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HomeMy WebLinkAboutRESOLUTION - 12-04 - 3/9/2004 - ESTOPPEL CERTIFICATESRESOLUTION NO. 12-04 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 (Redevelopment Agreement) ESTOPPEL CERTIFICATE (Redevelopment Agreement -Completion Obligations) ESTOPPEL CERTIFICATE (Parcel 2 REA) 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: 4 NAYS: 0 ABSENT. 2 PASSED this 96' day of March 2004 APPROVED this 9th day of March 2004 ATTEST: Ann I. Walsh Village Clerk APPROVED: Craig B. Johnson, Mayor rMEebppe/Memh2W4 ESTOPPEL CERTIFICATE (Redevelopment Agreement) TO: New Plan Excel Realty Trust, Inc. ("New Plan"), 1120 Avenue of the Americas New York, NY 10036 Re: Elk Grove Town Center, Elk Grove Village, Illinois (the "Property") Dear Sir or Madam The undersigned ("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 and that certain Second Amendment to Redevelopment Agreement dated August 26, 1997 (the Redevelopment Agreement, as amended by the First Amendment and the Second Amendment, is hereinafter referred to as "Agreement") by and between the Village and Elk Grove Town Center, L.L.C. ("Developer"), which Agreement benefits and burdens the Property and certain other properties adjacent to the Property. By this Estoppel Certificate, the Village hereby certifies to New Plan and any affiliates or subsidiaries of New Plan taking title to the Property 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. Developer 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 Developer of their respective obligations under the Agreement. 3. Village has received no notice of default from Developer or any other party with respect to the performance of the Village's obligation under the Agreement. 4. Village did not make a loan of Reallocated Funds to Developer, as contemplated in the Second Amendment. 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 New Plan and any affiliates or subsidiaries of New Plan taking title to the Property and their successors and assigns. 6V,o82.v2 CH3 1007438 1 Very truly yours, Village of Elk Grove Village, an Illinois municipal corporation By: Craig B Its: I$C08ADM Mayor Johnson Dated: March 09, 2004 STATE OF ILLINOIS ) ) SS. COUNTY OF COOK ) I, Patricia Droschak , a Notary Public in and for said County, in the State, aforesaid, DO HEREBY CERTIFY that Craig B. Johnson , personally known to me to be the President 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 hislher free and voluntary act as aforesaid, for the uses and purposes therein set forth. GIVEN under my hand and notarial seal this 10th day of March Patricia Droschak Notary Public My commission expires: 11-7-09 634682.v2 CH3 1007438.1 ESTOPPEL CERTIFICATE (Redevelopment Agreement — Completion Obligations) TO: New Plan Excel Realty Trust, Inc. ("New Plan"), 1120 Avenue of the Americas New York, NY 10036 Re: Elk Grove Town Center, Elk Grove Village, Illinois (the "Property") Dear Sir or Madam: The undersigned ("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 and that certain Second Amendment to Redevelopment Agreement dated August 26, 1997 (the Redevelopment Agreement, as amended by the First Amendment and the Second Amendment, is hereinafter referred to as "Agreement") by and between Village and Elk Grove Town Center, L.L.C. ("Developer"), which Agreement benefits and burdens the Property and certain other properties adjacent to 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 Developer'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. Village hereby certifies to New Plan and any affiliates or subsidiaries of New Plan taking title to the Property that the following statements are true and correct as of the date set forth below: 1. Developer has completed or caused to be completed no less than 140,000 square feet of retail and movie theater buildings. 2. Developer has discharged all financial obligations pursuant to the Agreement and the Construction Contract (as such term is defined in the Agreement). The Final Purchase Price has been paid, and Village has no continuing participation in the Center. 3. Developer has, on or before the date hereof, satisfied all of Developer'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 Developer has no further liability under the Redevelopment Agreement in regards to the construction, leasing and completion of the Redevelopment Project. 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 New Plan and any affiliates or subsidiaries of New Plan taking title to the Property and their successors and assigns. 634682.v2 013 1007453.1 Very truly yours, Village of Elk Grove Village, an Illinois municipal corporation By: Craig B. Johnson Its: ft Mayor Dated: March 09, 2004 STATE OF ILLINOIS ) ) SS. COUNTY OF COOK ) I, Patricia Droschak , a Notary Public in and for said County, in the State, aforesaid, DO HEREBY CERTIFY that Craig B. Johnson , personally known to me to be the President 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 10thday of March , 2004. Patricia Droschak Notary Public My commission expires: 11-7-05 634632.0 CID 1007453 1 ESTOPPEL CERTIFICATE (Parcel 2 REA) TO: New Plan Excel Realty Trust, Inc. ("New Plan"), 1120 Avenue of the Americas New York, NY 10036 Re: Elk Grove Town Center, Elk Grove Village, Illinois (the "Property") Dear Sir or Madam The undersigned ("Village") 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. ("Developer"), which Agreement benefits and burdens the Property and certain other properties adjacent to the Property. Village hereby certifies to New Plan and any affiliates or subsidiaries of New Plan taking title to the Property 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. Village has not transferred, assigned or encumbered the interest of Village in the Agreement. 2. Developer 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 Developer of their respective obligations under the Agreement. 3. Village has received no notice of default from Developer 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 New Plan and any affiliates or subsidiaries of New Plan taking title to the Property and their successors and assigns. 635022.v2 CH3 1007491 1 Very truly yours, Village of Elk Grove Village, an Illinois municipal corporation By: Craig B. Johnson Its: 171t Mayor Dated: March 09, 2004 STATE OF ILLINOIS ) ) SS. COUNTY OF COOK ) I, Patricia Droschak , a Notary Public in and for said County, in the State, aforesaid, DO HEREBY CERTIFY that Craig B. Johnson , personally known to me to be the President 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 10th day of March Patricia Droschak Notary Public My commission expires: 11-7-05 635022.v2 C113 1007491.1 2004.