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Home My WebLink AboutRESOLUTION - 55-90 - 8/14/1990 - LOC RELEASED/2001 & 2021 LUNT RESOLUTION NO. 55-90 A RESOLUTION RELEASING IRREVOCABLE LETTER OF CREDIT NO. 89-011044 FROM FIRST ILLINOIS BANK OF EVANSTON IN THE AMOUNT OF $2,970.00 EXPIRING SEPTEMBER 1, 1990 ACCEPTED BY RES. 63-89 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS AT ROLLEX CORPORATION (2001 & 2021 LUNT AVENUE) 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 the release of Irrevocable Letter of Credit No. 89-011044 previously accepted by Resolution No. 63-89 from First Illinois Bank of Evanston in the amount of $2,970.00 to guarantee completion of Public Improvements for Rollex Corporation in accordance with the Engineering plans and specifications with revisions dated August 9, 1989, prepared by G & C Consulting Engineers, Inc. , approved on August 9, 1989 on property located at 2001 & 2021 Lunt Avenue and expiring September 1, 1990. Section 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 14th day of August 1990. APPROVED this 14th day of August 1990. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk First Illinois Bank 800 Street/P0 Box 712 Evanston, IL 602040712 of Evanston, N.A. 312)866-5500/Telex# 253129 Page 1 of 2 Irrevocable Letter of Credit Beneficiary: Village of Elk Grove Village Letter of Credit No. 89-011044 901 Wellington Avenue Date: August 24, 1989 Elk Grove, Illinois 60007 Amount: $2,970.00 U.S. Completion Date: September 1, 19S Expiration Date: September 1, 19S Gentlemen: We hereby establish our Irrevocable Letter of Credit in your favour for the account of W.B. Olson , Inc. , hereafter called the "Developer" , in the aggregate amount of $2,970.00, U.S. Currency; available by your draft drawn on sight and marked "Drawn under Letter of Credit No. 89-011044 dated August 24, 1989." These monies are to guarantee the completion of public improvements for the following project: Rollex described in the engineering plans and specifications with revisions dated August 9, 1989, prepared by G & C Consulting Engineers, Inc. , approved on August 9, 1989, 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 with the approved plans and specifications with revisions dated August 9, 1989, prepared by G & C Consulting Engineers Inc. , approved on August 9, 1989 and agreements (including any amendments thereof) for the following project: Rollex. The improvements in the above described project consists of sidewalk and parkway (trees , etc. ) . These improvements itemized above shall be completed on or before September 1, 1990. 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. The Village may submit its drafts as herein above provided without the consent of the "Developer" or any other party. - 800 .d Street/PO Box 712 First Illinois Bank Evanston, IL 60204-0712 1( of Evanston, N.A. (312)866-5500/Telex# 253129 Page 2 of 2 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 (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 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 installa- tion 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 improve- ments 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 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. 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 under- signed 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 No. 400, 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. Sincerely, Firs linois Bacnk v Ston , N.A. Jo n C. Schellinger Paul E. Baily Vice sident U Vice President W. B. OLSON, INC. August 26 , 1989 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 processing. " Date: Developer/Owner : (1) Name and Title (2) Name and Title 3235 Arnold Lane Northbrook,Min ois 80088 312498-3800 EXHIBIT "A" 2001 LUNT AVENUE Being a subdivision in Section 35, Township 41 North Range 11, East of the Third Principal Meridian in Cook County, Illinois. 2021 LUNT AVENUE The West 228.0 feet of the East 435.40 feet as measured at right angles to the East line thereof of Lot 17 in Centex Industrial Park Unit 3, being a subdivision in Section 35, Township 41 North, Range 11, East of the Third Principal Meridian, (excepting from said parcel that lying Southeasterly of a line drawn from a point in the East line thereof 14.0 feet North of the South- east corner thereof to a point in the South line, thereof 50.0. feet West of the Southeast corner thereof) in Cook County, Illinois.