The URL can be used to link to this page

Home My WebLink AboutRESOLUTION - 13-87 - 2/24/1987 - LOC/ELK CROSSINGRESOLUTION NO. 13-87 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 600-25024 FROM THE EXCHANGE NATIONAL BANK OF CHICAGO EXPIRING OCTOBER 31, 1987 IN THE AMOUNT OF $259,178.42 TO GUARANTEE THE COMPLETION OF PUBLIC IMPROVEMENTS AT ELK CROSSING 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 iliinois: Section 1: That the President and Board of Trustees do hereby authorize the acceptance of an Irrevocable Letter of Credit No. 600-25024 from the Ex- change National Bank of Chicago in the amount of $259,178.42 to guarantee completion of public improvements at Elk Crossing in accordance with the approved plans and specifications with revisions dated October 24, 1986 prepared by Norman J. Toberman and Assoc., 615 West Rockwell Street, Arlington Heights, IL 60005 on property described in Exhibit "A" attached hereto and made a part hereof. Said Letter of Credit expiring October 31, 1987• Section 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this APPROVED this ATTEST: Patricia S. Smith Village Clerk 24th day of February 1987• 24th day of February , 1987 Charles J. Zettek Village President January 26, 1987 Page 2. of 2 IRREVOCABLE STANDBY LETTER OF CREDIT NO. 600-25024 EXPIRY DATE: July 31, 1987 RECTI vtD LGA V. BENEFICIARY FEB 21987 Village of Elk Grove Village ENGINEERIN,DEPT. 901 Wellington Avenue Elk Grove, IL 6007 Gentlemen: We hereby issue in your favor for the account of Elk Crossing Associates, 400 East Randolph, Chicago, IL this Irrevocable Standby Letter of Credit in the amount of USDTwo Hundred Fifty Nine Thousand One Hundred Seventy Eight and 42/100ths-------- (USD259,178.42)------ which is available by your draft(s) at Sight on The Exchange National Bank of Chicago, Chicago, Illinois accompanied by the following document: Beneficiary's statement purportedly signed by the Village Manager or any other duly authorized official certifying that either (i) "Site improvements have not been satisfactorily completed in accordance with the approved plans and specifications with revisions dated October 24, 1986 prepared by Norman J. Toberman and Assoc., 615 West Rockwell Street', Arlington Heights, IL 60005 approved on October 27, 1986 and agreement (including any amendments thereof) for Elk Crossing ("Project"), on property legally described in Exhibit "A" which is attached hereto." NIN (ii) "The site improvements on Elk Crossing project have not been properly installed and satisfactorily completed and approved by the Village Engineer on or before July 31, 1987. The amount of the accompanying draft is for the purpose of completing said improvements in accordance with the provisions herein and above set forth." The principal 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. The Village may submit its sight draft(s) as herein above provided without the consent of Elk Crossing Associates or any other party. UTHORIZED SIGNATURE AU HORIZED SIGNATURE , Page 2 of 2 Letter of Credit No. .600-25024 Said draft(s) may be submitted for payment for a period of ninety (90) days following the expiration of this Irrevocable Letter of Credit and said draft(s) shall be honored during the ninety (90) days in accordance with the terms and provisions herein contained. FOR INFORMATIONAL PURPOSES ONLY 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 Elk Crossing Associates to properly completely install all improvements required by the Village of Elk Grove Village. END OF INFORMATIONAL PURPOSES It is a condition of this Irrevocable Letter of Credit that it shall be automatically extended to October 31, 1987 unless at least thirty (30) days prior to such date we notify you in writing, at the above mentioned address, that we elect not to renew this Letter of Credit for such additional period. This original Letter of Credit must also be presented. Partial drawings permitted. All draft(s) drawn must be marked drawn under this Letter of Credit All draft(s) must be presented at the offices of The Exchange National Bank of Chicago not later than the expiry date. We undertake that drafts drawn and presented in conformity with the terms of the Letter of Credit will be duly honored. This credit is subject to the Uniform Customs and Practice for Documentary Credits (1983 Revision), The International Chamber of Commerce Publications No. 400. C7 AUTHORIZED SIGNATURE A THORIZ' SIGNATURE EXHIBIT "A" LEGAL DESCRIPTION BEING A SUBDIVISION OF PART OF THE NORTHWEST QUARTER OF THE NORTHEAST QUARTER (EXCEPT THE NORTH 15.0 ACRES THEREOF) OF SECTION 32, TOWN- SHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.