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Home My WebLink AboutRESOLUTION - 62-92 - 10/27/1992 - LOC ACCEPTED/FAIRMONT ESTATES RESOLUTION NO. 62-92 A RESOLUTION ACCEPTING AN IRREVOCABLE STANDBY LETTER OF CREDIT NO. 1952 FROM THE MICHIGAN AVENUE NATIONAL BANK EXPIRING DECEMBER 31, 1993 IN THE AMOUNT OF $241,994.00 TO GUARANTEE CONSTRUCTION OF PUBLIC IMPROVEMENTS FOR FAIRMONT ESTATES SUBDIVISION (BIESTERFIELD & WEST GLENN TRAIL) 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. 1952 from Michigan Avenue National Bank in the amount of $241,994.00 to guarantee construction of public improvements for Fairmont Estates Subdivision, Biesterfield and West Glenn Trail Roads, in accordance with engineering plans and specifications with revisions dated October 1, 1992, prepared by Intech Consultants, Inc. , approved October 7, 1992. Said Letter of Credit expiring December 31, 1993. Section 2. That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 27th day of October , 1992. APPROVED this 27th day of October , 1992. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village ��er 19 F Michigan Avonue 30 North Michigan Avenue National Bank Chicago, Illinois 60602 A First Colonial Bank 312/641-1000 IRREVOCABLE STAND-BY DOCUMENTARY CREDIT CREDIT NUMBER 11952 EXPIRY: December 31, 1993 in Chicago at our counters. DATE: October 8, 1992 APPLI BENEFICIARY Fairmont Group, Inc. Village of Elk Grove and Elk Grove-Des Plaines Venture 901 Wellington Avenue 920 York Road, Suite 2A Elk Grove, Illinois 60007 Hinsdale, Illinois 60521 AND $241,994.00 (US DOLLARS TWO FORTY-ONE THOUSAND NINE HUNDRED NINETY FOUR AND 00/100ths) CREDIT AVAILABLE WITH MICHIGAN AVENUE NATIONAL BANK OF CHICAGO BY PAYMENT AGAINST PRESENTATION OF THE DOCUMENTS DETAILED HEREIN AND OF YOUR DRAFTS AT SIGHT DRAWN ON US. Re: Fairmont Estates Site Development We hereby issue our Irrevocable Standby Letter of Credit in your favor for the account of Fairmont Group, Inc. and Elk Grove-Des Plaines Venture, 920 York Road Suite 2A, Hinsdale, Illinois 60521, hereafter called "Developer", for an amount or amounts not to exceed the aggregate amount of USD $241,994.00 available by your draft or drafts on sight on the Michigan Avenue National Bank of Chicago, 30 N. Michigan Avenue, Chicago, Illinois 60602, effective on the date hereof and expiring at our office at the close of business on December 31, 1993. These monies are to guarantee the completion of public improvements listed on the attached Schedule "A", for the project known as Fairmont Estates, described in the engineering plans and specifications with revisions dated October 1, 1992 prepared by Intech Consultants, Inc., approved on October 7, 1992, and agreements (including any amendments thereof) on the property legally described in Exhibit "A" (attached hereto and made a part hereof) . In the event the developer/contractor fails to complete these Improvements, on or before September 30, 1993, we hereby authorize the Village of Elk Grove to draw drafts on sight on Michigan Avenue National Bank of Chicago, up to the aggregate amount of USD $241,994.00, accompanied by a signed statement by the Village Manager or the Director of Engineering and Community Development, of the Village of Elk Grove Village certifying to the Developer in the form of Exhibit "B", dated not less than 10 days prior to the date of the draft, that any portion of the site improvements has not been satisfactorily completed in accordance with the approved plans and specifications with revisions dated October 1, 1992 prepared by Intech Consultants, Inc., approved on October 7, 1992 and agreements (including any amendments thereof). 