HomeMy WebLinkAboutRESOLUTION - 55-89 - 9/12/1989 - LOC/TALBOT'S MILL SUB/DEVON & I 290 RESOLUTION NO. 55-89
A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO.
16575 FROM LOMAS MORTGAGE USA IN THE AMOUNT $3,107,220.00
EXPIRING MAY 15, 1991 TO GUARANTEE COMPLETION OF PUBLIC
IMPROVEMENTS IN TALBOT'S MILL SUBDIVISION (DEVON/I-290)
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. 16575 from
Lomas Mortgage USA in the amount of $3,107,220.00 to guarantee completion
of Public Improvements for Talbot's Mill Subdivision in accordance with
the Engineering plans and specifications with revisions dated May 5, 1989,
prepared by Fletcher Engineering, approved on April 12, 1989 and
agreements on property legally described in Exhibit "A" attached hereto and
made a part of. Said Letter of credit expiring May 15, 1991.
Section 2: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED this 12th day of September 1989.
APPROVED this 12th day of September 1989.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Vi Mage C erk
LOMAS MORTGAGE USA
A member of the
• Lomas Financial Group
2001 Bryan Tower
Post Office Box 655644
Dallas, Texas 75265-5644
Telephone (214) 746-7111
IETTF,R OF CREDIT
Village of Elk Grove Village Completion Guaranty
901 Wellington Ave. Letter of Credit No. : 16575
Elk Grove, IL 60007 Date: August 22, 1989
Amount: $3, 107,220.00
Completion Date: 5/15/91
Expiration Date: 5/15/91
Gentlemen:
We hereby establish our Irrevocable Straight Letter of Credit in
your favor for the account of Talbot's Mill Limited Partnership,
hereafter called the "Developer", in the aggregate amount of
$3, 107,220.00, U.S. Currency, available by your draft drawn on sight and
marked "Drawn under Letter of Credit No. 16575 dated May 15, 1989. These
monies are to guarantee the completion of public improvements for the
following project: Talbot's Mill described in the engineering plans and
specifications with revisions dated May 5, 1989, prepared by Fletcher
Engineering, approved on April. 12, 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:
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 satisfactory
completed in accordance with the approved plans and specifications
with revisions dated May 5, 1989, prepared by Fletcher Engineering,
approved on April 12, 1989, and agreements (including anv
amendments thereof) for the following project: Talbot 's Mill.
Such drafts and certificates shall be dated the day of presentation which
shall be made at cur Illinois office at 1.301 W. 22nd St . , Si_tite 301, Oak
Brook, IL 60521 . if we receive your draft and certificate at such
office, all in strict conformity with the terms and condition of this
Letter of Credit, on or before the third banking date preceding the date
of the expiration date, we will honor the same on the third banking day
after presentation thereof in accordance with your payment instructions.
1. of Elk Grove Village
Page 2
8/22/89
The improvements in the above described project consist of:
Watermain and Appurtenances $452, 974
Sanitary and Sewer Appurtenances 336, 157
Storm Sewer and Appurtenances 696, 109
Roadway (Curb & Gutter, Pavements, Sidewalks) 1,442, 790
Street Lights 68, 640
Parkway (Trees, etc. ) 110, 550
Total $3, 107,220
These improvements itemized above shall be completed on or before
May 15, 1991. 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 (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 furnishing material or
performing work to complete these improvements. And then only in the
exact amount of such payment less 108 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 Developer 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
(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 :_imitation upon the obligation of the
Developer to properly completely install all improvements required by the
Village of Elk Grove Village.
of Elk Grove Village
Page 3
8/22/89
It is a condition of this Irrevocable Letter of Credit that it
shall be automatically extended for one year from the present expiration
date here of 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 the 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, endorsers,
and bona fide holders of drafts drawn in compliance
with the terns of this credit that they shall be
honored on presentation.
Dated: Aueust: 29, 1989
LOMAS MORTGAGE USA /��j� �,�/�
By: V, "_ Z/ z _2a') L/ 2 d�U�
(Name) (Title)
*************************************************************************
Dev oyer/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: August 29, 1989
Developer/Owner: (1) _ a� c ��
David K. HAl,(N-hme Ti le)
President
(2)
(Name & Title)
Note: If property is in a trust, attach a copy of the trust agreement as
Exhibit .
