Bank seeks to enforce $5.3 million judgment on default of Marketplace Commons

By Andrea Dearden | May 2, 2012

An Adams County couple is being asked to pay more than $5.34 million on an unpaid loan allegedly used to build Market Place Commons in Fairview Heights.

Multibank 2009-1 CRE Venture LLC filed the lawsuit April 98 in St. Clair County Circuit Court against Kent J. Sturhan and D'Aunn K. Sturhan.

According to the complaint, Aspen Chase Investment Property 10 LLC entered into a mortgage and promissory note with Corn Belt Bank and Trust Company in March 2005 for a property on Marketplace Commons in Fairview Heights. To ensure repayment of the mortgage, Multibank says the Sturhans executed and delivered commercial guaranties to the company.

Multibank says the Sturhans "'absolutely and unconditionally' agreed to guarantee full and punctual payment and satisfaction of Guarantor's Share of the Indebtedness of Borrower to the Lender." That indebtedness, the bank says, was defined as the outstanding principal and interest along with any necessary collection and legal expenses.

In February 2009, Corn Belt was closed by the Illinois Department of Financial and Professional Regulation and the FDIC was appointed receiver, the complaint reads. A year later, the FDIC assigned the note, mortgage and guarantees to Multibank.

Aspen Chase allegedly defaulted on the loan by failing to make payments on the mortgage beginning in October 2009. In February 2012, Multibank says the court granted a motion for default judgement and judgement of foreclosure sale against Aspen Chase in the amount of more $5.34 million which includes the outstanding principal, accrued interest, costs and fees.

Multibank is asking the court to enforce the judgement granted in the bank's favor against Aspen Chase and require the Starhans to pay a total of $5,346,487.

Attorneys Kurt E. Reitz and Heath H. Hooks of Belleville and Kimberly M. DeShano and Matthew S. Grany of Chicago are representing Multibank.

St. Clair County Circuit Court Case No. 12-L-0172

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