Beans Cafe Evanston, LLC
NOW BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
EVANSTON, COOK COUNTY, ILLINOIS, THAT:
SECTION 1: The City Manager is hereby authorized and directed to
negotiate and execute a loan agreement between the City and Little Beans Cafe
Evanston, LLC, an Illinois limited liability company, attached hereto as Exhibit A and
incorporated herein by reference (the "Agreement') for a loan in the amount of Seventy -
Five Thousand and no/100 Dollars ($75,000.00).
SECTION 2: The City Manager is hereby authorized and directed to
negotiate any additional conditions of the Agreement as he may determine to be in the
best interests of the City.
SECTION 3: This Resolution 69-R-14 shall be in full force and effect from
and after its passage and approval in the manner provided by law.
Eli eth B. Tisdahl, Mayor
Attest:
Rod ey Green ity Clerk
Adopted:��VW '39' 2014
69-R-14
EXHIBIT A
Loan Agreement
-2-
;IZT01ii1l~4*01 VAZ1019A
Name and Address of Borrower:
Little Beans Cafe Evanston, LLC
430 Asbury Avenue
Evanston, IL 60202
Dated: , 2014
1. BORROWER'S PROMISE TO PAY
FOR VALUE RECEIVED, the undersigned, Little Beans Cafe Evanston, LLC, an Illinois
limited liability company (referred to hereafter as the "Borrower"), promise to pay to the
order of the City of Evanston, an Illinois home rule municipal corporation, acting through
its City Manager's Office, with its principal office located at 2100 Ridge Avenue,
Evanston, Illinois (the "Lender"), in the manner provided in this Note, the principal sum
of $75,000.00 (Seventy -Five Thousand and 00/100 Dollars) (the "Loan").
The Loan is secured by a Uniform Commercial Code financing statement (the "UCC
Financing Statement") and security agreement (the "Security Agreement"), which
includes the Borrower's equipment and fixtures ("Equipment and Fixtures") to be located
at 430 Asbury Avenue, Evanston, Illinois (the "Property") for the operation of the
business, dated the date of this Note and recorded with the Cook County Recorder of
Deeds on , 2014 and as Document Number (the
"Security"), together with interest computed on the basis of a 365 day year, from the
date of disbursement on the balance of principal remaining from time to time unpaid at
an annual rate equal to six percent (6.00%). Any principal amount not paid when due
(at maturity, by acceleration, or otherwise) will bear interest thereafter until paid at a
rate, which will be eighteen percent (18%). The Lender or anyone who takes this Note
by transfer and who is entitled to receive payments under this Note will be called "Note
Holder".
2. LOAN TERM. FORGIVENESS AND REPAYMENT
The term of the Loan is ten (10) years commencing on February 1, 2014 and ending on
January 31, 2025 (the "Loan Term''). The Loan will bear interest during the Loan Term
at 6.0% (six percent) interest per annum and payable in monthly installments of $832.65
on or before the 1st of each month and the first payment is due on March 1, 2015.
If the Borrower's Loan payment is five days after the first of the month or more, there
shall be assessed Attached as Exhibit 1" is the repayment schedule for the entire Loan
Term and incorporated herein by reference. The Loan can be pre -paid with no penalty
or fee assessed against the Borrower.
3. SECURITY FOR NOTE: UCC FINANCING STATEMENT
The indebtedness evidenced by this Note (including all principal, interest, charges, fees,
and expenses) is secured by the aforementioned Security, dated of even date herewith
encumbering the fixtures and personal property of the Borrower. The Note, Security
Agreement, and UCC Financing Statement shall be collectively referred to as the "Loan
Documents" and the terms of which are hereby incorporated by this reference. The
Lender will record the UCC Financing Statement following the execution of this Note,
which shall remain a valid lien on the Equipment and Fixtures until the Loan is paid off
in full and until the end of the Loan Term. The Note, Security Agreement, Project
Agreement, and UCC Financing Statement shall be collectively referred to as the "Loan
Documents" and the terms of which are hereby incorporated by this reference.
4. LOAN DISBURSEMENTS
The City will issue the loan disbursement after Borrower has obtained a Temporary
Certificate of Occupancy from the Building & Inspection Services Division of the City of
Evanston after the build -out of 430 Asbury Avenue. Prior to payment, the Borrower
must transmit copies of all invoices from vendors. The Borrower must provide the
invoices as soon as available to the City prior to disbursement and provide the City at
least 15 days to disburse the payment. The Borrower must provide the invoice(s) by no
later than January 1, 2015, because the Loan Term commences on February 1, 2015.
