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FIRST CHICAGO TRADE FINANCE <br />The First National Bank of Chicago ONE NORTH DEARB N - 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 />OUR REF NO: 00?I84th DATE: MARCH 2F, 1993 <br />THE PRINCIPLE AMOUNT OF THIS IRREVOCABLE LETTER OF CREDIT SHALL NOT BE <br />REDUCED FOR ANY PUBLIC IMPROVEMENTS INSTALLED OR COMPLETED UNLESS SUCH <br />REDUCTION IS APPROVED BY THE VILLAGE ENGINEER IN WRITING WITH <br />SUPPORTING WAIVERS, LIENS AND AF171DAVITS FROM CONTRACTORS OR <br />SUBCONTRACTORS FURNISHING MATERIAL OR PERFORMING WORK TO COMPLETE THESE <br />IMPROVEMENTS. AND THEN ONLY IN THE EXACT AMOUNT OF SUCH PAYMENTS LESS <br />10% FOR INTERIM MAINTENANCE. THIS REMAINING AMOUNT SHALL NEVER BE <br />REDUCED TO AN AMOUNT LESS THAN 110% OF THE ESTIMATED COSTS TO COMPLETE <br />THE REMAINING PUBLIC IMPROVEMENTS PLUS 10% OF THE COST OF THE COMPLETED <br />PUBLIC IMPROVEMENTS AS A GUARANTEE FOR MAINTENANCE PURPOSES. THE <br />VILLAGE MAY SUBMIT ITS SIGHT DRAFTS AS HEREIN ABOVE PROVIDED WITHOUT <br />THE CONSENT OF ANY OTHER PARTY. <br />PARTIAL DRAWINGS ARE PERMITTED UNDER THIS IRREVOCABLE LETTER OF CREDIT. <br />SAID DRAFTS MAY BE SUBMITTED FOR PAYMENT FOR A NINETY (90) DAY PERIOD <br />FOLLOWING THE COMPLETION DATE OF THIS IRREVOCABLE LETTER OF CREDIT AND <br />SAID DRAFT SHALL BE DULY HONORED UPON PRESENTATION DURING THE NINETY <br />DAY (90) DAYS IN ACCORDANCE WITH THE TERMS AND PROVISIONS HEREIN <br />CONTAINED. <br />IF, WITHIN THIRTY (30) DAYS OF THE DATE OF ANY DEMAND (MADE IN <br />CONFORMITY WITH THIS IRREVOCABLE LETTER OF CREDIT) PRESENTED, WE FAIL <br />TO HONOR SAME, WE AGREE TO PAY ALL ATTORNEY FEES, COURT COSTS AND OTHER <br />REASONABLE EXPENSES INCURRED BY THE VILLAGE OF ELIC GROVE VILLAGE IN <br />ENFORCING THE TERMS OF THIS IRREVOCABLE LETTER OF CREDIT. <br />THE AMOUNT OF EACH DRAFT MUST BE ENDORSED ON THE REVERSE SIDE OF THE <br />ORIGINAL IRREVOCABLE LETTER OF CREDIT BY THE VILLAGE ENGINEER, AND <br />ATTESTED BY THE CLERK, AND A STATEMENT THAT THE LETTER OF CREDIT HAS <br />BEEN SO ENDORSED MUST BE SUBMITTED WITH THE DEMAND FOR PAYMENT. <br />THIS IRREVOCABLE LETTER OF CREDIT SHALL BE UTILIZED TO SECURE THE <br />INSTALLATION OF ALL IMPROVEMENTS REQUIRED UNDER THE MUNICIPAL CODE OF <br />THE VILLAGE OF ELK GROVE VILLAGE AND SPECIFIED ON THE ENGINEERING <br />DRAWINGS AND IN THE SPECIFICATIONS AND AGREEMENTS. THIS IRREVOCABLE <br />LETTER OF CREDIT SHALL NOT OPERATE AS A LIMITATION UPON THE OBLIGATION <br />OF THE DEVELOPER TO PROPERLY COMPLETELY INSTALL ALL IMPROVEMENT'S <br />REQUIRED BY THE VILLAGE OF ELK GROVE VILLAGE. <br />IT IS A CONDITION OF THIS IRREVOCABLE LETTER OF CREDIT THAT IT SHALL BE <br />AUTOMATICALLY EXTENDED FOR ONE YEAR FROM THE PRESENT EXPIRATION DATE <br />HEREOF UNLESS THIRTY (30) DAYS PRIOR TO SUCH EXPIRATION DATE THE <br />VILLAGE MANAGER SHALL NOTIFY THE UNDERSIGNED IN WRITING, CERTIFIED <br />MAIL, RETURN RECEIPT REQUESTED, THAT HE OR SHE, BASED UPON THE ADVICE <br />AND SUPPORTING DOCUMENTATION FROM THE VILLAGE ENGINEER THAT HE OR SHE <br />DOES ELECT NOT TO ARBITRARILY REQUEST RENEWAL OF THIS IRREVOCABLE <br />LETTER OF CREDIT FOR SUCH ADDITIONAL ONE (1) YEAR PERIOD WITHOUT DUE <br />CAUSE. IN ANY EVENT, THIS LETTER OF CREDIT WILL NOT BE VALID BEYOND <br />(CONTINUED) PAGE 2 <br />ORIGINAL <br />