ORDINANCE
WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois and as such may legislate as to matters which pertain to its local government and affairs; and
WHEREAS, the City Council of the City (the "City Council") has determined that the continuance of a shortage of rental housing affordable to persons of low and moderate income is harmful to the health, prosperity, economic stability and general welfare of the City; and
WHEREAS, the City programmed Section 108 Program ("Section 108") funds whereby acquisition and rehabilitation loans were made available to owners of rental properties, and the Section 108 Program is administered by the City's Department of Planning and Development ("DPD"); and
WHEREAS, the City Council, pursuant to an ordinance enacted on February 26, 1997, and published at pages 40133-40137 of the Journal of the Proceedings of the City Council (the "Journal of Proceedings") of that date, authorized DPD to provide Section 108 financing in the amount of $592,500 (the "Loan") for the acquisition of a parking lot located at 1456-58 South Hamlin Avenue, which contains 13 parking spaces (the "Parking Lot"), and rehabilitation of a building (the "Building," and collectively with the Building, the "Property") located at 1451-53 South Avers Avenue, in Chicago, Illinois, and 13 residential dwelling units therein (the "Project"); and
WHEREAS, LMR United, Inc., an Illinois corporation (the "Borrower"), is the owner of 100% of the beneficial interest and power of direction, in, to and under that certain Illinois land trust created pursuant to that certain Trust Agreement dated November 26, 1996 and known as Trust No. 1103389 of The Chicago Trust Company, as trustee (the "Owner," and collectively with the Borrower, the "Mortgagor"); and
WHEREAS, the Property is held in trust by the Owner for the benefit of the Borrower;
and
WHEREAS, in connection wi...
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