HomeMy WebLinkAboutRESOLUTION - 17-86 - 2/25/1986 - LOC ACCEPTED/PARKVIEW HEIGHTS SUBRESOLUTION NO. 17-86
A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT FROM
U.S. SHELTER, INC., IN THE AMOUNT OF $132,573.10 TO GUARANTEE
MAINTENANCE OF COMPLETED PUBLIC IMPROVEMENTS FOR PARKVIEW
HEIGHTS SUBDIVISION EXPIRING OCTOBER 24, 1987
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 acceptance of an Irrevocable Letter of Credit from
U. S. Shelter, Inc. in the amount of $132,573.10 to guarantee maintenance
of completed public improvements for Parkview Heights Subdivision as
follows: Watermain and Appurtenances, Sanitary Sewer and Appurtenances,
Storm Sewer and Appurtenances, Roadway (Curb & Gutter, Pavement), Side-
walk, Street Lights, Parkway (Trees, etc.), Traffic Control (Signals,
Signs, Markings), Ponds (Detention/Retention), Excavation (Soil Erosion
Control, Stockpile) and Other as described in the "as -built" Engineering
plans dated September 21, 1978 prepared by Elk Grove Engineering Company,
860 Lively Boulevard, Elk Grove Village, Illinois. Said letter of
credit expiring October 24, 1987.
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
APPROVED this 25th
day
of
February
1986.
day
of
February
1986.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith by Ilafern R. Snick
Village Clerk Deputy Clerk
TALMANHONE
TheTalman Home Federal Savings and Loan Association of Illinois
IRREVOCABLE LETTER OF CREDIT
October 25, 1985
Village of Elk Grove Village Amount: $132,573.10
901 Wellington Avenue Project: Parkview Heights
Elk Grove Village, Illinois 60007 Expiry: October 24, 1987
Gentlemen:
We hereby establish our Irrevocable Straight Letter of Credit in your favor
for the account of U. S. Shelter, Inc., 400 Park Boulevard West, Itasca,
Illinois 60143, hereafter called the "Developer," in the aggregate amount of
One Hundred Thirty Two Thousand, Five Hundred Seventy Three and 10/100ths
Dollars ($132,573.10) lawful U. S. Currency, available by your draft drawn
on sight and marked "Drawn under Irrevocable Letter of Credit dated October 25,
1985. These monies are to guarantee the maintenance of completed public im-
provements for the following project: Parkview Heights Subdivision (the
"Project") described in the as -built Engineering plans with revisions dated
September 21, 1978 prepared by Elk Grove Engineering Company, 860 Lively
Boulevard, Elk Grove Village, Illinois, and approved by the Village Engineer."
Monies may be drawn on sight by the Village of Elk Grove Village when accom-
anied by the following documents:
1. 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 failed due to de-
fects in workmanship and material during said period for the
following project: Parkview Heights Subdivision, (the "Project").
2. A signed statement by the Village Manager or any other duly
authorized official of the Village of Elk Grove Village certifying
that the Developer has failed to correct defects, if any, in the
workmanship and material of the site improvements installed within
the Parkview Heights Subdivision and that such notification was
served upon the Developer prior to drawings on this Letter of
Credit.
Main Office: 5501 S. Kedzie Avenue, Chicago, Illinois 60629 (312) 434-3322
The Talman Home Federal Say s and Loan Association of Illinois
October 25, 1985
Village of Elk Grove Village
Page Two
The completed site improvements accepted by the Village in the above de-
scribed project consist of:
Watermain and Appurtenances
Sanitary Sewer and Appurtenances
Storm Sewer and Appurtenances
Roadway (Curb & Gutter, Pavement)
Sidewalk
Street Lights
Parkway (Trees, etc.)
Traffic Control (Signals, Signs; Markings)
Ponds (Detention/Retention)
Excavation (Soil Erosion Control, Stockpile)
Other
These site improvements itemized above shall be under guarantee to the
Village from October 25, 1985 to October 24, 1987. The Village of Elk Grove
Village (the "Village") is hereby granted authority to draw upon this Ir-
revocable Letter of Credit for the purpose of correcting the site improvement
defects in accordance with the provisions herein and above set forth, should
the "Developer" fail to expediently correct said defects.
Partial drawings are permitted under this Irrevocable Letter of Credit. Said
drafts may be submitted for payment immediately following the performance of
maintenance work under this Irrevocable Letter of Credit and said draft shall
be duly honored upon presentation during the guarantee period.
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
guarantee the maintenance of all improvements initially accepted by the Village
of Elk Grove Village as specified on the "as -built" engineering drawings. This
Irrevocable Letter of Credit shall not operate as a limitation upon the obli-
gations of U. S. Shelter, Inc., the "Developer," to promptly maintain all site
improvements as directed by the Village of Elk Grove Village.
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.
The Talman Home Federal SaA s and Loan Association of Illinois
October 25, 1985
Village of Elk Grove Village
Page Three
This Irrevocable Letter of Credit is subject to the "Uniform Customs and
Practice fox Documentary Credit, the International Chamber of Commerce Publi-
cation #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.
Date: / "/?, /J f
TALMAN HOME FEDERAL SAVINGS AND
LOAN ASSOCIATION OF ILLINOIS
Ey: !\),42
Robert H. J nes, Executive Vice President
The Developer hereby acknowledges the absolute right of the Village of Elk
Grove Village to draw on this Irrevocable Credit subject to the conditions
herein set forth and waives any right to enjoin the Village from so proceeding.
U. S. SHELTER, INC.
Date: By:
Jofn M. Sore on, President