HomeMy WebLinkAboutRESOLUTION - 53-88 - 8/9/1988 - LOC ACCEPTED/1200 LANDMEIER RD RESOLUTION NO. 53-88
A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT
NO. 49305 FROM NBD ELK GROVE BANK EXPIRING DECEMBER 310
1988 IN THE AMOUNT OF $3,229.00 TO GUARANTEE COMPLETION
OF PUBLIC IMPROVEMENTS AT 1200 LANDMEIER ROAD (Gullo)
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 acceptance of Irrevocable Standby Letter of Credit No. 49305
from NBD Elk Grove Bank in the amount of $3,229.00 to guarantee completion
of public improvements for 1200 Landmeier Road, Gullo International
Development Corporation, in accordance with 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 9th day of August , 1988.
APPROVED this 9th day of August , 1988.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village er
NBD Elk Grove Bank
i. Itl - !!t
I1Ii1 II __ IIItI=I' , I 100 East Higgins Road !i
Il = '1
II' 11 i=;! IPagti e= Iilfl.==of Elk Grove VlageIn _ a4t
I. 60007 _ t - -il=_ _IIa.I
n!-
;
YSAFEir -312%439-1888!Telex:2068061190278-
Cable:
BANKELGR
II1=�1(I til ' (il III=11i ,'�_ ,I. •!''- I ,cilli _ ' -- i .- , ',I!�- , l!I=tilt 1= i l f•,•III=1I1=
INTERNATIONALBANKING DEPARTMENT,,':--'I, '-'I
11 =•III III - 'I! -- ' ',I-' i'` ',.i- _ ',, i'1- 1 I.,_ -_ II' !I!-.
IIi,JRREVOCABLE STANDBY`LETTER OF CREDIT NO 49305 DATE: July 14, 11988.- I'
I+,I=III=1'I= r c111=fit__
.WISING BANK:' =.lil.-'1' -I!! " - " ,'APPLICANT. 'GULLO INTERNATIONAL
DEVELOPMENT CORPO
III ftl I1 RATION 1260 LANDMEIER ROAD
- i = ,I' -. I .-•
fII=,If ELK GROVE.YILLAGE 1L _6000/. •II1•'
,RECEIVED_ _111L ,600
_•nf,� l;
-=$3,,2_29til!=00 t in a.1Ig,t_=gr+egl a.t. e 1"==,BENEFICIARY AMOUNT
9988
--,:{ VillageVillage-,
•;=lI{I!I•;==i{I•=iIlIfl,
-I1
of Elk Grove Village iietKGRD1IE VILiaGE {i i, = i!i Itt iii=1{1-=I .
1901 Wellington.Avenue 1 I cENGINEERING-DEPAR[MENSII = 11 = ii( {IIL-II
-'Ill'--Elk Grove Village, IL 60007 ,1; I!I Il! Ill . III= E%PIRATION DATE: December '31�- 1988, i_.f{4_.11l
1'I= Ili tIt -- 11 Ill=III x '11= 111 . I = 11 Ill I' _. III .- III _AT .NBD ELK GROVE BANK . III=tI' �I=111 {{{•.-
{({Geutlemen III -`I! !i' 1! !II = Ifl
- We hereby establish our Irrevocable Straight Letter. of Credit in your favor foil• -
., _ . . _ �. • - _•Ill = of � _ ! I-I 1s1;
the account .o,f,GULLO INTERNATIONAL- DEVELOPMENT CORPORATION,_'hereafte= called=tilts
the
1i1 v = 111 ! - ilfslil I;
!,Developer , lin aggregate amount of $3,,229 00, :U.S Currency,- available by your
_n
_ _ _
i!-draft drawn on'si he and marked "Drawn under Letter of Credit No ' 49305 dated July 14,E111-E 1.
h1.11 _ I 1l. I g =: 1 = n „_ ' .: It lf_= ! -_ 1^= -pi _ ,!I_Ili EIll_
i= 11!1988 , These monies Are,_io guarantee';the completion-of-public,•improveme_ntg-for the _III - -
I
_following project 1200 LANDMEIER ROAD, ELK GROVE VILLAGE described-,in theengineering -. .
lI1='01ana t
and specifications with revisions dated MARCH 1p '1988, 'prepared by NORMAN
TOBERMAN & ASSOCIATES, approved on JUNE 30l -1988,
!I _ � and_-agreements , any _ 1Il _ II
4i.-amendments thereof) on the property legally described in Exhibit A (attached hereto snail!-
made part thereof). _ - .
