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HomeMy WebLinkAboutRESOLUTION - 48-02 - 11/19/2002 - ESTOPPEL CERTIFICATES/REDEV AGRMTRESOLUTION NO. 48-02 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) 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 19" day of November 2002. APPROVED this 19"° day of November 2002. ATTEST: Ann I. Walsh Village Clerk APPROVED: Craig B. Johnson, Mayor re„o602estoppe12002.doc ESTOPPEL CERTIFICATE (Parcel 2 REA) TO: American Real Estate Partners IV, L.P., a Georgia limited partnership ("AREP IV") c/o Baita International, LLC Tower Place Building, Suite 1500 3340 Peachtree Road, N.E. Atlanta, GA 31326 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. ("Borrower"), which Agreement benefits and burdens the Property and certain other properties adjacent to the Property. AREP IV is in the process of purchasing the Property and assuming the loan from Allianz to Borrower secured by, among other things, a mortgage lien against the Property. By this Estoppel Certificate, Village hereby certifies to AREP IV 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. 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 AREP IV and its successors and assigns. 635022.v2 Very truly yours, Village of Elk Grove Village, an Illinois municipal corporation By. Craig B. Johnson Its: Mayor Dated: November 19, 2002 STATE OF ILLINOIS ) ) SS. COUNTY OF COOK ) I, Ann I. Walsh 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 Mayor 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 19thday of November 2002. Ann I. Walsh Notary Public My commission expires: 7-16-03 635022.v2 ESTOPPEL CERTIFICATE (Redevelopment Agreement) TO: American Real Estate Partners IV, L.P., a Georgia limited partnership ("AREP IV") c/o Baita International, LLC Tower Place Building, Suite 1500 3340 Peachtree Road, N.E. Atlanta, GA 31326 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 (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. AREP IV is in the process of purchasing the Property and assuming the loan from Allianz to Borrower secured by, among other things, a mortgage lien against the Property. By this Estoppel Certificate, the Village hereby certifies to AREP IV 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 terns 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 AREP IV and its successors and assigns. 634682.v2 Very truly yours, Village of Elk Grove Village, an Illinois municipal corporation By: Craig B. Johnson Its: Mayor Dated: November 19, 2002 STATE OF ILLINOIS ) ) SS. COUNTY OF COOK ) I, Ann I. Walsh 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 Mayor 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 19tiday of November 2002. Ann I. Walsh Notary Public My commission expires: 7-16-03 635022.v2