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Home My WebLink AboutRESOLUTION - 10-96 - 2/13/1996 - LOC RELEASE/ACCEPTRESOLUTION NO. 10-96 A RESOLUTION RELEASING AN IRREVOCABLE LETTER OF CREDIT NO. C7263217 $1,198,160.37 (ACCEPTED BY RES. NO. 48-95) AND ACCEPTING AN IRREVOCABLE STANDBY LETTER OF CREDIT NO. NBS222547 FROM WELLS FARGO BANK, N.A. EXPIRING JANUARY 24, 1997 IN THE AMOUNT OF $479,967.70 TO GUARANTEE PUBLIC IMPROVMMfTS FOR LEXINGTON HOMES L.L.C. (HUNTINGTON CHASE PHASE I) 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 the release of Irrevocable Letter of Credit No. C7263217 from the Bank of America in the amount of $1,198,160.37 accepted by Resolution Number 48-95 and acceptance of Irrevocable Standby Letter of Credit No. NBS222547 from Wells Fargo Bank, N.A. in the amount of $479,967.70 to guarantee completion of public improvements for Lexington Hones L.L.C. (Huntington Chase Phase I) in accordance with the approved plans and specifications with revisions dated November 7, 1994, prepared by Cowhey Gudmundson Leder, LTD., approved or. September 13, 1995, and agreements (including any amendments thereof) on the property legally described in Exhibit A (attached hereto and made part thereof). Said Letter of Credit expiring January 24, 1997. Section 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. VOTES: AYES: 6 NAYS: 0 ABSENT: 0 PASSED this 13th day of February , 1996. APPROVED this 13th day of February , 1996. Dennis J. Gallitano Village President ATTEST: Patricia S. Smith Village Clerk By: Ann I. Walsh Deputy Village Clerk /7 �IfrADDh_ , FOR MESSENGER DELIVERY OF CORRESPON The Nortt►ern Trust Company AlREGARDING THIS TRANSACTION: 'S� LETTERS OF CREDIT d P.O. Box92921 10 SOUTH LA SALLE STREET, SUITE 410 SAL 50 SOUTH LA SALLE STREET, L-4 CHICAGO, ILLINOIS 60603 CHICAGO, ILLINOIS 60675 S.W.I.F.T. ADDRESS: CNORUS44 TELEX: TRT/'TCC 824183 MCI 6871719 TELEPHONE: (312) 630.6000 ADVICE OF LETTER OF CREDIT A L/C NO. NBS222547 OUR ADVICE NO. K263754 JANUARY 24, 1996 BENEFICIARY: VILLAGE OF ELK GROVE VILLAGE 901 WELLINGTON AVENUE ELK GROVE VILLAGE, ILLINOIS 60007 L/C ISSUING BANK: WELLS FARGO BANK TRADE SERVICES DIVISION NORTHERN CALIFORNIA 525 MARKET STREET, 25TH FLOOR SAN FRANCISCO, CA 94163 APPLICANT: LEXINGTON HOMES L.L.C. LETTER OF CREDIT EXPIRATION DATE JANUARY 24, 1997 LETTER OF CREDIT AMOUNT: $479,967.70 US DOLLARS PLEASE REFER TO ORIGINAL CREDIT FOR ALL TERMS AND CONDITIONS OF THE LETTER OF CREDIT. THE ISSUING BANK HAS ADVISED ISSUANCE OF ITS LETTER OF CREDIT IN YOUR,(BENEFICIARY'S),FAVOR.TH]E ORIGINAL INSTRUMENT IS ENCLOSED. PLEASE CONTACT THE APPLICANT FOR ANY CHANGES NEEDED TO ITS TERMS. DOCUMENTS PRESENTED BY YOU MUST ACCOMPANY THE ORIGINAL CREDIT. WE CONFIRM THIS LETTER OF CREDIT AND THEREBY UNDERTAKE THAT ALL DRAFTS AND DOCUMENTS IN COMPLIANCE WITH THE TERMS OF THE CREDIT WILL BE DULY HONORED IF PRESENTED TO US ON OR BEFORE THE EXPIRATION DATE OF THIS CREDIT.'