The City will disburse up to $75,000. If the invoices do not exceed $75,000, the City will
only disburse up to the total amount of the invoices. The total loan amortization
schedule will be adjusted accordingly if the disbursement is less than $75,000.
5. DEFAULT AND REMEDIES
A. The occurrence of any one or more of the following events ("Event of Default") with
respect to Borrower shall constitute a default hereunder ("Default"):
1) If Borrower ceases to operate a play cafe no less than 10,000 square feet
within the borders of the City of Evanston (including by incidence of death of the
Borrower). The Lender shall give written notice to Borrower of this Default. The
Borrower shall have a period of thirty days to cure the Default ("Cure Period").
2) If all or any part of the Fixtures and Equipment or any interest in it is sold
or transferred (or if a legal or beneficial interest in Borrower's interest in the
Fixtures and Equipment is sold or transferred) without Lender's prior written
consent.
3) If a default or event of default occurs and is continuing under any
representation or covenant under the Loan Documents.
4) If a default or event of default occurs and is continuing under any other
mortgage or loan agreement encumbering the Fixtures and Equipment.
5) Borrower or any beneficiary thereof shall (i) file a petition for liquidation,
reorganization, or adjustment of debt under Title 11 of the United States Code or
any similar law, state or federal, whether now or hereafter existing, or (ii) file any
answer admitting insolvency or inability to pay debts, or (iii) fail to obtain a
vacation or stay of involuntary proceedings within ten days, as hereinafter
provided.
6) Borrower or any beneficiary thereof shall make an assignment for the
benefit of creditors of this Note, or shall admit in writing of its inability to pay its
debts generally as they become due, or shall consent to the appointment of a
receiver or trustee or liquidator of all or any major part of the Fixtures and
Equipment.
B. The Borrower also promises that, if the Event of Default specified above, 4(A)(1),
shall occur (after applicable notice and the Occupancy Cure Period detailed above)
before the expiration of the Loan Term, the Borrower agrees to repay to the order of the
Lender or its designee an amount equal to the original principal amount of the Loan and
it is immediately due and payable. Provided however, if an Event of Default is solely
with respect any other Event of Default specified above in 4(A), the Borrower shall have
sixty (60) days after the date on which the notice is delivered to Borrower to cure such
breach, provided, however, that if the curing of such non -monetary breach cannot be
accomplished with due diligence within said period of sixty (60) days then Borrower
shall have such additional reasonable period of time to cure such breach as may be
necessary, provided Borrower shall have commenced to cure such breach within said
period, such cure shall have been diligently prosecuted by Borrower thereafter to
completion ("Other Default Cure Period"). The notice shall further inform Borrower of
the right to reinstate after acceleration and the right to bring a court action to assert the
nonexistence of a default or any other defense of Borrower to acceleration and
foreclosure. If the Borrower does not cure the Default within the specified Other Default
Cure Period within the notice, then this Note is due and payable only with respect to the
remaining balance of the Loan at the time of Default.
C. If the Borrower Defaults hereunder and fails to cure the Default, during the 10-year
loan Term, the Loan shall be immediately due and owing and the balance of the Loan
shall be immediately repaid to Lender in full, subject to the availability of net proceeds
from sale of the Fixtures and Equipment. Lender can auction the Fixtures and
Equipment and use the proceeds and apply it to the loan balance.
D. If any payments of interest or the unpaid principal balance due under this Note or
any escrow fund payments for taxes or insurance required under .the Security
Agreement become overdue for a period in excess of ten days, the Borrower shall pay
to Lender a late charge of $50 per day. If any attorney is engaged by Lender, including
in-house staff (a) to collect the indebtedness evidenced hereby or due under the Loan
Documents, whether or not legal proceedings are thereafter instituted by Lender; (b) to
represent Lender in any bankruptcy, reorganization, receivership, or other proceedings
affecting creditors' rights and involving a claim under this Note; (c) to protect the lien of
any of the Loan Documents; (d) to represent Lender in any other proceedings
whatsoever in connection with this Note or any of the Loan Documents or the real
estate described therein; or (e) as a result of the Borrower's Default and collection
efforts, the Borrower shall pay to Lender all reasonable attorneys' fees and expenses
incurred or determined to be due in connection therewith, in addition to all other
amounts due hereunder.
