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HomeMy WebLinkAboutRESOLUTION - 38-90 - 6/26/1990 - LOC ACCEPTED/CASTLE'S RESUBRESOLUTION NO. 38-90 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 3628 FROM HARRIS BANK ROSELLE EXPIRING MAY 31, 1991 IN THE AMOUNT OF $145,607.00 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS AT CASTLE'S RESUBDIVISION (DEVON/WOOD DALE RD.) 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 Letter of Credit No. 3628 from Harris Bank Roselle in the amount of $145,607.00 to guarantee completion of public improvements for Castle's Resubdivision, Devon/Wood Dale Road in accordance with engineering plans and specifications prepared by Cowhey Gudmundson Leder, Ltd., approved May 29, 1990 with revisions dated May 4, 1990. Said Letter of Credit expiring May 31, 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 26th day of June , 1990. APPROVED this 26th day of June , 1990. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk Harris Bank 106 East Irving Park Road Telephone (708)980-2700 Roselle Roselle, IL 60172 HARRIS BANK ROSELLE LETTER OF CREDIT BENEFICIARY: Village of Elk Grove Village 901 Wellington Avenue Elk Grove, Illinois 60007 APPLICANT: Jerry M. Castle 190 Devon Avenue Bensenville, Illinois 60106 Letter of Credit No. 3628 Date: Mav 31, 1990 Amount: $145,607.00 Completion Date: Mav 31, 1991 Expiration Date: Mav 31, 1991 Gentlemen: We hereby establish our Irrevocable Letter of Credit in your favor for the account of Jerry M. Castle, hereafter called the "Developer," in the aggregate amount of $145,607.00, U.S. Currency, available by your draft drawn on sight and marked "Drawn under Letter of Credit No. 3628 dated May 31, 1990. These monies are to guarantee the completion of public improvements for the following project: Devon/Wood Dale Road Subdivision described in the engineering plans and specifications with revisions dated May 4, 1990, prepared by Cowhey Gudmundson Leder, Ltd., approved on May 29, 1990, and agreements (including any amendments thereof) 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 signed statement 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 satisfactorily completed in accordance vi' , ow^erJ >,, q Sid.n r :,f N_t; r,, Bankr,o,n Hams Bank Roselle Page 2 Letter of Credit No. Beneficiary: Village Applicant: Jerry M 3628 of Elk Grove Village Castle May 31, 1990 with the approved plans and specifications with revisions dated May 4, 1990, prepared by Cowhey Gudmundson Leder, Ltd., approved on May 29, 1990 and agreements (including any amendments thereof) for the following pro- ject: Devon/Wood Dale Road Subdivision. The improvements in the above described project consist of: A: Watermain and appurtenances B: Sanitary Sewer and Appurtenances C: Storm Sewer and Appurtenances D: Roadway (Curb & Gutter, Pavement) E: Sidewalk F: Parkway (Trees,.etc.) G: Traffic Control (Signals, Signs, Markings) H: Excavation (Soil Erosion Control, Stockpile) These improvements itemized above shall be completed on or before May 31, 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 Village (the "Village") is hereby granted authority to draw upon this Irrevocable Letter of Credit for the purpose of completing fully said improve- ments 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 affi- davits 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 in- terim 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 Harris Bank Roselle Page 3 May 31, 1990 Letter of Credit No. 3628 Beneficiary: Village of Elk Grove Village Applicant: Jerry M. Castle maintenance purposes. The Village may submit its sight drafts as herein above provided without the consent of Jerry M. Castle 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 this Irrevocable Letter of Credit and said draft shall be duly honored upon presentation during the ninety day (90) days and prior to expiration in accordance with the terms and provisions herein contained. If, within thirty (30) days of the date of any demand (made prior to the expiration of May 31, 1991 or as extended, and in conformity with the terms of 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 orig- inal 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 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 Jerry M. Castle to properly 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 expiration date of May 31, 1991 to May 31, 1992 unless thirty (30) days prior to expiration 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. Hams Bank Roselle Page 4 May 31, 1990 Letter of Credit No. 3628 Beneficiary: Village of Elk Grove Village Applicant: Jerry M. Castle 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 automat- ically 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 Documentary Letters of Credit" the International Chamber of Commerce Publication on 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. Date: May 31, 1990 Issuing Financial Institution: HARRIS BANK ROSELLE By: Title 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." Date: Developer/Owner: Jerry M. Castle Personally and Individually Note: If property is in a trust, attached a copy of the trust agreement as Exhibit. Harris Bank Roselle Page 5 May 31, 1990 Letter of Credit No. 3628 Beneficiary: Village of Elk Grove Village Applicant: Jerry M. Castle VILLAGE OFFICIALS APPROVAL/ACCEPTANCE Resolution: (Title) (Date) EXHIBIT A Legal Description w/Phase Plan indicated (if applicable) VILLAGE OFFICIALS RELEASE Resolution: (Title) (Date) LEGAL DESCRIPTION OF LOT 5 IN EMMA KRUEGER'S SUBDIVISION OF A PART OF THE NORTH HALF OF THE NORTHWEST QUARTER OF SECTION 3 AND A PART OF THE NORTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 4. TOWNSHIP 40 NORTH, RANGE 11. EAST OF THE. THIRD PRINCIPAL MERIDIAN. IN DUPAGE COUNTY. !LLINOIS.