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RECEIVED Z. G. V. <br /> ENGUYEF-IJIN^ JDEpT. <br /> First American Bank <br /> of Dundee <br /> 218 West Main Street * Dundee, Illinois 60118 <br /> (312) 426-6771 <br /> IRREVOCABLE LETTER OF CREDIT <br /> 86-107 <br /> July 17 , 1986 <br /> Amount $1,485 .00 <br /> Village of Elk Grove Village <br /> 901 WellingLon Avenue <br /> Elk Grove, Illinois 60007 <br /> Gentlemen: <br /> We hereby establish our irrevocable letter of credit in your favor <br /> for the account of Julian Development Corporation, RR 2 Box 366A, <br /> Dundee, Illinois 60118, up to the aggregate amount of One Thousand <br /> Four Hundred Eight Five and no/lOO's------------------- ($1,485.00) <br /> available by your draft at sight drawn on us and accompanied by the <br /> following documents: <br /> Advances under this Letter of Credit are guaranteed in the event <br /> of non—completion of public improvements for the following project: <br /> Allstar Fasteners, Inc. 1550 Arthur Ave. , Elk Grove Village, IL. (the <br /> project) described in the engineering plans and specifications with <br /> revisions dated April 10, 1986 prepared by the Chia Co. , 23 W. Higgins <br /> Road, South Barrington, Illinois 60010, approved on April 10, 1986 <br /> and agreements (including any amendments thereof) an the proerty <br /> legally described in Exhibit A (attached hereto and made a part <br /> thereof) . Monies may be drawn on sight by the Village of Elk Grove <br /> Village when accompanied by the following document: <br /> A signed sLatement by the Village Manager or any other duly <br /> authorized official of the Village of Elk Grove Village certifing that <br /> any porLion or the site improvement has not been satisfactorily <br /> completed in accordance with Lhe approved plans and specifications <br /> wiLh revisions dated April 10, 1986 prepared by The Chia Co. , 23 W. <br /> Higgins Road, South Barrington, Illinois 60010 approved on April 10, <br /> 1986 and agreements (including any amendments thereof) for the <br /> following project: Allstar Fasteners, Inc. (the "Project") , on <br /> proerty legally described in Exhibit A, (attached and made a part of) . <br /> The improvements in the above described project consist of a <br /> sidewalk. <br />