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Home My WebLink AboutRESOLUTION - 38-88 - 5/24/1988 - LOC/DEED OF CONVEY/BILL OF SALERESOLUTION NO. 38-88 A RESOLUTION ACCEPTING A DEED OF CONVEYANCE/BILL OF SALE FROM BONGI DEVELOPMENT CORPORATION AND AN IRREVOCABLE LETTER OF CREDIT NO.117496 FROM PARKWAY BANK AND TRUST CO. IN THE AMOUNT OF $10,000.00 EXPIRING MAY 30, 1990 GUARANTEEING MAINTENANCE OF PUBLIC IMPROVEMENTS FOR CIRCLE BAY SUBDIVISION WHEREAS, the Developer (Bongi Development Corp.) has submitted a Deed of Conveyance/Bill of Sale and Irrevocable Letter of Credit No. 117496 in the amount of $10,000.00, which will expire May 30, 1990, to the Village of Elk Grove Village as required by the Subdivision Control Ordinance and fully complied with all provisions of any and all Ordinances pertaining; and WHEREAS, the Developer has satisfactorily submitted all necessary items as required by the Village and has submitted required As -Built Engineering Plans: 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, Illinois: Section 1. That the Village of Elk Grove Village does hereby accept a Deed of Conveyance/Bill of Sale and Irrevocable Letter of Credit No. 117496 from Parkway Bank and Trust Co., Harwood Hts., IL in the amount of $10,000.00 expiring May 30, 1990 guaranteeing maintenance of public improvements as described on the "As -Built" Engineering Plans prepared by Applied Engineering, 4242 Kirchoff Road, Rolling Meadows, Illinois 60008 and dated February 2, 1985 for Circle Bay Subdivision. 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 APPROVED this 24th ATTEST: Patricia S. Smith Village Clerk day of May , 1988. day of May , 1988. Michael A. Tosto Village Presidentpro tem P PARKWAY BANK & TRUST CO 4800 N. Harlem Ave.. Harwood Heights, IL 60656/(312) 867-6600/Telex # 216559 PKWY IRREVOCABLE STRAIGHT LETTER OF CREDIT #117496 DATED: April 25, 1988 AMOUNT: $10,000.00 EXPIRATION: May 30, 1990 TO: Village of Elk Grove 901 Wellington Avenue Elk Grove Village Il 60007 Gentlemen: We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of Bongi Development Corporation, 806 Parkplace Drive, Palatine Il 60067, hereinafter called the "Developer", in the aggregate amount of Ten Thousand and 00/100 ($10,000.00) U.S. Currency, available by your sight draft drawn on sight and marked "Drawn under Parkway Bank & Trust Co. Letter of Credit #117496 dated April 25, 1988". These monies are to guarantee the maintenance of public improvements for the following project: Circle Bay Subdivision described in the engineering plans and specifications with revisions dated June 7, 1978, prepared by Applied Engineering Co. and agreements (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, 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 certifying that "any portion of the site improve men ts,consisting of: watermain and appurtenances, sanitary sewer and appurtenances, storm sewers and appurtenances, roadway (curb and gutter, pavement), sidewalk, parkway (trees, etc), ponds (detention/retention), to the Circle Bay subdivision project, has not been satis- factorily maintained." This Irrevocable Letter of Credit is subject to the "Uniform Customs and Practice foriDocument Credit" the International Chamber of Commerce Publication #400, most recent revision, except as herein modified. We agree with the drawers, endorsers and bona fide holders of drafts drawn ip:compliance with the terms of this credit that they shall be honored on presentation. Very truly yours, Grej3?' Bear Loan Officer C/7 Attest: Evelyn d. Cog ursl Assistant Ce(shier lege& , we make it happen, Member FDIC DEED OF CONVEYANCE/BILL OF SALE f4.K GROVL VIU.A"E ENGINEEAING oEPAAii NL KNOW ALL MEN BY THESE PRESENTS, that ,6FAI / DtLELGFi`!'�i✓T C1JQr�r?/�Tin�! (the "Developer"), located at 00K a ' Z!l /i✓niS (corporation, partnership, individual) authorized to do business in the State of Illinois, for and in consideration of the sum of One Dollar ($1.00) and other good and valuable consideration in hand paid, the receipt and sufficiency of which are hereby acknowledged, does hereby Grant, Sell, Transfer Over, Convey and Deliver unto the Village of Elk Grove Village (the "Villaga"), Cook and DuPage Counties, Illinois, a municipal corpor- ation, to and for its own use forever the following: UNDERGROUND IMPROVEMENTS Watermain and Appurtenances Sanitary Sewer and Appurtenances Storm Sewer and Appurtenances ❑ Lift Station and Force Main ❑ Other SURFACE IMPROVEMENTS Roadways (Curb & Gutter/Pavement) (Street Names) / Sidewalks Parkway Trees T'-ccsxaxr�eroi/Street Signs Storm Water Retention/Detention Basins Other cont'd... r -z- located in the Project known as �'/..P�'l.f- ,may" , (the "Project") as described on the "as -built" engineering plans prepared by X91;,4,1/EO located at y._;2//'1 AfZXC /Tni�F �D/+O �C%I //✓G- /!'r'f%✓%9c�/S-I .Z -LL 1: [yp0 3' i Fe b 2 9 65 "Bill and dated . , which plans with of Materials" are incorporated by reference and made a part hereof. WHEREAS, the Developer does hereby warrant to the village, it is the lawful owner of and has good and marketable title to the aforedescribed improvements; that the same are free from all encumberances; that the Developer has the right to Sell the same; and that the Developer warrants and will defend and hold harmless the Village against the lawful claims and demands of all persons with respect to the title hereby conveyed; and that the execution of this Bill of Sale/Deed of Con- veyance is an authorized Act of Said Corporation, Individual or Partnership. IN WITNESS WHEREOF, the Developer has caused this instrument to be signed and delivered this day of (TITLE) 19 CORPORATE SEAL (DATE) AT NOTARY SEAL (NAME) (DATE) DEVELOPER(S)/OWNER(S) (DATE) VILLAGE INSPECTOR (NAME) (D -3 - ASSISTANT VILLLAGE ENGINEER: CERTIFICATION All work required for this development has been inspected and found to .be completed in a satisfactory manner. All documentation for acceptance has been submitted and found to be acceptable. (DATE) V (NAME) (TITL APPROVAL AND ACCEPTANCE OF GOVERNING AUTHORITY The VILLAGE OF ELK GROVE VILLAGE does hereby approve and accept for maintenance and operation the above described improvement. It is understood that the guarantee period'of 24 months shall commence as of the date of Village Board acceptance. It is also understood that this approval and acceptance covers only the specific work indicated above and is subject to a final punch list being made concerning adjustment, alignment and necessary repairs of all structures, boxes, hydrants, ect. Acceptance of maintenance by the Village does not relieve the developer from the responsibility of keeping all dirt and debris due to cons- truction operations out of both storm and sanitary sewer systems. Final accept- ance of the subdivision or other general development is conditional upon com- pleting all indicated items on the final punch list. It is the responsibility of the owner or developer to request the final punch list to be made. No re- fund of maintenance escrow monies will be made until all items in the final punch list have been corrected. p VILLLA�G�EE ,OF ELLJK� GROVE VILLAGE �ylUy 9. �9e� BY: —� (DATE)