Land of Lincoln Goodwill Indus. v. PNC Bank, NA, No. 13-2860 (7th Cir. 2014)Annotate this Case
Goodwill filed suit against PNC seeking a declaratory judgment that it does not owe a prepayment charge in excess of $300,000 under the terms of its agreement with PNC. The court affirmed the district court's conclusion that Goodwill owed PNC a prepayment fee. Because Goodwill gave notice of its intent to make prepayment during the ten-year period of the loan during which interest on the outstanding principal was accruing at the Initial Rate of 4.79 percent per year, Goodwill owed a prepayment charge.