E. Lender's remedies under this Note, and all of the other Loan Documents shall be
cumulative and concurrent and may be pursued singly, successively, or together
against the Borrower and any other Obligors (as defined below), the Property, and any
other security described in the Loan Documents or any portion or combination of such
real estate and other security, and Lender may resort to every other right or remedy
available at law or in equity without first exhausting the rights and remedies contained
herein, all in Lender's sole discretion. Failure of Lender, for a period of time or on more
than one occasion to exercise its option to accelerate the maturity date shall not
constitute a waiver of the right to exercise that option at any time during the continued
existence of the Default or in the event of any subsequent Default. Lender shall not by
any other omission or act be deemed to waive any of its rights or remedies hereunder
unless such waiver is in writing and signed by Lender, and then only to the extent
specifically set forth therein. A waiver in connection with one event shall not be
construed as continuing or as a bar to or waiver of any right or remedy in connection
with a subsequent event.
6. PAYMENT OF NOTE HOLDER'S COSTS AND EXPENSES
If the Lender is required to initiate legal process as the result of the Borrower's Default
as described above, the Lender will have the right to be paid back for all of its costs and
expenses incurred as a result of such Default, to the extent not prohibited by applicable
law. Those costs and expenses include but are not limited to, reasonable attorneys'
fees, court costs, and related litigation expenses.
To the extent permitted by law, the Borrower waives all rights to require the Lender to
do certain things. These things are: (A) to demand payment of amounts due (known as
"presentment"); (B) to give notice that amounts due have not been paid (known as
"notice to dishonor"); (C) to obtain an official certification of nonpayment (known as
"protest"). If more than one person signs this Note, each person is fully and personally
obligated to keep all of the promises made in this Notes, including the promise to pay
the full amount owed. Any person, who takes over these obligations, is also obligated
to keep all promises made in this Note. The Lender may enforce its rights under this
Note against each person individually or against all of us together.
8. GIVING OF NOTICES
Any notices that must be given to the Borrower under this Note will be given by
delivering or by mailing by certified mail addressed to the Borrower at the address of the
Property set forth above. Any notice that must be given to the Lender under this Note
will be given by delivering it or mailing it by certified mail to the Lender at the following
address:
City of Evanston
Attn: Economic Development Division
2100 Ridge Avenue, Room 3600
Evanston, Illinois 60201
with a copy to:
City of Evanston
Attn: Corporation Counsel
2100 Ridge Avenue, Room 4400
Evanston, Illinois 60201
9. RESPONSIBILITY OF PERSONS UNDER THUS NOTE
If more than one person signs this Note, each person is fully and personally obligated to
keep all of the promises made in this Note. The Lender may enforce its rights under this
Note against the signatories either individually or together. This means that both
signatories, either individually or together, may be required to pay all of the amounts
owned under this Note. Any person who takes over the rights or obligations of the
Borrower, with the written permission of the Lender, will have all of the Borrower's rights
and must keep all of the Borrower's promises made in this Note. Notwithstanding
anything in the Security Agreement to the contrary, the Loan is a recourse obligation of
the Borrower.
10. GOVERNING LAW AND WAIVER OF TRIAL BY JURY
This Promissory Note shall be governed by the laws of the State of Illinois. Borrower
hereby represents and warrants that it knowingly and voluntarily waives any
rights to trial by jury for any litigation related to or arising out of, under, or in any
way connected with the obligations of this Note.
11. MISCELLANEOUS
The headings of sections and paragraphs in this Note are for convenience only and
shall not be construed in any way to limit or define the content, scope, or intent of the
provisions hereof. As used in this Note, the singular shall include the plural, and
masculine, feminine, and neuter pronouns shall be fully interchangeable, where the
context so requires. If any provision of this Note, or any paragraph, sentence, clause,
phrase, or word, or the application thereof, in any circumstances, is adjudicated to be
invalid, the validity of the remainder of this Note shall be construed as if such invalid
part were never included herein. Time is of the essence of this Note.
