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Home My WebLink AboutRESOLUTION - 63-03 - 12/16/2003 - ESTOPPEL CERTIFICATES FOR REDEV. AGRMT RESOLUTION NO. 63-03 A RESOLUTION AUTHORIZING THE MAYOR AND VILLAGE CLERK TO EXECUTE ESTOPPEL CERTIFICATES FOR THE REDEVELOPMENT AGREEMENT AND THE RECIPROCAL EASEMENT AGREEMENT WITH RESPECT TO THE ELK GROVE TOWN CENTER NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois as follows: Section 1: That the Mayor be and is hereby authorized to sign the attached documents marked.- ESTOPPEL CERTIFICATE (Parcel 2 REA) ESTOPPEL CERTIFICATE (Redevelopment Agreement) ESTOPPEL CERTIFICATE (Redevelopment Agreement- Completion Obligations) a copy of which is attached hereto and made a part hereof as if fully set forth and the Village Clerk is authorized to attest said documents upon the signature of the Village Mayor. Section 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. VOTE: AYES: 6 NAYS: 0 ABSENT. 0 PASSED this 16th day of December 2003 APPROVED this 16th day of December 2003 APPROVED: Craig B. Johnson, Mayor ATTEST. Ann L Walsh Village Clerk resEstoppelCert2003.doc ESTOPPEL CERTIFICATE (Parcel 2 REA) TO: Metropolitan Life Insurance Company, a New York corporation C'MetLife') 10 Park Avenue Morristown,New Jersey 07960 Metropolitan Life Insurance Company, a New York corporation 2021 Spring Road, Suite 100 Oak Brook,Illinois 60523 Re: Elk Grove Town Center, Elk Grove Village, Illinois(the"Property'l Dear Sir or Madam: The undersigned CVillage") is a party to that certain Reciprocal Easement Agreement dated March 13, 1997 and recorded August 5, 1997 in the Cook County Recorder's Office as document number 97566666 (the "Agreement') by and between Village, The Board of Library Trustees of the Village of Elk Grove Village, Cook County, Illinois, and Elk Grove Town Center, L.L.C. C'Borrower"), which Agreement benefits and burdens the Property and certain other properties adjacent to the Property. MetLife is in the process of making a loan to Borrower secured by, among other things, a mortgage lien against the Property. By this Estoppel Certificate, Village hereby certifies to MetLife that the following statements are true and correct as of the date set forth below: I. The Agreement is unmodified and in full force and effect. Village has not transferred, assigned or encumbered the interest of Village in the Agreement. 2. Borrower is not in default under the terms of the Agreement and no event, fact or circumstance has occurred which, with the giving of notice or passage of time, or both, could result in a default by Village or Borrower of their respective obligations under the Agreement. 3. Village has received no notice of default from Borrower or any other party with respect to the performance of the Village's obligation under the Agreement. 4. Village has full power, authority and legal right to execute and deliver this Estoppel Certificate. This Estoppel Certificate and the statements contained herein shall be binding upon Village and its successors and assigns, and shall inure to the benefit of MetLife and its successors and assigns. Mc#:CH101(255690-00029)50151033v2;11/1012003rri=:8A1 Very truly yours, VILLAGE OF ELK GROVE VILLAGE, an Illinois municipal corporation By: Craig B. Johnson Its: Mayor Dated: 12-16-03 STATE OF ILLINOIS SS. COUNTY OF COOK I, a Notary Public in and for said County, in the State, aforesaid,DO HEREBY CERTIFY that , personally known to me to be the of the Village of Elk Grove Village and the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that he has signed and delivered the said instrument as his/her free and voluntary act as aforesaid, for the uses and purposes therein set forth. GIVEN under my hand and notarial seal this 17 day of December ' 2003. Patricia Droschak Notary Public My commission expires: 11-7-05 DW MCIRO 1(255690-00029)5O151O33V2;11/1O/2003/TiM;8A1 ESTOPPEL CERTIFICATE (Redevelopment Agreement) TO: Metropolitan Life Insurance Company, a New York corporation C'Metlife") 10 Park Avenue Morristown,New Jersey 07960 Metropolitan Life Insurance Company, a New York corporation 2021 Spring Road, Suite 100 Oak Brook, Illinois 60523 Re: Elk Grove Town Center,Elk Grove Village,Illinois(the"Property') Dear Sir or Madam: The undersigned ffillage") is a party to that certain Redevelopment Agreement dated March 11, 1997 and recorded August 5, 1997 in the Cook County Recorder's Office as document number 97566663, as amended by that certain First Amendment to Redevelopment Agreement dated-July 22, 1997 and recorded August 5, 1997 in the Cook County Recorder's Office as document number 97566664 (the Redevelopment Agreement and First Amendment are hereinafter collectively referred to as"Agreemenf') by and between the Village and Elk Grove Town Center, L.L.C. ("Borrower"), which Agreement benefits and burdens the Property and certain other properties adjacent to the Property. MetLife is in the process of making a loan to Borrower secured by, among other things, a mortgage lien against the Property. By this Estoppel Certificate, the Village hereby certifies to MetLife that the following statements are true and correct as of the date set forth below: 1. The Agreement is unmodified and in full force and effect. The Village has not transferred, assigned or encumbered the interest of the Village in the Agreement. 