The opinion of the court was delivered by: Judge: Hart
MOTION TO REINSTATE LAWSUIT AND FOR JUDGMENT
NOW COME the Plaintiffs, the Board of Trustees of the Pipe Fitters Retirement Fund, Local 597, et al., by and through their attorneys, Johnson & Krol, LLC, and pursuant to this Court's Order of July 6, 2011, move to Reinstate the Lawsuit and for Judgment against the above captioned Defendants and in support state as follows:
1. Plaintiffs are the Board of Trustees of the Pipe Fitters Retirement Fund, Local 597, the Board of Trustees of the Pipe Fitters Welfare Fund, Local 597, the Board of Trustees of the Pipe Fitters Training Fund, Local 597, the Board of Trustees of the Chicago Area Mechanical Contracting Industry Improvement Trust, the Board of Trustees of the Pipe Fitters' Individual Account and 401(k) Plan and the Board of Trustees of the Pipe Fitting Council of Greater Chicago (collectively "TRUST FUNDS"), and Pipe Fitters' Association, Local 597 U.A ("UNION").
2. Defendants are Complete Valve Repair Services, Inc. ("COMPLETE"), Gnome Industries, Inc. ("GNOME"), Virgil Clary ("CLARY") and Jacob Wilcox ("WILCOX").
3. On or about March 17, 2011, Plaintiffs filed their Complaint in the above-captioned matter.
4. On or about June 20, 2011, the Plaintiffs and Defendants entered into a Secured Settlement Agreement that requires the Defendants to submit an initial payment of $5,019.27, followed by twelve (12) monthly payments of $3,000.00, twelve (12) monthly payments of $3,500.00, eight (8) monthly payments of $7,829.45 and four (4) monthly payments of $8,882.35 to pay off the principal balance of $168,099.29 at an interest rate of 6.0%. (A copy of the Secured Settlement Agreement is attached as Exhibit 1).
5. The terms of the Secured Settlement Agreement provide that in the event COMPLETE VALVE, WILCOX, CLARY and GNOME default on any of their obligations under the terms of the Secured Settlement Agreement:
A.) All remaining payments will be accelerated and become immediately due and payable;
B.) COMPLETE VALVE, WILCOX, CLARY and GNOME hereby confess judgment for any and all unpaid amounts;
C.) An additional liquidated damages charge of 10% of all unpaid amounts shall become due and payable by COMPLETE VALVE, WILCOX, CLARY and GNOME; and
D.) In the event the TRUST FUNDS and/or UNION are required to engage an attorney to collect any amounts due under this Agreement, COMPLETE VALVE, WILCOX, CLARY and GNOME shall be liable for all reasonable attorney's fees and costs incurred by the TRUST FUNDS and UNION. (Exhibit 1).
6. The Secured Settlement Agreement further states that Defendants CLARY and WILCOX shall be individually liable for the obligations of COMPLETE and GNOME under the terms of the Agreement, including the submission of ongoing Contributions for all months throughout the duration of the Agreement. (Exhibit 1).
7. On June 22, 2011, the Plaintiffs moved to dismiss the lawsuit pursuant to the Parties' Settlement and for Entry of Order for Court to Retain Jurisdiction to Enforce the terms ...