Illinois Appellate Court
Civil Court
Mortgage Foreclosure
Plaintiff, a Delaware statutory trust, brought mortgage foreclosure action against Defendant, an Illinois LLC, alleging Defendant was in default. Court properly granted Plaintiff's motion for summary judgment. Court properly found Defendant was in default under mortgage security agreement for failing to maintain its existence as an LLC. Terms of that agreement plainly stated that mortgage loan was made in reliance on Defendant's continued existence as an LLC. The LLC Act's relation-back provision does not apply to prevent Defendant's dissolution from constituting an "Event of Default" under the agreement. (STEIGMANN and APPLETON, concurring.)