PLAINTIFF’S COMPLAINT – Page 3
Despite Plaintiff's demand for payment from UFL Management LLC after thenote became due and payable, no part of the note has been paid.11.
On or about October 19, 2010, Plaintiff, Defendants and UFL Management LLCentered into a forbearance agreement, under which Plaintiff agreed to forbear its rights under theUFL Note and guaranty until December 1, 2010. Under this forbearance agreement, the partiesagreed that interest accruing on the principal amount of the UFL Note after October 6, 2010,would accrue at the rate of fifteen percent (15%) per annum.12.
On or about December 1, 2010, Plaintiff demanded that Defendants fulfill theterms of Defendants’ guaranty, and pay the debt owed to Plaintiff in accordance with thatguaranty, but no part of the debt has been paid. Accordingly, there is now due, owing, andunpaid from Defendants to Plaintiff on the note the sum of $5,000,000.00 principal, and intereston this sum at the rate of one percent (1%) per annum calculated from April 7, 2010 to October 6, 2010, and at the rate of fifteen percent (15%) per annum calculated from October 7, 2010.
IV.CLAIMS FOR RELIEFA. Breach of Contract
Plaintiff repeats and realleges the facts contained in the preceding paragraphs andincorporate them fully herein.
HDNet and Defendants have a valid, enforceable contract by which Defendantsguaranteed payment of principal and interest under the UFL Note.15.
HDNet has fully performed its obligations under the contract.
Defendants have breached the contract by failing to tender prompt payment of the principal and interest due under the UFL Note.
Case 3:11-cv-00061-O Document 1 Filed 01/10/11 Page 3 of 5 PageID 3