I. Introduction Plaintiff Bank of America, N.A. (“Plaintiff” or “Bank”) commenced this action against Defendants Jacobi Tool & Die, M.F.G., Inc. (“Company”) and Roger Jacobi (“Jacobi”; together with Company, the “Defendants”), alleging, inter alia, a breach of a line of credit loan agreement by the Company and Jacobi’s related breach of his guaranty of that agreement. (See generally Verified Complaint (“Complaint”)(ECF No. 1).) Presently before the Court is the Bank’s motion seeking summary judgment in its favor on all of its claims (hereafter, the “Summary Judgment Motion”) (see ECF No. 22; see also Mem. of Law in Supp. of Mot. Summ. J. (ECF No. 22-5) (hereafter, “Support Memo”)), which is unopposed by Defendants. For the reasons that follow, the Bank’s Summary Judgment Motion is GRANTED in part and DENIED in part. II. Background A. Factual Background1 On January 15, 2009, non-party Jacobi Realty Holdings, LLC (“Realty”) borrowed one-and-one-half million dollars ($1,500,000.00) from the Bank, which loan matured on May 15, 2016 and which the Company guaranteed. (Hereafter, the “Mortgage Loan”.) (See Complaint, 14.) On March 9, 2010, Jacobi, as a creditor of the Company, executed a Subordination Agreement in favor of the Bank, thereby subordinated certain of the Company’s obligations to him to the Company’s obligations owed the Bank. (See id., 12; see also Bank 56.1 Statement, 6.) On June 30, 2015 and pursuant to a loan agreement (hereafter, the “LOC Loan Agreement”), the Bank extended a five-hundred thousand dollar ($500,000.00) line of credit (“LOC”) to the Company that expired on September 15, 2016 (hereafter, the “Expiration Date”). (See Bank 56.1 Statement,
1, 7.) “The LOC Loan Agreement provided, inter alia, [that] in the event of a default, [the Bank] would be entitled to terminate the LOC Loan Agreement, declare all sums outstanding under the LOC Loan Agreement to be immediately due and payable, charge interest at the default rate of six (6 percent) percent over the existing rate of interest on the LOC Loan and take any other actions available to [the Bank].” (Id., 2.) The LOC was collateralized by a Security Agreement pursuant to which the Company “granted to the Bank a first priority blanket security interest upon all assets of [the Company].” (Complaint, 10 (listing property pledged as collateral2 (hereafter, the “Collateral”)); see also id., 9 (stating the Security Agreement was added “collateral security for the prompt and compete payment and performance of all of [the Company]‘s then or thereafter-existing debts, obligations, and liabilities to the Bank”); see also Bank 56.1 Statement,
