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Home My WebLink AboutRESOLUTION - 44-89 - 7/11/1989 - LOC/REGENT OFFICE CENTER IIRESOLUTION NO. 44-89 A RESOLUTION ACCEPTING AIV IRREVOCABLE LETTER OF CREDIT NO. 311961 FROM FIRST NATIONAL BANK OF CHICAGO IN THE AMOUNT OF $173,662.00 EXPIRING MAY 9, 1990 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS AT REGENT OFFICE CENTER II 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. 311961 from First National Bank of Chicago in the amount of $173,662.00 to guarantee completion of Public Improvements for Regent Office Center II in accordance with the Engineering plans and specifications prepared by Moretta 8 Sheehy with revisions dated March 7, 1989 and approved on April 21, 1989 on property described in Exhibit "A" attached hereto and made a part of. Said Letter of credit expiring May 9, 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 APPROVED this 11th ATTEST: Patricia S. Smith Village Clerk day of July , 1989. day of July , 1989, Charles J. Zettek Village President RECEIVED MAY 2 6 1989 ELK GROVE VILLAGE ENGINEERING DEPARTMENT VILLAGE OF ELK GROVE VILLAGE 901 WELLINGTON AVENUE ELK GROVE VILLAGE, IL 60007 GENTLEMEN: r '77:2236 �C'870 U.S.A. COMPLETION GUARANTY LETTER OF' CREDIT NO. 311961 DATE: MAY 22, 1969 AMOUNT: U. S. $1'73, 662. OU COMPLETION DATE: FEBRUARY I, 1990 EXPIRATION DATE: MAY 91 1990 WE HEREBY ESTABLISH OUR IRREVOCABLE STRAIGHT LETTER OF CREDIT TN YOUR FAVOR FOR THE ACCOUNT OF SDK INDUSTRIAL PARKS, 33 WEST MONROE STREET, CHICAGO, ILLINOIS, HEREAFTER CALLED THE "DEVELOPER" IN THE AGGREGATE AMOUNT OF U.S. $173, 662 00 (UNE HUNDRED SEVENTY THREE THOUSAND SIX HUNDRED SIXTY TWO U.S. DOLLARS), AVAILABLE BY YOUR DRAFT DRAWN AT SIGHT AND MARKED "DRAWN LINDER LETTER OF CREDIT NO. 311961 DATED MAY 2" 1989." THESE MONIES ARE TO GUARANTEE THE COMPLETION OF PUBLIC IMPROVEMENTS FOR THE FOLLOWING PROJECT: REGENT OFFICE CENTER I,1 DESCRIBED IN THE ENGINEERING PLANS AND SPECIFICATIONS WITH REVISIONS DATED MARCH 7, 1989, PREPARED BY MORETTA & SHEEHY, APPROVED ON APRIL 21, 1989, AND AGREEMEN'T'S (INCLUDING ANY AMEND- MENTS THEREOF) ON THE PROPERTY LEGALLY DESCRIBED IN EXHIBIT A :ATTACHED HERETO AND MADE PART THEREOF). MONIES MAY BE DRAWN AT SIGHT BY THE VILLAGE OF ELK GROVE VILLAGE 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 (SIGNED AS SUCH) CERTIFYING THAT ANY PORTION OF' THE SITE IMPROVMENTS "HAS NOT BEEN SA'TISFACT'ORILY COMPLETED IN ACCORDANCE WITH THE APPROVED PLANS AND SPECIFICATIONS WITH REVISIONS DATED MARCH 7, 1989, PREPARED BY MORETTA & SHEEHY, APPROVED APRIL 21, 1y8H, AND AGREEMENTS tINCLUDING ANY AMENDMENTS T'HEREuF+ FuR I'HE FOLLu'vil.NG PROJECT: REGENT OFFICE CENTER II.11 THE IMPROVEMENT'S IN THE ABOVE DESCRIBED PROJECT CONSIST OF: WATERMAIN AND APPURTENANCES SANITARY SEWER AND APPURTENANCES STORM SEWER AND APPURTENANCES ROADWAY (CURB & GLITTER, PAVEMENT) SIDEWALK THESE IMPROVEMENTS I'TEMI"ZED ABOVE SHALL BE CUMPLE'I'ED uN uk; uEF'JRE FEBRUARY 1, 1990. IF' SAID IMPROVEMENTS HAVE NUT 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 ,RANTED AUTHORITY TO DRAW UPON THIS :LRREVOCABLE LEITER uk CREDCT FOR 'THE PURPOSE OF CUMPLE'IING FULLY SAID iMPRUVEFIENT3 LN ACCORDANCE WITH THE PhUViSI(INS HEREIN AND ABOVE SL'i FJR'TH. EHE F'RINCIPLL Aiiu ONT OF 'I'I{l5 TriREVO ;iBLE LHiT'En OF �hEbl'T aLL NOT BE REDUCED Full ANY rUBLI'IMF'RUVi MENI'S irJSfgLLLLl uh i::_INTINtIEDi PAGE ORIGINAL C:J *Tne Frst Na'icnal Eanl%-r Cr,CagC RECEIVED MAY 2 6 1989 J t i R REF NCI. 0;0311 jtu; DATE ELK GROVE VILLAGE ENGINEERING DIVARTMINT 'Tc O2-Oo C !IC21 _: SG'4S dC370 U.S.A. MAY v" i :i8 COMPLETED UNLESS