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Home My WebLink AboutRESOLUTION - 71-87 - 11/24/1987 - LOC ACCEPTED/MORGANFIELD SUB RESOLUTION NO. 71-87 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 199-802709 FROM IRVING FEDERAL SAVINGS AND LOAN ASSOCIATION EXPIRING NOVEMBER 12, 1988 IN THE AMOUNT OF $229,201.50 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS IN MORGANFIELD SUBDIVISION NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the Village of Elk Grove Village, Counties of Cook and Du Page, State of Illinois: Section 1: That the President and Board of Trustees do hereby authorize the acceptance of Irrevocable Letter of Credit No. 199-802709 from Irving Federal Savings and Loan Association in the amount of $229,201.50 to guarantee completion of public improvements for Morganfield Subdivision in accordance with the approved plans and specifications dated February 24, 1987, with revisions dated June 10, 1987, prepared by A. R. Schmidt & Associates , approved on July 14, 1987 on property described in Exhibit "A" attached hereto and made a part hereof. Said Letter of Credit expiring November 12, 1988. Section 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 24th day of November , 1987. APPROVED this 24th day of November , 1987. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village er .. 1913 tb l\� 19178 DD�i✓a nd Ce bration IRVING FED HL SHVINGS RECEIVED IRREVOCABLE LETTER OF CREDIT November 12, 1987 NOV 13 1987 UK GROVF VILLAGE ENC,NEERING DEPARTAAENT Village of Elk Grove Village 901 Wellington Ave. Elk Grove Village , IL 60007 Re : Morganfield, Elk Grove , IL Amt : 229 ,201 .50 Completion : 11/12/88 Letter of Credit No . 199-802709 Expiration Date : 11/12/88 Gentlemen : We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of Lunn Limited, c/o James Lunn & Co . , 55 S Vail Suite 1514 , Arlington Heights , IL 60005 , hereafter by called the "Developer" , in the aggregate amount of $229, 201 . 50 U . S. Currency , available by your draft drawn on sight and marked "Drawn under Irving Federal Savings and Loan Association Letter of Credit #199-802709 dated November 12 , 1987. " These monies are to guarantee the completion or public improvements for the following project : Morganfield, Elk Grove Village, IL 60007 ( " the Project " ) described in the Engineering plans and Specification , dated February 24 , 1987 , with revisions dated June 10 , 1987, prepared by A .R.Schmidt & Assoc . , Engineer and Surveyors Approved on July 14, 1987 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 Village when accompanied by the following documents . 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 satisfactorily completed in accordance with Approved plans and specifications with revisions dated June 10 , 1987 , prepared by A. R.Schmidt approved on July 14, 1987 and agreements ( including any amendments thereof) for the following project : Morgan- field , (the "Project" ) , on property legally described in Exhibit A. (Attached an made part of) . MEMBER 0270 ,C5)ruing Park Road Chicago, Illinois 60618-3284 (.312) 478-3131 FSLIC1 ❑ 4100 Lawrence Avenue Chicago, Illinois 60630-2894 (312)286-1919 ++ -+•-�G. ❑Elston Plaza 3227 Addison Street Chicago, Illinois 60618-4328 (312) 478-5777 Y.3" ""`41an 0 Ridge Plaza 770 W Dundee Arlington Heights, Illinois 60004-1598 (312)577-8100 LENDER The improvements in the above describe project consist of: (X appropriate improvements) . X Watermain and Appurtenances X Sanitary Sewer and Appurtenances X Storm Sewer and Appurtenances X Roadway (Curb and Gutter , Pavement) X Sidewalk X Street Lights X Parkway (Trees , Etc . ) X Excavation (Soil Erosion Control , Stockpile ) These improvements itemize above shall be completed on or before /i/�2.X'g8 . 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 reductions is approved by the Village Engineer in writing with supporting waivers , liens and affidavits from contractors or subcontractors furnishing material or performing work to complete these improvements . And then only in the exact amount of such payments less 10% for interim maintenance . This remaining amount shall never by reduced to an amount less that 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 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 ( 90 ) days in accordance with the terms and provisions herein contained . LC802709 . WCS 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 specification and agreements . This Irrevocable Letter of Credit shall not operate as a limitation upon the obligation of Lunn Lmited to properly amd completely install all improvements required by the Village of Elk Grove Village . It is a condition of the 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 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 (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 . LC802709. WCS This Irrevocable Letter of Credit is subject to the "Uniform Customs and Practice for Documentary Credit , " and " 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 :ZIz A7 Irving Fe vingseaTd Loan Association By : teven Lipp Vice President ATTE .cam--su-,�✓ .. i� ASSISTANT 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 • Ii 2 Developer/Owner : (1 ) Lunn imite , 56 plinois Corp ratio James Lu n Pres * dent *Note: ( 1) If the opert is in a trust , attach a copy of the ust A eement as an Exhibit . LC802709 .WCS , R Village Officials Approval/Acceptance Resolution: Title Date Exhibit A Legal Description w/Phase Plan indicated ( if applicable) Village Officials Release Resolution : Title Date LEGAL DESCRIPTION A SUBDIVISION OF PART OF THE SOUTHEAST QUARTER OF SECTION 36, T4IN, RIDE, OF THE 3rd P.M. IN THE VILLAGE OF ELK GROVE, COOK COUNTY, ILLINOIS. LC802709 . WCS