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Home My WebLink AboutRESOLUTION - 83-85 - 10/8/1985 - LOC/WILLOW WOODS CONDO RESOLUTION NO. 83-85 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 801677 FROM IRVING FEDERAL SAVINGS AND LOAN ASSOCIATION IN THE AMOUNT OF $72,464.42 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS FOR WILLOW WOODS CONDOMINIUM 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 is That the President and Board of Trustees do hereby authorize the acceptance of an Irrevocable Straight Letter of Credit No. 801677 from Irving Federal Savings and Loan Association in the amount of $72,464.42 to guarantee completion of public improvements for the Willow Woods Condominium project as fully described in Exhibit "A" attached hereto and made a part hereof in accordance with Approved plans and specifications with revisions dated July 22, 1985, prepared by Cody-Braun and Associates, approved on August 1, 1985. Said Letter of Credit expiring December 1986. SECTION 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 8th day of October 1985. APPROVED this 8th day of October 1985. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk EXHIBIT "A" PUBLIC IMPROVEMENTS TO BE INSTALLED WITHIN THE DEVELOPMENT KNOWN AS WILLOW WOODS CONDOMINIUM Watermain and Appurtenances Sanitary Sewer and Appurtenances Storm Sewer and Appurtenances Roadway (Curb and Gutter, Pavement) Sidewalk Street Lights Parkway (Trees, etc.) Excavation (Soil Erosion Control , Stockpile) Irving Federal and loan association — Savings EVOCABLE LETTER OF CREDIT REVISION September 30, 1985 Village of Elk Grove Village 901 Wellington Avenue Eik Grove, Illinois 60007 Re: WILLC6'i UOODS (IDUDDIMUU1I Amat: $72,464.42 Completion: September 1, 1986 Letter of Credit No. 801677 Expiration Date: Dec. 1. 1986 Gent1-e aen: We hereby establisi our Irrevocable Straight Letter of Credit in your favor for the account of WIUal WOODS CDNDOMINIUM PARTNERSHIP c/o Diiiaso and Son, Inc. 940 Lee Street, Suite 202, Des Plaines, Illinois 60016, i.ereafter iTy called the "Developer", in we aggregate miount of $72,464.42 U. S. Currency, available Ly your craft drawn on sight and marked "Drawn under Irving Feu+era1 Savings anu Loan Association, 0801677 dated August 16, 1985. " These imnies are to guarantee the caapletion or public improvements for the fo.Licving project: Wiilai 1loous Conuomimuun 8Ul-821 W. Oak-con Street, Eik Grove Village, Illinois, 60007 (time "Project") described in the engineering plans and specifications with revisions dated July 22, 1985, prep-red by Coay-Braun and Associates, Inc. , 4513 Lincoln Ave, Lisle, Illinois, 60532, approved on August 1, 1985 and agreements (including any amendments tanereo ) on the property legally described in E,diibit A (attached hereto and made part thereof) . !domes may be dram on si nt iy the Village of Elk Grove Village when accaapanied by the follaling docmients A signed statement by the Village 11anager or arry other duly authorized official of the Village of Elk Grove Village certifying that any portion of the site improvements has not been satisfactorily canpieted in accordance with Approved plans and specifications with revisions dated July 22, 1985, prepared by Cony-Braun ana Associates, approved on August 1, 1985 and agreeem,lencs (including any zamentments thereof) for tie foliating project: Willow 4loods Condaainiu<n , (time "Project") , on property legally wscribea in Manibit A. (Attacueu and waste part of) . M.l,l FSLIC 41351.5 Irving Park Road - Chicago, Illinois 60618 - (312) 478-3131 00 West Lawrence Avenue - Chicago, Illinois 60630 - (312) 286-1919 diminaSO•CMton Plaza - Addison, Elston & Kedzie - Chicago, Illinois 60618 - (312) 478-5777 10 Ranch Mart Center - Buffalo Grove & Dundee Roads - Buffalo Grove, Illinois 60090 (312) 541-7700 Mie improvuients in the above described project consist of: (y, appropriate improvaments) . X Watermain and Appurtenances Sanitary Swer and Appurtenances X Storm Sewer and Appurtenances x Roadway (Curb and Gutter, Paveaent) X Sidewalk X Street Lights x Parkway (Trees, etc.) X Excavation (Soil Erosion Control, Stockpile) These improvanents itemized above shall be