11 W. IRREVOCABLE STAND-BY DOCUMENTARY CREDIT CREDIT NUMBER 01952 PAGE 2 In the event the work is not completed or progress initiated towards completion of the work, the Village of Elk Grove shall proceed to draw against this Letter of Credit for the purpose of completing fully said improvements in accordance with the provision herein and above set forth. We hereby agree to provide payment in full but not more than $241,994.00 of the total amount contained in the Bight draft from the Village of Elk Grove. Drafts drawn under and in conformity with the terms of this credit will be duly honored upon presentation between the date of this letter and the expiration date set forth above. Each such draft shall bear upon its face the clause "Drawn under Letter of Credit No. 1952 dated October 8, 1992." The original and any amendments to this Letter of Credit must accompany all drawings. Partial drawings are permitted under this Irrevocable Letter of Credit. Said drafts may be submitted for payment for a ninety (90) day period following completion date of this Irrevocable Letter of Credit and said draft shall be duly honored upon presentation during the ninety day (90) days in accordance with the terms and provisions herein contained. If, within thirty (30) days 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 caste 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 Fairmont Group, Inc. to properly completely install all improvements required by the Village of Elk Grove village. The amount of this letter of credit may be reduced upon receipt by the undersigned of a written statement executed by the Village Engineer of the Village of Elk Grove and signed as such, stating that a particular improvement, or portion thereof has been completed and accepted or approved by the Village of Elk Grove. The amount of reduction shall be specified in said statement. Upon our receipt of such statement we shall issue an amendment reducing the amount of this letter of credit by the amount set forth in said amendment. This Letter of Credit expires on December 31, 1993, and further provided that this Letter of Credit may expire sooner only upon release in writing by the Village of Elk Grove Village and return of this original Letter of Credit. 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. Alk 19 F. IRREVOCABLE STAND-BY DOCUMENTARY CREDIT CREDIT NUMBER #1952 PAGE 3 The undersigned shall notify the Village Manager, by certified mail, return receipt requested, at least ninety (90) days prior toi:aid expiration date that said Irrevocable Letter of Credit is about to exp e. 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. This Irrevocable Letter of Credit is subject to the "Uniform Customs and Practice for Document Credit" the International Chamber of Commerce Publication #290, Most recent revision" except as herein above modified. We hereby agree with the drawers, indorsers, and bona fide holders of drafts drawn in compliance with the terms of this credit that they shall be honored on presentation. MICHIGAN Al�" NATf�NAL/SAXK OF CHICAGO By Name-, itl RM T e EKSIDEN.1 d: 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 forth and waives any right to enjoin the Village from so proceeding." FAIRMONT/�/INC. ELK GROW/D�PZA2S VENTURE By: By: Name Nam T t14: Tit t%�"g�o Palumbo OralP#rtner 'at a Dated, By: The U �mpy Name*�� Tit 1� �Oee4v;vor By: Name: ony J.