HomeMy WebLinkAboutRESOLUTION - 18-92 - 3/24/1992 - LOC RELEASED/921 LIVELY/GULLORESOLUTION NO. 18-92
A RESOLUTION RELEASING IRREVOCABLE LETTER OF CREDIT NO.
4930S FROM THE NBD ELK GROVE BANK EXPIRING DECEMBER 31,
1988 IN THE AMOUNT OF $3,229.00 PREVIOUSLY ACCEPTED BY
RESOLUTION NO. 53-88 TO GUARANTEE COMPLETION OF PUBLIC
IMPROVEMENTS AT 921 LIVELY BLVD. (FORMERLY 1200 LANDMEIER
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 release of Irrevocable Letter of Credit No. 49305 from the
NBD Elk Grove Bank in the amount of $3,229.00 previously accepted by
Resolution No. 53-88 to guarantee completion of public improvements at 921
Lively Blvd. (formerly 1200 Landmeier Road), Gullo International
Development Corporation, in accordance with the approved plans and
specifications prepared by Norman J. Toberman & Associates, approved June
30, 1988 with revisions dated March 1, 1988. Said Letter of Credit
expiring December 31, 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 March
1992•
APPROVED
this
24th
day
of March
1992.
Charles J. Zettek
Village President
ATTEST:
Ann I. Head
Deputy Village Cler
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NBD Elk Grove'Bank
r1IF 'I;1 ti !i=111=li _!II, �� 100 East Hi Road '•=.III III -'I, ,i{1="' Iicll'= ,I='IiI=,III
E1kGroveVe,Hbnou60007_ Ill'�11;1=!Page
Y SAFETY=. I ._.-• , , = iIICHth
,lli•=,IIi 111.1-•,!_L•='.111_c,lll i 1, III•c,_L-._ _312/439-18813 .'Telex 206806[190278-I_':=.!t! - I ' ! I ='' '
i ISI E WCable: BANKELGR Ili it IIt =IIi =::
i !il-II1•=III'C111 '=ill -Ij-l. ''!-III'=111
INTERNATIONAL BANKING _ ,111 •=
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1IL-1RREVOCABLE STANDBY -LETTER OF CREDIT NO 4930S DATE July 14, 1988
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=.IiLADVISING BAHIC l =.'APPLICANT GULLO `INTERNATIONAL =
- ill := ! _ !il - ;.- 3DEVELOPMENT COR_ PORATION Ill.-.li'.
=1Il=ail=lil=l(I=illc li'=III'-iii=,Ijl=,lil=ill'=ill=Iii'=ill=260.LANDMEIER ROAD
=!If=ail=lll=1!iciilc'!i�!I!=1i1-- c .viii=lji=IIi='lli-_fIl'_'r'.'_ij'' - li-'il
-''� - i1i'=_RECEIV D = i ! = = r'_ :ELK GROVE.VILLAGE IL 60007 : ' _
(- E• .I
--BENEFICIARY:.I(_'I!
=,--BENEFICIARY:,
ilI-(-""'--�'Iv. AMOUNT: $39229.00 in aggregate jl•�ll
.i='
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_'ili:Ytlldge-of'Elk Grove -Village j.ECK'GIt0YEV1LEAGE = II, -1 I:
=i901.Wel lington_Avenue if, I+ENGINEFRING-DEPARTMEN,';ii=il'=.11'=I'1=_•!'=1{1=;1, ,1=! '"_'IIi=(li•c
_al j�lk Grove Village, IL .60007 ,1 ;_:Ilt=Ili;=,iijcall,=;MIRATION DATE: __December:'31, 1988,r _'i�(*
III Ili :'I 1'I = il' ill _ ill AT NBD ELK GROVE BANK
li(Gentlemen III= Ill=!{I nl=!' (! lil=' ,I=
It „ I = - _ .':i ='
Ii=III We hereby establish our Irrevocable Str_ai.ght Letter of Credit, in your favor for -•_•
,r r = '
'the account 'of-GULLO TNT+RNATIONAL- DEVELOPMENT CORPORATION,_hereafter- called=the '-"!'Developer" ' =1:..=: ;='!ry=-_'111=till•=
Il , in ,the aggregate -amount of $3,;229.00, U.S. Currency, -available by
' -your =_ i�1 = 1•
ll,yraft drawn=on!sight-and marked-"Drawn.'under' Letter of 7Credit No 4930S dated July 14,=•Ill=
_ 1I(1988 These monies are _to'guaranteethe completion_of.Tublic,'improyements.for_che
1�31Ki4:. I•'- - _ _ . J. - - -• „•-•MI'C'A
_•11!• following project 1200 LANDMEIER ROAD, SLR GROVE VILLAGE -described in the engineering -•_•
!(1=''plana and specifications wich'ievisiona dated MARCH 1p 1988, '-prepared-by'NORMAN J..(=Ii I;=1!'-
'iTOBERMAN fi ASSOCIATES approved on JUNE 30 -1988 and.,a reements it=Ili
-. _ � PP _ - , , g (including any � •
-,I•,amendmencs thereof) on the property legally.described in Exhibit A i
(attached hereto an,;I,-
_ -
fade part thereof) _Monies may be drawn on sight by the Village of_Elk Grove when:il -
it "accompanied by the follow>ng documentc `t i' - !il = ' it ij! - ill ,l!
