A produce business is being sued for the money it allegedly still owes from a 2008 loan.
Chateau Del Mar, Inc. filed a complaint on July 16 in Cook County Circuit Court against Fresh Start Produce, Inc, as well as John Kapadoukakis, who signed a loan guarantee.
On June 7, 2008, the defendants executed a promissory note, security agreement and personal guarantee with the plaintiff in the amount of $250,000.
In addition to the balance, the defendants agreed to pay initial interest of $1,749.96 in July 12, 2008, then 17 monthly interest payments of $1,458.33, with the last interest payment to be paid on Dec. 12, 2009, the lawsuit states.
The defendants are allegedly in default of the note after failing to pay the monthly interest and a balloon payment that was due on Dec. 12, 2012.
The plaintiff seeks $325,307.28, which is the amount allegedly still owed, plus interest of $82.19 per diem after June 30, 2015, as well as court costs and attorneys' fees.
The plaintiff is represented by Kevin E. Posen of Teller, Levit, Silvertrust PC in Chicago.
Cook County Circuit Court case No. 2015L007212.