I'!_ ':.Monies may be drawn on sight by the Village of Elk Grove when
I!1=.!accompanied by the following document: I! = I = I' ".. ` I'= ' ' 11-;II it =111=111-
- 111 ' 11!_11,= 1 1!1_.. 11 til -,II, II! zl Ill.= Ir .. II(,= 11. ,-.. ._ !,' iii= ��_ '' - It= i'! :II•-111,_111-
ill = III A signed statement purportedly by -the_Village,Mar
nage _or any other-,duly
authorized official-of the Village of Elk Grove Village certifying 'that any :!1 IIi
!i'_ , portion of the site improvements has not been satisfactorily completed in
= accordance with the approved plans and specifications with revisions'=dated MARCH
1, 1988, prepared_by NORMAN J. TOBERMAN 6 ASSOCIATES, approved on JUNE 30, 1988 _
and agreements (including any amendments thereof) for the following, pro3ecU _ ! It
1200 LANDMEIER ROAD, ELK GROVE VILLAGE _NBD GROVE BANK _
By: By: O
its: Yl l
to Its:
1 II - _ P li ,I. t' '... - ,,,�c UI -iII i .ill 1II .•i
i
I �! _ I � =. -_ � - � !U= to III:_I,I Ili=,l{I,_,flf_Ul,_,fll•_
P
I ii, NBD Elk Grove Bank = — " - 1!1 III
7.- I�1 I j1=1! -!{Ic \ C 100EastHiggins Road-.;!1 it I! n
Elk Grove Village,Illinois 60009
,II1c111=_hr.= 'ii=At>irsgrin 3s nl _312/439-1888 Telex: 206806(1902781=.11i.=NAI:i'E:,vlu SF P. F SAFETY_ III:
!Cable:BANKELGR. :`._-: - III j III=III= !
_,IIi•=.III._,tII,--)i'=-,III�IfE=(;t.c!' _ _ ,, — . _
fl=lii,=•ffl,-fl._Ili,_TIL-)li=. ; _ INTERNATIONAL BANKING DEPARTMENT ;ll'_IiPage .2 of 4
it
—'{
III=The improvements in the above described-project consists of: _(R appropriate boles).
11=III=_111,=III I,=.tll Til -_ !II
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11! r ' _ - - ;li �' 'Il ti - 11 ill '11'✓•Il=Ili _ lu=1t( 1fl=,Ill
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{ IfI=11f l; c L — = . 4!-11 =,!N,=J11=,• c.II! _ il! , :Il=iiI=III:
!II= ( hex&tar ewer-.end Appurtenances 'if Ili--- . II! 11=III-III
=III Ill � ii _ _ : , •, - �u . i _ f —111 I -: '!I III= ! : iii= II =i(!•c,ijl.c.l
dill IIIEiji
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1 Storm se ...:a � II•_ Ili-_'!li�= - :-•li'�—'II('-':I!•=•If�='li' •11�= II" =11(=Til•=1
c ll(- Ili=lli R lii- 111-.
