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FIRST CHICAGO <br />The First National Bank of Chicagc <br />VILLAGE OF ELK GROVE <br />901 WELLINGTON AVENUE <br />ELK GROVE, IL 60007 <br />LADIES AND GENTLEMEN: <br />TRADE FINANCE <br />ONE NORTH DEAR[ IN - 9TH FLOOR, MAIL SUITE 0812 <br />CHICAGO, ILLINOIS 60670-0812 U.S.A. <br />Telex: TRT 190201 FNBC UT Swift Address: FNBCUS44 <br />ITT 4330253 FNBCUI FAX: (312) 407-1065 <br />TEL (312) 407-3843 <br />VILLAGE COMPLETION GUARANTY <br />LETTER OF CREDIT NO <br />DATE: <br />AMOUNT: <br />COMPLET1019 DATE: <br />EXPIRATION DATE: <br />00318466 <br />MARCH 25, 1993 <br />$400, 000. 00 <br />MARCH 19, 1994 <br />JUNE '17, 1994 <br />WE HEREBY ESTABLISH OUR IRREVOCABLE STRAIGHT LETTER OF CREDIT IN YOUR <br />FAVOR FOR THE ACCOUNT OF KMART CORPORATION, A MICHIGAN CORPORATION <br />(HEREINAFTER THE "DEVELOPER"), IN THE AGGREGATE AMOUNT OF $400,000.00, <br />U.S. CURRENCY, AVAILABLE BY YOUR DRAFT DRAWN ON SIGHT AND MARKED "DRAWN <br />UNDER LETTER OF CREDIT NO. 00318466 DATED MARCH 25, 1993•" THESE <br />MONIES ARE TO GUARANTEE THE COMPLETION OF PUBLIC IMPROVENTS FOR THE <br />FOLLOWING PROJECT: SUPER KMART CENTER DESCRIBED IN THE ENGINEERING <br />PLANS AND SPECIFICATIONS WITH REVISIONS DATED MARCH 22, 1993, PREPARED <br />BY COWHEY, GUDMUNDSON, LEDER LTD., APPROVED ON MARCH 25, 1993 AND <br />AGREEMENTS .INCLUDING ANY AMENDMENTS THEREOF) ON THE PROPERTY LEGALLY <br />DESCRIBED IN EXHIBIT A (ATTACHED HERETO AND MADE PART THEREOF). <br />MONIES MAY BE DRAWN ON SIGHT BY THE VILLAGE OF ELK GROVE WHEN <br />ACCOMPANIED BY THE FOLLOWING DOCUMENT: <br />A SIGNED STATEMENT BY THE VILLAGE MANAGER ON ANY OTHER DULY AUTHORIZED <br />OFFICIAL OF THE VILLAGE (SIGNED AS SUCH) CERTIFYING THAT "A PORTION OF <br />THE SITE IMPROVEMENTS HAS NOT BEEN SATISFACTORILY COMPLETED IN <br />ACCORDANCE WITH THE APPROVED FLANS AND SPECIFICATIONS WITH REVISIONS <br />DATED MARCH 22, 1993 PREPARED BY COWHEY, GUDMUNDSON, LEDER LTD., <br />APPROVED ON MARCH 25, 1993 AND AGREEMENTS (INCLUDING ANY AMENDMENTS <br />THEREOF) FOR THE FOLLOWING PROJECT: SUPER KMART CENTER." <br />THE IMPROVEMENTS IN THE ABOVE DESCRIBED PROJECT CONSIST OF THE <br />FOLLOWING: <br />X-WATERMAIN AND APPURTENANCES <br />X -SANITARY SEWER AND APPURTENANCES <br />X -STORM SEWER AND APPURTENANCES <br />X -ROADWAY (CURB Yc GUTTER, PAVEMENT) <br />X -SIDEWALK <br />-STREET LIGHTS <br />X -PARKWAY (TREES, ETC.) <br />X -TRAFFIC CONTROL (SIGNALS, SIGNS, MARKINGS) <br />-PONDS (DETENTION/RETENTION) <br />THESE IMPROVEMENTS ITEMIZED ABOVE SHALL BE COMPLETED ON OR BEFORE <br />MARCH 19, 1994. IF SAID IMPROVEMENTS HAVE NOT BEEN PROPERLY INSTALLED <br />AND SATISFACTORILY COMPLETED ON OR BEFORE THAT DATE AS REASONABLY <br />DETERMINED BY THE VILLAGE ENGINEER, THEN THE VILLAGE OF ELK GROVE <br />VILLAGE (THE "VILLAGE") IS HEREBY GRANTED AUTHORITY TO DRAW UPON THIS <br />IRREVOCABLE LETTER OF CREDIT FOR THE PURPOSE OF COMPLETING FULLY SAID <br />IMPROVEMENTS IN ACCORDANCE WITH THE PROVISIONS HEREIN AND ABOVE SET <br />FORTH. <br />(CONTINUED) P6P61N1kt _ <br />