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Home My WebLink AboutRESOLUTION - 4-88 - 1/26/1988 - LOC ACEPTED/RBC TECH PARCEL FRESOLUTION NO. 4-88 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 311561 FROM THE FIRST NATIONAL BANK OF CHICAGO EXPIRING FEBRUARY 1, 1989 IN THE AMOUNT OF $7,304.00 TO GUARANTEE THE COMPLETION OF PUBLIC IMPROVEMENTS FOR RBC TECH PARCEL F (N.E. corner of Cambridge Dr. and Landmeier Rd.) 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 Irrevocable Letter of Credit No. 311561 from the First National Bank of Chicago in the amount of $7,304.00 to guarantee completion of public improvements for RBC Tech, Parcel F in accordance with the approved plans and specifications with revisions dated October 28, 1987, prepared by S.D.I. Consultants, 701 Harger Road, Oakbrook, IL 60521, approved on January 20, 1988 on property described in Exhibit "A" attached hereto and made a part hereof. Said Letter of Credit expiring February 1, 1989. 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 APPROVED this 26th ATTEST: Patricia S. Smith Village Clerk day of January , 1988. day of January , 1988. Charles J. Zettek Village President TRADE Viclis 1, �Jahrnai F 7:'k^i C`�,�aq� z 0 CHICAGO, ILL!Ntvl `, RECEIVED OCC 2207 PARCEL 'F" ELK GROVE VILLAGE ENGMNEERING DEPARTMENT IRNFVUCABLF LETTER OF CREDIT COMPLETION GUARANTY VILLAGE OF ELF': GROVE VILLAGE 901 WELLINGTON AVENUE LETTER OF CRFDII O.: 611561 ELF, GROVE ':ILKAGE; IL 60047 AMOUNT: $7,30000 PROJECT: RHC PARCEL F COMPLETION DATE: JUNE Ir 1989 EXPIRATION DATE: FEBRUARY 1, SL:N fI lmMEQ WE: HEREBY ESTABLISH OUR IP.RF':OCABLF STRAILi:HT LETTER Of CkkU i T IN YOUR FAVOR FOR THE ACCOUNT OF SDK INDUSTRIAL PARKS; 33 WEST M.ONROE STREET, CHICAGO, ILLINOIS HERFAFTER CALLED THE 'DEVELOPER', IN THE AGGREGATE AMOUNT OF $7004.40 (SEVEN THOUSAND THREE HUNDRED FOUR U.S. DOLLARS), AVAILABLE BY YOUR DRAFT DRAWN AT EIGHT AND MARKED 'DRAWN UNDER THE FIRST NATIONAL. BANK OF CHICAGO LETTER OF CRFDIT NO. "511561' THFSF HOMES ARE TU GUARANTFE: THS COMPI EiT EON OF PUBLIC IMPROVEMENTS FOR THE FOLLOWING PROjLCT: RFC PARCEL F (THE 'PROJECT') DLSCRIDED IN THE LNGI'NEERING PLANS AND SPECIFICATIONS WITH REVISIONS DATED OCTOBER 23v IYS7Y PREPARED BY S.D.I. CONSULT'AHTS, Y01 HARDER ROAD, OAKBROOKs IL 60321 APPROVED ON 1"88 AND AGREEMENTS (INCLUDING ANY AMENDMENTS THFRFOF) ON THF PROPERTY LEGALLY DESCRIBED IN EXHI411 A (ATTACHED HERETO AND MADE PART HEREOF)MUFl1E:S MAY BE DPAWN ON SIGHT BY THE 'J L L AUE OF ELK GROVE 'JT! !...AIME WHFN ACCO FP,^,NfLD NY 'INE FOI_I_OWING DOCUMENT: +l `.=13NED ETATEMFMI BY THE 1:ILLAGE. MANAi3E R OR ANY OTHER DULY AU;HOR_`ZEB OFFICIAL OF THE VILLAGE OF ELF; GROVE VILLAGE (ANL' SIGNED AS SUCH) CERTIFYING THAT ANY PORTION "OF THE SITE IMPF'uVEME:NTS HAS. NOF 8KEN SATISFACTORILY COMPLETED IP! ACCORDANCE. WITH THF APPROVED PLANS AND 11"FELF'CATIONE WITH REVIAIUN DATED OCTUBFK :.'