(DOWNLOAD) "Exch. Nat'l Bk. v. Farm Bureau Life Ins." by Illinois Appellate Court — Third District Judgment Affirmed * Book PDF Kindle ePub Free
eBook details
- Title: Exch. Nat'l Bk. v. Farm Bureau Life Ins.
- Author : Illinois Appellate Court — Third District Judgment Affirmed
- Release Date : January 20, 1982
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 66 KB
Description
Rehearing denied September 3, 1982. The plaintiffs, Barry Moss and Steven Bloomberg, are beneficiaries of a land trust with the nominal plaintiff, Exchange National Bank, the trustee. The land trust held title to certain real property. Plaintiffs wanted to erect a commercial building on that land, which was located in Bolingbrook. They contracted with Farm Bureau Life Insurance Company of Michigan (Farm Bureau) for a permanent loan commitment. Such loan was to be secured by a mortgage on the property and building. The loan contract consists of an offer, and three later amendments, the last dated April 15, 1977. The loan was for $393,750 to be paid back in full in 15 years. The terms of repayment were based on a 25-year amortization schedule at a 9.25% annual interest rate. The commitment could be extended for no longer than 180 days without Farm Bureau imposing a fee. For any further extension the lender could charge no more than 1/2 of 1% of the committed funds as a penalty. If the loan was not completed by April 1978, it expired. Closing of the final mortgage could not occur until the completed building was inspected and accepted by the lender.
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