The Village of Bradley unanimously approved a mortgage subordination agreement with the Bradley Hotel Corporation Dec. 14.
The agreement allows the Bradley Hotel Corporation, the financial entity behind the Quality Inn on IL-Route 50, to prioritize paying off a $150,000 loan from Commerce State Bank over its obligations to the village.
Previously, the village had given the hotel company a $431,978.11 loan through its revolving loan fund.
The Quality Inn & Suites Bradley is a full-service hotel with restaurant and banquet space near Olivet Nazarene University.
Trustee Eric Cyr was absent.
Alerts Sign-up