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Home My WebLink AboutRESOLUTION - 12-91 - 3/12/1991 - LOC RELEASED/HAMILTON MANOR APTSRESOLUTION NO. 12-91 A RESOLUTION RELEASING IRREVOCABLE LETTER OF CREDIT NO. 200 FROM CHARTER BANK AND TRUST OF ILLINOIS IN THE AMOUNT OF $21,175.00 EXPIRING MARCH 23, 1990 ACCEPTED BY RESOLUTION NO. 42-89 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS AT HAMILTON MANOR APARTMENTS (Charlela Lane) NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the Village of Elk Grove Village, Counties of Cook and Du Page, State of Illinois: Section 1: That the President and Board of Trustees do hereby authorize the release of Irrevocable Letter of Credit No. 200 from Charter Bank and Trust of Illinois in the amount of $21,175.00 previously accepted by Resolution No. 42-89 to guarantee completion of Public Sidewalks along Charlela Lane at Hamilton Manor Apartments in accordance with the Engineering plans and specifications with revisions dated March 2, 1989, prepared by Thomas F. Bleck Associates approved on March 2, 1989. Said Letter of credit expiring March 23, 1990. Section 2: That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 12th day of March 1991. APPROVED this 12th day of March 1991. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk 1400 Irving Park Rd. Hanover Park, IL 6010 3121837.2770 Old Church and Barrington Rds. P.O. Box 68814, Schaumburg, IL 60173 It. f:, G'c MGIA EfRING ;]f?AR TYtNT Charter Bank AND TRUST OF ILLINOIS Village of Elk Grove Village 901 Wellington Avenue Elk Grove Village, Illinois 60007 Completion Guaranty Letter of Credit: Dated: Amount: Completion Date: Expiration Date: Gentlemen: C No. 200 March 24, 1989 $21,175.00 December 22, 1989 March 23, 1990 We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of Jack J. Buttitta, 670 Barrington Road, Streamwood, Illinois 60107, hereafter called the "Developer", in the aggregate amount of $21,175.00, U. S. Currency, available to your draft drawn on sight and marked "Drawn under Letter of Credit No. 200 dated March 24, 1989. These monies are to guarantee the completion of public improvements for the following project: Public sidewalks along Charlela Lane described in the engineering plans and specifications with revisions dated March 2, 1989, prepared by Thomas F. Bleck Associates, approved on March 2, 1989, and agree- ments (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 document: 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 im- provements has not been satisfactorily completed in accordance with the approved plans and specifications with revisions dated March 2, 1989, prepared by Thomas F. Bleck Associates, approved on March 2, 1989 and Agree- ments (including any amendments thereof) for the following project: Hamilton Manor Apartments The improvements in the above described project consist of: Sidewalks Letter of Credit No. 200 Page 2 These improvements itemized above shall be completed on or before December 22, 1989. If said improvements have not been properly installed and satis- factorily 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 with supporting waivers, liens and affidavits from contractors or subcontractors furnishing material or performing work to complete these improvements. And then only in the exact amount of such payments less 10% for interim maintenance. This remaining amount shall never be reduced to an amount less than110% of the estimated costs to complete the re- maining public improvements plus 10% of the cost of the completed public improve- ments as a guarantee for maintenance purposes. The Village may submit its drafts as herein above provided without the consent of the Developer, Jack J. Buttitta, or any other party. 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 day (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 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 terns of this Irrevocable Letter of Credit. The amount of each draft must be endorsed on the reversed 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 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 agree- ments. This Irrevocable Letter of Credit shall not operate as a limitation upon the obligation of the Developer, Jack. J. Buttitta, 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 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. Letter of Credit No. 200 Page 3 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 under- signed that the expiration date shall be automatically extended as shall be required to comply with this notice provision and the requirements stated previously. This Irrevocable Letter of Credit is subject to the "Uniform Customs and Practice for Document Credir" the International Chamber of Commerce Publication #290, most recent revision except as herein above modified. We hereby agree with the drawers, indorsers and bona fide holders of drafts drawn in compliance with the terms of this credit that they shall be honored on presentation. Dated: March 24, 1989 CHARTER BANK AND TRUST OF ILLINOIS By: t' JP161J. Hayes Jr., Veyident Developer, Jack J. Buttitta "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 proceeding." Date: .J- 2'/- B, Developer, Jack J. Buttitta Jack J. tta / Benefi 1 0aner F.XHTRTT "A" LEGAL DESCRIPTION Lot 3 in Rohlwing Grove Unit No. 5, being a subdivision of part of the South 1/2 of Section 31, Township 41 North, Range 11, East of the Third Principal Meridian in Cook County, Illinois.