Power of Change Christian Center is in default, bank claims
Power of Change Christian Center in Cahokia is being sued by Bank of America Leasing & Capital (BALC) which claims it defaulted on a note and now owes $458,512.16.
A forbearance agreement executed on Feb. 26, 2008, in which Power of Change acknowledged its defaults and agreed to make payments, also has been defaulted upon, claims the suit filed March 2 in St. Clair County Circuit Court.
Interest accrues at $675.39 per diem from Dec. 17, 2008, the suit claims.
"Power of Change has defaulted on the Note by failing to make payments as required by the terms of the Note and by failing to make payments in response to demands made by BALC," the complaint states.
The bank, which is represented by Joseph Trad and Alfred Ludwig of Lewis Rice and Fingersh of St. Louis, seeks the amount due, plus costs of collection, attorneys' fees, court costs and for further relief as the court deems just and proper.
St. Clair County Circuit Court case number 115