HomeMy WebLinkAboutRESOLUTION - 4-90 - 1/9/1990 - LOC/RELEASE ACCEPT/TALBOT'S MILL SUBRESOLUTION NO. 4-90
A RESOLUTION RELEASING IRREVOCABLE LETTER OF CREDIT NO.
16575 AND ACCEPTING LETTER OF CREDIT NO. SPL30433 FROM
THE HARRIS BANK IN THE AMOUNT OF $964,605.00 EXPIRING
NOVEMBER 1, 1991 TO GUARANTEE COMPLETION OF PUBLIC
IMPROVEMENTS IN TALBOT'S MILL SUBDIVISION (DEVON/I-290)
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees
of the Village of Elk Grove Village, Counties of Cook and Du Page, State of
Illinois:
Section 1: That the President and Board of Trustees do hereby
authorize release of Irrevocable Letter of Credit No. 16575 from Lomas
Mortgage USA in the amount of $3,107,220.00 previously accepted by
Resolution No. 55-89 and accept Irrevocable Letter of Credit No.
SPL30433 from the Harris Bank in the amount of $964,605.00 to guarantee
completion and interim maintenance of Public Improvements for Talbot's Mill
Subdivision in accordance with the Engineering plans and specifications
with revisions dated May 5, 1989, prepared by Fletcher Engineering,
approved on April 12, 1989 and agreements (including any amendment thereof).
Said Letter of credit expiring November 1, 1991.
Section 2: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED
this
9th
day
of
January
1990.
APPROVED
this
9th
day
of
January
1990.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk
INTERNATIONAL OPERATIONS DIVISION
P.O. Box 755
Chicago, Illinois 60690
OUR L/C NUMBER SPL30433
��L BANKI®
BENEFICIARY:
VILLAGE OF ELK GROVE VILLAGE
901 WELLINGTON AVENUE
ELK GROVE
ILLINOIS 60007
EXPIRY DATE NOVEMBER 01, 1991
Cable Address: HARRISBANK
Telex: 25-3417 fHARISINT CGOI
Swift Address: HATRUS44
DECEMBER 27, 1989
PAGE 1
AMOUNT AVAILABLE:
USD 964,605.00
U. S. DOLLARS
NINE HUNDRED SIXTY-FOUR
THOUSAND SIX HUNDRED FIVE AND
NO/100.
APPLICANT:
TALBOT'S MILL LIMITED
PARTNERSHIP C/O KIMBALL HILL,
INC.
5999 NEW WILKE ROAD SUITE 504
ROLLING MEADOWS
ILLINOIS 60008
THIS IS THE ORIGINAL IRREVOCABLE STANDBY LETTER OF CREDIT.
GENTLEMEN:
WE HEREBY ESTABLISH OUR IRREVOCABLE STRAIGHT LETTER OF CREDIT IN
YOUR. FAVOR FOR THE ACCOUNT OF TALBOT'S MILL LIMITED PARTNERSHIP,
HEREAFTER CALLED THE "DEVELOPER", IN THE AGGREGATE AMOUNT OF
$964,605.00 U.S.CURRENCY, AVAILABLE BY YOUR DRAFT DRAWN AT SIGHT
AND MARKED "DRAWN UNDER HARRIS BANK'S LETTER OF CREDIT SPL30433"
FUNDS MAY BE DRAWN AT SIGHT BY THE VILLAGE OF ELK GROVE WHEN AC-
COMPANIED 'tY THE FOLLOWING DOCUMENT:
STATEMENT PURPORTING TO BE 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 COMPLETED SATISFACTORILY IN ACCORDANCE WITH THE AP-
PROVED PLANS AND SPECIFICATIONS WITH REVISIONS DATED MAY 5, 1989
PREPARED BY FLEI'CHER ENGINEERING, APPROVED ON APRIL 12, 1989,AND
AGREEMENTS (INCLUDING ANY AMENDMENT THEREOF) FOR THE FOLLOWING
PROJECT: TALBOT'= MILL."