=.IiI— _ _ r;l_ I, III_
111 I,f I, .i I !11 w I I II III = 1,1 I'I = 1 IiI
,'_ _
A signed statement. purportedly by the_VLllage
_Manager-ot any'fother duly —
:. _ - _
=authorized official of the Village of Elk Glove Village certifying that any ''I'= 1't=
=,1.= portion -of the site _improvements has not been e
satisfactorily completed in - -
_ - _- _ til•_•!.,
accordance with the approved plans and .specifications with revisions dated MAR
CH
1, 1988, prepared_by NORMAN J. TOBERMAN fi ASSOCIATES, on JUNE 30, 1988
- and agreements (including any amendments thereof) for the following-projecc:l
1200 LANDMEIER ROAD, ELK GROVE VILLAGE
--_ NBD GROVE BANK _
- - - - - _
tywBy: By:
Its: -
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.100 East IiigginilRoad '!(=•II`. .!1 =•!i.!,= I!I`_ + ni = "I =a11=!!'
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.Elk Grove Village; Dliuois 60007 I 1
.Ai?irs eriN3s i!: X12/439 1888 Telex:206806/190278=.1i!.=kAt,:uE;, 41L1 5E1•'r.' `_%.EETV = !i:
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Ill—The-'improvements in the above describedproject consists of: ={R appropriace.boses).=lif=t;
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=These improvements -itemized above shall be completed on or before DECEMBER,
-1988. 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 co 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.
NBD ELK GROVE B _ _
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=icIII_==111•.=! ({,i.!.I!:_I,'!!' l=l(=i'!iIi'==!-•1=IiI{iI,=.Iji.=1I.1I. 1 ='li=ii;' =iI-ii1i == ":�� Ni"BiD E1i Grove- Baink=
00 East
HAI -N'- Ell GrovVlage, Ilhnos 60001 nrn<_; Frsdpery!1i=
= T /1190278 --- '_-•1!=(I!!!i =
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=" =e BAN
;-.
KELG
lca { I = III =; ill c i (t c l i' _ INTERNATIONAL BANKING DEPARTMENT
_ Page 3 of 4-_
'1=!(I=•ill-l,Ic•I;IclllII �t _ _lii i_ II _•Ili.•I!•= _L,_•! i=•I,I clllc111=
-- 111=,j1=.I(I=ill:= I( !fi- _ 1�= _ ._ i. _ I'c -,,!• .'--.,I;—'iii .
III -,111 -,111 The principal amount' of this Irrevocable Letter of Credit- shall- not be reduced '-
III=111for.any public improvements installed or completed. -unless such reduction is approved by '_i.
.!cljl=lil _ •'- = tl.-'-.II=-- _=i_..=•il_ II= .,1—'I - "-1'I_ !II_.-._
,Ill i1=he.Village IEngineer-id writing with supporting waiveray .liens -and _affidavits from -'III !;j
contractors :or subcontractors furnishing maEerial or per arming work -to complete. -these• •I ,
— _ _ _ . r = _ _ i.i— , _ h _ — ail = •, — ,I, _ r,i = iit. c 'I'.
I.= 111.=improvements'.' And -then only in -the exact=amount of such payments:.less 0% for :interim;.
1i1=ii�
=_'maintenance. -'This remaining amount shall never be 'reduced"to an'.'amount-less than 110%
-ill-'' cf the estimated costs'to complete the remaining public - e
improvments plusJ_0% of 'the' lIll:
the.completed public_ improvements as a guarantee for maintenance „purposes._. TheTP
,I•:
! =III =Villa a may submit- its sight drafts _as herein -abode rovided without the =consent -of -tie .
g y - -g - -- - - - - -p - - - - - o t e
I
Ill= ER or' any other_party. , 'I'i I'' -'Ili
Partial drawings are.permittedunder this -Irrevocable Letter of Credit Said 11i _
='Il -"'.drafts may be submitted for paymeent :fora ninety (90) day period following -the-,"',-•!11.=,'I
-:;' -,-Credit.