.far 7.9818 PREPARED BY S.U.I. CHSULTAPITS:, 701 HARDER ROAD, OAK BROOKi :I I_ 60521 APPROVED Ci,i � e...a0,_...._.......e !Y"Z APUD A0Rk::nMF:Nr1 (INCLUDIN3 ANY AMENDMENTS fH4RFOF) FOR THF FOLLOWING PROJECT: RBC PALCE.I_ F (THE ROJECT").FON PROPERTY LEGAI.L.Y DESCRIBED IN EXHIBIT A ATTACHED I.ar.:KETC AND MADE PART. HEREOF, THE IMPROVEMENTS IN THE ABOVE DESCRIBED PROJECT C!'MEIST OF: i'TI:' UAL..P.. '-HV -i_ IMPROVEMENTS ITEMIZED ABOVE SHALL. HF: KOMPLF: FEU ON OR _ZFOR!E JUNE 1, 1908. IF SAID IMPROVEMENTS HAVE NOT BEEN PROPERLY INSTALLEI! AND SATISFACTORILY ;.:I'Pfl''I.EIE-U ON ON BEFORE THAT DATE AS REASuNABLY U;T.1;°'FitilNED bf IHF_ VILL..AGE EN21NFER, THEM THE VILLAGE OF ELK GROVE VILLAGE (THF 'VILLAGE') IS HERKH'f GRANTED AUTHORITY 10 oWnW UP lid THIS IRREVOCABLE LETTER OF' FREOET FOR THE P_u;P.SLOF CiNFf`IIG FULLY SAID IMPROVMFNTF T "! .;C il••..:r,NCE RICH THE PROVISEONS HFRRIN AND AY.O.F_ SET FORTH ' COH INUEI' ; PAGE 'ORIGINAL PJa:Onal SdnK OI C,'hicag , REF NO! 00111561 DAi& DECEMBER TRADE .V;OES 1, CHICAGO, Swift A(,,dreP Q Cable address NATIONAL 21v 19S'' THE. PRINCIPLE AMOUNT OF THIS IRREVOCABLE: L.FTTER OF CREDIT SHALL NOT BE REDUCED FUR ANY PUBLIC IMPROVEMENTS INSTALLED OR COMPLETED UNLESS SUCH REDUCTION IS AP'P'ROVED BY THE VILLAGE ENGINEER IN WRITING AND THEN ONLY .IN THE EXACT AMOUNT OF SUCH PAYHFM FS LESS 10% FOR INT'E'RIM MAINTENANCE. THE VILLAGE MAY SUBMIT ITS SIGHT DRAFT'S AS HEREIN ABOVE PROVIDED WITHOUT THE CONSENT OF SDK INDUSTRIAL PARKS ON ANY OTHER PARTY. PARTIAL DRAWINGS ARE PERMITTED UNDER THIS IRREVOCABLE LETTER O CREDIT, SAID DRAFTS MAY BE SUBMITTED FOR PAYMENT FOR A NIMFIY (9 0) DAY PERIOD FOKLOWINU THE COMPKETION RATE OF THIS !IRREVOCABLE LETTER OF CREDIT AND SAID DRAFT SHALL BE DULY HONORED UPON PRESENTATION DINKIN13 THL NINETY (40) DAYS IN .ACCORDANCE WITH THE TEEMS AND PROVISIONS HEREIN CONTAINED, IFP WITHIN THIRTY (30) DAYS OF THE DATE OF ANY DEMAND (MADE IN CONFORMIT,'i WITH THIS IRREVOCABLE LETTER Of CREDIT) PRESENTEDY WE FAIL TO HONOR SAMEP WE AGREE TO PAY ALL ATTORNEY FEES, COURT COSTS AND OTHER REASONABLE EXPENSES !MCURRLD BY 'IHF VILLAGE OF ELK GROVE VILLGF: IN IINFORCENG THE TKRMS OF THIS IRREVOCABLE LETTER Or CREDIT. THE AMOUNT OF EACH DRAFT MUST BE ENDORSED ON THE REVERSE SIDE OF THE URIGI NAI._ IRREVOCABLE LETTER OF CREDIT BY THE VILLAGE ENGINEER AND ATTESTED BY THE CLERK':. THIS IRREVCICABLE LETTER OF CREDIT SHALL BE UTILIZED TO SECURE THE !INSTALLATION OF ALL IMPROVEMENTS RFOUIRED UNDER THE i•iUHICIPAI CODE OF THE VILLAGE OF ELK GROVE VILLAUE AND SPECIFIED ON THE ENGINEERING DRAWINGS