HomeMy WebLinkAboutRESOLUTION - 54-88 - 8/9/1988 - LOC ACCEPTED/PARK CHARDONNAY RESOLUTION NO. 54-88
A RESOLUTION RELEASING A SUBDIVISION BOND NO. 522-23-77 FROM THE
FIREMAN'S FUND INSURANCE COMPANY IN THE AMOUNT OF $98,500.00
ACCEPTED BY RESOLUTION NO. 36-83 (WHICH REPLACED SUBDIVISION BOND
NO. USHC-59 FROM AMERICAN INTERNATIONAL COMPANIES ACCEPTED BY
RESOLUTION NO. 100-80) AND ACCEPTING AN IRREVOCABLE LETTER OF
CREDIT NO. 60003893 IN THE AMOUNT OF $98,500.00 FROM THE AMERICAN
NATIONAL BANK TO GUARANTEE THE COMPLETION AND INTERIM MAINTENANCE
OF PUBLIC IMPROVEMENTS FOR THE PARK CHARDONNAY CONDOMINIUMS
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 release of Subdivision Bond No. 522-23-77 from the Fireman's Fund Insur-
ance previously,accepted by Resolution No. 36-83 guaranteeing all public
improvements in Park Orleans Development.
Section 2. That the President and Board of Trustees do hereby authorize
acceptance of an Irrevocable Letter of Credit No. 60003893 from the American
National Bank in the amount of $98,500.00 guaranteeing the completion and
interim maintenance of public improvements for the Park Chardonnay Condominiums
on or before December 31, 1989. Said Letter of Credit will expire on November
10, 1990.
Section 3. 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 Clerk
Agnerican National F I*
and Trust Company of Chicag,
33 NORTH LA SALLE STREET,CHICAGO, ILLINOIS 60690
TELEX NUMBER 2-5229 CABLE ADDRESS ANBATCO
TELEPHONE 312-661-5931
Fc�CE1VED IRREVOCABLE STAND—BY DOCUMENTARY
CREDIT
JUL 81988 MAIL
ELK GROVE VILLAGE CREDIT NUMBER: 60003893
ENGINEERING DEPARTMENT EXPIRY: NOVEMBER 10, 1990, IN
MAY 12, 1988 CHICAGO AT OUR COUNTERS.
APPLICANT BENEFICIARY
JOSEPH MASLOV, LEO FURIE, VILLAGE OF ELK GROVE VILLAGE
RAYMOND STENDER, MORANDO 901 WELLINGTON AVENUE
BERRETTINNI, ROBERT SIMON, & ELK GROVE, IL 60007
PETER PAGRATIS
C/O WALTON REALTY CO. AMOUNT
101 EAST ONTARIO STREET, STE 350 USD 98,500.00 (US DOLLARS NINETY
CHICAGO, IL. 60611 EIGHT THOUSAND FIVE HUNDRED AND N0/100) .
CREDIT AVAILABLE WITH AND FREELY
NEGOTIABLE BY AMERICAN NATIONAL
BANK & TRUST BY PAYMENT AGAINST
PRESENTATION OF THE DOCUMENTS
DETAILED HEREIN AND OF YOUR DRAFTS
AT SIGHT DRAWN ON US.
REQUIRED DOCUMENTATION:
WE HEREBY ESTABLISH OUR IRREVOCABLE STRAIGHT LETTER OF CREDIT IN YOUR FAVOR FOR
THE ACCOUNT OF JOSEPH MASLOV, LEO FURIE, RAYMOND STENDER, MORANDO BERRETTINNI,
ROBERT SIMON & PETER PAGRATIS, HEREAFTER CALLED THE "DEVELOPERS", IN THE
AGGREGATE AMOUNT OF $98,500.00, U.S. CURRENCY, AVAILABLE BY YOUR DRAFT DRAWN AT
SIGHT AND MARKED "DRAWN UNDER LETTER OF CREDIT NO. 60003893 DATED MAY 12, 1988."
THESE MONIES ARE TO GUARNATEE THE COMPLETION OF PUBLIC IMPROVEMENTS FOR THE
FOLLOWING PROJECT: PARK CHARDONNAY APARTMENTS DESCRIBED IN THE ENGINEERING
PLANS AND SPECIFICATIONS WITH REVISIONS.BHBFIDL XXMEXNXKXK HXM 3EMMBICS��I�
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� lKA &X%Bt&YYX$RSOY
!V_ MONIESES MAMAY BE DRAWN ON SIGHT BY THE VILLAGE OF ELK GROVE WHEN ACCOMPANIED BY
THE FOLLOWING DOCUMENT:
A SIGNED STATEMENT BY THE VILLAGE MANAGER OF THE VILLAGE OF ELK GROVE VILLAGE
CERTIFYING THAT ANY PORTION OF THE SITE IMPROVEMENTS HAS NOT BEEN SATISFACTORILY
--COMPLETED IN ACCORDANCE WITH THE APPROVED PLANS AND SPECIFICATIONS WITH REVISIONS
RK8MIINXMXTHKXXINXKXKXNNMRX%MXIX&'XRKXMXXXNXXXXX$XBHH2 FOR THE ABOVE REF—
ERENCED PUBLIC IMPROVEMENTS INCLUDING:
RETAINING WALLS ANDOTHER REQUIRED INFRASTRUCTURE IMPROVEMENTS FOR THE PARK
CHARDONNAY APARTMENTS PROJECT.
THESE IMPROVEMENTS SHALL BE COMPLETED ON OR BEFORE DECEMBER 31, 1989.
IF SAID IMPROVEMENTS HAVE NOT BEEN PROPERLY INSTALLED AND SATISFACTORILY
COMPLETED ON OR BEFORE THAT DATE AS REASONABLE 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 PUR—
POSE OF COMPLETING FULLY SAID IMPROVEMENTS IN ACCORDANCE WITH THE PROVISIONS
(CONTINUED) JRiG!T1:1L
.Aamm ican National'ink
and Trust Company of Chick
33 NORTH LA SALLE STREET,CHICAGO,ILLINOIS 60690
TELEf(WUMBER 2-5229 CABLE ADDRESS ANBATCO
TELEPHONE 312-661,5931
IRREVOCABLE STAND—BY DOCUMENTARY CREDIT CREDIT NUMBER 60003893
HEREIN AND ABOVE SET FORTH.
THIS LETTER OF CREDIT WILL EXPIRE ON NOVEMBER 10, 1990, PROVIDING THAT THE
UNDERSIGNED WILL NOTIFY THE BENEFICIARY OF EXPIRATION VIA CERTIFIED MAIL BY
OCTOBER 10, 1990,OR THIS LETTER OF CREDIT WILL BE EXTENDED FOR 30 DAYS AFTER
SUCH NOTIFICATION IS MADE.
THE ORIGINAL AND AMENDMENTS TO THIS LETTER OF CREDIT MUST ACCOMPANY ALL DRAW—
INGS.
WE HEREBY ISSUE THIS CREDIT IN YOUR FAVOR, SUBJECT TO THE UNIFORM CUSTOMS AND
PRACTICE FOR DOCUMENTARY CREDITS AND THE RELATED ICC PUBLICATION CURRENTLY IN
EFFECT. THE NAME OF OUR BANK, AS WELL AS THE NUMBER AND DATE OF THIS CREDIT
MUST APPEAR ON ALL DRAFTS PRESENTED UNDER ITS TERMS.
AMERICAN NATIONAL BANK AND TRUST CO. OF CHICAGO
444
JW"AUTHO IZED SIGNATURES