. THIS ADVICE IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICES FOR DOCUMENTARY CREDITS (1993 REVISION), I.C.C. PUBLICATION NO. 500. AUTHORIZED SIGNATURE(S) Operations Group Northern California 525 Market Street, 25th San Francisco, CA 94105 N �*Atj Di EEL, s C • PAGE: 1 WELLS FARGO BANK, N.A. TRADE SERVICES DIVISION - NORTHERN CALIFORNIA 525 MARKET STREET, 25TH FLOOR SAN FRANCISCO, CALIFORNIA 94105 IRREVOCABLE STANDBY LETTER OF CREDIT NO.: NBS222547 DATE: JANUARY 12, 1996 THIS IS THE ORIGINAL LFTTFR OF VCOR 'u101Ctl ADVISING BANK: FORMS AN INTEGRAL PACT OF GIJ;i ljii,�CIICO ORIGINAL ADVICE. THE .RI21'I4L ADVICE THE NORTHERN TRUST COMPANY NO THE cRLO F aFOR wsT �ccc,�.IPa;ry ODcu:,l E-.415PaEi_NTED PRDCfsSiNG. 10 SOUTH LASALLE STREET L-4 SHE WORTNFRY TRUST C':E7PANY CHICAGO, ILLINOIS 60675 P.O.ecxL32021; c` Ici�a; T 60575 ATTN.: CHUCK GERLACH OUR REF, N0; ;� `� BENEFICIARY: VILLAGE OF ELK GROVE VILLAGE 901 WELLINGTON AVENUE ELK GROVE VILLAGE, ILLINOIS GENTLEMEN: COMPLETION GUARANTY LETTER OF CREDIT NO. NBS222547 60007 DATED: JANUARY 12, 1996 AMOUNT $479,967.70 COMPLETION DATE: 10/24/96 EXPIRATION DATE: 01/24/97 WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT IN YOUR FAVOR FOR THE ACCOUNT OF LEXINGTON HOMES L.L.C. HEREAFTER CALLED THE "DEVELOPER", IN THE AGGREGATE AMOUNT OF $479,967.70 (FOUR HUNDRED SEVENTY NINE THOUSAND NINE HUNDRED SIXTY SEVEN AND 70/100 UNITED STATES CURRENCY), AVAILABLE BY YOUR DRAFT DRAWN ON SIGHT AND MARKED "DRAWN UNDER LETTER OF CREDIT NO. NBS222547 DATED JANUARY 12, 1996." THESE MONIES ARE TO GUARANTEE THE COMPLETION OF PUBLIC IMPROVEMENTS FOR THE FOLLOWING PROJECT: HUNTINGTON CHASE UNIT 1 IMPROVEMENTS WORK DESCRIBED IN THE ENGINEERING PLANS AND SPECIFICATIONS WITH REVISIONS DATED NOVEMBER 7, 1994, PREPARED BY COWHEY GUDMUNDSON LEDER, LTD., APPROVED ON SEPTEMBER 13, 1995, AND AGREEMENTS (INCLUDING ANY AMENDMENTS THEREOF) ON THE PROPERTY LEGALLY DESCRIBED IN EXHIBIT A (ATTACHED HERETO A_ND MADE PART THEREOF). MONIES MAY nE nPAGTM AT SIGHT BY THE VILLAGE OF ELK GROVE VILLAGE WHEN ACCOMPANIED BY THE FOLLOWING DOCUMENT: A STATEMENT PURPORTEDLY SIGNED BY THE VILLAGE MANAGER OR AN OTHER DULY AUTHORIZED OFFICIAL OF THE VILLAGE OF ELK GROVE VILLAGE CERTIFYING THAT ANY PORTION OF THE SITE IMPROVEMENTS HAS NOT BEEN SATISFACTORILY COMPLETED IN ACCORDANCE WITH THE APPROVED PLANS AND SPECIFICATIONS WITH REVISIONS DATED NOVEMBER 7, 1994, PREPARED BY COWHEY GUDMUNDSON :LEDER, LTD., APPROVED ON SEPTEMBER 13, 1995, AND AGREEMENTS (INCLUDING AMENDMENTS THEREOF) FOR THE Original Operations Group Northern California 525 Market Street, 25th Floor San Francisco, CA 94105 ��.ia�uiffL�1VV:� 01 a rza C • THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: NBS222547 FOLLOWING PROJECT: HUNTINGTON CHASE. PAGE: THE IMPROVEMENTS IN THE ABOVE DESCRIBED PROJECT CONSIST OF: (CHECK APPROPRIATE) . ..,-�..,�„ ...I X WATERMAIN AND APPURTENANCES X SANITARY SEWER AND APPURTENANCES X STORM SEWER AND APPURTENANCES X ROADWAY (CURB & GUTTER, PAVEMENT) SIDEWALK X STREET LIGHTS X PARKWAY (TREES, ETC.) X TRAFFIC CONTROL (SIGNALS, SIGNS, PONDS (DETENTION/RETENTION) EXCAVATION (SOIL EROSION CONTROL, OTHER MARKINGS) STOCKPILE) THESE IMPROVEMENTS ITEMIZED ABOVE S14ALL BE COMPLETED ON OR BEFORE OCTOBER 24, 1996. IF SAID IMPROVEMENTS HAVE NOT BEEN PROPERLY INSTALLED AND SATISFACTORILY COMPLETED ON OR BEFORE THAT DATE AS REASONABLY DETERMINED BY THE VILLAGE ENGINEER, THEN THE VILLAGE OF ELK GROVE VILLAGE (THE "VILLAGE") IS HEREBY GRANTED AUTHORITY TO DRAW UPON THIS IRREVOCABLE LETTER OF CREDIT FOR THE PURPOSE OF COMPLETING FULLY SAID IMPROVEMENTS IN ACCORDANCE WITH THE PROVISIONS HEREIN AND ABOVE SET FORTH. THE PRINCIPLE AMOUNT OF THIS IRREVOCABLE LETTER OF CREDIT SHALL NOT BE REDUCED FOR ANY PUBLIC IMPROVEMENTS INSTALLED OR COMPLETED UNLESS SUCH REDUCTION IS APPROVED BY THE VILLAGE ENGINEER IN WRITING WITH SUPPORTING WAIVERS, LIENS AND AFFIDAVITS FROM CONTRACTORS OR SUBCONTRACTORS FURNISHING MATERIAL OR PERFORMING WORK TO COMPLETE THESE IMPROVEMENTS. AND THEN ONLY IN THE EXACT AMOUNT OF SUCH PAYMENTS LESS 10°s FOR INTERIM MAINTENANCE. THIS REMAINING AMOUNT SHALL NEVER BE REDUCED TO AN AMOUNT LESS THAN 11016 OF THE ESTIMATED COSTS TO COMPLETE THE REMAINING PUBLIC IMPROVEMENTS PLUS 10% OF THE COST OF THE COMPLETED PUBLIC IMPROVEMENTS AS A GUARANTEE FOR MAINTENANCE PURPOSES. THE VILLAGE MAY SUBMIT ITS SIGHT DRAFTS AS HEREIN ABOVE PROVIDED WITHOUT THE CONSENT OF THE DEVELOPER OR ANY OTHER PARTY. PARTIAL DRAWINGS ARE PERMITTED UNDER THIS IRREVOCABLE T,F_.TTER OF CRFT)TT SAID DRAFTS MAY BE SUBMITTED FOR PAYMENT FOR A NINETY (90) DAY PERIOD FOLLOWING THE COMPLETION DATE OF THE PROJECT; BUT WITHIN THE EXPIRATION DATE OF THE LETTER OF CREDIT AND SAID DRAFT SHALL BE DULY HONORED UPON PRESENTATION DURING THE NINETY (90) DAYS IN ACCORDANCE WITH THE TERMS AND PROVISIONS HEREIN CONTAINED. IF, WITHIN THIRTY (30) DAYS OF THE DATE OF ANY DEMAND (MADE IN CONFORMITY WITH THIS IRREVOCABLE LETTER OF CREDIT) PRESENTED, WE FAIL TO HONOR SAME, WE AGREE TO PAY ALL ATTORNEY FEES, COURT COSTS AND OTHER REASONABLE EXPENSES INCURRED BY THE VILLAGE OF ELK GROVE VILLAGE IN ENFORCING THE TERMS OF THIS Original Operations Group Northern California 525 Market Street, 25th Floor San Francisco, CA 94105 1 ,� al on Of e • THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: NBS222547 PAGE: IRREVOCABLE LETTER OF CREDIT. THE AMOUNT OF EACH DRAFT MUST BE ENDORSED ON THE REVERSE SIDE OF THE ORIGINAL IRREVOCABLE LETTER OF CREDIT BY THE VILLAGE ENGINEER AND ATTESTED BY THE CLERK. THIS IRREVOCABLE LETTER OF CREDIT SHALL BE UTILIZED TO SECURE THE INSTALLATION OF ALL IMPROVEMENTS REQUIRED UNDER THE MUNICIPAL CODE OF THE VILLAGE OF ELK GROVE VILLAGE AND SPECIFIED ON THE ENGINEERING DRAWINGS AND IN THE SPECIFICATIONS AND AGREEMENTS. THIS IRREVOCABLE LETTER OF CREDIT SHALL NOT OPERATE AS A LIMITATION UPON THE OBLIGATION OF THE DEVELOPER TO PROPERLY COMPLETELY INSTALL ALL IMPROVEMENTS REQUIRED BY THE VILLAGE OF ELY. GROVE VILLAGE. THE UNDERSIGNED SHALL NOTIFY THE VILLAGE