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Sidewalk ifl = , !I I ' !' -
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._'III 1 III Ifl -li! i
ic,ljl l' I Street 13i6tfts'!1
111=1f1 I{I i' ' lil =1i 111 .I '1' !il'=!fl-ill
=III= 1 =Parkway (Trees etc ):r. It
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it; !— t'I - II=111 _ ',II III _9!t _ I(1—Ifl,=ill:
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trot Etgsia!@, Signs, Herhilit"s - - -
-il=-ill.-=.Iii_,! _ - -.= ; �r ' .__ _ - _ Iz !!_� 11 = { -(1!•�I(1=
: 1i I,-Ei lit
(Dat ant Z oft IR
'll II! = ii -'ll' - I!1= !1 = 1 . _ 111 _ 111 _ ' 1 _ 111 11=1I1,�1{1
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n9 = 111Ill I'i' {I I:! ;if — . , _ ;II _ I I'l = ill= Iif=li VIII•=,Ill_1
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=- "I -These improvements itemized above shall be completed on or before DECESER, III
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 !11`=
"
the Village of Elk Grove Village (the "Village") is hereby authority t
_ g g g y graated . o draw,
., , upon this Irrevocable Letter of Credit for the purpose of completing fully said !!I
improvements in accordance with the provisions herein and above set forth.
PTSD ELK GROVE B - _.111 if L;i
- I
14,BY By
Its: 'W✓• tall
Ill• l:
Ill NBD Elk Grove Bank i I I !1 u l ! U
'100 East Higgins Road " I � • ? I •�
l l 1 ` Elk Grove Village Illinois 60007
A to to ER 611E '-'.'HY SAFE i Y — — l'? _ _ :-312/439-1888 'Telex:206806/190278
'- _
f1.l
_Cable BANKELGR
i':-
INTERNATIONAL BANKING DEPARTMENT Page 3 of 4
-.111 I I -
The principal amount of th'
is Irrevocable Letter of Credit shall not be reduced --
- _
- ;il• II' r completed unless such reduction isla -roved 'by 1_!,-,.
for any public improvements installed o p pp
.r-. - '.
lthe•._Village Engineer in writing with supporting waivers, liens and affidavits 'from_'!11 VIII:_
_ 111 contractors or subcontractorsI !ill es
furnishing material pr performing "work to complete
111=111 _ _ l - - - = - _ _ 1-i _ 1i;-. , =lil.,•!I; :
i lU-improvements. -=-And then only in the exact -amount of such payments-:less a0% ,for .interim-.-,i
:This remaining- amount-shall" n=ever- e!; redu-ced to an".a'mount le-ss i thani:1=11I0I%maintenance.
,
li= I of the estimated costs to complete .the remairiang public" improvements plus 10i a the'll E Ills
=111 111 - — a — SI - 1 i lil _ 1 -111 : 111 = III-E-.Il Ili Y II
'Ilt'_il, cost_of ,the -completed publicon '
; improvements as for mainteance, purposes._ �he'11;'c
::,
I ! = II Village may submit its sight drafts as herein above provided without the ;consent-ol �Che
-i=1111 - DEVELOPER or any other party i ' =•I'i ' iii - ' I!I i!I=-: l I= Irl II =1;!-= I!_fllc !II
0I _ 1 1: _ , ''._ _ __ o_ — =l== 1il= 'I: i(_ it-1
1 partial drawings are permitted under this Irrevocable Letter of Credit Said
II= ';1,drafts may be submitted for-payment fora' lainety (90) day period following the 111-111 i 1!!
t' 'III I .oiom letion-date of this _Irrevocablesaid
honored u on presentation durin the nines da (90) da said draft shall beiduly .I{I
111= !II p Letter 'of Credit and s
I=111 p p g y_ y y "in accordance with the terms !!
=•1.i3l�S ai„_:. i - i I-, - r, M_ - u_ �-Er.",r,v sFll _ 111 - II1 .� lllIIi _ I:(=
=.I;i= andprovisions herein .contained.
',.. y ' _ _ o IIi III
111 -i 11� 1 •�'i - hirty �30) da �s, of the dace of any-demand (made-inII' � 111 =
If, within t conformity"with
= !'I - 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 ilk
Grove Village in enforcing the terms of chis Irrevocable Letter of Credit. l'The' Amoun2!L=.'
it:
='li,I of each draft must be endorsed on-the reverse side of the original Irrevocable Letrrer. i
•111.= Credic by che Village Engineer and attested by the ClerkThia Lrrevocable Letter-oF,1•�•_•
lsi_=,l:i
lig= Credit shall be utilized.to secure the installation of all".improvements:•reg6iied.;under..,Iii
- the Municipal Code of the -
_ II(= p 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 'Villa ge.
