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Home My WebLink AboutRESOLUTION - 72-95 - 12/12/1995 - LOC/LEXINGTON HOMES RESOLUTION NO. 72-95 A RESOLUTION ACCEPTING AN IRREVOCABLE STANDBY LETTER OF CREDIT NO. NAS219882 FROM WELLS FARGO BANK EXPIRING JANUARY 24, 1997 IN THE AMOUNT OF $521,598.83 TO GUARANTEE PUBLIC IMPROVEMENTS FOR LEXINGTON HOMES L.L.C. (HUNTINGTON CHASE PHASE II) 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 Irrevocable Standby Letter of Credit No. NAS219882 from Wells Fargo Bank in the amount of $521,598.83 to guarantee completion of public improvements for Lexington Homes L.L.C. (Huntington Chase Phase 11 ) 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 any amendments thereof) attached hereto and made a part hereof. 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 12th day Of December , 1995. APPROVED this 12th day Of December , 1995. Dennis J. alli ano i age rest ent ATTEST: Patricia S. Smith Village Clerk „? h ADDRE,FOR MESSENGER DELIVERY OF CORRESPONDENCE Ej' ' EE The Northern Trust Company REGARDING THIS TRANSACTION: LETTERS OF CREDIT 10 SOUTH LA SALLE STREET,SUITE 410 P.O.Box 92921 P 50 SOUTH LA SALLE STREET,L-4 CHICAGO,ILLINOIS 60603 �"•._. CHICAGO,ILLINOIS 60675 S.W.I.F.T.ADDRESS:CNORUS44 TELEX:TRT/FTCC 624163 MCI 6671719 TELEPHONE:(312)630.6000 ADVICE OF LETTER OF CREDIT A L/C NO. NAS219882. OUR ADVICE NO. K263221 NOVEMBER 29, 1995 ----------------------------------------------------------------- BENEFICIARY: APPLICANT: VILLAGE OF ELK GROVE VILLAGE LEXINGTON HOMES L.L.C. 901 WELLINGTON AVENUE ELK GROVE, ILLINOIS 60007 LETTER OF CREDIT EXPIRATION DATE JANUARY 24 , 1997 LETTER OF CREDIT AMOUNT: -------------------------------- $521, 598 .83 L/C ISSUING BANK: US DOLLARS WELLS FARGO BANK TRADE SERVICES DIVISION NORTHERN CALIFORNIA 525 MARKET STREET, 25TH FLOOR PLEASE REFER TO ORIGINAL CREDIT SAN FRANCISCO, CA 94163 FOR ALL TERMS AND CONDITIONS OF THE LETTER OF CREDIT. -------------------------------- --------------------------------- THE ISSUING BANK HAS ADVISED ISSUANCE OF ITS LETTER OF CREDIT IN YOUR, (BENEFICIARYIS) ,FAVOR.THE 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 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 SIGNATURES) FORM NO.8104(83195) Operations Group f Northern California 1 mw - 525 Market Street, 25th Floor WELLS FARGO BANK San Francisco, CA 94105 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. : NAS2198[PORMS DATE : NOVEMBER 22 , 19 95 HE ORIGINAL LETTER OF CREDIT WHICH NA INTEGRAL PART OUR ILEA HF ; ADVISING BANK: DIT MUST ACC051PA;vY DCCUI EN 1'S THE NORTHERN TRUST COMPANY PRESENTED FOR PROCESSING, 10 SOUTH LASALLE STREET THE NORTHERN TRUST C041PARY SUITE 410 P.O. BOXL92921, CHICAGo,IL 60675 CHICAGO, ILLINOIS 60603 ATTN. : CHUCK GERLACH 011ie RE% No; BENEFICIARY: VILLAGE OF ELK GROVE VILLAGE COMPLETION GUARANTY 901 WELLINGTON AVENUE LETTER OF CREDIT NO. NAS219882 ELK GROVE, ILLINOIS 60007 DATED: NOVEMBER 22 , 1995 AMOUNT $521, 598 . 83 COMPLETION DATE : 10/24/96 EXPIRATION DATE : 01/24/97 GENTLEMEN: 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 $521, 598 . 83 (FIVE HUNDRED TWENTY ONE THOUSAND FIVE HUNDRED NINETY EIGHT AND 83/100 UNITED STATES CURRENCY) , AVAILABLE BY YOUR DRAFT DRAWN ON SIGHT AND MARKED "DRAWN UNDER LETTER OF CREDIT NO. NAS219882 DATED NOVEMBER 22 , 1995 . " THESE MONIES ARE TO GUARANTEE THE COMPLETION OF PUBLIC IMPROVEMENTS FOR THE FOLLOWING PROJECT: HUNTINGTON CEASE UNIT 2 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 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 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 f Northern California 525 Market Street, 25th f toor WELLS FARGO BANK San Francisco, CA 94105 PAGE : 2 THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: NAS219882 FOLLOWING PROJECT: HUNTINGTON CHASE . THE IMPROVEMENTS IN THE ABOVE DESCRIBED PROJECT 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 X PARKWAY (TREES, ETC. ) TRAFFIC CONTROL (SIGNALS, SIGNS, MARKINGS) PONDS (DETENTION/RETENTION) X EXCAVATION (SOIL EROSION CONTROL, STOCKPILE) OTHER THESE IMPROVEMENTS ITEMIZED ABOVE SHALL 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% 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 Original Operations Group ` Northern California 525 Market Street, 25th Floor WELLS FARGO BANK San Francisco, CA 94105 PAGE: 3 THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: NAS219882 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 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 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 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 AND CONTACT MS LESLIE PIZZI OF APPLICANT AT (708) 253 -9770 TO ARRANGE DELIVERY OF THIS LETTER OF CREDIT TO APPLICANT NO LATER THAN NOVEMBER 27, 1995 . THIS IRREVOCABLE LETTER OF CREDIT IS SUBJECT TO THE "UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS" THE INTERNATIONAL CHAMBER OF COMMERCE PUBLIC ATION 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 THIS CREDIT THAT THEY SHALL BE HONORED ON PRESENTATION. WELLS F RGO BAN , N A. J , BY: Original Operations Group Northern California 525 Market Street, 25th Floor rl-1 g FARGO BANK San Francisco, CA 94105 PAGE: 4 THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: NAS219882 AUTHORIZED SIGNATURE 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. " DATE: 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 Operations Group Northern California 525 Market Street, 25th Floor WELT$FA W0 BANK San Francisco, CA 94105 PAGE: 5 THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: NAS219882 EXHIBIT A HUNTINGTON CHASE PHASE II 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 HUNTINGTON CHASE UNIT 1 SCHEDULE A SANITARY SEWER $ 65 , 220 . 10 WATERMAIN $ 25, 627 . 80 STORM SEWER $ 96, 570 . 10 PAVEMENT & CONCRETE CURB $275, 845 . 08 STREET LIGHTING $ 27, 500 . 00 STREET SIGNS & PARKWAY LANDSCAPING $ 30, 835 . 75 $521, 598 . 83 Original