MANAGER, BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, AT LEAST NINETY (90) DAYS PRIOR TO SAID EXPIRATION DATE THAT SAID IRREVOCABLE LETTER OF CREDIT IS ABOUT TO EXPIRE. IT IS EXPRESSLY AGREED BY THE UNDERSIGNED THAT THE EXPIRATION DATE SHALL BE AUTOMATICALLY EXTENDED AS SHALL BE REQUIRED TO C014PLY WITH THIS NOTICE PROVISION AND THE REQUIREMENTS STATED PREVIOUSLY. IT IS A CONDITION OF THIS IRREVOCABLE LETTER OF CREDIT THAT IT SHALL BE AUTOMATICALLY EXTENDED FOR ONE YEAR FROM THE PRESENT EXPIRATION DATE HEREOF UNLESS THIRTY (30) DAYS PRIOR TO SUCH EXPIRATION DATE THE VILLAGE MANAGER SHALL NOTIFY THE UNDERSIGNED IN WRITING, CERTIFIED MAIL, RETURN RECEIPT REQUESTED THAT HE OR SHE, BASED UPON THE ADVICE AND SUPPORTING DOCUMENTATION FROM THE VILLAGE ENGINEER THAT HE OFt SHE DOES ELECT NOT TO ARBITRARILY REQUEST RENEWAL OF THIS IRREVOCABLE LETTER OF CREDIT FOR SUCH ADDITIONAL ONE (1) YEAR PERIOD WITHOUT DUE CAUSE. THIS LETTER OF CREDIT MUST BE CONFIRMED BY AN ILLINOIS BANK. CONFIRMING BANK TO BE NORTHERN TRUST. BANK TO BANK INFORMATION: INFORMATION TO ADVISING BANK: PLEASE ADD YOUR CONFIRMATION TO THIS IRREVOCABLE STANDBY LETTER OF CREDIT. THIS IRREVOCABLE LETTER OF CREDIT IS SUBJECT TO THE "UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS" THE INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500 (1993 REVISION), EXCEPT AS HEREIN ABOVE MODIFIED. WE HEREBY AGREE WITH THE DRAWERS, ENDORSERS, AND BONA FIDE HOLDERS OF DRAFTS DRAWN IN COMPLIANCE WITH THE TERMS OF TNTC CREDIT THAT THEY .SHALT, BE HONORED ON PRESENTATION. WELLS FARGO BANK, N.A. r" /TAT/ ORIZE SI NAT Original Operations Group Northern California 525 Market Street, 25th Ftoor San Francisco, CA 94105 THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: NBS222547 DEVELOPER/OWNER "THE UNDERSIGNED HEREBY ACKNOWLEDGES THE ABSOLUTE RIGHT OF THE VILLAGE OF ELK GROVE VILLAGE TO DRAW ON THIS IRREVOCABLE LETTER CREDIT SUBJECT TO THE CONDITIONS HEREIN SET FORTH AND WAIVES ANY RIGHT TO ENJOIN THE VILLAGE FROM SO PROCEEDING." Wyaw a PAGE: 4 DEVELOPER/OWNER: (1) (2) NAME AND TITLE NAME AND TITLE NOTE: IF PROPERTY IS IN A TRUST, ATTACH A COPY OF THE TRUST AGREEMENT AS EXHIBIT. VILLAGE OFFICIALS APPROVAL/ACCEPTANCE RESOLUTION: TITLE DATE Original fi// - .-7 I/ r Operations Group Northern California 525 Market Street, 25th floor San Francisco, CA 94105 PAGE: 5 THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: NBS222547 EXHIBIT A HUNTINGTON CHASE PHASE I BEING A SUBDIVISION OF PART OF SECTION 31, TOWNSHIP 41 NORTH, RANGE II EAST OF THE THIRD PRINCIPAL MERIDIAN, DOCUMENT NUMBER 75-363870, RECORDED 6/5/95, IN COOK COUNTY, ILLINOIS. VILLAGE OFFICIALS RELEASE RESOLUTION: TITLE DATE $479,967.70 Or 4 gins HUNTINGTON CHASE UNIT 1 SCHEDULE A SANITARY SEWER $ 32,838.35 WATERMAIN $ 19,646.80 STORM SEWER $ 22,254.10 ROHLWING STORM SEWER $ 740.00 PAVEMENT & CONCRETE CURB $315,481.20 ROHLWING ROAD $ 2,731.50 STREET LIGHTING $ 38,500.00 STREET SIGNS & PARKWAY LANDSCAPING $ 47,775.75 $479,967.70 Or 4 gins