ELYRIA – The Lorain County Commission has sued a development company that defaulted on a 2002 loan, according to the case filed at Lorain County Common Pleas Court.
The county commissioners claim Bender Development Co. Inc. of Lorain and owners Richard Bender and Gerald Hyde owe $415,653 in principal and interest on a loan of $386,000 for the Lorain County Coastal Erosion Control Program.
The company last made a payment on the loan in 2007, according to the lawsuit.
As part of the loan, Bender Development Co. mortgaged 34 parcels of land. The county commissioners seek to foreclose on the land and sell it to repay the loan, according to the lawsuit.
