Bank of Guam is suing the shuttered restaurant IHOP and its owners, two Yumul brothers and another, to collect on $317,238.28 that it claims the restaurant owes on a $578,500 loan that remains unpaid.
The bank, through lawyer Charity R. Hodson, is suing Pacific Pancakes (CNMI) LLC, which does business as IHOP, and its mother company, Pacific Foods (CNMI), LLC, in Superior Court for the NMI for breach of contract.
The lawsuit also names Pacific Foods’ owners Ray Anthony N. Yumul, Ralph N. Yumul, and Juan B. Cepeda as defendants in the case, alleging that they failed to and refused to pay the bank a past due amount of $317,238.28 as of March 1, 2021.
Hodson said that Pacific Pancakes has been retaining the principal balance, accrued interest, and late fees in the amount of $317,238.28.
BOG, through Hodson, wants the court to issue an order granting them relief of the principal amount of $253,848.65, a pre-judgment interest of $54,632.97, and late charges of $8,756.96, all totaling $317,238.28 that is allegedly owed by Pacific Pancakes.
In addition, BOG wants post-judgment relief from the day the judgment is imposed and attorney’s fees.
As for Pacific Foods and its owners— Ray Anthony N. Yumul, Ralph N. Yumul, and Cepeda—BOG, through Hodson, wants the court to issue an order granting a collective relief of $302,433.57, saying that Pacific Foods breached its commercial guaranty by refusing to pay the bank its share of the guaranty.
Because of late payments, BOG issued a notice of default and demand to the guarantors for payment. Ray Anthony N. Yumul was served on Oct. 14, 2020, while Cepeda and Ralph N. Yumul were served on Oct. 7, 2020.
BOG also issued a notice of default and demand for payment to IHOP, which was sent via certified mail, return receipt requested, to the mailing address provided in the loan.
Despite BOG’s demand for payment, Pacific Pancakes has failed to pay their share of indebtedness. Hodson said that BOG has performed all of its obligations under the loan and other related agreements, including the revision agreements and each commercial guaranty.