PHILADELPHIA – An Illinois financial company has initiated legal action against a South Philadelphia child care center, accusing it of defaulting on an equipment lease agreement.
TBF Financial, LLC of Deerfield, Ill. filed suit in the Philadelphia County Court of Common Pleas on Oct. 20 versus Lincoln Day Nursery Educational Center, Inc. (doing business as Lincoln Day Education Center, Inc.), of Philadelphia.
On or about July 21, 2011, the parties’ agreement began and was centered on the leasing of a Bizhub C360 DM Pool to Lincoln Day, where in exchange for the equipment, the defendant would agree to pay $10,017 in 63 monthly installments of $159, the suit says.
However, the plaintiff says the defendant defaulted on the agreement, leaving an unpaid balance of $2,623.50. Further, the interest rate as damages on the liquidated balance was eight percent per year according to the agreement – with that rate totaling $450.81 over the time period of Aug. 10, 2015 through Oct. 2 of this year, which continues to accrue. The contract also provided for the recovery of reasonable attorney’s fees, which in this case, totals $874.50.
For a count of breach of contract, the plaintiff is seeking damages in the amount of $3,948.81, plus continuing interest on the balance at the rate of eight percent per year and costs.
The plaintiff is represented by Raymond P. Wendolowski Jr. of Bernstein-Burkley, in Pittsburgh.
Philadelphia County Court of Common Pleas case 171002559
From the Pennsylvania Record: Reach Courts Reporter Nicholas Malfitano at email@example.com