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Home My WebLink AboutRESOLUTION - 53-92 - 8/25/1992 - LOC ACEPT/MALLARD CROSSING RESOLUTION NO. 53-92 A RESOLUTION ACCEPTING A STANDBY LETTER OF CREDIT NO. 00330003 FROM THE FIRST NATIONAL BANK OF CHICAGO EXPIRING JULY 31, 1994 IN THE AMOUNT OF $300,000.00 TO GUARANTEE CONSTRUCTION OF PUBLIC IMPROVEMENTS AT MALLARD CROSSING SHOPPING CENTER (MEACHAMAERGE) 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 Standby Letter of Credit No. 00330003 from First National Bank of Chicago in the amount of $300,000.00 to guarantee construction of public improvements for Mallard Crossing Shopping Center, Meacham and Nerge Roads, in accordance with engineering plans and specifications with revisions dated July 13, 1992, prepared by Cowhey, Gudmundson Leder, Ltd. , approved July 23, 1992. Said Letter of Credit expiring July 31, 1994. Section 2. That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 25th day of August 1992. APPROVED this 25th day of August 1992. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village er [u .FIRST CHICAGO T^RDE FINANCE @ea ht Fust PJa6onad Bank of Ch,eago ONE NORTH DEAR B. N -9TH FLOOR, MAIL SUITE 0812 CHICAGO, ILLINOIS 60670-0812 U.S.A. Tele%- TRT 180P01 FNBC UT Swift Address FNBCU344 Ill t330?li3 FNBCUI FAX: (3 12)407-1055 TEL i31_>, 11173843 STANDBY LETTER OF CREDIT VILLAGE OF ELK GROVE VILLAGE 901 WELLINGTON AVENUE ELK GROVE VILLAGE, IL 60007 COMPLETION GUARANTY LETTER OF CREDIT NO. : 00330003 DATE: JULY 30, 1992 AMOUNT: U.S. $300, 000.00 PROJECT COMPLETION DATE: APRIL 30, 1997 LETTER OF CREDIT EXPIRATION DATE: JULY 31, 1994 GENTLEMEN: WE HEREBY ESTABLISH OUR IRREVOCABLE STRAIGHT LETTER OF CREDIT IN YOUR FAVOR FOR THE ACCOUNT OF H.P. ELK GROVE LIMITED PARTNERSHIP, HEREAFTER CALLED THE "DEVELOPER", IN THE AGGREGATE AMOUNT OF $300, 000. 00, U.S. CURRENCY, AVAILABLE BY YOUR DRAFT DRAWN AT SIGHT ON THE FIRST NATIONAL BANK OF CHICAGO, CHICAGO, ILLINOIS AND MARKED "DRAWN UNDER LETTER OF CREDIT NO. 00330003 DATED JULY 30, 1992. THESE MONIES ARE TO GUARANTEE THE COMPLETION OF PUBLIC IMPROVEMENTS FOR THE FOLLOWING PROJECT: MALLARD CROSSING SHOPPING CENTER DESCRIBED IN THE ENGINEERING PLANS AND SPECIFICATIONS WITH REVISIONS DATED JULY 13, 1992, PREPARED BY COWHEY, GUDMUNDSON LEDER, LTD. , APPROVED ON JULY 23, 1992 , AND AGREEMENTS (INCLUDING ANY AMENDMENTS THEREOF) ON THE PROPERTY LEGALLY DESCRIBED IN EXHIBIT A ATTACHED HERETO AND MADE A PART HEREOF. MONIES MAY BE DRAWN ON SIGHT BY THE VILLAGE OF ELK GROVE WHEN ACCOMPANIED BY THE FOLLOWING DOCUMENT: A SIGNED STATEMENT BY THE VILLAGE MANAGER (SIGNED AS SUCH) OR ANY OTHER DULY AUTHORIZED OFFICIAL OF THE VILLAGE OF ELK GROVE VILLAGE ("VILLAGE") (AND SIGNED AS SUCH) , CERTIFYING THAT ANY PORTION OF THE SITE IMPROVEMENTS HAS NOT BEEN SATISFACTORILY COMPLETED IN ACCORDANCE WITH THE APPROVED PLANS AND SPECIFICATIONS WITH REVISIONS DATED JULY 13 , 1992 , PREPARED BY COWHEY, GUDMUNDSON LEDER, LTD. , APPROVED ON JULY 23 , 1992, AND AGREEMENTS (INCLUDING ANY AMENDMENTS THEREOF) FOR THE FOLLOWING PROJECT: MALLARD CROSSING SHOPPING CENTER THE VILLAGE MAY SUBMIT ITS SIGHT DRAFTS AS HEREIN ABOVE PROVIDED WITHOUT THE CONSENT OF THE DEVELOPER OR ANY OTHER PARTY. THE IMPROVEMENTS IN THE ABOVE DESCRIBED PROJECT CONSIST OF: WATERMAIN AND APPURTENANCES (CONTINUED) PAGE 1 ORIGINAL FIRST CHICAGO TIRADE FINANCE -The First National Bank of Chicago ONE NORTH DEARS IN -9TH FLOOR, MAIL SUITE 0812 CHICAGO, ILLINOIS 60670-0812 ill Telex. TRT 190201 FNBC UT Swift Addross FNBCUS44 ITT 4330253 ENBCUI FAX_(312)4W-1065 TEL (312)•107-3843 OUR REFERENCE NO. : 00330003 DATE: JULY 30, 1992 SANITARY SEWER AND APPURTENANCES STORM SEWER AND APPURTENANCES ROADWAY (CURB AND GUTTER, PAVEMENT) SIDEWALK STREET LIGHTS PARKWAY TRAFFIC CONTROL (SIGNALS, SIGNS, MARKINGS) PONDS (DETENTIONJRETENTION) EXCAVATION (SOIL EROSION CONTROL, STOCKPILE) OTHER (RETAINING WALLS, ETC. ) THESE IMPROVEMENTS ITEMIZED ABOVE SHALL BE COMPLETED ON OR BEFORE APRIL 30, 1993 . 