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Home My WebLink AboutRESOLUTION - 15-89 - 3/14/1989 - LOC ACCEPTED/FAIRWAY PLAZARESOLUTION NO. 15-89 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 5315s FROM NBD ELK GROVE BANK IN THE AMOUNT OF $5,000.00 EXPIRING JANUARY 23, 1990 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS AT FAIRWAY PLAZA (Lively & Higgins) 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. 5315s from NBD Elk Grove Bank in the amount of $5,000.00 to guarantee completion of Public Improvements for Fairway Plaza in accordance with the Engineering plans and specifications with revisions dated December 16, 1988, prepared by Marchris Engineering Company, approved on January 19, 1989. Said Letter of Credit expiring January 23, 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 APPROVED this 14th ATTEST: Patricia S. Smith Village— Clerk day of March , 1989. day of March , 1989. Charles J. Zettek Village President NBD Elk Grove Bank 100 East Higgins Road Elk Grove Village, Illinois 60007 312/439-1888 Telex: 206806/190278 Cable: BANKELGR INTERNATIONAL BANKING DEPARTMENT Village of Elk Grove Village 901 Wellington Avenue Elk Grove Village, IL 60007 Gentlemen: LETTER OF CREDIT Letter of Credit No.5315s Date: January 23, 1989 Amount: $5,000.00 Completion Date: September 1, 1989 Expiration Date: January 23, 1990 We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of Fairway Plaza Limited Partnership, hereafter called the "Developer", in the aggregate amount of $5,000.00, U.S. Currency, available by your draft drawn on sight and marked "Drawn under Letter of Credit No. 5315s dated January 23, 1989. These monies are to guarantee the completion of public improvements for the following project: Fairway Plaza described in the engineering plans and specifications with revisions dated December 16, 1988, prepared by Marchris Engineering Company, approved on January 19, 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: NBD By: Its A signed statement purportedly 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 December 16, 1988, prepared by Marchris Engineering, approved on January 19, 1989 and agreements (including any amendments thereof) for the following project: Fairway Plaza By: Its; NBD Elk Grove Bank Call 100 East Higgins Road Elk Grove Village, Illinois 60007 312/439-1888 Telex: 206806/ 190278 Cable: BANKELGR INTERNATIONAL BANKING DEPARTMENT Page 2 of 4 The improvements in the above described project consists of: (X appropriate boxes). �-�'---_�Jaiexmai.a and-Ap;ausfianae� �.-(----- c ��,xaTSerse�atad.A.ppurxeiaancas 1XIII Sidewalk r -r ---- Sitreet-moi gait -s I _4 may --E fiti4r eta �} - I�-�11----- �= �•*_ �'rnrtrv)---%`3-igrta-ls� -9-igirsi-Ziaricnxl;s� r-r-----Pend-s- Weaeati ri+r :eccctixrYOSt)' �-�----�oevat ion-�fio-r�-TS£os-ioc�-�rzr��rc�rl-e•� 1XI Other (Adjust existing storm manholes) These improvements itemized above shall be completed on or before September 1, 1989. 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. NBE By: Its By: �Kz Its: e!,� NBD Elk Grove Bank 100 East Higgins Road Elk Grove Village, Illinois 60007 312/439-1888 Telex: 206806/190278 Cable: BANKELGR INTERNATIONAL BANKING DEPARTMENT Page 3 of 4 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. And then only in the exact amount of such payments less 10% for interim 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 maintenance purposes. The Village may submit its sight drafts as herein above provided without the consent of the Fairway Plaza Limited Partnership 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 expiration 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 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 Fairway Plaza Limited Partnership to properly completely install all improvements required by the Village of Elk Grove Village. 1r By: Its By: Ez. Its: //✓�—w— Gz� NBD Elk Grove Bank 100 East Higgins Road Elk Grove Village, Illinois 60007 312/439-1888 Telex: 206806/190278 Cable: BANKELGR INTERNATIONAL BANKING DEPARTMENT Page 4 of 4 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 requirements stated previously. We undertake that all drafts drawn in conformity with the terms of this Letter of Credit will be duly honored if presented to us together with the original of this Letter of Credit on or before the expiry date. This Irrevocable Letter of Credit is subject to the "Uniform Customs and Practice for Documentary Credits (1983 Revision) International Chamber of Commerce Publication #400" except as herein above modified. Very truly yours, NBI By It, By: S�Kc_ Its: EXHIBIT A Lot 1 in Fairway Resubdivision, being a Resubdivision of Lot 11 in Higgins Industrial Park Unit 10 and of lot 54 in Higgins Industrial Park Unit 36, both being a Subdivision in the Southeast 1/4 of Section 22, Township 41 North, Range 11, East of the Third Principal Meridian, in Cook County, Illinois. This is an integral part of NBD Elk Grove Bank Letter of Credit no. 5315s.