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Home My WebLink AboutRESOLUTION - 39-86 - 5/27/1986 - LOC/EXCEL INNRESOLUTION NO. 39-86 A RESOLUTION ACCEPTING AN IRREVOCABLE STRAIGHT LETTER OF CREDIT NO. SLC -5747, IN THE AMOUNT OF $7,000.00 FROM FIRST WISCONSIN NATIONAL BANK OF MADISON TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS FOR EXEL INN EXPIRING JULY 28, 1987 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 an Irrevocable Straight Letter of Credit No. SLC -5747 from the First Wisconsin National Bank of Madison in the amount of $7,000.00 to guarantee completion of Public Improvements in accordance with the approved plans and specifications with revisions dated April 23, 1986 prepared by Marchris Engineering, approved by the Village Engineer and agreements including any amendments thereof for Exel Inn Elk Grove and legally described on Exhibit "A". Said Letter of Credit expires July 28, 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 27th day of May 1986. APPROVED this 27th day of May 1986. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk EXHIBIT "A" LOT 1 IN EXEL INNS/WENDY'S RESUBDIVISION OF LOT ROHLWING FROVE UNIT 4, BEING A SUBDIVISION OF PA THE SOUTH HALF OF SECTION 31, TOWNSHIP 41 NORTH, 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN C00 ILLINOIS, ACCORDING TO THE PLAT THEREOF RECORDED FEBRUARY 23, 1978 AS DOCUMENT NUMBER LR3000391. 9 IN RT OF RANGE K COUNTY, ON FIRST WISCONSIN e MADISON FIRST WISCONSIN NATIONAL BANK OF MADISON INTERNATIONAL BANKING DEPARTMENT RECEIVED EGA P.O. BOX 7900 MADISON, WISCONSIN 53707 U.S.A. F,,ah ;, !� V 1�8 6 Village of Elk Grove VillageENGINEERING DEP-T, DATE April 29, 1986 901 Wellington Avenue Elk Grove, Illinois 60007 OUR IRREVOCABLE STRAIGHT LETTER OF CREDIT NO. SLC -5747 Amount: $7,000.00 Project: Exel Inn of Elk Grove Marchris Engineering Plan #86041 Completion Date: 4/29/87 Expiration Date: 7/28/87 Gentlemen: We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of Exel Inns of America, Inc., 4706 East Washington Avenue, Madison, Wisconsin 53704 hereafter called the "Developer", in the aggregate amount of US$7,000.00 (SEVEN THOUSAND AND N0/100 U.S. DOLLARS) available by your draft drawn at sight on and marked "Drawn under First Wisconsin National Bank of Madison Credit No. SLC -5747 dated April 29, 1986". These monies are to indemnify the completion of public improvements for the following project: Exel Inn Elk Grove (hereinafter called the "Project") described in the engineering plans and specifications with revisions dated April 23, 1986, prepared by Marchris Engineering, 2500 W. Higgins, Suite 420, Hoffman Estates, Illinois 60195, approved by the Village Engineer 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 the Approved plans and specifications with revisions dated April 23, 1986, prepared by Marchris Engineering, approved by the Village Engineer and agreements (including any amendments thereof) for the following project: Exel Inn Elk Grove (the "Project'), on property legally described in Exhibit A. (Attached and made part of.) The improvements in the above described project consists of: Watermain and Appurtenances on site, Sanitary Sewer and Appurtenances on site, Storm Sewer and Appurtenances, Roadway Curbs, Sidewalk, and Parkway (10 trees). (Continued on Page No. 2 which becomes an integral part of this Letter of Credit.) Yours very truly, Except as otherwise expressly stated, this credit is subject to the Uniform Customs and Practice for Commercial Documentary Credits fixed by the International Chamber of Commerce. Jl.c-�.er,�•.- i�.