SUCH DRAFTS AND CERTIFICA'T'ES SHALL BE DATED THE DAY OF PRESENTA-
TION WHICH SHALL BE MADE AT OUR 311 WEST MONROE STREET, CHICAGO,
ILLINOIS 60606 OFFICE.
WE HAVE BEEN INFORMED THAT THE SITE IMPROVEMENTS SHALL BE COMPLE-
TED ON OR BEFORE NOVEMBER 1, 1991. 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 (THE "VILLAGE") IS HEREBY GRANTED AUTHO-
P,ITY TO DRAW UPON THIS IRREVOCABLE LETTER OF CREDIT FOR THE PUR-
POSE 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
NCI BE REDUCED FOR ANY PUBLIC IMPROVEMENTS INSTALLED OR COMPLETED
UNLESS SUCH REDUCTION IS CERTIFIED TO BY THE VILLAGE ENGINEER IN
A WRITING PRESENTED TO US STATING THAT SUCH REDUCTION HAS BEEN
APPROVED BY THE 'VILLAGE ENGINEER ON THE BASE OF SUPPORTING WAI-
VERS, LIENS AND AFFIDAVITS FROM CONTRACTORS FURNISHING MATERIAL
OR PERFORMING WORK TO COMPLETE THESE IMPROVEMENTS. THE VILLAGE
MAY SUBMIT ITS SIGHT DRAFTS AS HEREIN ABOVE PROVIDED WITHOUT THE
CONSENT OF THE "EVELOPER OR ANY OTHER PARTY.
PARTIAL uRAWINGS ARE PERMITTED UNDER THIS IRREVOCABLE LETTER OF
CREDIT. ;;AID DRtFIS MAY BE SUBMITTED FOR PAYMENT FOR A NINETY -DAY
PERIOD FOLLOWING THE EXPIRATION DATE OF THIS IRREVOCABLE LETTER
CONTINUED ON PAGE
11000 fN 3.821
INTERNATIONAL OPERATIONS DIVISION 2~ HARRIS Cable Address: HARRISBANK
P.O. Box 755 a/ Teles: 25-3417 IHARISINT CGOI
Chicago. Illinois 60690 td BMK ® Swift Address: HATRUS44
OUR LC NUMBER SPL30433 DECEMBER 27, 1989
PAGE 2
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
STRICT CONFORMITY WITH THIS IRREVOCABLE LETTER OF CREDIT, WE IM-
PROPERLY FAIL TO HONOR THE 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. WE HAVE BEEN INFORMED THAT THIS LETTER OF CRE-
DIT SHALL BE UTILIZED TO SECURE THE INSTALLATION OF ALL IMPROVE-
MENTS 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 OF ELK GROVE VILLAGE.
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 EX-
PIRATION DATE THE VILLAGE MANAGER SHALL NOTIFY THE UNDERSIGNED
IN WRITING, CERTIFIED MAIL, RETURN RECEIPT REQUESTED, THAT HE OR
SHE, BASED UPON THE ADVIC-e AND SUPPORTING DOCUMENTATION FROM THE
VILLAGE ENGINEER DOES ELECT NOT TO ARBITRARILY REQUEST RENEWAL
OF THE IRREVOCABLE LETTER OF CREDIT FOR SUCH ADDITIONAL ONE (1)
YEAR PERIOD.
THE UNDERSIGNED SHALL NOTIFY THE VILLAGE MANAGER BY CERTIFIED
MAIL, RETURN RECEIPT REQUESTED, AT LEAST NINETY (90) DAYS PRIOR
10 SAID EXPIRATION DATE THAT SAID IRREVOCABLE LETTER OF CREDIT
I
5 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.
WE HEREBY AGREE WITH YOU !",iAT DRAFTS PRESENTED UNDER AND IN COM-
PLIANCE WITH THE TERMS OF THIS CREDIT SHALL BE DULY HONORED BY US.
THIS IREEVOCABLE LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUS-
TOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1983 REVISION) INTER-
NATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 400.
r.ARR " RUST AND SAVINGS BANK
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