SUCH REDUCTION IS APPROVED BY THE VILLAGE ENGINEER IN WRITING STATING THE AMOCNT OF 'THE REDUCTION AND CERTIFYING THAT "ALL SUPPORTING WAIVERS", LIENS AND AFFIDAVITS FROM CONTRACTORS OR SUBCONTRACTORS FURNISHING MATERIAL OR PERFORMING WORK TO COMPLETE THESE IMPROVEMENTS HAVE BEEN RECEIVED BY THE VILLAGE." THE VILLAGE SHALL AUTHORIZE REDUCTIONS ONLY IN THE EXACT AMOUNT OF PAYMENT'S MADE LE5S 10 PERCENT FOR INTERIM MAINTENANCE AND SHALL NOT AUTHORIZE kEDUCTIONS WHICH WOULD REDUCE THE REMAINING AMOUNT TO LENS THAN 110 PERCENT OF THE ESTIMATED COSTS TO COMPLETE THE REMAINING PUBLIC 1MPRUVMENTS PLUS 10 PERCENT OF 'THL- Cu5'I' OF i'HE COMPLETED PUBLIC IMPROVEMENTS AS A GUARANTEE FOR MAINTENANCE FURPOSES. THE VILLAGE MAY SUBMIT ITS SIGHT DRAFTS AS HEREIN AND ABOVE PROVIDED WITHOUT THE CONSENT OF SDK LNDUSTRiAL PARKS UR ANY OTHER PARTY. PARTIAL DRAWINGS ARE CREDIT. SAID DRAFTS DAY PEHICID FOLLOWING LETTER OF CREDIT AND PRESENTATION DURING PERMS AND PROVISIONS PERMITTED UNDER THIS MAY BE SUBMITTED FOR THE COMPLETION DATE SAID DRAFT SHALL BE THE NINETY l90) DAYS HEREIN CONTAINED. IRREVOCABLE LETTER OF PAYMENT FOR A NINETY OF THIS IRREV't�_ABLE DULY HONORED UPON IN ACCORDANCE 'WITH THE 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 EXFENSES 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 ENLOR5ED uN THE REVERSE SIDE OF THE ORIGINAL IRREVOCABLE LETTER OF CREDIT BY THE VILLAGE ENGINEER AND ATTESTED BY THE CLREK. THIS IRREVOCABLE LETTER OF CREDIT SHALL BE UTILIZED TO SECURE THE INSTALLATION OF ALL IMPROVEMENTS REQUIRED UNDER THE MUNICIPAL ,;GIDE OF THE VILLAGE OF ELK GROVE VILLAGE AND SPECIFIED ON THE ENGINEERING DRAWINGS AND IN THE SPECIFICATION AGREEMENTS. THIS IRREVOCABLE LETTER OF CREDIT SHALL NOT OPERATE AS A LIMITATION UPON THE OBLIGATION OF THE SDK INDUSTRIAL PARKS TO PROPERLY Al"JU CiIMF'LETELY INSTALL ALL IMPRCIVMENTS REQUIRED BY THE VILLAGE uF ELK GROVE VILLAGE. IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY EXTENDED FOR 12 MONTHS FROM THE PRESENT OR 1114Y FUTURE EXPIRATION DATE HEREOF, UNLESS 30 DAYS PRIOR TO ANY SUCH DATE WE SHALL NOTIFY YOU BY REGISTERED MAIL THAT WE ELECT NOT TO CONSIDER THIS LETTER OF CREDIT RENEWED FOR ANY SUCH ADDITIONAL PERIOD, THE UNDERSIGNED SHALL NOTIFY I'HE VILLAGE MANAGEi;, BY "Ek TiF'iED MAIL, RETURN RECEIPT REWUESTED, AT LEAST C9U,, DAYS PRIOR T'0 AILS EXPIRATION DATE THAT SAID IRREVUGBLE LETTER iiF k:REL+I'T 1S ABOUT 'TCI EXPIRE. IT IS EXPRESSLY AGREED BY THE UNDER:jiuNED THAT THE EXPIRATiUN DATE SHALL BE AUTOMATICALLY EXPENDED AS :_IAHLL BE RE,IIUIRED Tu CCIMPLY WITH THIi3 NOTICE E'iiiiVLSIUN AND 'IFIL �GONI'INUEDI FADE ;PRIGINAL i`j°V The F r5± f:atciai Bank of Chicago OUR REF NO; 00311961 REQUIREMENTS STATED PREVIOUSLY. F TE 0230" CH!C„GO, 30570 U.S.A. _,. l Ada ,, aZ_ _ DATE: MAY c_, 1989 _. _ WE ENGAGE WITH YOU THAT DRAFTS DRAWN UNDER AND IN CONFORMITY WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED ON PRESENTATION IF PRESENTED ON OR BEFORE THE EXPIRY DATE. THE ORIGINAL LETTER OF CREDIT MUST ACCOMPANY THE DOCUMENTS REQUIRED UNDER THIS CREDIT. THE CREDIT IS SUBJECT To THE UNIFORM CUSTOMS AND PRAuTiCE FOR DOCUMENTARY CREDITS (1983 REVISION), INT'ERNAT'IONAL CHAMBER OF COMMERCE -PUBLICATION 400. PLEASE ADDRESS ALL CORRESPONDENCE REGARDING THIS LE'T'TER OF VREDI'T TO THE ATTENTION OF OUR LETTER OF CREDIT UNIT, TRADE SERVICE GROUP, MENTIONING OUR REFERENCE NUMBER AS IT APPEARS ABU VE. VERY TRULY YOURS THE FIRST NATIONAL BANK OF CHICAGO PKEPARER/AUTHORS D SIGNER AUTHORIZED SIGNER PAGE 3 ORIGINAL EXHIBIT A This page forms an integral part of letter of credit no. 311961 itsc lax, z 6 *89 o,G�°n' iwo ■ VC AT