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V' <br />FIRST NATIONAL BANK <br />OF BLUE ISLAND <br />13057 S. WESTERN AVENUE • BLUE ISLAND, ILLINOIS 60406 • 385-2200 <br />IRREVOCABLE LETTER OF CREDIT <br />DATED: March 1, 1982 <br />LETTER OF CREDIT NUMBER: 14472 <br />BENEFICIARY APPLICANT <br />Village of Elk Grove Bianco Construction Company <br />901 Wellington Avenue 1100 Industrial Drive <br />Elk Grove, Illinois 60007 Bensenville, Illinois 60101 <br />_rI Gentlemen: <br />We hereby issue in your favor this Irrevocable Letter of Credit for the sum not to exceed <br />$57,200.00 (Fifty -Seven Thousand Two Hundred and 00/100 Dollars) for the accounts of <br />Bianco Construction Company. <br />NG <br />%Funds under this credit are available by negotiation of your draft at sight drawn on <br />'y+ First National Bank of Blue Island at its office in Blue Island, Illinois in the name <br />of the Village of Elk Grove, and Illinois Municipal Corporation, Elk Grove, Illinois. <br />This Letter of Credit will expire on March 1, 1983. Draws under this Letter of Credit <br />Ln< are not permitted prior to January 1, 1983. <br />acz <br />u'o Drafts drawn under this credit must bear on their face the clause: Drawn under Irrevocable <br />1i Letter of Credit (a/c 14472) dated March 1, 1982, of First National Bank of Blue Island. <br />= Further, each draft must be accompanied by a certified statement from the Village Manager <br />Village of Elk Grove stating that "Bianco Construction Company has failed to complete <br />all public improvements remaining to be constructed including pavement, curbs, water mains, <br />sanitary sewers, storm sewers, parkway trees, sidewalks and surface course amounting to <br />$31,900.00 or to maintain all completed public improvements amounting to $25,300.00 in <br />Regency Square Phase II (North) sheet 1 through 6, prepared by Hooper Engineers Ltd., <br />473 W. Northwest Highway, Palatine, Illinois 60067, dated and approved June 28, 1979 by <br />Elk Grove Village." <br />Drafts must be accompanied by this original Letter of Credit document together with any <br />documents hereunder for our endorsement of any payments extended by us. If any draft(s) <br />exhausts the Letter of Credit then this Letter of Credit document must be surrendered <br />concurrently with the presentation of such draft(s). <br />We hereby engage with drawers, endorsers and bona fide holders that the drafts drawn <br />under and in conformity with the terms of this credit will be duly honored upon <br />presentation. <br />Except in so far as otherwise expressly stated herei.n,this credit is subject -to the <br />Uniform Customs and Practice for Documentary Credits (1974 Revisiooni "ntornational- _-- <br />Chamber of Commerce Publication No. 290. <br />FIRST NA7 ONAL BANK OF BLUE ISLAND <br />BY Gam' `- <br />V Authorized Signature <br />