-Tantillo, Dated: 40 �V7__ Title Gener ]Wtner Dated: ECI Grjoi�u\ /�nc. By: NafnQJ Thomas W. Mdyer Title: GeneXalPartner Dated: /Q/8/ I- , 11 Note- If property is in a trust, attach a copy of the trust agreement as Exhibit C. ELK GROVE VILLAGE APPROVALACCEPTANCE: Resolution: 62-92 By: Name: Title: Dated: 11 F IRREVOCABLE STAND-BY DOCUMENTARY CREDIT CREDIT NUMBER 11952 PAGE 4 FAIRMONT ESTATES Letter of Credit No. 1952 Schedule "A" Grading $ 34,751.00 Paving $ 70,377.00 Street Lighting & Street Name $ 8,200.00 Parkway Trees & Restoration $ 11,536.00 Sanitary Sewer $ 27,072.50 Water Main $ 43,180.00 Storm Sewer S 24,878.00 TOTAL. $219,994.50 110% City Requirement $241,993.95 111 F IRREVOCABLE STAND-BY DOCUMENTARY CREDIT CREDIT NUMBER 11952 PAGE 5 FAIRMONT ESTATES Letter of Credit No. 1952 Exhibit "A" Legal Description w/ Phase Plan indicated (if applicable) : LOT 5206 IN ELK GROVE VILLAGE, SECTION 17, BEING A SUBDIVISION IN SECTIONS 25 AND 36 OF TOWNSHIP 41 NORTH, RANGE 10, EAST OF THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF, RECORDED NOVEMBER 14, 1969 AS DOCUMENT 21013188, IN COOK COUNTY, ILLINOIS. Ak 11 F. IRREVOCABLE STAND-BY DOCUMENTARY CREDIT CREDIT NUMBER #1952 PAGE 6 FAIRMONT ESTATES Exhibit "a" APPENDIX TO MICHIGAN AVENUE NATIONAL BANK OF CHICAGO LETTER OF CREDIT NO. 1952 CERTIFICATE OF DEFAULT TOz (THE DEVELOPERI THE VILLAGE OF ELK GROVE, A BODY CORPORATE AND POLITIC, DULY INCORPORATED UNDER THE LAWS OF THE STATE OF ILLINOIS, HEREBY CERTIFIES AS FOLLOWS: THAT THIS STATEMENT IS EXECUTED BY: , WHOSE TITLE IS , AND THAT IT is MADE AN57-D=VERED TO OBTAIN PAYMENT AGAINST MICHIGAN AVENUE NATIONAL BANK OF CHICAGO LETTER OF CREDIT NO. 1952 DATED OCTOBER 8, 1992 AND THAT ANY PORTION OF THE PUBLIC IMPROVEMENTS ON THE FAIRMONT GROUP, INC. PROJECT, AS SPECIFIED IN THE PLANS AND SPECIFICATIONS WITH REVISIONS DATED OCTOBER 1, 1992, PREPARED BY INTECH CONSULTANTS, INC., APPROVED ON OCTOBER 7, 1992 AND AGREEMENTS (INCLUDING ANY AMENDMENTS THEREOF) FOR THE PROJECT KNOWN AS FAIRMONT ESTATES, HAVE NOT BEEN COMPLETED WITH IN ACCORDANCE WITH SAID PLANS AND SPECIFICATIONS. THE VILLAGE OF ELK GROVE BY- DATED: ITS: 19 F IRREVOCABLE STAND—BY DOCUMENTARY CREDIT CREDIT NUMBER #1952 PAGE 7 FAIRMONT ESTATES Letter of Credit No. 1952 Exhibit "c" Copy of Trust Agreement Tifftii Tritat Agreempnt, ,� 24th july 1-5067 LOT 5206 IN ELK GROVE VILLAGE. SECTION 17. BEING A SUBDIVISION IN SECTIONS 25 AND 36 OF TOWNSHIP 41 NORTH, RANGE 10, EAST OF THIRD PRINCIPAL MERIDIAN. ACCORDING TO THE FIAT THEREOF. RECORDED NOVEMBER 14. 1969 AS DOCUMENT 2101318B. IN COOK COUNTY, ILLINOIS. CONTAINING 4.22 ACRES P.X.N. NO. 07-36-200-006 GLENN RAIL STESTERFTELD BOA Tk bu.*ee� ea� THE ELK GROVE-DES PLAINES VENTURE, a general partnership, as to one hundred (100%) percent of the beneficial interest. ceeeeexadh... we,- A ....... dwad�... adb� MA ambj...M ANGELO PALUMBO AND ANTRONY TANTILL0 AIL. 11 W. IRREVOCABLE STAND-BY DOCUNFJTTARY CREDIT CREDIT NUMBER #1952 PAGE 8 FAIRMONT ESTATES Letter of Credit No. 1952 Exhibit "C" Copy of Trust Agreement Cont. c_ 32 .00 OMF --r- U y W11 TRUSTQFF" /z KEr L 0"1. 1.*w :E:7—CMAIJ 920 YORK ROAD-SUITE 2A GU F 0 HINSDALE. ir-60SIr— (SEAL) 920 YORK ROAD - SUITE 2A AAt J. 0 HINSDALE, IL 60521 27�'X S.4 K. 15* z 34 0 0 0 0 cc E� z 34 0 ta