LEGAL DES.'2IP^.IoM
PAR-E, 1
THE SOUTHWEST QUARTER OF THE SOUTHWEST QUARTER (EXCEPT THE
EAST 981.93 FE=^. THEREOF ANO EXCEPT ANY PART FALLING IN DEVON
AVENUE) IN SECTION 12, TOWNSHIP 41 NORTH, RANGE 11, EAST
OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
PARCEL 2
THAT PART OF THE SOUTH HALF OF FRACTIONAL SECTION 31, TOWNSHIP
. 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN,
IN COOK COUNTY, ILLINOIS, DESCRIBED AS FOLLOWS: BEGINNING
AT THE SOUTHEAST CORNER OF SAID SECTION 31, THENCE RUNNING
NORTH 20 CHAINS; THENCE WEST 8.25 CHAINS: THENCE SOUTH 20
CHAINS: THENCE EAST 6.25 CHAINS TO THE PLACE OF BEGINNING
(EXCEPTING THEREFROM THE WEST 350 FEET OF THE SOUTH 80 FEET
THEREOF AND EXCEPTING ANY PART FALLING IN DEVON AVENUE).
PARCEL 3
THAT PART OF A TRACT OF LAND IN THE SOUTH HALF OF SAID SECTION
31, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL
MERIDIAN, DESCRIBED AS FOLLOIJS: BEGINNING AT THE SOUTHWEST
CORNER OF SAID SECTION 11: THENCE EAST ON TEE LINE BETWEEN
COOK AND DUPAGE COUNTIES, 47.66 CHAINS; THENCE NORTH 20 CHAINS;
THENCE EAST 8.34 CHAINS TO TBE EAST LINE OF SAID SECTION;
THENCE NORTH 10.46 CHAINS: T:iENCE WEST 54.50 CHAINS TO THE
WEST LIVE OF SAID SECTION: ViENCE SOUTH 30.50 CHAINS TO THE
PLACE OF BEGINNING, LYING EAGT OF TH£ FOLLOWING DESCRIBED
LINE: BEGINNING IN TPNH SOUT3 LINE OF SAID TRACT, 47.66 CHAINS
EAST OF THE SOUTHWEST CORNER THEREOF. SAID POINT BEING 552.05
FEET WEST OF THE SOUTHEAST CORNER OF SAID SOUTH HALF; THENCE
NORTH ON THE EAST LINE OF SA.:D TRACT TO A POINT OF INTERS-TION
WITH A LINE 80 FEET NORTH OF AND PARALLEL WITH SAID SOUTH
LINE; THENCE NORTH 89. 39' 05' WEST AND PARALLEL WITH SAID
SOUTH LINE, 46.73 FEET; THENCE NORTH 84. 17' 44" WEST ALONG
A STRAIGHT LINE, A DISTANCE OF 803.51 FEET TO A POINT: THENCE
WEST ALONG A STRAIGHT LINE PAI LEL WITH SAID SOUTH LINE
OF SAID SECTION, A DISTANCE OF 43.90 FEE TO A POINT; THENCE
NORTH 9' 00' 42' WEST ALONG A STRAIGHT LINE, A DISTANCE OF
584.34 FEET TO A POINT: THENCE NORTH 12. 38' 29" WEST ALONG
A STRAIGHT LINE, A DISTANCE OF 507.04 FEET TO A POINT, THENCE
NORTH 13. 25' 30' WEST ALONG A STRAIGHT LINE, A DISTANCE
OF 779.26 FEET TO A POINT ON THE NORTH LINE OF SAID TRACT.
SAID POINT BEING 1731.09 FEET WEST OF THE NORTHEAST CORNER
OF SAID TRACT: EXCEPT THEREFROM THE FOLLOWING; Conll=CING
AT THE SOUTHWEST CORNER OF SLCTION 31 AFORESAID; THENCE
SOUTH 89. 19' 05' EAST OF THE: SOUTH LIKE THEREOF, 47.66 CHAINS,
SAID POINT BEING 552.05 FEET WEST OF THE SOUTHEAST COMER
OF SAID SOUTH HALF; THENCE NORTH 2' 47' 48" WEST TO THE I9TER-
SECTION WITH A LINE 80 FEET Y.ORTH OF AND PARALLEL WITH SAID
SOUTH LINE: THENCE NORTH 89. 39' 05' WEST AND PARALLEL WITH
SAID SOUTH LINE, 46.71 FEET; THENCE NORTH 84. 17' 44" WEST,
A DISTANCE OF 674.08 FEET FOF. A PLACE OF BEGINNING; THENCE
CONTINUING NORTH 84. 17' 44' WEST, 129.43 FEET; THENCE WEST
PARALLEL WITH SAID SOUTH LINI:, 43.90 FEET; THENCE NORTH 9-
00- 42' WEST, 231.70 FEET; THENCE SOUTH 84. 17. 44" EAST,
232.00 FEET: THENCE SOUTH S' 42' 16' WEST, 220.00 FEET TO
THE PLACE OF BEGINNING, ALL IN COOK COUNTY, ILLINOIS.