Upon any endorsement, assignment, or other transfer of this Note by Lender or by
operation of law, the term "Lender," as used herein, shall mean such endorsee,
assignee, or other transferee or successor to Lender then becoming the holder of this
Note.
This Note and all provisions hereof shall be binding on all persons claiming under or
through the Undersigned. The terms "Undersigned" and "Borrower," as used herein,
shall include the respective beneficiaries, successors, assigns, legal and personal
representatives, executors, administrators, devisees, legatees, and heirs of the
Undersigned and Borrower and shall be binding upon the same
In the event the Undersigned is an Illinois land trust, then this Note is executed by the
Trustee, not personally but as Trustee as aforesaid in the exercise of the power and
authority conferred on and vested in it as the Trustee, and is payable only out of the
property specifically described in the Loan Documents securing the payment hereof, by
the enforcement of the provisions contained therein. No personal liability shall be
asserted or be enforceable against the Trustee because or in respect of this Note or the
making, issue, or transfer thereof, all such liability, if any, being expressly waived by
each taker and holder hereof, and each original and successive holder of this Note
accepts the Note on the express condition that no duty shall rest on the Trustee to
sequester the rents, issues, and profits arising from the property described in the Loan
Documents, or the proceeds arising from the sale or other disposition thereof, but that in
case of Default in the payment of this Note or of any installment hereof, the sole
remedies of the holder hereof shall be by foreclosure of the UCC Financing Statement,
realization on the other security given under the other Loan Documents to secure
indebtedness evidenced by this Note, in accordance with the terms and provisions set
forth herein, or any combination of the above.
The Undersigned have caused this Note to be executed as of the day of October,
2014.
BORROWER:
LITTLE BEANS CAFE EVANSTON LLC
Address: By:
EXHIBIT I
LOAN PAYMENT SCHEDULE
...............
,Mar. 2015
.
$832.65
. .. ........ . .
$457.65
$375.00
. ..... ... . .
$375.00
. . .. ...... . . .. ..... .
$74,542.35
April 2015
$832.65
$459.94
$372.71
$747.71
$74,082.40
.May 2015
$832.65
$462.24
$370.41
$1,118.12
$73,620.16
June 2015
$832.65
$464.55
$368.10
$1,486.22
$73,155.61
:July 2015
$832.65
$466.88
$365.78
$1,852.00
$72,688.73
Aug. 2015
$832.65
$469.21
$363.44
$ 2,215.45
$72,219.52
Sept. 2015
$832.65
$471.56
$361.10
$2,576.54
$71,747.97
.Oct. 2015
$832.65
$473.91
$358.74
$2,935.28
$71,274.05
,Nov. 2015
$832.65
$476.28
$356.37
$3,291.65
$70,797.77
Dec. 2015
$832.65
$478.66
$353.99
$3,645.64
$70,319.11
Jan. 2016
$832.65
$481.06
$351.60
$3,997.24
$69,838.05
Feb. 2016
$832.65
$483.46
$349.19
