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Home My WebLink AboutRESOLUTION - 48-95 - 8/8/1995 - LOC RELEASE/ACCEPT/PUBLIC IMPROVEMTSRESOLUTION NO. 48-95 A RESOLUTION RELEASING LETTER OF CREDIT NO. C7258291, $404,458.00 (ACCEPTED BY RES. NO. 55-94) AND ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. C7263217 FROM THE BANK OF AMERICA EXPIRING JUNE 20, 1996, IN THE AMOUNT OF $1,198,160.37 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS IN HUNTINGTON CHASE SUBDIVISION UNIT 1 (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 Irrevocable Letter of Credit No. 07258291 in the amount of $404,458.00 accepted by Resolution Number 55-94 and acceptance of Irrevocable Letter of Credit No. C7263217 from The Bank of America in the amount of $1,198,160.37, guaranteeing the completion of public improvements for Huntington Chase Subdivision Unit 1 in accordance with the approved plans and specifications with revisions dated November 7, 1994, prepared by Cowhey Gudmundson Leder, Ltd, approved on February 13, 1995, and agreements (including any amendments thereof) on property legally described in Exhibit "A" and attached hereto and made part thereof. Said letter of credit expiring June 20, 1996. 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 PASSED this 8th APPROVED this 8th ATTEST: Patricia S. Smith Village Cler NAYS: 0 ABSENT: 0 day of August , 1995. day of August , 1995. Dennis J. Gallitano Village President Bank of America CABLE ADDRESS: Conil Bank Telex 02-5233 • SWIFT ADDRESS: CINB US 44 • TELEFAX NUMBER: 987-6828 DATE: NOVEMBER 28, 1994 IRREVOCABLE STANDBY CREDIT NUMBER: C7263217 BENEFICIARY VILLAGE OF ELK GROVE VILLAGE 902 WELLINGTON AVENUE ELK GROVE, ILLINOIS 60007 GENTLEMEN: PAGE: 1 APPLICANT LEXINGTON HOMES INC. 1156 WEST SHURE DRIVE ARLINGTON HEIGHTS, IL 60004 AMOUNT USD 928,680.67 NINE HUNDRED TWENTY EIGHT THOUSAND SIX HUNDRED EIGHTY AND 67/100-S US DOLLARS EXPIRATION MAY 20, 1995 AT OUR COUNTERS WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT IN YOUR FAVOR FOR THE ACCOUNT OF LEXINGTON HOMES INC., HEREAFTER CALLED THE "DEVELOPER", IN THE AGGREGATE AMOUNT OF $928,680.67 NINE HUNDRED AND TWENTY EIGHT THOUSAND, SIX HUNDRED EIGHTY AND 67100 U.S. CURRENCY, AVAILABLE BY YOUR DRAFT DRAWN AT SIGHT AND MARKED "DRAWN UNDER LETTER OF CREDIT NO. C7263217 DATED NOVEMBER 28, 1994. 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 , AND AGREEMENTS (INCLUDING ANY AMENDMENTS THEREOF) ON THE PROPERTY LEGALLY DESCRIBED IN EXHIBIT A (ATTACHED HERETO AND MADE PART THEREOF). MONIES MAY BE DRAWN AT SIGHT BY THE VILLAGE OF ELK GROVE VILLAGE WHEN ACCOMPANIED BY THE FOLLOWING DOCUMENT: A STATEMENT PURPORTEDLY SIGNED BY THE VILLAGE MANAGER OR ANY 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 , AND A=EEMENTS (INCLUDING AMENDMENTS THEREOF) FOR THE FOLLOWING PROJECT: HUNTINGTON CHASE. THE IMPROVEMENTS IN THE ABOVE DESCRIBED CONSIST OF: (CHECK APPROPRIATE). X WATERMAIN AND APPURTENANCES X SANITARY SEWER AND APPURTENANCES X STORM SEWER AND APPURTENANCES X ROADWAY (CURB & GUTTER, PAVEMENT) SIDEWALK X STREET LIGHTS PARKWAY (TREES, ETC.) TRAFFIC CONTROL (SIGNALS, SIGNS, PONDS (DETENTION/RETENTION) EXCAVATION (SOIL EROSION CONTROL, ORIGINAL MARKINGS) STOCKPILE) 3 57BB1 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 • SWIFT ADDRESS: CINB US 44 • TELEFAX NUMBER: 987-6828 PAGE: 2 THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: C7263217 OTHER THESE IMPROVEMENTS ITEMIZED ABOVE SHALL BE COMPLETED ON OR BEFORE FEBRUARY 20,1995. 