2. Borrower is not in default under the terms of the Agreement and no event, fact or circumstance has occurred which, with the giving of notice or passage of time, or both, could result in a default by Village or Borrower of their respective obligations under the Agreement. 3. Village has received no notice of default from Borrower or any other party with respect to the performance of the Village's obligation under the Agreement. 4. Village has full power, authority and legal right to execute and deliver this Estoppel Certificate. This Estoppel Certificate and the statements contained herein shall be binding upon the Village and its successors and assigns, and shall inure to the benefit of MetLife and its successors and assigns. Doc#:CH101(255690-00029)50151030v2;1 1/10/2003fTim:9:07 Very truly yours, VILLAGE OF ELK GROVE VILLAGE, an Illinois municipal corporation By: Craig B. Johnson Its: Mayor Dated:— 12-16-03 STATE OF ILLINOIS Ss. COUNTY OF COOK a Notary Public in and for said County, in the State, aforesaid, DO HEREBY CERTIFY that , personally known to me to the of the Village of Elk Grove Village and the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that he has signed and delivered the said instrument as his/her free and voluntary act as aforesaid, for the uses and purposes therein set forth. GIVEN under my hand and notarial seal this 17 th day of Decembe 2003. Patricia Droschak Notary Public My commission expires: 11-7-05 Dm#:CM01(255690-WO29)5015103OV2;1111012003/Ti=:9:07 ESTOPPEL CERTIFICATE (Redevelopment Agreement—Completion Obligations) TO: Metropolitan Life Insurance Company, a New York corporation("MetLife") 10 Park Avenue Morristown, New Jersey 07960 Metropolitan Life Insurance Company, a New York corporation 2021 Spring Road, Suite 100 Oak Brook, Illinois 60523 Re: Elk Grove Town Center, Elk Grove Village, Illinois (the"Propem'l Dear Sir or Madam: The undersigned C'Village') is a party to that certain Redevelopment Agreement dated March 11, 1997 and recorded August 5, 1997 in the Cook County Recorder's Office as document number 97566663, as amended by that certain First Amendment to Redevelopment Agreement dated July 22, 1997 and recorded August 5, 1997 in the Cook County Recorder's Office as document number 97566664 (the Redevelopment Agreement and First Amendment are hereinafter collectively referred to as "Agreement") by and between the Village and Elk Grove Town Center, L.L.C. ("Borrower"), which Agreement benefits and burdens the Property and certain other properties adjacent to the Property. MetLife is in the process of making a loan to Borrower secured by, among other things, a mortgage lien against the Property. On November 4, 1999 Village issued a Certificate of Completion (as defined in the Agreement) pursuant to Section 7.10 of the Agreement, certifying Borrower's completion of the Redevelopment Project (as defined in the Agreement) with respect to items (ii), (iii) and (v) of Section 7.10 of the Agreement. Borrower and MetLife now request that Village certify to MetLife that the following statements with respect to Borrower's completion obligations under the Agreement are true and correct as of the date set forth below: 1. Borrower has completed or caused to be completed no less than 140,OWO square feet of retail and movie theater buildings. 2. Borrower has discharged all financial obligations pursuant to the Agreement and the Construction Contract(as such term is defined in the Agreement). 3. Village issued a Certificate of Occupancy with respect to the Property on , 199—. 4. Borrower has, on or before the date hereof, satisfied all of Borrower's obligations and liabilities under the Agreement with respect to the construction, leasing and completion of the Redevelopment Project (as defined in the Agreement) and Borrower has no further liability under the Redevelopment Agreement in regards to the construction, leasing and completion of the Redevelopment Project. E)K#:CIn0I(25500-00029)5015121 JVI;I III O/2003rri":10:37 5. Village has full power, authority and legal right to execute and deliver this Estoppel Certificate. This Estoppel Certificate and the statements contained herein shall be binding upon the Village and its successors and assigns, and shall inure to the benefit of MetLife and its successors and assigns. 2 Dm#-.CHIOI(M699�OW291, Very truly yours, VILLAGE OF ELK GROVE VILLAGE, an Illinois municipal corporation By: Craig B. Johnson Its: Mayor Dated:— 12-16-03 STATE OF ILLINOIS SS. COUNTY OF COOK L a Notary Public in and for said County, in the State, aforesaid DO HEREBY CERTEFY that , personally known to me to the oi the Village of Elk Grove Village and the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that he has signed and delivered the said instrument as his/her free and voluntary act as aforesaid, for the uses and purposes therein set forth. GIVEN under my hand and notarial seal this 17th dayofbecember ,2003. Patricia Droschak Notary Public Mycommission expires: 11-7-03 E�CCID01(255690�OW29)50151211V I;I I/1012003M�:10:37