HomeMy WebLinkAboutRESOLUTION - 52-95 - 9/12/1995 - LOC ACCEPT/LEXINGTON HOMESRESOLUTION NO. 52-95
A RESOLUTION ACCEPTING AN IRREVOCABLE STANDBY LETTER
OF CREDIT NO. C7280422 FROM BANK OF AMERICA EXPIRING
FEBRUARY 13, 1997 IN THE AMOUNT OF $35,000.00 FOR
CONSTRUCTION OF A TOT LOT ON OUTLOT G IN HUNTINGTON
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 acceptance of a Irrevocable Standby Letter of Credit No.
C7280422 from Bank of America in the amount of $35,000.00 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.
VOTE:
AYES:
6
NAYS: 0
ABSENT:
0
PASSED
this
12th
day of
September
, 1995.
APPROVED
this
12th
day of
September
, 1995.
Dennis J. Gallitano
Village President
ATTEST:
Patricia S. Smith
Village CTe-rk
1flBank of America
CABLE ADDRESS: Conil Bank Telex 02-5233 - SWIFT ADDRESS: CINB US 44 * 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
GENTLEMEN:
LETTER OF CREDIT
DATE:
AMOUNT: $35,000.
COMPLETION DATE:
EXPIRATION DATE:
NO. C7280422
00
02/13/97
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 00/100 U.S. CURRERCY1 AVAILABLE BY,IYOUR
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 PURPORTEDLY SIGNED BY THE VILLAGE MANAGER
OR ANOTHER DULY AUTHORIZED OFFICIAL OF THE VILLAGE OF
ELK GROVE VILAGE CERTIFYING THAT; A TOT LOT RAS 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 THE 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
�86 R8/� PLEASE ADDRESS ALL CORRESPONDENCE TO:
Bank of America Illinois - Laftnrs of r.rp.rfit-15Rn . 9,41 q�wh I q�u� qt,..t rhi,_ uii_i� o. . .
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
�86 R6194 PLEASE ADDRESS ALL CORRESPONDENCE TO
Bank of America Illinois - Letters of Credit -1580 - 231 South LaSalle Street Chicago, Illinois 60697
1fl Bank of America
CABLE ADDRESS: Conil Bank Telex 02-5233 * SWIFT ADDRESS: CINB US 44 * TELEFAX NUMBER: 987-6828
-3-
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 1-44 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 FORTtIjAND-WAIVES ANY RIGHT TO
ENJOIN TKE VILLAGE FROM SOrPROCEEDING." A
DATE:—&vc? el
DEVELOPER/OWNER: (1) 2)
NOTE: IF PROPERTY IS IN A TRUST, ATTACH A COPY OF THE TRUST
AGREEMENT AS EXHIBIT.
ORIGINAL
Ai i PnpppqpnKin�K1rP Tn-
Bank of America Illinois - Letters of Credit -1580 - 231 South LaSalle Street Chicago, Illinois 60697
MBank of America
CABLE ADDRESS: Conil Bank Telex 02-5233 - SWIFT ADDRESS: CINB US " * 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
3�86 RM� PLEASE ADDRESS ALL CORRESPONDENCE TO:
Bank of America Illinois - Letters of Credit -1580 - 231 South LaSalle Street Chicago, Illinois 60697