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Home My WebLink AboutRESOLUTION - 43-89 - 7/11/1989 - LOC/MORGANFIELD SUB UNIT 2RESOLUTION NO. 43-89 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 89-9 FROM BANK OF BUFFALO GROVE IN THE AMOUNT OF $39,571.00 EXPIRING JUNE 1, 1990 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS IN MORGANFI17LD SUBDIVISION UNIT 2 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. 89-9 from Bank of Buffalo Grove in the amount of $39,571.00 to guarantee completion of Public Improvements for Morganfield Subdivision Unit 2 in accordance with the Engineering plans and specifications with revisions dated January 30, 1989, prepared by INTERCOM ENGINEERING CORP, and approved on June 1, 1989 on property described in Exhibit "A" attached hereto and made a part hereof. Said letter of credit expiring June 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 11th day of July , 1989. APPROVED this 11th day of July , 1989. Charles J. Zettek Village rest ent ATTEST: Patricia S. Smith Village Clerk Bank of Buffalo Grove 10 EAST DUNDEE ROAD BUFFALO GROVE, ILLINOIS 60089 AREA CODE 312 537-3900 LETTER OF CREDIT NO. 89-9 June 1, 1989 Mr. Allan Boffite Village of Elk Grove Village 901 Wellington Avenue Elk Grove, Illinois 60007 Dear Mr. Boffite: Completion Guaranty Letter of Credit No. Date: Amount: Completion Date: Expiration Date: 89-9 6/01/89 $39,571.00 6/01/90 We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of LUNN LIMITED, hereafter called the "Developer", in the aggregate amount of $39,571.00 U. S. Currency, available by your draft drawn on sight and marked "Drawn under Letter of Credit No. 89-9 dated 6/01/89. These monies are to guarantee the completion of public improvements for the following project: MORGANFIELD SUBDIVISION UNIT 2 described in the engineering plans and specifi- cations with revisions dated 1/30/89, prepared by INTERCOM ENGINEERING CORP., approved on June 1, 1989, and agreements (including any amendments thereof) on the property legally described in Exhibit A (attached hereto and made a part thereof). Monies may be drawn on sight by the Village of Elk Grove when accom- panied by the following document: A signed statement by the Village Manager or any other duly author— ized 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 1/30/89, prepared by INTERCOM ENGINEERING CORP. approved on 6/01/89 and agreements; (including any amendments thereof) for the following project: MORGANFIELD SUBDIVISION UNIT 2 The improvements in the above described project consist of: (X appropriate boxes). X Water Services X Sanitary Sewer and Appurtenances X Storm Sewer and Appurtenances Roadway (Curb 8 Gutter, Pavement) X_ Sidewalk X Street Lights X Parkway (Trees, etc.) Traffic Control (Signals, Signs, Markings) Ponds (Detention/Retention Excavation (Soil Erosion Control, Stockpile) Other (Retaining Walls, etc.) These improvements itemized above shall be completed on or before 6/01/90. 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 conn plate 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 im- provements plus 10% of the completed public improvements as a guarantee for main- tenance purposes. The Village may submit its sight drafts as herein above pro- vided without the consent of LUNN LIMITED 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 in accordance with the terms and pro- visions 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 terns of this Irrevocable Letter of Credit. The amount of each draft must be endorsed on the reverse side of the original Irrevoc- able 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 obli- gation of LUNN LIMITED 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 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 ad- vice and supporting documentation fron the Village Engineer that he or she does elect not to arbitrarily request renewal of this Irrevocable Letter of Credit for such add- itional 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 Irrevoc- able 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 Fractice 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: Issuing Financial Institution: Bank of Buffalo Grove By: c./George . Miller, Executive 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: -*2c2_fs�Lc/' Lunn, A�Zsident - Lunn Limi Note: If prpperty is _V a trust, attach a copy of the trust agreement as Exhibit. -s - Village Official* Approval/Acceptance Resolution: (Title) (Date) - Exhibit A Legal Description a/Phase Plan indicated (if applicable) Village Officials Release (Title) (Date) Resolution: Armlbdivision of Outlet "A" in Morganfield Subdivision, being a resubdivision of part of the Southeast Quarter of Section 36, Township 4L North, Range 10, East of the Third Principal Meridian in Cook County, Illinois.