HomeMy WebLinkAboutRESOLUTION - 34-98 - 7/28/1998 - LOC/AMEND EXPIRATION DATERESOLUTION NO. 34-98
A RESOLUTION AMENDING THE EXPIRATION DATE OF IRREVOCABLE LETTER
OF CREDIT NO. 570004194-201 (ACCEPTED BY RESOLUTION
NO. 17-97)FROM THE FIRST MIDWEST BANK, NATIONAL ASSOCIATION IN
THE AMOUNT OF $100,000.00 PAYMENT FOR LIQUIDATED DAMAGES IN
ACCORDANCE WITH THE REDEVELOPMENT AGREEMENT/ELK GROVE TOWN CENTER
L.L.C. FROM JULY 31, 1998 TO OCTOBER 31, 1998.(HAMILTON PARTNERS
RETAIL DIVISION #T) _
NOW, THEREFORE, BE IT RESOLVED by the President and Board of
Trustees of the Village of Elk Grove Village, Counties of Cook and
DuPage, State of Illinois:
Section 1. That the President and Board of Trustees do hereby
authorize amending the expiration date of Irrevocable Letter of
Credit No. 570004194-201 (accepted by Resolution No. 17-97) from
First Midwest Bank, National Association in the amount of $100,000.00
payment for liquidated damages in accordance with the Redevelopment
Agreement, (Res. No. 14-97) together with any amendments thereto
approved by the Village and/or reimbursement to the Village of
expenses or other costs as set forth in the Redevelopment Agreement
from July 31, 1998 to October 31, 1998.
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 28th day of .T„T3' 1998.
APPROVED this 28th day of July 1998.
Craig B. Johnson
Village President
ATTEST:
Patricia S. Smith
Village Clerk
By: Ann I. Walsh
9/Loc58.2 Deputy Village Clerk
�lll► First Midwest
'4I11pr
June 26, 1998
Village of Elk Grove Village
901 Wellington Avenue
Elk Grove Village, 11 60007-3499
Gentlemen:
First Midwest Bank, N.A.
Loan Operations Center
P.O. Box 6480
IV ED Vernon Hills, Illinois 60061-6480
VI.','.AGE MANAGPi"i OFFK;E
RECEIVEC,,
JUL 2 2 199.
VILLAGE CLERS OFFICE
Our Letter of Credit No. 570004194-201 in the current amount of One Hundred Thousand and
00/100 ($100,000.00) U.S. Dollars originally dated March 17, 1997 and issued in your favor at
the request of Hamilton Partners Retail Division #1, Inc. , is amended to extend the expiration
date to October 31, 1998.
All other terms and conditions remain unchanged.
This letter is to be attached to and become an integral part of the original credit instrument.
FIRST MIDWEST BANK,
NATIONAL ASSOCIATION
t14
B
ITS: Documentation Review Specialist
cc: Hamilton Partners Retail Division #1, Inc.
Kenneth J. Kadleck
CONTERSIGNED:
BY:
ITS: Assistand Vice President
Q FDIC
LENDER