$4,346.43
$69,354.58
Mar. 2016
$832.65
$485.88
$346.77
$4,693.20
$68,868.70
:April 2016
$832.65
$488.31
$344.34
$5,037.55
$68,380.39
.May 2016
$832.65
$490.75
$341.90
$5,379.45
$67,889.64
;June 2016
$832.65
$493.21
$339.45
$5,718.90
$67,396.43
July 2016
$832.65
$495.67
$336.98
$6,055.88
$66,900.76
Aug. 2016
$832.65
$498.15
$334.50
$6,390.38
$66,402.61
.Sept. 2016
$832.65
$500.64
$332.01
$6,722.39
$65,901.97
.Oct. 2016
$832.65
$503.14
$329.51
$7,051.90
$65,398.83
Nov. 2016
$832.65
$505.66
$326.99
$7,378.90
$64,893.17
:Dec. 2016
$ 832.65
$ 508.19
$ 324.47
$ 7,703.36
$ 64,384.98
:Jan. 2017
$ 832.65
$ 510.73
$ 321.92
$ 8,025.29
$ 63,874.25
:Feb. 2017
$ 832.65
$ 513.28
$ 319.37
$ 8,344.66
$ 63,360.97
Mar. 2017
$ 832.65
$ 515.85
$ 316.80
$ 8,661.47
$ 62,845.12
April 2017
$ 832.65
$ 518.43
$ 314.23
$ 8,975.69
$ 62,326.69
;May 2017
$ 832.65
$ 521.02
$ 311.63
$ 9,287.32
$ 61,805.67
June 2017
$ 832.65
$ 523.63
$ 309.03
$ 9,596.35
$ 61,282.05
'July 2017
$ 832.65
$ 526.24
$ 306.41
$ 9,902.76
$ 60,755.80
;Aug. 2017
$ 832.65
$ 528.87
$ 303.78
$ 10,206.54
$ 60,226.93
;Sept. 2017
$ 832.65
$ 531.52
$ 301.13
$ 10,507.68
$ 59,695.41
'Oct. 2017
$ 832.65
$ 534.18
$ 298.48
$ 10,806.15
$ 59,161.23
'Nov. 2017
$ 832.65
$ 536.85
$ 295.81
$ 11,101.96
$ 58,624.39
:Dec. 2017
$ 832.65
$ 539.53
$ 293.12
$ 11,395.08
$ 58,084.85
:Jan. 2018
$ 832.65
$ 542.23
$ 290.42
$ 11,685.51
$ 57,542.62
:Feb. 2018
$ 832.65
$ 544.94
$ 287.71
$ 11,973.22
$ 56,997.68
Mar. 2018
$ 832.65
$ 547.67
$ 284.99
$ 12,258.21
$ 56,450.02
2April 2018
$ 832.65
$ 550.40
$ 282.25
$ 12,540.46
$ 55,899.61
;May 2018
$ 832.65
$ 553.16
$ 279.50
$ 12,819.96
$ 55,346.46
:June 2018
$ 832.65
$ 555.92
$ 276.73
$ 13,096.69
$ 54,790.54
July 2018
$ 832.65
$ 558.70
$ 273.95
$ 13,370.64
$ 54,231.84
;Aug. 2018
$ 832.65
$ 561.49
$ 271.16
$ 13,641.80
$ 53,670.34
Sept. 2018
$ 832.65
$ 564.30
$ 268.35
$ 13,910.15
$ 53,106.04
:Oct. 2018
$ 832.65
$ 567.12
$ 265.53
$ 14,175.68
$ 52,538.92
Nov. 2018
$ 832.65
$ 569.96
$ 262.69
$ 14,438.38
$ 51,968.96
Dec. 2018
$ 832.65
$ 572.81
$ 259.84
$ 14,698.22
$ 51,396.15
:Jan. 2019
$ 832.65
$ 575.67
$ 256.98
$ 14,955.20
$ 50,820.47
:Feb. 2019
$ 832.65
$ 578.55
$ 254.10
$ 15,209.30
$ 50,241.92
Mar. 2019
$ 832.65
$ 581.44
$ 251.21
$ 15,460.51
$ 49,660.48
April 2019
$ 832.65
$ 584.35
$ 248.30
$ 15,708.82
$ 49,076.13
May 2019
$ 832.65
$ 587.27
$ 245.38
$ 15,954.20
$ 48,488.85
June 2019
$ 832.65
$ 590.21
$ 242.44
$ 16,196.64
$ 47,898.65
July 2019
$ 832.65
$ 593.16
$ 239.49
$ 16,436.13
$ 47,305.48
;Aug. 2019
$ 832.65
$ 596.13
$ 236.53
$ 16,672.66
$ 46,709.36
Sept. 2019
$ 832.65
$ 599.11
$ 233.55
$ 16,906.21
$ 46,110.25
.Oct. 2019
$ 832.65
$ 602.10
$ 230.55
$ 17,136.76
$ 45,508.15
.Nov. 2019
$ 832.65
$ 605.11
$ 227.54
$ 17,364.30
$ 44,903.04
.Dec. 2019
$ 832.65
$ 608.14
$ 224.52
$ 17,588.82
$ 44,294.90
Jan. 2020
$ 832.65
$ 611.18
$ 221.47
$ 17,810.29
$ 43,683.72
Feb. 2020
$ 832.65
