The URL can be used to link to this page

Home My WebLink AboutRESOLUTION - 11-88 - 2/9/1988 - LOC ACCEPTED/1500 ARTHUR AVERESOLUTION NO. 11-88 A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 8938 FROM NBD PARK RIDGE BANK EXPIRING OCTOBER 31, 1988 IN THE AMOUNT OF $2,156.00 TO GUARANTEE COMPLETION OF PUBLIC IMPROVEMENTS FOR NELSON-WESTERBERG COMPANY (1500 Arthur) 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. 8938 from NBD Park Ridge Bank in the amount of $2,156.00 to guarantee completion of public improvements for Nelson -Westerberg Company in accordance with the approved plans and specifications dated October 21, 1987, prepared by John Schraw Inc., Architect, 29 North Broadway, Des Plaines, Illinois 60016 attached hereto and made a part hereof. Said Letter of Credit expiring October 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 9th day of February , 1988. APPROVED this 9th day of February , 1988. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk NBD Park Ridge Ba One S. Northwest Hignway Park Ridge, Illinois 60068 Phone 312.399.4100 <; RECEIVED J i , i 1 51988 ELK GROVE VILLAGE ENGINEERING 6EPARTMLNT January 8, 1988 Village of Elk Grove Village 901 Wellington Avenue Elk Grove Village, IL 60007 Gentlemen: Our Letter of Credit No. 8938 issued in your favor at the request of Gundersen Construction to expire October 31, 1988 is being amended to increase the amount to Two Thousand One Hundred Fift Six and No/100 Dollars------------------------------- 2.156.00 . All other terms and conditions remain unchanged. This letter is to be attached to and become an integral part of the original credit instrument. 11,11-11109.11• MMIMMY:M Authorized Signature Issuing Bank cc: Gundersen Construction Subsidiary of NBD Bancorp, Inc. NBD Park Ridge Ba One S. Northwest Hig,.way Park Ridge, Illinois 60068 1'ZECENLiL) Phone 312.399.4100 UEC 2 9 1981 i ELK GRG'.'1 v,,LAGE E4CMEERIhG LEPARTMEhi IRREVOCABLE DOCUMENTARY LETTER OF CREDIT Village of Elk Grove Village 901 Wellington Avenue Elk Grove Village, IL 60007 Gentlemen: COMPLETION GUARANTY LETTER OF CREDIT NO. 938 DATE December 3, 1987 AMOUNT $1,900.00 PROJECT Nelson -Wester erg COMPLETION DATE August 1, 1988 EXPIRATION DATE October 31, 1988 We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of Gundersen Construction, 2580 Devon Avenue, Des Plaines, Illinois, 60018 hereafter called the "Developer", in the aggregate amount of One Thousand Nine Hundred and No/100 Dollars -------------------- ($1,900.00), U.S. Currency, available by your draft drawn on sight and marked "Drawn under NBD Park Ridge Bank, Letter of Credit No. 8938 dated December 3, 1987" These monies are to guarantee the completion of public improvements for the following project: Nelson -Westerberg (the "Project") described in the architectural plans and specifications dated October 21, 1987, prepared by Monies may De drawn on Signt Dy the village or h1K Grove village accompanied by the following documents: 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 public sidewalk construction has not been satisfactorily completed in accordance with the plans and specifications dated October 21, 1987, prepared by John Schraw Inc. Architect, for the following project: Nelson - Westerberg the "Project"). The improvements in the above described project consist of construction of public sidewalks. The improvements itemized above shall be completed on or before August 1, 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 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. Subsidiary of NBD Bancorp, Inc. s" IRREVOCABLE DOCUMENTARY LETTER OF CREDIT 'f Date: December 3, 1987 Page: 2 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 and then only in the exact amount of such payments less 10% for the interim maintenance. This remaining amount shall never be reduced to an amount less than 110% of the estimated costs to complete the remaining public improvements plus 10% of the cost of the completed public improvements as a guarantee for maintenance purposes. The Village may submit its sight drafts as herein above provided without the consent of Gundersen Construction 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 (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 terms of this Irrevocable Letter of Credit. The amount of each draft must be endorsed on the reverse 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 agreements. This Irrevocable Letter of Credit shall not operate as a limitation upon the obligation of Gundersen Construction 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 expiration 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. IRREVOCABLE DOCUMENTARY LETTER OF CREDIT Date: December 3, 1987 a. 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 undersigned that the expiraiton date shall be automatically extended as shall be required to comply with this notice provision and the requirrments stated previously. Th7S .rrevocable Letter of Credit is subject to the "Uniform , Customs and Practice for Documentary Credit, the International Chamber of Commercial Publication #400, most recent revision", except as herein above modified. We hereby agree with the draws, indorsers, and bona fide holders of drafts drawn in compliance with the terms of this credit that they shall be honored on presentation. Dated: December 9, 1987 Issuing Financial Institution: NBD Park Ridge Bank BY: Kenneth J. Rudnick, Senior Vice President Developer/Owner "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: 12 Gundersen Constructs n Developer/Owner: (1) j (2) *Note: (1) If property is in a trust, attach a copy of the Trust Agreement as an Exhibit.