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 IS HEREBY GRANTED AUTHORITY TO DRAW UPON THE IRREVOCABLE LETTER OF CREDIT FOR THE PURPOSE OF COMPLETING FULLY SAID IMPROVEMENTS IN ACCORDANCE WITH THE PROVISIONS HEREIN AND ABOVE SET FORTH. PARTIAL DRAWINGS ARE PERMITTED UNDER THIS LETTER OF CREDIT. THE AMOUNT OF EACH DRAFT MUST BE ENDORSED ON THE REVERSE SIDE OF THE ORIGINAL IRREVOCABLE LETTER OF CREDIT BY THE ISSUING BANK. 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 AND COMPLETELY INSTALL ALL IMPROVEMENTS REQUIRED BY THE VILLAGE. THE PRINCIPAL AMOUNT OF THE IRREVOCABLE LETTER OF CREDIT MAY BE REDUCED FOR PUBLIC IMPROVEMENTS INSTALLED AND COMPLETED ONLY UPON RECEIPT BY THE FIRST NATIONAL BANK OF CHICAGO, CHICAGO, ILLINOIS OF A STATEMENT SIGNED BY THE VILLAGE ENGINEER (SIGNED AS SUCH) SPECIFYING THE AMOUNT OF THE REDUCTION, THE IMPROVEMENT(S) INSTALLED OR COMPLETED AND CERTIFYING THAT: " (A) THE AMOUNT OF THE REDUCTION REPRESENTS AMOUNT OF PAYMENTS MADE LESS 10% AS A GUARANTEE FOR MAINTENANCE PURPOSES; AND (B) ALL SUPPORTING WAIVERS, LIENS AND AFFIDAVITS FROM CONTRACTORS OR SUBCONTRACTORS FURNISHING MATERIAL OR PERFORMING WORK TO COMPLETE SUCH IMPROVEMENTS) HAVE BEEN RECEIVED. " 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 (CONTINUED) PAGE 2 ORIGINAL QFIRS' CHICAGO T"ADE FINANCE ^fhz Fir i N enonal Bank of Chicago ONE NORTH DEARE .N - 9TH FLOOR, MAIL SUITE 0812 CHICAGO, ILLINOIS 60670-0812 U.S.A. Teles TRT 190201 FNUC UT Swill Address 1=N6CUS44 117 4330253 FNRCUI FAX_(312)407-1065 TFL (312) :07-3843 OUR REFERENCE NO. : 00330003 DATE: JULY 30, 1992 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 EXTENDED FOR ONE (1) 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 DOES ELECT NOT TO ARBITRARILY REQUEST RENEWAL WITHOUT DUE CAUSE. THE FIRST NATIONAL BANK OF CHICAGO RESERVES THE REIGHT NOT TO EXTEND THE LETTER OF CREDIT FOR SUCH ADDITIONAL PERIODS, IN WHICH CASE, WE SHALL NOTIFY THE VILLAGE MANAGER IN WRITING, CERTIFIED MAIL, RETURN RECEIPT REQUESTED AT LEAST THIRTY (30) DAYS PRIOR TO THE EXPIRY DATE. THIS IRREVOCABLE LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDIT (1983 REVISION) THE INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 400, OR MOST RECENT REVISION EXCEPT AS HEREIN ABOVE MODIFIED. WE ENGAGE WITH YOU THAT DRAFTS DRAWN UNDER AND IN CONFORMITY WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED UPON PRESENTATION IF PRESENTED ON OR BEFORE THE EXPIRY DATE. YOURS VERY TRULY, THE FIRST NATIONAL BANK � OF CHICAGO ( H LEN B. RENKOSIAK RATIONS OFFICER / o�9s ANNE WESELY 17 OPERATIONS OF ICER PAGE 3 ORIGINAL OUR REFERENCE NO. : j0330003 DATE : JULY 30, 1992 EXHIBIT A MALLARD CROSSING SHOPPING CENTER LEGAL DESCRIPTION LOTS 1, 2 AND 3 IN MEACHAM/NERGE SUBDIVISION OF PART OF THE EAST 1/2 OF THE NORTHWEST 1/4 OF SECTION 36, TOWNSHIP 41 NORTH, RANGE 10, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED FEBRUARY 28 , 1992 AS DOCUMENT NUMBER 92127379, IN COOK COUNTY, ILLINOIS.