.Ijl=!li,lompletion dace of .this Irievocable_Letter'.of Credit and ,said draft shall be duly _!Il_
honored upon "presentation -during the ninety day (90) days -in accordance with the terms -
=•.l 1.?dt$ _J_i._'= .. _- — _ I_i'•— rL ttE•. .. ,. 1_;clr-i tit JAi .. —Ili =il,=
1=11ic androvisions -herein contained.
P
=I, =,I,•_ „ = If within thirty (30) days .of the dace 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_Eik
Grove Village in enforcing the terms of this Irrevocable Letter of Credit.The''amount!I-
_!; = of each draft muse be endorsed on -the reverse sideof the original Irrevocable Letter of-
Credit by the Village Engineer and. attested by -the -Clerk --This-lrrevocable-Letter of i,
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 Letter of Credit
shall not operate as a limitation upon the obligation of the DEVELOPER to properly _
_ _completely install all improvements required by the Village'of Elk Grove -Village.
NBD aK GROVE BANK
By:
Its
- l. ;;+ lit IEI
6 _ „NHD Elk Grove Bank „ !;
Il( I,I J•,1.%(-•III=i,.___I-Li \G 100 EastH:gginsRoad.fl-,I_IU•III'lll,1'1't;l;-,i';!( t111•I{1c J,!LII1,IIt,- l
!
Elk Grove � a Villa Illinois 60007 '
MILL SENTRY SAFCTY —
III = Ill ' f!; = ,III.L. _ g �•"•J t'H ,(, _ , , i1 C 11, ,I _Ill _,!(;;
_• • _ • 12/439-1888 _-Telex: 206806/190278 ; ; _ ; , I —• , I _ , ! _ _
=.Cable- BANKELGR
=tII=IEI=!!!=!11=IEI=!:!—_ � -'ill' i'•—I!I-1;;=+,:_:.[_ '!=!!1=!1;=11!._!;i =;1;_ _:it= =:11 =•Ili•=1Ei.
11=III.l,1=!;IcLII.IjI=. INTERNATIONAL BANKING _DEPARTMENT';[=,:jl.=.;;1.Page 4`of.4.=.1E1=II!=
_—:!;—!II—_—�;I—Itl = _ _ _ _ In�—_ lid—_ !i = I�'_'11!'=_':I•�_ !I(= :(_',{I—_ t!•_ -_ — c- - tll�-'!:•
If(ciEl = Til =•lit s a condition of th>s Irrevocable=Letter of Credit that it shall be
it = _ :;! _ IIl _ _ _ I+! =,1t1.=
_'III'=' automatically _extended" for one year from :the present.=expiration date hereof unless _ ;(! = I;!_
!i 111 - ! - tjl=ill•
11_.I�hirty_(30) days prior to such expiration dace the -Village Manageri,shall notify the=Ili=l1:.
I •Ill•indersigned in writing certified mail, -return receipt requested that he orahe, based IIt,�,
_---=-.upon_the advice and _supporting documen= tation -from_the Village E_ngineer,_ that he'or- she__'II(=
=!li--does elecEnoEto=arbitrarily request=renewal-of this -Irrevocable Letter of Credit for
EE
=',tl',sucht additional one (1). year period -without due cause. I !,;._ (, Iii P _ :i = III,=,!i!,
ll=I!1=111 1. -The underaigned shall _notify 'the village Manager; by certified mail, -'return II• .IIf
receipt _requested, a_e ;least :ninety. (90) --days prior -to said -expiration date -that said = I!I
-'•Irrevocable .Letter of Credit is .about to expire..' -It -is - expressly agreed by the
-!i!= undersigned that the expiration date shall be automatically extended as shall be
Yequired to comply with thio notice provision-and_the_requirements stated previously
Elcll'=,Til_-' -.'We undertake that all_drafcs drawn`in_conformity wLth the terms of=this Letter II!
=1!I=111 G' I—! —: ;— — — _ L':— _ _�:I'C _ —n = ti= —'11 •_ .
II ,,--of Credit will be duly,honored, if,presented- to.us.together with the original of this:!- i,;=
Atl1A?S .:.�r __ •:, _ 1
.,. ._ _ ._ ... — + ,! :•.!t :E R6:I.L SE S! �4� TY ,;— C 1:'— I:I—•11—!•'
Letter'of Credit on or beforethe -expiry date.
:Credit is. subject to_the "Uniform Customs and Practice for Documentary 111,c.''.
- - Credits (1983 Revision), International Chamber of Commerce Brochure No. 406.1'-_
!! _ ;:'Very truly yours,
=III—!!!-
= NBI) E ROVE BANK. - __ _ _ _ = II, _'! , _ ;f =,i;1
', !11 = lil :I+ ' I ,+ -•; = If = SII = t,l {li —
By.
�/q'�,�. np-
Its. Vt1X - I s: - �- - -