$ 614.24
$ 218.42
$ 18,028.71
$ 43,069.48
Mar. 2020
$ 832.65
$ 617.31
$ 215.35
$ 18,244.06
$ 42,452.18
April 2020
$ 832.65
$ 620.39
$ 212.26
$ 18,456.32
$ 41,831.78
May 2020
$ 832.65
$ 623.49
$ 209.16
$ 18,665.48
$ 41,208.29
:June 2020
$ 832.65
$ 626.61
$ 206.04
$ 18,871.52
$ 40,581.68
;July 2020
$ 832.65
$ 629.75
$ 202.91
$ 19,074.43
$ 39,951.93
Aug. 2020
$ 832.65
$ 632.89
$ 199.76
$ 19,274.19
$ 39,319.04
Sept. 2020
$ 832.65
$ 636.06
$ 196.60
$ 19,470.78
$ 38,682.98
;Oct. 2020
$ 832.65
$ 639.24
$ 193.41
$ 19,664.20
$ 38,043.74
:Nov. 2020
$ 832.65
$ 642.44
$ 190.22
$ 19,854.41
$ 37,401.30
:Dec. 2020
$ 832.65
$ 645.65
$ 187.01
$ 20,041.42
$ 36,755.66
:Jan. 2021
$ 832.65
$ 648.88
$ 183.78
$ 20,225.20
$ 36,106.78
;Feb. 2021
$ 832.65
$ 652.12
$ 180.53
$ 20,405.73
$ 35,454.66
;Mar. 2021
$ 832.65
$ 655.38
$ 177.27
$ 20,583.01
$ 34,799.28
April 2021
$ 832.65
$ 658.66
$ 174.00
$ 20,757.00
$ 34,140.62
;May 2021
$ 832.65
$ 661.95
$ 170.70
$ 20,927.71
$ 33,478.67
June 2021
$ 832.65
$ 665.26
$ 167.39
$ 21,095.10
$ 32,813.41
July 2021
$ 832.65
$ 668.59
$ 164.07
$ 21,259.17
$ 32,144.83
Aug. 2021
$ 832.65
$ 671.93
$ 160.72
$ 21,419.89
$ 31,472.90
:Sept. 2021
$ 832.65
$ 675.29
$ 157.36
$ 21,577.25
$ 30,797.61
'Oct. 2021
$ 832.65
$ 678.67
$ 153.99
$ 21,731.24
$ 30,118.94
Nov. 2021
$ 832.65
$ 682.06
$ 150.59
$ 21,881.84
$ 29,436.88
.Dec. 2021
$ 832.65
$ 685.47
$ 147.18
$ 22,029.02
$ 28,751.41
'Jan. 2022
$ 832.65
$ 688.90
$ 143.76
$ 22,172.78
$ 28,062.52
'Feb. 2022
$ 832.65
$ 692.34
$ 140.31
$ 22,313.09
$ 27,370.18
Mar. 2022
$ 832.65
$ 695.80
$ 136.85
$ 22,449.94
$ 26,674.37
:April 2022
$ 832.65
$ 699.28
$ 133.37
$ 22,583.31
$ 25,975.09
;May 2022
$ 832.65
$ 702.78
$ 129.88
$ 22,713.19
$ 25,272.31
3
:June 2022
$ 832.65
$ 706.29
$ 126.36
$ 22,839.55
$ 24,566.02
;July 2022
$ 832.65
$ 709.82
$ 122.83
$ 22,962.38
$ 23,856.20
:Aug. 2022
$ 832.65
$ 713.37
$ 119.28
$ 23,081.66
$ 23,142.82
;Sept. 2022
$ 832.65
$ 716.94
$ 115.71
$ 23,197.38
$ 22,425.88
:Oct. 2022
$ 832.65
$ 720.52
$ 112.13
$ 23,309.51
$ 21,705.36
;Nov. 2022
$ 832.65
$ 724.13
$ 108.53
$ 23,418.03
$ 20,981.23
:Dec. 2022
$ 832.65
$ 727.75
$ 104.91
$ 23,522.94
$ 20,253.49
;Jan. 2023
$ 832.65
$ 731.39
$ 101.27
$ 23,624.21
$ 19,522.10
:Feb. 2023
$ 832.65
$ 735.04
$ 97.61
$ 23,721.82
$ 18,787.06
Mar. 2023
$ 832.65
$ 738.72
$ 93.94
$ 23,815.75
$ 18,048.34
,April 2023
$ 832.65
$ 742.41
$ 90.24
$ 23,905.99
$ 17,305.92
May 2023
$ 832.65
$ 746.12
$ 86.53
$ 23,992.52
$ 16,559.80
June 2023
$ 832.65
$ 749.85
$ 82.80
$ 24,075.32
$ 15,809.95
July 2023
$ 832.65
$ 753.60
$ 79.05
$ 24,154.37
$ 15,056.34
;Aug. 2023
$ 832.65
$ 757.37
$ 75.28
$ 24,229.65
$ 14,298.97
;Sept. 2023
$ 832.65
$ 761.16
$ 71.49
$ 24,301.15
$ 13,537.81
:Oct. 2023
$ 832.65
$ 764.96
$ 67.69
$ 24,368.84
$ 12,772.85
Nov. 2023
$ 832.65
$ 768.79
$ 63.86
$ 24,432.70
$ 12,004.06
Dec. 2023
$ 832.65
$ 772.63
$ 60.02
$ 24,492.72
$ 11,231.42
Jan. 2024
