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Pnc Bank, National, Association v. Ivan Djurin

August 16, 2011

PNC BANK, NATIONAL, ASSOCIATION, PLAINTIFF,
v.
IVAN DJURIN, DEFENDANT.



The opinion of the court was delivered by: Judge George M. Marovich

MEMORANDUM OPINION AND ORDER

Plaintiff PNC Bank, National Association ("PNC") filed suit against defendant Ivan Djurin ("Djurin") to collect on three guaranty agreements signed by Djurin. PNC now moves for judgment on the pleadings with respect to the merits of Counts I, II and III. (PNC does not move for judgment as to damages.) For the reasons set forth below, the Court grants the motion.

I. Background

The following summary is based upon: (1) the facts alleged by plaintiff and admitted by defendant in the pleadings; and (2) the attachments to the pleadings.

PNC made a series of three loans to entities related to Djurin. With respect to each loan, Djurin signed a guaranty of payment. The relevant details of those guaranties are set forth below.

Colts Run Guaranty

In or about December 2007, Colts Run LLC ("Colts Run") executed a Fourth Amended and Restated Adjustable Rate Note (the "Colts Run Loan") in an amount greater than $16,000,000.00. With respect to the Colts Run Loan, Djurin executed a Guaranty of Payment (the "Colts Run Guaranty").

The Colts Run Guaranty states, in relevant part:

ARTICLE 2

GUARANTY

2.1 Except as set forth in Paragraph 7, Guarantor unconditionally, absolutely, continuingly and irrevocably guaranties to Lender, Borrower's prompt payment, in full, when due or declared due, of Borrower's Liabilities (including interest thereon) and Borrower's prompt performance of Borrower's Obligations (collectively 'Guarantor's Liabilities'). . . .

2.2 As a condition to payment or performance of Guarantor's Liabilities, Lender is not required to (a) prosecute collection, or seek to enforce or resort to any remedies against Borrower or any other party liable to Lender on account of Borrower's Liabilities, Borrower's Obligations or any guaranty thereof, or (b) seek to enforce or resort to any remedies with respect to any security interests, liens or encumbrances granted to Lender by Borrower or any other party liable to Lender on account of Borrower's Liabilities, Borrower's Obligations, or any guaranty thereof.

ARTICLE 4

WAIVERS

4.2 Guarantor waives all defenses, counterclaims, and offsets of any kind or nature in connection with the validity and/or enforceability of the Loan or this Guaranty, arising directly or indirectly from the perfection, sufficiency, validity and/or enforceability of any lien, agreement, instrument or document executed and delivered, by Borrower to Lender, or acquired by Lender from Borrower.

ARTICLE 6

GENERAL

6.2 . . . This Guaranty shall be governed and controlled as to interpretation, enforcement, validity, construction, effect and in all other respects by the laws, statutes and decisions of the State of Illinois.

ARTICLE 7

RECOURSE TO GUARANTOR

Under no circumstances shall Guarantor's liability hereunder be reduced by, from or as a result of any payment to or amount realized by Lender from any rents, deposits, insurance proceeds, condemnation awards, proceeds from bankruptcy sale, foreclosure or any conveyance in lieu of foreclosure or from any other profits, avails, revenues or proceeds derived from the Property, and only payments made to Lender by Guarantor from or with personal funds not derived from the ...


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