NBD AK GROVE BANK
By: 1, JV4) By:
Its.• Ct ullX SaL Its:
_
- _
II •+ 1 I 'I III III
_ NBD Elk Grove Bank
\ 100 East lEggins Road-
Elk
oad _r l l lit= I
Elk Grove Village,Illinois 60007
'SILL SENTRYS , ' 1 IllcI11 = lil - iu;4vb"=il' — Ii I'= ilt�1i11,=.1II_Ijl•:
312/439-1888 'Telex: 206806/190278
1=III ;I ' 'Cable BANKELGR -' �I ll . I{i .i(1= III- I
II - "i _ . :Il=`III'=I';-= 1'I - ,11 1'1-'l11'�'III='III'_
II' III _ 1;1 INTERNATIONAL BANKING DEPARTMENT page 4 of4
111 _
IC is" a condition of this Irrevocable Letter of Credit that �it shall be 1=•IIi=1! c
at 1 _ -: 11 i.. "_. _- rr - =.itl•=•Ill i
_'lil'= automatically extended for one year from the -present._expiration date hereof unless,= Ill_'iii
I
"'.-thirty (30) days prior to such expiration date the Village Manager-shall notify the ll - =1
II. IrI _ I{i=I{I
'I E lit nndersi ned in writing - •
g g certified mails returri receipt requested that he-o' based = llic l
_•III =III - - _ _ r.l. _ ,'' - - I I :_ _ II " i l :. ,11=111'=IIIc
._. upon the advice and adpporting documentation from the Village Engineer, 'that he or=_she_:III_= !
{1- does elect not to -arbitrarily request renewal of this Irrevocable Letter of Credit `for11=.IIi=
'iI
11= such additional one (1) lyear period without dui.e cause I Ill III lil- III II+-III � I,1=111=a11:
11 1 .111 X11 The dndersigned shall notify 'the Village Manager . by certified mai.I,l_Ireturn'III= III' 1
itl=1!I !'I ." 1 = I - _ c.11lc 11'=
11= Ifi-Teceipt requested, at 'least-ninety. (90) days prior -to said-expiration date'-that 'sa�.d'i E.Ill='I
11, 4 � _ 1_ 1;1_ ff=;111=.1I1.`
.-Irrevocable -Letter of Credit is about to expire It is expressly agreed by the .
II' undersigned that the expiration date shall be automatically•.extended as shall be'=. '1,='•III= II :
- .;I =11' '' -- =- •I -. , = I. - ..._ ., ,1�', I ., -= = III '-' ,.III 'kl•= 1
I'- required to comply with this notice provision andthe requirements stated previously. ' 1i -111 :
II We undertake that all drafts drawn in conformity .wr.ththe terms of--this Letter III
- III— 'll. 111•_ 111
-•i{1,=•111 of.Credit will be`duly honored if. presented_ to us .togetherCwith- the original of this;l'-III'=
!..LEt UL SEN - Y SA. ETY=Iii —
!!I-_ I11 — III�III—III:
•III- I Letter'.'of Credit on or before the expiry date
!= lit 'This Credit is subject to the "Uniform Customs and Practice' for Documentaryx
If, ts _(198
- _
Credi
s (1983 Revision), International Chamber of Commerce Brochure No. 400." it
!11= Very truly yours, 111
III = - � = 1�1 = - I •.. I . :.i - 1. +I,= 1111•- ! + . III I'I III=,1{I.=11i.
= NBD E K ROVE BANK _ _ _ _ = II _ !11 "I- - _ Ii;
II _ III _ I{I
_ . I = IIi _ - : _ :. _ I ' I+ ,'ll 4 •
, `
rl - Its. ^V'1 .- I s:
I !
_. _ -.-- -- I'I— ' ila7 = 11' 11=,111 _•111-
it :;! _ 11 {t;- =i;l=:i. _•Ili -II',c,l l'