EDWARDSVILLE — An Edwardsville cafe is facing a suit alleging default on a $66,000 loan from Providence Bank.
Providence Bank filed a complaint April 7 in Madison County Circuit Court against The Obar LLC, CMC Investments & Development LLC, Edmund Jones and Chelsea Coughlin alleging breach of note and breach of Guaranties.
According to Providence Bank's complaint, OBar borrowed $66,000 from the bank and executed a "commericial security agreement" on March 22, 2019, as collateral and was "perfected on May 6, 2019," and "further secured" by CMC, Jones and Coughlin. Also according to the suit, Providence Bank and the defendants entered into a "forbearance agreement" due to the "initial uncertainty" brought on by the COVID-19 pandemic and on July 2, 2020, the loan terms changed again with the parties entering into a loan deferment agreement.
Providence alleges that despite its "generous accommodations" made to the defendants regarding the loan, they have failed to make all the payments.
Providence Bank seeks monetary relief of $71,440.37, interest and all other proper relief. They are represented by Trenton Bond of Hein Schneider & Bond PC in St. Louis.
Third Judicial Circuit for Madison County case number 2021L000424