AND IN THE SPECIFICATIONS AMD AGRFFMFN.TS. THIS STiliEVOCAYL L- I._ET IFF; OF CRFOIT SHALT_ NOT OPERATE AS A LIMITATION UPON THE OBLIGATION OF SDK: INDUSTRIAL PARKS 10 PROPERLY COMPLETELY INs fAL.L ALL IMPROVEMENTS REQUIRED BY THE VILLAGE OF ELK DROVE VILLAGE. T ES A CONDITION OF THIS .IRREVOCABLE LETTER OF CREDIT !HAT 1T SHALL. BE AUTOMAT ICALKY F:XTKMDK0 FOR ONE YEAR FROM THE PRESENT EXPIRATION DATE HEREOF UNLESS THIRTY (30) DAYS PRIOR 1'0 SUCH EYPIRATION DATE: THE ':ILL.AG;L MANAGER SHALL NOTIFY THE UNDERSIGNED IN WRITINGP CERTIFIED MAILP RETURN RFCETPT REDUESIED THAT HE OR SHED BASED UPON THE ADVICE AND SUP'P'ORTING DOCUMENTATION FROM THE VILLAGE ENGINEER THAT HE OR SHE DOES ELECT NOT TO ARBITRARILY REUUESi RENEWAL OF THIS IRREVOCABLE LETTER OF CREDIT FOR SUCH ADDITIONAL_ ONE (1) YEAR PERIOD WITHOUT DUE CAUSE. THE UNDERSIGNED SHALL NOTIFYTHE VILLAUE HANAGERY BY CERTIFIED MAILY REIURN RECEIPT REOUESIEDY AT LEAST NINETY run) DAYS PRIOR TO SAID EXPIRATION DATE THAT SAID IRREVOCAHLE LETTEF. OF CREDIT IS ABOUT TO EXPIRE. .:T IS EXPRESSLY AGREED BY THE UNDERSIGNED THAT THE EXPIRATION DATE SHALL BE AUTOMATTCALI Y EXTENDED AS SHALL I:E REQUIRED TO COMPLY WITH THIS NOTICE PROVISION ANII THE REO(II=EMENTS STT' -TED PREVIOUSLY. WE F..t. CA310 WITH YOU THAT DRAFTS DRAWN UNDER AND IN CONFORMITY CONIINUEC') PACE 'ORIGINAL bank of (.,n•Cac� REF NO! 00311561 DATE: DECEMBER E 023 CHICAGO, iL' iNr;!`; `"?n7 S'wdt ACC'.__ _ CaMewomss-NASO A 3.. 21Y 1987 WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED ON PRESENTATION IF PRESENTED ON OR BEFORE THE EXPIRY DATE. THE: OPIGINAL LETTER OF CREDIT MUST ACCOMPANY THF DOCUMENTS REQUIREI! UNDER PHIS CREDIT. THE CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS ANIS PRACTICE FOR DOCUMENTARY CREDITS !1953 RE:VISION7p INTERNATIONAL CHAMBER OF -PUBLICATION 400. PLEASE ADDRESS ALL CORRESPONDENCE REGARDING THIS LETTER OF CREDIT TO THE ATTENTION Or OUR LETTER OF CREDIT UNITY TRADE: VERUICE GROUP, MENTIONING OUR RFFER.ENCE NUMPER AS IT AP'P'EARS ABOVE. VERY I IR, ULY YOURS THE FIRST NATIONAL BANK OF CHICAGO F'RFF'AREF:!AUTHOF;IZ -5HF'R AUTHORIZED SIGNER PAGE 3 ORIGINAL TRACE bank of Chmao , L FE C23E CHICAGO, 1LL;N(-,! 7 dC i S.w it A,gdmv, Canle address ." AT:O, �A_ EXHIBIT "A" THIS PAGE FORMS AN INTEGRAL PART OF LFTIER OF CREDIT MD. 311561. RBC -PARCEL F ELI': GROVE VILLAGEr ILLINOIS LEGnL DESCRIPTION PLAT DATED SEPTEHkER 17 1997 RBC—PARCEL F A RESURDIYESION OF LOTS 1 THROUGH Yr BOTH INCLUSIVE, IN S, .I':. SUBDEVTOTON NO. 2, OF PARTS OF LOTS I AND 2 IN EVERDING SUBDIVISION IN THE SOUIHWLST QUARTER OF SECTION 2w7 TOWNSHIP 41 NORTH- RANGE 11 FAST UF THE THIRD PRINCIPAL MERIDIAN: f,''! THF VILLAGE OF ELK GROVE VILLAGE, IN LOOK COUNTYr ILL Ii•!O'..S ORIGINAL