HomeMy WebLinkAboutRESOLUTION - 54-98 - 12/15/1998 - LOC AMEND EXPIRE. DATE RESOLUTION NO. 54-98
A RESOLUTION AMENDING THE EXPIRATION DATE OF IRREVOCABLE LETTER OF
CREDIT NO. 570004194-201 (ACCEPTED BY RESOLUTION NO. 17-97 AND
AMENDED BY RESOLUTION NUMBERS 34-98 AND 48-98) 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 DECEMBER 31, 1998 TO MARCH 31, 1999
(HAMILTON PARTNERS RETAIL DIVISION #1)
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 and
amended by Resolution Numbers 34-98 and 48-98) 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 December 31,
1998 to March 31, 1999.
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 15th day of December 1998 .
APPROVED this 15th day of December 1998 .
Craig B. Johnson
Village President
ATTEST:
Patricia S. Smith
Village Clerk
G/L0058.3a
+ First Midwest Bank,N.A.
COPY 945 Lakeview Parkway
'All Suite 170
— First Midwest Vernon Hills,Illinois 60061-1425
December 9, 1998
Village of Elk Grove Village
901 Wellington Avenue
Elk Grove Village, Illinois 60007-3499
Gentlemen:
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#l, Inc., is amended to extend the expiration
date to March 31, 1999.
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, COUNTERSIGNED:
NATIONAL ASSOCIATION
BY: BY
ITS: Documentation Review Specialist I Assistant Vice President
cc: Hamilton Partners Retail Division #1, Inc.
Kenneth Kadleck
LER FM