PARCEL 4
THAT PART OF THE SOUTH HALF OF FRACTIONAL SECTION 31, TOWNSHIP
41, RANGE 11 EAST OF THE TBTF.D PRINCIPAL MERIDIAN IN COOK
COUNTY, ILLINOIS DESCRIBED AS FOLLOWS: COMENCING AT THE
SOUTHEAST CORNER OF SAID SECTION 31; THENCE NEST 8.25 CHAINS
(544.50 FEET) TO THE PLACE OF BEGINNING; THENCE CONTINUING
0.09 CHAINS (5.94 FEET) TO A POINT (552.05 FEET WEST OF SAID
SOUTHEAST CORNER OF SECTION 31, SAID POINT) H£ING RECORDED
47.66 CHAINS (3145.56 FEET? EAST OF THE SOUTHWEST CORNER
OF SAID SECTION 31; THENCE NORTH 20 CHAINS (1320.0 FEE]:
THENCE EAST 0.09 CHAINS (5.94 FEET..): THENCE SOUTH 20 CHAINS
(1320.0 FEET) TO THE PLACE OF BEGINNING (EXCEPTING THEREFROM
ANY PART FALLING IN DEVON AVENUE).
ALSO
ALL THAT PART TAKEN FOR RIGHT OF WAY ISEING RECORD 33.0 FEET
IN WIDTH) LYING SOUTH OF AND ADJOINING LOTS 21, 22, 37 6 38
IA ITASCA MEADOW FARMS, BEING A SUBDIVISION OF PART OF SECTION '
31, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL
MERIDIAN ACCORDING TO THE PLAT THEREOF RECORD JULY 9, 1948
AS DOCUMENT NU:,BER 14353084. IN COOK COUNTY, ILLINOIS.
ALSO
ALL THAT PART OF DEVON AVENUE IN SECTION 31 4 32, TOIJRSHIP
41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL lIZRIDIA::.
LYING EAST Cr THE SOUTHERLY ESTSNSICN OF THE EASTERLY MOST
WESTERLY LINE OF SAID PARCEL 3 HEREINABOVE DESCRIBED AND
LYING ;:EST OF THE SCUTY.LRLY ECTENSION OF THE EASTERLY LINE
OF STAID PARCEL 1 HEREINABOVE IESCRISED, IN COOK COUNTY. ILLINOIS.
EXCEPT FROM ALL CF THE
E ABOVE WY PART CUVRENTLY SITUATED
WITHIN TRE MUNICPALL1:12T5 07 ANY MU:IICIPALITY.
• v a� y �p
�um6er 43 A
LICENSE TO ACT AS A RESIIJENTIAL MORTGAGE LICENSEE
Moo to to rrr##fig
Tf�tt#
LOMAS MORTGAGE VSA, INC.
2001 BRYAN TOWER
P.O. BOX 655644
DALLAS, TEXAS 75265
ha_,made application 14 due form,and paid to the undersigned the necessary License and Investigation
fee required by the"Reaidem bd Mortgage License Act of 1987"1 therefore.I,321111 D, GUM=
,Commissioner of Savings and Loma Associations of the
$tate of Illinois,for and on behalf of the People of said Stat,do hereby authorise,empower and license
the said
LOMAS MORTGAGE USA, INC.
1301 W. 22nd STREET
OAKBROOK WER106111 ILLINOIS 60521
tobs engaged in the bueinoas eta 11midemialMortgmgb Unenee in accordance with the"Residential Mortgage
Act of 198T:This license Js valid for a period of 12 months commencing on May 1, 1989 and
osphing on April 30 1990 ,
This license @hall remain in full force and effect so long as LOMAS MORTGAGE USA, INC.
obeys all laws,rules and regulations of the State of Illtaote pertaining to Residential Mortgage Lending or
until it to surrendered or expired.
.?n MUnrom lff4errllf, I have hereunto set my hand
and caused the offlntal seal of the Commissioner of Savings and loan
Auoclations in the City of Springfield,Illinois,this 27th day of
.Tune 89
IL —`Zo m s oner o'�an sa ssoma ons