HomeMy WebLinkAboutRESOLUTION - 16-86 - 2/25/1986 - RELEASE MAINT. BOND AND 2 PERFORM. BONDSRESOLUTION NO. 16-86
A RESOLUTION RELEASING ONE MAINTENANCE BOND AND TWO PER-
FORMANCE BONDS FROM SAFECO INSURANCE COMPANY GUARANTEEING
WORK TO BE PERFORMED BY CENTEX HOMES IN SECTION 23A AND
SECTION 24
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 Maintenance Bond No. 4387001 in the amount of
$15,000 previously accepted by Resolution No. 54-82 (within Franklin
Lane and Union Circle); and Performance Bonds No. 2776415 in the amount
of $408,000 previously accepted by Resolution No. 56-82; and No. 2985315
in the amount of $182,238 previously accepted by Resolution No. 42-80,
from Safeco Insurance Company guaranteeing work performed by Centex
Homes in Section 23A and Section 24.
Section 2. That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED this 25th day of February 1986.
APPROVED this 25th day of February 1986.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith by Ilafern R. Snick
Village Clerk Deputy Clerk
C
SAFECO INSURANCE COMPANIES
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i"
2 v.
GENERAL
INSURANCE INSURANCE COMPANY
AMERICA "
GENETNATIONNATIONAL
OFAMERICA
FIRST NATIONAL INSURANCE COMPANY OF AMERICA
HOME OFFICE 4347 BROOKLYN AVE N E . SEATTLE. WASHINGTON 98105 Bond No. 4387001
MAINTENANCE BOND
KNOW ALL MEN BY THESE PRESENTS, That we, Centex Homes Aiidwest. Inc.
as Principal, and SAFECO INSURANCE COMPANY OF AMERICA, a corporation organized under the laws of the State
of Washington and duly authorized to do business in the State of Illinois
as Surety, are held and firmly bound unto The Village of Elk r rove, Illinois
as Obligee, in the penal sum of --Fifteen Thousand and no/100 Dollars ---------------
(g 15, 000.00 ----------
to which payment well and truly to be made we do bind ourselves, our and each of our heirs, executors, administrators,
successors and assignsjointly and severally, firmly by these presents.
WHEREAS, the said Principal entered into a Contract with the
Villaae of --lk Orove, Illinois dated April 11, 1978
for
Subdivision imnroverrents within the streets
Rnown as Franklin Lane and union Circle.
WHEREAS, said Contract provides that the Principal will furnish a bond conditioned to guarantee for the period of
2 (two) yeat(s) after approval of the final estimate on said job, by the owner, against all defects in workmanship and
materials which may become apparent during said period, and
WHEREAS, said Contract has been completed, and was approved on
day of —19--
NOW,
9.
NOW, THEREFORE,, THE CONDITION OF THIS OBLIGATION IS SUCH, That, if the Principal shall indemnify the
Obligee for all loss that the Obligee may sustain by reason of any defective materials or workmanship which become
apparent during the period of—2 year(s) from and after April 6 1982
then this obligation shall be void, otherwise to remain in full force and effect.
Signed, scaled and dated this 29th day of T'e'ch 19 82
Centex Herres Midwest, Inc. (Seal)
(Seai)
(Seal)
SAFECO INSURANCE COMPANY tOF-AMERICA
By� Ilk
Phyllis Conrad Attorney-in,Fact
5-843 R2 10/72