coripletea on or before September 1, 1986. Ir said improveants have not been properly installed and satisfactorily coiapleteu on or before that date as reasonably determined by the Village Engineer, then the Villaqe or Elk Grove Village (tne "Village") is hereby grantea authority to draw upon this Irrevocable Letter or Credit for the purpose of coimpleting fully said improvements in accordance with tae provisions herein anu above set fortis. Tiie principle amount of this Irrevocable Letter of Credit siiaii nota reduced for any public i.mprovaients installed or cxzalxeted unless suai reductions is approved by die Village Eiigireer in writing anu Bien only in the exact amount of sucai l-ayi.K=s less 100- for interim maintenance. Tnis ranaiiung aimount snail never Le reduceu to an amount less than 110% of tiie est.imateu costs to coimpiete time raiaininq public i.raprovements plus 10% of the cost or ttie completed public improvements as a guarantee for maintenance purposes. Tire Village may sua.dt its sight drafts as nerein above provided without the consent of the t9iilav woous Condominium Partriersaip or any other party. Partial drawings are permitted under this Irrevocable Letter of Credit. Said drafts may be sudLiitted for lxlvment for a ninety (9u) uay periou foilaaing time completion date of this Irrevocable Letter of Credit anu 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 (349) days of the date or any demand (made in conformity with this Irrevocable Letter of Credit) presented, we fail to nonor same, we agree to pay ail attorney fees, court costs anu otner reasonable expenses incurred by the Village of Eik Grove Village in enforcing the terms of this Irrevocable Letter of Credit. Tne amount- or eaai uraft must x� enuorsed on caie reverse siva: of the original. Irrevocable Letter of Creast by tiie Viliage Engineer and attested by tcie Clerk. Thin Irrevocaoie Letter or: Creuit siiail be utii LGeu to Secure the installation or all imlirovu.ients reLluired un6jr tike IiuniciLal cow or Uie Village of Elk Grove Village and specified on time enginLerinq drawings and in the specifications and ugreeaents. Timis Irrevocable Letter of Credit :ball suit operate as a liiiitation upon the uimaso.oat obligation of the [;iliac [Joous Conw iiniui Partnersnij. to proixr-ly coi.ipletely instail ail irnprovernelts rchquireu Ly tze Village of Elk Grove Village. Ic is a condition of ire Irrevocable Letter of Credit that it snail be autanaticaiiy extencx:d for one year from the present erpiraticn uate nereof unless thirty (3U) days Prior to sucn e.,piration uatc the Viliage [tanager snail notify the unuersignea in writing, certified ;nail, return receipt requested that the or srhe, aaseu upon the advice and supportinq uocu nation f ran the Village Lngineer that the or sae does elect not to arbitrarily request rentxaai of uhis Irrevocabie Letter of Credit for sum additional one (1) year p:rioa without uue cause. The uric :rsigneo snail notify tree Village tanager, tx a:rtitieu mail, return receipt m1uesteu, at least ninety (90) uays Prior to said e.cpiration cute that said l'rrevocable Letter o�: Credit is about to expire. It is o;pressly agreed W the mch ersigneu that Phe expiration date snail be autonatica:ily e.mencAu as snail be: required to comply with this notice prevision and the requireaents stated previously. Tids Irrevocabie Letter of Creuit is subject to the "Uniform Cu:tcaas anu Practice for Documentary Credit, " the Interrationai Grarux:r of Coi,aierc:t: Publication ;1290, ;.cost recent revision, " eace,jt as herein above noaifieu. We hereby agree wita Phe drawers, inuorsers, (iia bona fibe holders of drafts drain in cu,.i;liance vim me terms of this creuit that they scia>i be nonored on presentation. Dated: L Irving Feut:ral Savings & Loan dation' isy: -�Zcr ,✓ T giiz Franc Schwab, E eeutive Vicx: PresiOont Ikvc i ozj2r/Cwner "The undersigned hereby acknarledges the absolute right of tae Viliage 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 frac so proceLuing. " Date: Dilaso u Sons, Inc. Philip Dibaso, Presiwnt dote: (1) Ii fire proierty is in a trust, attach a cony of tine Trus Ayreernent as an E.alibiu. dinaso.alt