HomeMy WebLinkAboutRESOLUTION - 73-88 - 12/13/1988 - LOC ACCEPTED/MORGANFIELD SUB RESOLUTION NO. 73-88
A RESOLUTION RELEASING LETTER OF CREDIT NO. 199-802709
(ACCEPTED BY RES. NO. 71-87) IN THE AMOUNT OF $229,201.50
AND ACCEPTING AN IRREVOCABLE LETTER OF CREDIT NO. 199-
802709 FROM IRVING FEDERAL SAVINGS EXPIRING NOVEMBER 12,
1989 IN THE AMOUNT OF $33,635.50 TO GUARANTEE COMPLETION
OF PUBLIC IMPROVEMENTS IN MORGANFIELD SUBDIVISION
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 release of an Irrevocable Letter of Credit No. 199-802709
from Irving Federal Savings and Loan Association in the amount of
$229,201.50 and acceptance of Irrevocable Letter of Credit No. 199-802709
from Irving Federal Savings and Loan Association in the amount of
$33,635.50, expiring on November 12, 1989, guaranteeing the completion of
public improvements for Morganfield Subdivision in accordance with the
approved plans and specifications dated February 24, 1987, with revisions
dated June 10, 1987, prepared by A.R. Schmidt & Associates, approved on
July 14, 1987 on property described in Exhibit "A" attached hereto and made
a part hereof.
Section 2. That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED this 13th day of December , 1988.
APPROVED this 13th day Of December , 1988.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk
1913 th�)� 1988
Dia
Ce ration
IRVING FED fiL SWINGS
RECEIVED
NOV 16 $ IRREVOCABLE LETTER OF CREDIT
November 15, 1988
ELK GROVE VILLAGE
E 160111 BRIG DWARTMM
Village of Elk Grove Village
901 Wellington Ave.
Elk Grove Village, IL 60007
Re: Morganfield, Elk Grove, IL
Amt : $33, 635 . 50
Completion: 11/12/89
Letter of Credit No. 199-802709
Expiration Date: 11/12/89
Gentlemen:
We hereby establish our Irrevocable Straight Letter of Credit in
your favor for the account of Lunn Limited, c/o James Lunn & Co. ,
55 S Vail Suite 1514, Arlington Heights, IL 60005, hereafter by
called the "Developer", in the aggregate amount of $33, 635 . 50
U. S . Currency, available by your draft drawn on sight and marked
"Drawn under Irving Federal Savings and Loan Association Letter
of Credit #199-802709 dated November 15, 1988 . " These monies
are to guarantee the completion or public improvements for the
following project : Morganfield, Elk Grove Village, IL 60007
( "the Project" ) described in the Engineering plans and
Specification, dated February 24, 1987, with revisions dated
June 10, 1987, prepared by A.R. Schmidt & Assoc . , Engineer and
Surveyors Approved on July 14, 1987 and agreements (including
any amendments thereof) on the property legally described in
Exhibit A (attached hereto and made part thereof) ; Monies may be
drawn on sight by the Village of Elk Grove Village when
accompanied by the following documents .
A signed statement by the Village Manager or any other duly
authorized official of the Village of Elk Grove Village
certifying that any portion of the site improvements has not
been satisfactorily completed in accordance with Approved
plans and specifications with revisions dated June 10, 1987,
prepared by A.R. Schmidt approved on July 14, 1987 and
agreements (including any amendments thereof) for the
following project : Morganfield, (the "Project") , on property
legally described in Exhibit A. (Attached an made part of) .
LC802709 .WCS
MEMBER ❑ 3515 Irving Park Road Chicago, Illinois 60618-3284 (312) 478-3131
FSUCI Laurence Avenue Chicago, Illinois 60630-2894 (312) 286-1919
a.. ...•(����.II ❑ Elston Plaza 3227 Addison Street Chicago, Illinois 60618-4328 (312) 478-5777
(QUAL +U$]A,4
Atmm ❑ Ridge Plaza 770 W Dundee Arlington Heights, Illinois 60004-1598 (312) 577-8100 LENDER
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 specification and
agreements . This Irrevocable Letter of Credit shall
not operate as a limitation upon the obligation of Lunn
Lmited to properly amd completely install all
improvements required by the Village of Elk Grove
Village .
It is a condition of the 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.
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
expiration date shall be automatically extended as
shall be required to comply with this notice provision
and the requirements stated previously .
LC802709 .WCS
The improvements in the above describe project consist of:
(X appropriate improvements) .
X Watermain and Appurtenances
X Sanitary Sewer and Appurtenances
X Storm Sewer and Appurtenances
X Roadway (Curb and Gutter, Pavement)
X Sidewalk
X Street Lights
X Parkway (Trees, Etc. )
X Excavation (Soil Erosion Control, Stockpile)
These improvements itemized above shall be completed on
or before November 12, 1989 . 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.
The principle amount of this Irrevocable Letter of
Credit shall not be reduced for any public improvements
installed or completed unless such reductions is approved by
the Village Engineer in writing with supporting waivers,
liens and affidavits from contractors or subcontractors
furnishing material or performing work to complete these
improvements . And then only in the exact amount of such
payments less 10% for interim maintenance. This remaining
amount shall never by reduced to an amount less that 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 Lunn Limited, 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.
LC802709 .WCS
This Irrevocable Letter of Credit is subject to the "Uniform
Customs and Practice for Documentary Credit, " and "The
International Chamber of Commerce Publication #290, most recent
revision, " except as herein above modified.
We hereby agree with the drawers,
indorsers, and bona fide holders of
drafts drawn in compliance with the
terms of this credit that they
shall be honored on presentation.
Dated:
Irving der Savings and Loan Association
ay-
effk,qey Wilson, Vice President
E
ASSISTANT 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 :
Developer/Owner: (1)
Lunn Limited, An Illinois
Corporation
James H. Lunn
President
*Note: (1) If the property is in a trust, attach a
copy of the Trust Agreement as an Exhibit .
LC802709.WCS
I
i
Village Officials Approval/Acceptance Resolution :
(Title ) Date
Exhibit A
Legal Description w/Phase Plan indicated ( if applicable)
Village Officials Release Resolution :
(Title ) Date
LEGAL DESCRIPTION
A SUBDIVISION OF PART OF THE SOUTHEAST QUARTER
OF SECTION 36, T4IN, RIOE, OF THE 3rd P.M. IN
THE VILLAGE OF ELK GROVE, COOK COUNTY, ILLINOIS.
LC802709 . WCS