(Court opinion corrected 12/28/20.) Plaintiff bank filed mortgage foreclosure action after Defendant LLC defaulted on its $8.1 million commercial property loan to develop conference and banquet center. Parties modified the loan 6 times and revised the guaranties once. After LLC filed for bankruptcy, Plaintiff moved for summary judgment against the LLC's managers who had guaranteed 10% of the principal balance and interest and real estate taxes. Affidavit of Plaintiff's senior vice president included loan history and loan balance statement, and supported Plaintiff's motion for summary judgment which court properly granted. Guarantors agreed to be jointly and severally liable for the guaranty, and thus judgments of $905,061 against each of them permits Plaintiff to seek full satisfaction of the amounts due against any of them. (WALKER and COGHLAN, concurring.)
Illinois Appellate Court
Civil Court
Mortgage Foreclosure