HomeMy WebLinkAboutRESOLUTION - 35-96 - 7/9/1996 - RELEASE LOC/HUNTINGTON CHASE SUBRESOLUTION NO. 35-96
A RESOLUTION RELEASING AN IRREVOCABLE STANDBY LETTER OF CREDIT
NO. C7280422 FROM BANK OF AMERICA EXPIRING FEBRUARY 13, 1997 IN
THE AMOUNT OF $35,000.00 PREVIOUSLY ACCEPTED BY RES. NO. 52-95
FOR CONSTRUCTION OF A TOT LCT ON OUTLOT G IN HUNTINGDON CHASE
SUBDIVISION (LEXINGTON HOMES, INC.)
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 an Irrevocable Standby Letter of Credit No.
C7280422 from Bank of America, in the amount of $35,000.00 previously
accepted by Resolution No. 52-95 for construction of a Tot Lot on Outlot G
in Huntington Chase Subdivision pursuant to the First Amendment to the
Annexation Agreement dated 2/14/95; and in accordance with the approved
plans and specifications on Outlot G in the Huntington Chase Subdivision.
Said Letter of Credit expiring February 13, 1997.
Section 2: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
ATTEST:
VOTE: AYES: 5 NAYS: 0 ABSENT: 0
PASSED this 9th day of July , 1996.
APPROVED this 9th day of July , 1996.
Patricia S. Smith
Village Clerk
Dennis J. Gallitano
Village President
MBank of America
CABLE ADDRESS: Conil Bank Telex 02-5233 • SWIFf ADDRESS: CINB US 44 a TELEFAX NUMBER: 987-6828
IRREVOCABLE DOCUMENTARY LETTER. OF CREDIT NO. C7280422
DATE: AUGUST 21, 1995
LETTER OF CREDIT
BENEFICIARY
VILLAGE OF ELK GROVE VILLAGE
901 WELLINGTON AVENUE
ELK GROVE, ILLINOIS 60007
LETTER OF CREDIT NO. C7280422
DATE:
AMOUNT: $35,000.00
COMPLETION DATE: 02/13/97
EXPIRATION DATE: 02/13/97
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 $35,000.00
THIRTY-FIVE THOUSAND AND 00/1.00 U.S. CURRENCY, AVAILABLE BY YOUR
DRAFT DRAWN ON SIGHT AND MARKED "DRAWN UNDER LETTER OF CREDIT
NO. C7280422 DATED AUGUST 21, 1995. THESE MONIES ARE TO GUARANTEE
PAYMENT IN THE AMOUNT OF $35,000.00 FOR CONSTRUCTION OF A TOT LOT
ON OUTLOT G IN HUNTINGTON CHASE. PURSUANT TO THE FIRST
AMENDMENT TO THE ANNEXATION AGREEMENT; DATED 2/14/95 ON THE
PROPERTY LEGALLY DESCRIBED IN EXHIBIT A (ATTACHED HERETO AND MADE
PART THEREOF). MONIES MAY BE DRAWN ON SIGHT BY THE VILLAGE OF
ELK GROVE WHEN ACCOMPANIED BY THE FOLLOWING DOCUMENT:
A STATEMENT PURPOR90EDLY SIGNED BY THE VILLAGE MANAGER
OR ANOTHER DULY AUTHORIZED OFFICIAL OF THE VILLAGE OF
ELK GROVE VILAGE CERTIFYING THAT; A TOT LOT HAS BEEN
SATISFACTORILY COMPLETED IN ACCORDANCE WITH THE
APPROVED PLANS AND SPECIFICATIONS ON OUTLOT G IN THE
HUNTINGTON CHASE SUBDIVISION, THE DEVELOPER HAS BEEN
PRESENTED WITH A RECEIPT OR RECEIPTS DETAILING THE
COST OF WORK PERFORMED ON TILE TOT LOT AND THE DEVELOPER
HAS NOT PROVIDED REIMBURSEMENT TO THE VILLAGE (WITHIN
"10" TEN WORKING DAYS OF SUCH NOTICE) FOR THE COST OF
SUCH WORK IN AN AMOUNT NOT TO EXCEED $35,000.00.
