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Home My WebLink AboutRESOLUTION - 70-90 - 11/13/1990 - LOC RELEASE/BETTER LIVING SUB/SYLVAN CT RESOLUTION NO. 70-90 A RESOLUTION RELEASING IRREVOCABLE LETTER OF CREDIT NO. BLC-1988-3 ADOPTED BY RESOLUTION NO. 64-88 IN THE AMOUNT OF $7,555.00 FROM ARLINGTON FEDERAL SAVINGS AND LOAN ASSOCIATION EXPIRING SEPTEMBER 2, 1990 GUARANTEEING MAINTENANCE OF PUBLIC IMPROVEMENTS FOR BETTER LIVING SUBDIVISION (Sylvan Ct. ) NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois: SECTION 1: That the President and Board of Trustees do hereby authorize the release of Irrevocable Letter of Credit No. BLC-1988-3, in the amount of $7,555.00, adopted by Resolution No. 64-88 which expired September 2, 1990, from Arlington Federal Savings and Loan Association guaranteeing the maintenance of public improvements in accordance with Engineering Plans and specifications prepared by Norman J. Toberman Associates, and dated April 14, 1986. SECTION 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 13th day of November 1990. APPROVED this 13th day of November 1990. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk cArlingtDnFederal Campbell and Evergreen Streets,Arlington Heights,III.80005(312)255-9000 IF village of Elk Grove village Maintenance Guaranty 901 Wellington Avenue BLC-1988-3 Elk Grove, Illinois 60007 Letter of Credit No. LETTER CF CREDIT Date: Sept. 2. 1988 Amount: S 7.555.00 Expiration Date: Sept. 2. 1990 Gentlemen: We hereby establish our Irrevocable straight Letter of Credit in your favor for the account of Better Living Company. Inc. , hereafter called the "Developer", in the aggregate amount of $ 7,555.00 , U. S. Currency, available by your draft drawn on sight and marked "Drawn, under Letter of Credit No. BLC-1988-3 dated Sept. 2, 1988 These monies are to guarantee the maintenance of public improvements for the following project: Better Living Subdivision described in the engineering plans and specifications with revisions dated April 14, 1986 , prepared by Norman J. Toberman Associates , and agree- ments (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 maintained. The improvements in the above described project consist of: (X appropriate boxes) . waternain and Appurtenances I AI sanitary sewer and Appurtenances 0 storm sewer and Appurtenances 0 Roadway (Curb S Cutter, Pavement) ARLINGTON HEIGHTS FEDERAL SAVINGS AND LOAN ASSOCIATION Sidewalk ® Street Lights Parkway (Trees, etc.) Traffic Control (Signals, Signs, Markings) Ponds (Detention/Retention) X� Excavation (Soil Erosion Control, Stockpile) Q Other (Retaining walls, etc.) 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 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 maintenance 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 Better Living Company, Inc. to properly maintain 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 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 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. Dated: Setpember 2, 1988 Issuing Financial Institution: ARLINGTON HEIGHTS FEDERAL SAVINGS & LOAN ASSN. By: �Y"J (Name) (Title) Robert T. Kowall , Vice President 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: (1)�� (? i Name and Title - Name nd Title Don C. Gearhart, President Nancy Gearhart, Secretary Note: if property is in a trust, attach a copy of the trust agreement as Exhibit. Village Officials Approal/Acceptance Resolution: (Title) (Date) EXHIBIT A Legal Description w/Phase Plan indicated (if applicable) Village Officials Release Resolution: (Title) (Date) RIDER "A" LEGAL DESCRIPTION THE SOUTH 290 FEET (MEASURED ALONG THE EAST LINE) OF THE E4ST 450.65 FEET (MEASURED ON THE SOUTH LINE) OF THAT PART OF THE SOUTHEAST 1/4 OF SECTION 29, TOWNSHIP 41, NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED BY BEGINNING AT A POINT IN THE WEST LINE OF SAID QUARTER 21.44 CHAINS (1415.04 FEET) NORTH OF THE SOUTHWEST CORNER OF SAID SOUTHEAST IN THENCE SOUTH 87 DEGREES EAST 1479 FEET TO AN IRON STAKE IN THE CENTER OF ROAD: THENCE NORTHERLY IN THE , CENTER OF SAID ROAD 450.89 FEET TO AN ANGLE IN SAID ROAD: THENCE NORTH IN THE CENTER OF SAID ROAD 84.11 FEET TO AN IRON STAKE: THENCE NORTH 89 AND THREE FOURTHS DEGREES WEST 1499.4 FEET TO A POINT IN THE WEST LINE OF SAID QUARTER 535 FEET NORTH OF PLACE OF BEGINNING: THENCE SOUTH ALONG THE WEST LINE OF SAID QUARTER 535 FEET TO THE PLACE OF BEGINNING, IN COOK COUNTY, ILLINOIS. PERMANENT TAX ID NUMBER: 08-29-400-048 COMMONLY KNOWN AS: THE BETTER LIVING SUBDIVISION ELK GROVE VILLAGE, ILLINOIS