$ 832.65
$ 776.50
$ 56.16
$ 24,548.88
$ 10,454.93
Feb. 2024
$ 832.65
$ 780.38
$ 52.27
$ 24,601.15
$ 9,674.55
Mar. 2024
$ 832.65
$ 784.28
$ 48.37
$ 24,649.53
$ 8,890.27
April 2024
$ 832.65
$ 788.20
$ 44.45
$ 24,693.98
$ 8,102.06
;May 2024
$ 832.65
$ 792.14
$ 40.51
$ 24,734.49
$ 7,309.92
:June 2024
$ 832.65
$ 796.10
$ 36.55
$ 24,771.04
$ 6,513.82
;July 2024
$ 832.65
$ 800.08
$ 32.57
$ 24,803.61
$ 5,713.73
Aug. 2024
$ 832.65
$ 804.09
$ 28.57
$ 24,832.18
$ 4,909.65
Sept. 2024
$ 832.65
$ 808.11
$ 24.55
$ 24,856.72
$ 4,101.54
:Oct. 2024
$ 832.65
$ 812.15
$ 20.51
$ 24,877.23
$ 3,289.40
'Nov. 2024
$ 832.65
$ 816.21
$ 16.45
$ 24,893.68
$ 2,473.19
Dec. 2024
$ 832.65
$ 820.29
$ 12.37
$ 24,906.04
$ 1,652.90
:Jan. 2025
$ 832.65
$ 824.39
$ 8.26
$ 24,914.31
$ 828.51
:Feb. 2025
$ 832.65
$ 828.51
$ 4.14
$ 24,918.45
$ 0.00
SECURITY AGREEMENT
This Security Agreement dated October , 2014 by and between the Little Beans
Cafe Evanston, LLC, an Illinois limited liability company hereinafter referred to
collectively as the "Debtor" for value received, hereby grants to the City of Evanston,
Illinois, an Illinois home rule municipality, with its principal address at 2100 Ridge
Avenue, Evanston, Illinois 60201, hereinafter referred to as the "Secured Party," a
security interest in the collateral listed at 430 Asbury Avenue, Evanston, Illinois in the
attached EXHIBIT A, hereinafter referred to as the "Collateral" and incorporated by
reference.
This security interest is given for the purpose of securing payment of any and all
indebtedness of the Debtor to the Secured Party in connection with the loan made to
the Debtor and evidenced by promissory note dated October 1, 2014, together with all
costs and expenses in connection therewith including but not limited to expenses of
retaking, preserving, repairing, maintaining, preparing for sale, and selling said collateral
as well as reasonable attorney's fees, court costs, and other legal expenses. In the
event that Debtor defaults in the payment of said indebtedness, or becomes insolvent,
or fails to keep said collateral free of all other liens, or if for any reason the secured
party feels insecure, Secured Party has the option of declaring the entire indebtedness
immediately due and payable, and shall have all of the rights and remedies of a secured
party under the Illinois Uniform Commercial Code as the same may be amended from
time to time. The requirement of the reasonable notice of any sale hereunder shall be
met if such notice is mailed, postage prepaid, to the address of the Debtor shown at the
beginning of this agreement at least 5 days before the time of sale or disposition.
Secured Party and Debtor have caused this Agreement to be executed and
delivered as of the date set forth opposite their name.
City of Evanston, Illinois Little Beans Cafe Evanston, LLC
By: By:
City Manager, Wally Bobkiewicz Manager