ORIGINAL
]W6BB RBRO r ILIInLJJ'ILL liVlIM1CJf'VrvUCIVI.L IV:
Bank of America Illinois • Letters of Credi61580 • 231 South LaSalle Street Chicago, Illinois 60697
r r Bank of America
CABLE ADDRESS: Conil Bank Telex 02-5233 • SWIFT ADDRESS: CINB US 44 • TELEFAX NUMBER: 987-6828
-2-
THE VILLAGE MAY SUBMIT ITS ;SIGHT DRAFTS AS HEREIN ABOVE
PROVIDED WITHOUT THE CONSENT OF THE DEVELOPER OR ANY OTHER
PARTY.
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 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 NOT OPERATE AS A LIMITATION UPON THE
OBLIGATION OF THE DEVELOPER TO PROPERLY COMPLETELY INSTALL
ALL IMPROVEMENTS REQUIRED BY THE VILLAGE OF ELK GROVE VILLAGE.
ORIGINAL
3OM6 Rag Bank of America Illinois "Letters of Credit -1:580 . 231 Sorvry Salle r e
231 South LaSalle Street Chicago, Illinois 60697
ImBank of America
CABLE ADDRESS: Conil Bank Telex 02-5233 • SWIFt ADDRESS: CINB US 44 • TELEFAX NUMBER: 987-6828
2XIM
THIS IRREVOCABLE LETTER OF CREDIT IS SUBJECT TO THE "UNIFORM
CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS" THE INTERNATIONAL
CHAMBER OF COMMERCE PUBLICATION NO. 500, MOST RECENT 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 THIS CREDIT THAT THEY SHALL BE
HONORED ON PRESENTATION.
DATED:
ISSUING FINANCIAL INSTITUTION:
BY. eY- O� 4 tr2 @A4Hff1C_ BY
(NAME) (TITLE) (NAME)
DEVELOPER/OWNER
"THE UNDERSIGNED HEREBY ACKNOWLEDGES THE ABSOLUTE
RIGHT OF THE VILLAGE OF ELK GROVE VILLAGE TO DRAW
ON THIS IRREVOCABLE LETTER OF CREDIT SUBJECT TO THE
CONDITIONS HEREIN SET FORTI�, AND WAIVES ANY RIGHT TO
ENJOIN THE VILLAGE FROM Sa PROCEEDING."
DATE: %76/G7 Z/ /%95
DEVELOPER/OWNER: (1) 2)
IG9N0
NOTE: IF PROPERTY IS IN A TRUST, ATTACH A COPY OF THE TRUST
AGREEMENT AS,EXHIBIT.
ORIGINAL
JOp6B6 RB PLEASE ADDRESS ALL CORRESPONDENCE TO:
Bank of America Illinois • Letters of Credit -1580 • 231 South LaSalle Street Chicago, Illinois 60697
Bank of America
CABLE ADDRESS: Conil Bank Telex 02-5233 • SWIFr ADDRESS: CINB US 44 • TELEFAX NUMBER: 987-6828
-4-
VILLAGE OFFICIALS APPROVAL/ACCEPTANCE RESOLUTION:
(TITLE) (DATE)
EXHIBIT A
OUTLOT G IN THE HUNTINGTON CHASE SUBDIVISION. BEING A
SUBDIVISION OF PART OF SECTION 31, TOWNSHIP 41 NORTH, RANGE 11
EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
VILLAGE OFFICIALS RELEASE RESOLUTION:
(TITLE) (DATE)
ORIGINAL
8 88 R&W PLEASE ADDRESS ALL CORRESPONDENCE TO:
Bank of America Illinois • Letters of Credit -1580 • 231 South LaSalle Street Chicago, Illinois 60697