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 PRINCIPAL 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% FOR INTERIM MAINTENANCE. THIS REMAINING AMOUNT SHALL NEVER BE REDUCED TO AN AMOUNT LESS THAN 110% 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 LETTER OF CREDIT. 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 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 ELK GROVE VILLAGE. THE UNDERSIGNED SHALL NOTIFY THE VILLAGE MANAGER, BY CERTIFIED I•IAIL, 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 COMPLY 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 OR SHE DOES ELECT NOT TO ARBITRARILY REQUEST RENEWAL OF THIS IRREVOCABLE LETTER OF CREDIT FOR SUCH ADDITIONAL ONE (1) YEAR PERIOD WITHOUT DUE ORIGINAL 30057801 RW94 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 • SWIFT ADDRESS: CINB US 44 • TELEFAX NUMBER: 987-6828 PAGE: 3 THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: C7263217 CAUSE. THIS IRREVOCABLE LETTER OF CREDIT IS SUBJECT TO THE "UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS" THE INTERNATIONAL CHAMBER OF PUBLICATION NO. 500 (1993 REVISION), 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. r ORIGINAL 30057801 R&94 PLEASE ADDRESS ALL CORRESPONDENCE TO: Bank of America Illinois • Letters of Credit -1580 •231 South LaSalle Street Chicago, Illinois 60697 HIBank of America CABLE ADDRESS: Conil Bank Telex 02-5233 • SWIFT ADDRESS: CINB US 44 • TELEFAX NUMBER: 987-6828 PAGE: 4 THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: C7263217 DEVELOPER/OWNER "THE UNDERSIGNED HEREBY ACKNOWLEDGES THE ABSOLUTE RIGHT OF THE VILLAGE OF ELK GROVE VILLAGE TO DRAW ON THIS IRREVOCABLE LETTE R OF CREDIT SUBJECTTO THE CONDITIONS HEREIN SETFORTH AND WAIVES ANY RIGHT TO ENJOIN THE VILLAGE FROM SO PROCEEDING." DATE: % �l DEVELOPEROWNER: (1) (2) SR �NITLE NAM ,D ', TI Ciro NOTE: IF PROPERTY IS INA RUST, ATTACH A COPY OF THE TRUST AGREEMENT AS EXHIBIT. VILLAGE OFFICIALS APPROVAL/ACCEPTANCE RESOLUTION: (TITLE) (DATE) EXHIBIT A LEGAL DESCRIPTION W/PHASE PLAN INDICATED (SEE ATTACHED) VILLAGE OFFICIALS RELEASE RESOLUTION: (TITLE) (DATE) ORIGINAL ao 7801 Rena PLEASE ADDRESS ALL CORRESPONDENCE TO: Bank of America Illinois • Letters of Credit -1580 •231 South LaSalle Street Chicago, Illinois 60697 I Bank of America CABLE ADDRESS: Conil Bank Telex 02-5233 • SWIFT ADDRESS: CINB US 44 • TELEFAX NUMBER: 987-6828 PAGE: 5 THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: C7263217 HUNTINGTON CHASE UNIT 1 SCHEDULE A SANITARY SEWER $233,201.10 WATERMAIN $154,246.40 STORM SEWER $233,112.00 PAVEMENT & CONCRETE CURB $294,371.17 STREET IGHTING $ 13,750.00 $928,680.67 IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS TRANSACTION, PLEASE CALL 312-923-5924. BANK OF AMERICA ILLINOIS THIS DOCUMENT CONSISTS OF 5 PAGE(S). ORIGINAL �7801 Asre PLEASE ADDRESS ALL CORRESPONDENCE TO: Bank of America Illinois • Letters of Credit -1580 •231 South LaSalle Street Chicago, Illinois 60697 FOR CASHIER FOR CASHIER THIS DOCUMENT CONSISTS OF 5 PAGE(S). ORIGINAL �7801 Asre PLEASE ADDRESS ALL CORRESPONDENCE TO: Bank of America Illinois • Letters of Credit -1580 •231 South LaSalle Street Chicago, Illinois 60697 InBank of America CABLE ADDRESS: Conil Bank Telex 02-5233 • SWIFT ADDRESS: CINB US 44 • TELEFAX NUMBER: 987-6828 DATE: MAY 22, 1995 AMENDMENT TO IRREVOCABLE STANDBY CREDIT NUMBER: C7263217 AMENDMENT NUMBER 1 BENEFICIARY VILLAGE OF ELK GROVE VILLAGE 902 WELLINGTON AVENUE ELK GROVE, ILLINOIS 60007 PAGE: 1 APPLICANT LEXINGTON HOMES INC. 1156 WEST SHURE DRIVE ARLINGTON HEIGHTS, IL 60004 THIS AMENDMENT IS TO BE CONSIDERED AN INTEGRAL PART OF THE ABOVE CREDIT AND MUST BE ATTACHED THERETO. THE ABOVE MENTIONED CREDIT IS AMENDED AS FOLLOWS: THE EXPIRATION DATE IS AMENDED TO: AUGUST 20, 1995. ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS AMENDMENT-, PLEASE CALL 312-923-5916. BANK OF AMERICA ILLINOIS v!'G��GLFOR � HI_U�,�i-Gl FOR CASHIER // THIS DOCUMENT CONSISTS OF 1 PAGE(S). ORIGINAL e 57501 R"4 PLEASE ADDRESS ALL CORRESPONDENCE TO: Bank of America Illinois • Letters of Credit -1580 •231 South LaSalle Street Chicago, Illinois 60697 V 1 Bank of America CABLE ADDRESS: Conil Bank Telex 02-5233 • SWIFT ADDRESS: CNTL US 44• TELEFAX NUMBER: 987-6828 DATE: JUNE 22, 1995 AMENDMENT TO IRREVOCABLE STANDBY CREDIT NUMBER: C7263217 AMENDMENT NUMBER 2 BENEFICIARY VILLAGE OF ELK GROVE VILLAGE 902 WELLINGTON AVENUE ELK GROVE, ILLINOIS 60007 PAGE: 1 APPLICANT LEXINGTON HOMES INC. 1156 WEST SHURE DRIVE ARLINGTON HEIGHTS, IL 60004 THIS AMENDMENT IS TO BE CONSIDERED AN INTEGRAL PART OF THE ABOVE CREDIT AND MUST BE ATTACHED THERETO. THE ABOVE MENTIONED CREDIT IS AMENDED AS FOLLOWS: THE AMOUNT OF THIS CREDIT HAS BEEN INCREASED BY USD 269,479.70 THE AVAILABLE AMOUNT OF THE CREDIT IS NOW USD 1,198,160.37 THE EXPIRATION DATE IS AMENDED TO: JUNE 20, 1996. RE: HUNTINGTON CHASE - #1 IMPROVEMENTS SCHEDULE A IS AMENDED AS FOLLOWS: ITEM CONSTRUCTION SANITARY SEWER $203,383.50 WATERMAIN 196,468.00 STORM SEWER 229,941.00 PAVEMENT & CONCRETE CURB 381,011.70 STREET LIGHTING 35,000.00 STREET SIGNS & PARKWAY LANDSCAPING 42,432.50 EXCAVATION 0.00 110% OF CONSTRUCTION $223,721.85 216,114.80 252,935.10 419,112.87 38,500.00 47,775.75 0.00 TOTAL $1,089,236.70 $1,198,160.37 ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS AMENDMENT, PLEASE CALL 312-828-2685. BANK OF AMERICA ILLINOIS '� -------------- A -------------- ---------- OR CSHIER�i��c FOR CASHIER THIS DOCUMENT CONSISTS OF 1 PAGE(S). ORIGINAL a 57eo+a3K PLEASE ADDRESS ALL CORRESPONDENCE TO: R—n of Amarina Illinois • Letters of Credit -1580 • 231 South LaSalla Atrnnt rlhinann Illinnis AnAQ7 �y Bank of America CABLE ADDRESS: Conil Bank Telex 02-5233 • SWIFT ADDRESS: CNTL US 440 TELEFAX NUMBER: 987.6828 DATE: JULY 27, 1995 TO IRREVOCABLE STANDBY CREDIT NUMBER: C7263217 AMENDMENT NUMBER 3 BENEFICIARY VILLAGE OF ELK GROVE VILLAGE 902 WELLINGTON AVENUE ELK GROVE, ILLINOIS 60007 PAGE: 1 APPLICANT LEXINGTON HOMES INC. 1156 WEST SHURE DRIVE ARLINGTON HEIGHTS, IL 60004 THIS AMENDMENT IS TO BE CONSIDERED AN INTEGRAL PART OF THE ABOVE CREDIT AND MUST BE ATTACHED THERETO. THE ABOVE MENTIONED CREDIT IS AMENDED AS FOLLOWS: THE "COMPLETION DATE" IS AMENDED TO MARCH 20, 1996. RE: HUNTINGTON CHASE - #1 IMPR ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS AMENDMENT, PLEASE CALL 312-828-2685. BANK OF AMERICA ILLINOIS ---------------------- -------------------------- O CASHIER � FOR CASHIER THIS DOCUMENT CONSISTS OF 1 PAGE(S). ORIGINAL x57801 naresa PLEASE ADDRESS ALL CORRESPONDENCE TO: ,..., ..< n..... d.., IIIIn Me . 1 ouoro ni r.onir_1 5nn .00. Cn n.h 1 nCnlln C..n.a rw:...,— "n....tr RnCn9