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Home My WebLink AboutRESOLUTION - 25-89 - 4/25/1989 - LOC ACCEPTED/1800 LUNT AVERESOLUTION NO. 25-89 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 54595 FROM NBD ELK GROVE BANK IN THE AMOUNT OF $1,128.00 EXPIRING MARCH 27, 1990 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS AT 1800 LUNT AVENUE (Edital Corp.) 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. 54595 from NBD Elk Grove Bank in the amount of $1,128.00 to guarantee completion of Public Improvements for Edital Corporation, 1800 Lunt Avenue in accordance with the Engineering plans and specifications prepared by Norman J. Toberman and Associates, with revisions dated February 8, 1989 and approved on March 17, 1989. Said Letter of credit expiring March 27, 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 25th day of April , 1989. APPROVED this 25th day of April 1989. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk _ . NBO Elk_Grove Sank 100 Eas: Higgins RoadUN -. Elk-Grove.Village, Illinois 60007 3121;439-1888 Teles: 206806;190278 Cable: RANKELGR - - IAI_TERNATIONAL, BANKING DEPARTMENT a LETTER OF- _CREDIT _ O Village_o'f. Elk 'Grove: -Village: Letter of-Credit-No.54595 +� 901Welli—ngton Avenue. - DaEe::_March.28,. 1989 e. - - - Date:.-March,28,, - Elk Grove Village,- IL=60007 _Amounts $LPl28.00:- - - -- - _ - Expiration Date: -March -27, 1990 Gentlemen:. - - - W--heraby establish_our _Lrrevocable Straight Letter of Credit in your favor for the account of-Edital-Corporation hereafter called the "Developer", - in the aggregate amount -of .$1f128.00, U S`.__currency,-available-by your draft drawn on sight and marked -_'Draum under= Letter -of Credrx. Na.,5459S-_dated. March 28, 1989. These monies are to - guarantee' -the completion of public improvements -for the-following.project: 1800 Lunt - Avenue Elk Grove'-VLIIage==described iu.the.engineering plans andspecificationswith revisions .dated February a-, 1989, -prepared by -Norman -J. Toberman.& Associates, approved —- - - - -o n March 17,,1989,_ and agreements (rncluding.any amendments thereof).oa the property legally -.described in Exhibit A Eattached here t¢=and-made part thereof) Monies may be drawn on_si ht by -the Village. of`Elk_,Grove when -accompanied -by the following document: i_g e - �temene purportedLg b}r_ the•=Village-.Maaager or any other duly A. -s ned. ata - _ `authoriied'official-of' the Village of -Elk_Grove Village certifying that any - - - -_ portion.of the: site-improvemeata frau not been..satisfactorily completed in .-accordance with -.the - -approved _ p.lana,and.specifications with revisions dated February 1�,. 19$9, prepared b- -Norman J. Toberman & Associates, approved on March 17, 1989 and agreements (including any amendments. -thereof) for the following — project: 1800' Lunt'Avenue, Elk Grove Iiillage _- - - - NED LK GROVE BANK y'B �� } �� "w) Sauk Et Gro ins Road 312'439,1 yitta� Gatpfnbi56C e, ble: elex 6E06, IN RNATIQ IlA KEL R d 190278 -= N.91.8A,1�KING p -- _: SPARr�uENT for PrinclP3e - any Public 1 a'aount of t = the Village, mpra"emencs_.an his Irrej,ocable Page 3 of 4 . COntractors or a1tteer In writing Ied"or camAlet�a eCttr of Credit ah 2mProve uhcontrac th supPor unless au al"1 not menmainCeq n ets. Th nd then on, Y xn urn18h;n6 ma ;a�aiverst liens a ction I� PProved °f the zs rams, the exact or. "Perf0 nd affidavit fro cost" of __ raced Baste to c g am°unt=ahall;namount gf au�b P Fork to tomPle m oi1I age Y euev P1ete pub. O7gmlete the ama'nitt he redo an-enleaa"10%"for ince zs a ma d li rams, red_ a lic DevelgPer or any. ot��s. Part dr ft* saes Brei "a gu ranee for - asovemen� Plus In than 1102 Per Y _ n-above prop -. maintenance. of the be al drawyn$8`ar = = ided withoC t Purpoaes. The sub mitted for-- a Perm4tted Under:. = he �Onsent of the this Irr�v Yment,fo this Irr- during the °Cable- Letter-qf r I hlnst3! {Si01 ev°Cable. Letter nanet Credit ay Perlo °f Credit, COgtazned Y_daY C10) days i $ cO7id draft _s L beOw�$ ��zrsaid drafts raay _ n he at.i 2f, withi attce with - du- honor °n date of this Irrevq�8ble. n thzrt� {301 da t: the terms and Prov nPon Presentation qr Y fees 1t Of" CTed. of he, dat - ;mons herein n att ne Let er Ya t Gro" Mlle , Conrt caeta,a_ itk"p vented of ny demand °f-each ge in enforcz nd Other rasa r we fall to:ho imade-ih Confor draftMust,- b __ ng the.te °nable ex.._ nor same mitY with redit by Che q ITa$e end 0 thi Orsed an reverse Trre�Q b $s.;ncurred.tiy the agree" tO Pay all shall`be._ glneer an - er8e side - Letter of �iIla$e of the MuniC pal. °txlized to. se, d tested . _ the`Ori Credit, Th Elk at of I _cur t by th- CIe sinal - e amo C aling� ana,la he of the V;Ila$e oche i4atellati.gn ofrk. ` This Irrevo epOcabI Lett r of shall nqt t'Perat aPecifiCeti an Elk Grave vll all imprjageove:-.. able Letter o cOmPIately ittstell alt i mxtat2on upon theree!°enfs. hisaPecif�ed onMents rrrthe uzred under NBD ROVE BA Provement reireby he Vi11 the navel per Ctter f Credit ng �, $Y. r%L� v. f Elk Grove p �rOperly Is o Its: in ) _MD Elk Grove Bank 100 East Higgins Road - Elk Grove Village, Tllinors 60007 312!439-1888 .Telex: 206&W 190278 Cable: BANKELGR _ iN4ER:NATIGNAL BANKING -DEPARTMENT - Page 4 of 4 If is -a condition of=this: Irrevocable Letter.of Credit that it shall be automatically extended for one year fromthepresent expiration date hereof unless thirty (307 days prior -to such -expiration date the-Village-Ttanager shall notify the undersigned_ -in writing_cert.ifi:ed 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 (-17 year._period without due cause. The -undersigned shall notify the Village hanger,, by certified mail, return receipt requested,_ at Ieastadnety (90) flays prior to said expiration date that said - -_ } Irrevocabl'e Letter, of -.Credit --is about-- to-=expire.�-It is expressly agreed, by the undersi ned-tat the ex iration-date.shall be automatically _g. h _ p' extended as shall be required -to 'comply with.this--novice provision and'requi-remeata stated previously. - We.undertake.that=alr drafta 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 ex before_the_it date. - - -- - P y:. -- - This Irrevocable Letter_of-Cred>E is, -subject, to the "Uniforta Customs and PracticeL for Documentary Credits 0198-3 Revision) -International Chamber of Commerce =- Publication #400': -except :as; herein above modified.. Very_ truly youra, . NBDC GROVE B - _ �- - _ - n _ ,3. _ Its. _ ,._' _ EXHIBIT A Lot 2 in Gullo/Lunt 6 83 Resubdivision being a Resubdivision in Section 35, Township 41 north, Range 11, East of the Third Principal Meridian, in Cook County, Illinois.