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Home My WebLink AboutRESOLUTION - 45-86 - 6/10/1986 - LOC AND AMENDMENT NO 1RESOLUTION NO. 45-86 A RESOLUTION ACCEPTING AN IRREVOCABLE STANDBY LETTER OF CREDIT NO. 32685 AND AMENDMENT NO. 1 IN THE AMOUNT OF $4,950.00 FROM THE BANK OF ELK GROVE TO GUARANTEE INSTALLATION OF PUBLIC IMPROVEMENTS FOR STRAWBERRY HILL PLAZA EXPIRING JULY 15, 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 Standby Letter of Credit No. 3268S and Amend- ment No. 1 from the Bank of Elk Grove in the amount of $4,950.00 to guarantee installation of public improvements in accordance with approved plans and specifications with revisions dated April 18, 1986 prepared by Spaceco, 6215 W. Touhy Avenue, Chicago, Illinois 60648 and agreements including any amendments thereof on property legally described in Exhibit "A". Said Letter of Credit and Amendment No. 1 expiring July 15, 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 10th day of June 1986. APPROVED this 10th day of June 1986. , Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk Bankof ElkGrovve 100 East Higgins Road. Elk Grove Village, Illinois 60007 PAGE ONE OF TWO PAGES Cable: BANKELGR Telex: 206806 Phone: (312) 439-1888 INTERNATIONAL BANKING DEPARTMENT IRREVOCABLE STANDY LETTER OF CREDIT NO. 32685 DATE: April 15 1986 RECEIVED E. G. V. ADVISING BANK: APPLICANT: Stuart Handler 205 W. Randaolph Street Chicago, IL 60606 ENGINEERING DEPT. BENEFICIARY: Village of Elk Grove AMOUNT: $4,950.00 (Four Thousand Nine Hundred 901 Wellington Avenue Fifty and no/100 US Dollars) Elk Grove Village, IL 60007 EXPIRATION DATE: December 31, 1986 AT THE BANK OF ELK GROVE Gentlemen: We hereby establish in your favor our Irrevocable Standy Letter of Credit which is available for payment of your draft(s) drawn at sight on us and bearing the clause: "Drawn under the Bank of Elk Grove, Elk Grove Village, Illinois Letter of Credit No. 3268S, " and accompanied by the following documents: --Statement purportedly signed 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 Approval plans and specifications with revisions, prepared by Spaceco, 6215 W. Touhy Avenue, Chicago, Illinois 60648, and agreements including any amendments thereof for the following project: Strawberry Hill Plaza of Elk Grove Village The above shall be,completed on or before December 31, I986. 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 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 and than only in the exact amount of such payments less 10% 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 Stuart Handler or any other party. This Letter of Credit is to cover the cost of installing eight (8) parkway trees and one (1) gate valve end vault for twelve inch water main in the subject project. ■:' Bankof E1kGrove 100 East Higgins Road. Elk Grove Village, Illinois 60007 Cable: BANKELGR Telex: 206806 Phone: (312) 439-1888 INTERNATIONAL BANKING DEPARTMENT PAGE TWO OF TWO PAGE: LETTER OF CREDIT NUMBER 32685 April 15, 1986 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 Irrevocalbe 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 install- ation of all improvements required under the Municipal Code of the Village of Elk Grove Village and specified on the engineering drawings and in the specifica- tions and agreements. This Irrevocable Letter of Credit shall not operate as a limitation upon the obligation of Stuart Handler to properly completely install all improvements required by the,Village of Elk Grove Village. It is a condition of this 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. We undertake that all drafts drawn in conformity with the terms of this Letter of Credit will be duly honored if presented to us together with the original of this Letter of Credit on or before the expiry date. This Credit is subject to the "Uniform Customs and Practice for Documentary Credits (1983 Revision), International Chamber of Commerce Brochure No. 400." Very truly yours, BANK OF ELK GROVE By: Its: w/l/Effl, r RECEIVED 1E.G.V.-- -AYOCBankof mVe. _ 2 91986- 100 East Higgins Roaq Elk Grove Village, Illinois 80007; - DALE May 21, 1986 Cade: BANKELGR Telex:200808.Phone: t312) 43&1888- - -- - _ -- ENGINEERINC �F�� 7HIS AMENDMENT 1 O RDED TO THE Q� THIS AMENDMENT -IS IN CONFIRMATION OF ADVISING BANK BY AIRMAIL. - _ THE CABLED ADVICE TO THE ADVISING BANK=ANDEX -- - - - ISSUING BANK'S NUMBER ADVISING BANK'S NUMBER Amendment ToXSb1EY}U67PAW Credit L/C 3268S Advising Bank Applicant Stuart Handler 205 W. Randolph i :. _ Chicago, Illinois .60606 Beneficiary Amendment. No. 1 to the above credit dtd. m Village of Elk Grove April 15, 1986 0 901 Wellington Avenue — E Elk Grove Village, IL 60007 THIS AMENDMENT IS TO BE CONSIDERED AS PART OF THE ABOVE E MENTIONED CREDIT AND MUST BE ATTACHED THERETO. 0 U GENTLEMEN: n The above mentioned credit is amended as follows: E m L o - .- Expiration date_-is.extended::to. July_15,..1987 d -.Add " :specifications with revisions dated April 18, 1986 __prepared.by-Spaceco 6215:W. Touhy Avenue, Chicago, Illinois 0 6064a -:and -:agreements on the property legally described in =Exhibit-A,tsee-below).including.any amendments thereof for Q r. the followina.rirolectr a m U