�r�-rte Authorized Signature Authorized Signature FIRST WISCONSIN • MADISON FIRST WISCONSIN NATIONAL BANK OF MADISON INTERNATIONAL BANKING DEPARTMENT P.O. BOX 7900 MADISON. WISCONSIN 53707 U.S.A. Village of Elk Grove Village DATE April 29, 1986 OUR IRREVOCABLE STRAIGHT LEITER OF CREDIT NO. SLC -5747 page no. 2 These improvements itemized above shall be completed on or before April 29, 1987. If said improvements have not been properly installed and saisfactorily completed on or before that date as reasonably determined by the Village Engineer, the the Village of Elk Grove Village (the "Village") is hereby granted authority to draw upon this Irrevocable Straight 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 Straight 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 and then only in the exact amount of such payments less 108 for interim maintenance. This remaining amount shall never be reduced to an amount less that 110% of the estimated cost to complete the remaining public improvements plus 10% of the cost of the completed public improvements as an indemnity for maintenance purposes. The Village may submit its sight draft as herein above provided without the consent of the Exel Inns of America, Inc. or any other party. Partial drawings are permitted under this Irrevocable Straight Letter of Credit. Said drafts may be submitted for payment for a ninety (90) day period following the completion date of this Irrevocable Straight Letter of Credit and said draft shall be duly honord 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 Straight Letter of Credit) presented, we fail to honore 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 Straight Letter of Credit. The amount of each draft must be endorsed on the reverse side of the original Irrevocable Straight Letter of Credit by the Village Engineer and attested by the Clerk. This Irrevocable Straight 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 Straight Letter of Credit shall not operate as a limitation upon the obligation of the Exel Inns of America, Inc. to properly completely install all improvements required by the Village of Ems„ VWB14,11age. Except as otherwise expressly stated, this credit issubject �Ll/ff'i!`LL to the Uniform Customs and Practice for Commercial ^� Authorized Signature Documentary Credits fixed by the International Chamber of Commerce. GL� (Continued on Page no. 3 which becomes an integral part of this Lette4i'tl)qpzed Signature FIRST WISCONSIN • MADISON FIRST WISCONSIN NATIONAL BANK OF MADISON INTERNATIONAL BANKING DEPARTMENT P.O. BOX 7900 MADISON, WISCONSIN 53707 U.S.A. 'Village of Elk Grove Village DATE April 29, 1986 OUR IRREVOCABLE STRAIGHT LETTER OF CREDIT NO. SLC -5745 page no.3 It is a condition of this Irrevocable Straight Letter of Credit that is 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 Straight Letter of Credit for such additional one (1) year period without due cause. The undersigned shall notify the Village Manager, receipt requested, at least (90) days prior to said Irrevocable Straight Letter of Credit is expressly agreed by the undersigned that the automatically extend as shall be required to provision and the requirements stated previously. This Irrevocable Straight Letter of Customs and Practice for Documentary Chamber of Commerce, Publication No. herein above modified. by certified mail, return said expiration date that about to expire. It is expiration date shall be comply with this notice Credit is subject to the "Uniform Credits" fixed by the International 400, most recent revision, except as We hereby agree with the drawers, endorsers, and bona fide holders of drafts drawn in compliance with the terms of this credit thay they shall be honored on presentation. Except as otherwise expressly stated, this credit Is subject to the Uniform Customs and Practice for Commercial Documentary Credits fixed by the International Chamber of Commerce. Yours very truly Authorized Signature LG�Gvf -� Authorized Signature IIIFIRST WISCONSIN • MADISON FIRST WISCONSIN NATIONAL BANK OF MADISON INTERNATIONAL BANKING DEPARTMENT P.O. BOX 7900 MADISON, WISCONSIN 53707 U.S.A. Village of Elk Grove Village DATE April 29, 1986 "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 attached." Date 1113,919!., EXEI INNS OF AMERICA, INC. Except as otherwise expressly stated, this credit is subject to the Uniform Customs and Practice for Commercial Documentary Credits fixed by the International Chamber of Commerce. Yours very truly, "Authorized Signature Authorized Signature