Laserfiche WebLink
PJa:Onal SdnK OI C,'hicag , <br />REF NO! 00111561 DAi& DECEMBER <br />TRADE .V;OES 1, <br />CHICAGO, <br />Swift A(,,dreP Q <br />Cable address NATIONAL <br />21v 19S'' <br />THE. PRINCIPLE AMOUNT OF THIS IRREVOCABLE: L.FTTER OF CREDIT SHALL <br />NOT BE REDUCED FUR ANY PUBLIC IMPROVEMENTS INSTALLED OR <br />COMPLETED UNLESS SUCH REDUCTION IS AP'P'ROVED BY THE VILLAGE <br />ENGINEER IN WRITING AND THEN ONLY .IN THE EXACT AMOUNT OF SUCH <br />PAYHFM FS LESS 10% FOR INT'E'RIM MAINTENANCE. THE VILLAGE MAY <br />SUBMIT ITS SIGHT DRAFT'S AS HEREIN ABOVE PROVIDED WITHOUT THE <br />CONSENT OF SDK INDUSTRIAL PARKS ON ANY OTHER PARTY. <br />PARTIAL DRAWINGS ARE PERMITTED UNDER THIS IRREVOCABLE LETTER O <br />CREDIT, SAID DRAFTS MAY BE SUBMITTED FOR PAYMENT FOR A NIMFIY <br />(9 0) DAY PERIOD FOKLOWINU THE COMPKETION RATE OF THIS <br />!IRREVOCABLE LETTER OF CREDIT AND SAID DRAFT SHALL BE DULY <br />HONORED UPON PRESENTATION DINKIN13 THL NINETY (40) DAYS IN <br />.ACCORDANCE WITH THE TEEMS AND PROVISIONS HEREIN CONTAINED, <br />IFP WITHIN THIRTY (30) DAYS OF THE DATE OF ANY DEMAND (MADE IN <br />CONFORMIT,'i WITH THIS IRREVOCABLE LETTER Of CREDIT) PRESENTEDY <br />WE FAIL TO HONOR SAMEP WE AGREE TO PAY ALL ATTORNEY FEES, COURT <br />COSTS AND OTHER REASONABLE EXPENSES !MCURRLD BY 'IHF VILLAGE OF <br />ELK GROVE VILLGF: IN IINFORCENG THE TKRMS OF THIS IRREVOCABLE <br />LETTER Or CREDIT. THE AMOUNT OF EACH DRAFT MUST BE ENDORSED ON <br />THE REVERSE SIDE OF THE URIGI NAI._ IRREVOCABLE LETTER OF CREDIT <br />BY THE VILLAGE ENGINEER AND ATTESTED BY THE CLERK':. THIS <br />IRREVCICABLE LETTER OF CREDIT SHALL BE UTILIZED TO SECURE THE <br />!INSTALLATION OF ALL IMPROVEMENTS RFOUIRED UNDER THE i•iUHICIPAI <br />CODE OF THE VILLAGE OF ELK GROVE VILLAUE AND SPECIFIED ON THE <br />ENGINEERING DRAWINGS AND IN THE SPECIFICATIONS AMD AGRFFMFN.TS. <br />THIS STiliEVOCAYL L- I._ET IFF; OF CRFOIT SHALT_ NOT OPERATE AS A <br />LIMITATION UPON THE OBLIGATION OF SDK: INDUSTRIAL PARKS 10 <br />PROPERLY COMPLETELY INs fAL.L ALL IMPROVEMENTS REQUIRED BY THE <br />VILLAGE OF ELK DROVE VILLAGE. <br />T ES A CONDITION OF THIS .IRREVOCABLE LETTER OF CREDIT !HAT 1T <br />SHALL. BE AUTOMAT ICALKY F:XTKMDK0 FOR ONE YEAR FROM THE PRESENT <br />EXPIRATION DATE HEREOF UNLESS THIRTY (30) DAYS PRIOR 1'0 SUCH <br />EYPIRATION DATE: THE ':ILL.AG;L MANAGER SHALL NOTIFY THE <br />UNDERSIGNED IN WRITINGP CERTIFIED MAILP RETURN RFCETPT <br />REDUESIED THAT HE OR SHED BASED UPON THE ADVICE AND SUP'P'ORTING <br />DOCUMENTATION FROM THE VILLAGE ENGINEER THAT HE OR SHE DOES <br />ELECT NOT TO ARBITRARILY REUUESi RENEWAL OF THIS IRREVOCABLE <br />LETTER OF CREDIT FOR SUCH ADDITIONAL_ ONE (1) YEAR PERIOD <br />WITHOUT DUE CAUSE. <br />THE UNDERSIGNED SHALL NOTIFYTHE VILLAUE HANAGERY BY CERTIFIED <br />MAILY REIURN RECEIPT REOUESIEDY AT LEAST NINETY run) DAYS PRIOR <br />TO SAID EXPIRATION DATE THAT SAID IRREVOCAHLE LETTEF. OF CREDIT <br />IS ABOUT TO EXPIRE. .:T IS EXPRESSLY AGREED BY THE UNDERSIGNED <br />THAT THE EXPIRATION DATE SHALL BE AUTOMATTCALI Y EXTENDED AS <br />SHALL I:E REQUIRED TO COMPLY WITH THIS NOTICE PROVISION ANII THE <br />REO(II=EMENTS STT' -TED PREVIOUSLY. <br />WE F..t. CA310 WITH YOU THAT DRAFTS DRAWN UNDER AND IN CONFORMITY <br />CONIINUEC') PACE 'ORIGINAL <br />