Title
RESOLUTION AUTHORIZING RELEASE OF MORTGAGE, RELEASE OF PROMISSORY NOTE AND MUTUAL RELEASE
Body
WHEREAS, The Village of Orland Park (‘Village”) is a home rule municipality that currently owns real property at the northwest corner of South LaGrange Road and 143rd Street in Orland Park, Illinois that was previously used by Norman’s Cleaners and Formal Wear, Inc., (“Norman’s), an Illinois municipal corporation, as a dry-cleaning business ("Site"); and
WHEREAS, As a result of Norman’s dry-cleaning activities, the Site suffered from certain soil pollution for which Norman’s was responsible for remediating; and
WHEREAS, The Village was willing and able to assist in funding a portion of the environmental cleanup costs by providing a loan to Norman’s; and
WHEREAS, the Village of Orland Park, and Norman’s Cleaners and Formal Wear, Inc, Richard J Vuillaume, individually ("Guarantor"), and Richard J Vuillaume, not individually but as trustee of the Richard J Vuillaume Trust Agreement Dated Trust Agreement Dated September 5, 2014 ("Pledgor") entered into a Loan Agreement dated November 12, 2014; and
WHEREAS, Richard J Vuillaume, as trustee of the Richard J Vuillaume Trust Agreement Dated September 5, 2014 did pledge as collateral for the Loan Agreement the real property located at 17702 Oak Park Avenue, Tinley Park, Illinois 60477; and
WHEREAS, the Village did record a mortgage on the real property with the Cook County Recorder of Deeds; and
WHEREAS, Norman’s had delivered to the Village a fully executed Promissory Note evidencing the terms of the credit line under the Loan Agreement; and
WHEREAS, the environmental cleanup has been completed at the Site; and
WHEREAS, the loan has now been paid back in full to the Village through reimbursement from the Illinois Drycleaner Environmental Response Trust Fund.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF ORLAND PARK, COOK AND WILL COUNTIES ILLINOIS, THAT:
SECTION 1
Each p...
Click here for full text