HomeMy WebLinkAboutRESOLUTION - 95-85 - 11/26/1985 - LOC/HAMPTON INN RESOLUTION NO. 95-85
A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 600-21942
FROM THE EXCHANGE NATIONAL BANK OF CHICAGO IN THE AMOUNT OF $20,460.00
TO GUARANTEE COMPLETION OF SITE IMPROVEMENTS FOR THE HAMPTON INN HOTEL
PROJECT
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. 600-21942 from the
Exchange National Bank of Chicago in the amount of $20,460.00 to guarantee the
site improvements for the Hampton Inn Hotel 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
Loewenberg/Fitch Partnership, P.C. Said Letter of Credit expiring January 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 26th day of November , 1985.
APPROVED this 26th day of November , 1985.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk
International Banking Department
1-1l C AVEC Telephone [3121781-8462
-, oral Bank of Chicago LaSalle and ams Streets ChicaM Illinois 60603 Telex No. 253454
November 5, 1985
IRREVOCABLE STANDBY LETTER OF CREDIT NO. 600-21942 ✓
EXPIRY DATE: January 15, 1987 "
Village of Elk Grove Village
901 Wellington Avenue
Elk Grove Village, IL 60007
Gentlemen:
We hereby issue in your favor for the account of Crane-Forester/Elk
Grove Village Associates, 343 Wainwright Drive, Northbrook, IL
60062 this Irrevocable Standby Letter of Credit in the amount of
USDTwenty Thousand Four Hundred Sixty and No/100ths-----------------
------------------------------- (USD20 ,460 .00) =-------------------------
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
certifying that "Funds are being drawn due to the fact that a
portion (any or all) of the site improvements for the Hampton Inn
Hotel Project described in the engineering plans and specifications
with revisions dated July 22, 1985, prepared by Loewenberg/Fitch
Partnership, P.C. , has not been completed satisfactorily in accords
with said plans."
This Letter of Credit shall be automatically extended for a period
of six (6) months from its then current expiration date, unless we
notify you at least fifteen (15) days prior to said expiration date
of our intention not to renew in which case the balance outstanding
may be drawn upon your statement certifying that; "An acceptable
replacement Letter of Credit has not been delivered as required by
the Village of Elk Grove village."
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.
'tAU HORIZ\ �IGNATURE AUTHORIZED SIGNATURE
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