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Home My WebLink AboutRESOLUTION - 44-86 - 6/10/1986 - PERFORMANCE BOND/PUBLIC IMPROVEMENTSRESOLUTION NO. 44-86 A RESOLUTION ACCEPTING A SUBDIVISION PERFORMANCE BOND FROM SAFECO INSURANCE COMPANY OF AMERICA, NO. 5007485 IN THE AMOUNT OF $148,014.00 FILED WITH THE VILLAGE OF ELK GROVE VILLAGE BY CENTEX HOMES ENTERPRISES, INC. GUARANTEEING THE CONSTRUCTION OF PUBLIC IMPROVEMENTS IN SECTION 27 (EASTHAMPTONS) 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 a Subdivision Bond from Safeco Insurance Company of America, No. 5007485, in the amount of $148,014.00, completion date August 1, 1989, to guarantee the construction of public improvements: watermain, sanitary sewer, storm sewer, roadway (curb b street), sidewalk, parkway (trees b sod) in Section 27 in accordance with plans and specifications prepared by Henderson and Bodwell, 120 Express Street, Plainview, New York with a revised date of March 6, 1986. Said Subdivision Performance Bond has no expiration date. Section 2. That this Resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 10th day of June , 1986. APPROVED this 10th day of June 1986, Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk 9) SAFECO COMPLETION GUARANTY .FECO INSURANCE COMPANY OF AMERICA GENERAL INSURANCE COMPANY OF AMERICA FIRST NATIONAL INSURANCE COMPANY OF AMERICA HOME OFFICE: SAFECO PLAZA SEATTLE, WASHINGTON 98185 SUBDIVISION PERFORMANCE BOND " DATE May_19�_ 1986 PROJECT NAME SECTION 27 COMPLETI0M DATE AUGUST 1, 1959 e LZZ:Z CIE..-= CFEZE BOND NUMBE=R 5007485 AMOUNT $148014.00 Pio EXPIRATION DATE KNOW ALL MEN BY THESE PRESENTS, That we, CENTEX HOMES ENTERPRISES INC. (hereinafter called the Principal). as Principal. located at SE7 Wilmette Suite C, in the City of Palatine. County of Cook:. State of Illinois_, and Safeco Insurance Company of America (hereinafter called the "Surety" a surety company organized and enistine under the Laws cf the State of Washington. with its principal office located at the Blanchard Buildino in the City of Seattle. State of Washington, and authorized to conduct a surety business in the State of Illinoi='a urety, are indebted, held and firmly bound unto the Village of Elk Greve, hereinafter called the "Vil lase" (Obliges) located at 901 Wellington Avenue in Elk: Grove Village, Counties of Cook and Duoage, State of Illinois, as obligee in the just and full sum of $148,014.00 pNE HUNDRED FORTY BIGHT THOUSAND FOURTEEN AND N01100 DOLLARS----------- Lawful U.ST Lellars, for the payment of which sum. well ane truiv to be merle. that said Principal and surety bind ourselves, our legal representatives our respective heirs, administrators. executors and Successors, and assigns jointly and severally, firmly by these presents. WHEREAS, Surety hereby agrees that no modifications, omisssion=_, or additions in or to the engineerin plan=_ and specifications referred to herein, shall in any manner affect the obligations of Surety c., it's_ bond. FURTHER, that said Principal shall fully indemnify, save harmless, and Surety shall reimburse said Village of Elk Grc:ve Village for any les=_ that said Villaoe of Elk Grove Viflage may suffer through the failure of said Principal to faithfully and properfy perform the in=_tal_lation of the public site improvements as described above. The Surety shall reimburse =_aid Village for any loss that the 'tillage may suffer through the failure of said Principal to faithfully observe and perform each and every obligation and duty/ imposed upon the Principa.l to satisfactorily construct said public site improvement=_, by the fir=s -t day of August, 1989, hereinafter called "Completion Date". FURTHER, in consideration for the principals satisfactory installation of the aforementioned improvements, the Village of Eli: Grove shall with accompanying documentation, valid waivers of lien approve bond resolution requests in incrementtal sums for the completed underground and surface improvements. WHE=EAS. the condidtions of this is such than, the above bcunded Principal has filed approved engineering plans and specification for the "project" titled SECTION 27-EASTHAMFTuNS with a revised date of MARCH 6, 1985, prepared by Henderson and Bodwell locate=d at 1Ci+ Egress Street in Plainview. State of New York:: for the con=struction, installation and interim maintenance of public site improvement=_ shown cm these plan=_, including, but not limited to the categories below: 1. WATERMAIN $26075 $28682 2. SANITARY SEWER $20672 $22740 ,5. STORM SEWER $1150 $1265 4. ROADWgY CURB $10290 $11319 STREET $00191 $37210 ... 51DE'a:ALK $11760 $129=6 S. PARKWAY TREES $5500 $9350 SOD $25920 $29512 . TRAFFIC CONTROL 0 0 8. FONDS t.> 0 9. EXCAVATION 0 0 10. OTHER. O 0 TOTAL $134558 $148014 * NOTE: Left column shows engineers estimate. Right column shows engineer=_ estimate times 1.1 as required by the Village of Elk Grove. Said improvements to be installed in accordance to Municipal. District. County. State and Federal requirements on the following described property: LEGAL DISCRIPTION OF SECTION 27 EASTHAMPTONS Fart of the Northeast 1i4 of Section 26 Township 41 Ncrth. Range 10 East of the Third Principal Meridian in Cook: County. WHEREAS, Surety hereby agrees that any minor modificaton=_ (less than 5% bond amount) omissions, or additions in or to the engineering plans and specifications referred to herein, shall not in any manner affect the obligations of the Surety to perform under its bond obligation. FURTHER, it shall be a condition precedent to any right of r-ecevery hereunder, that in the event of any default on the part of the Principal' a written statement of the particular fact showing the nature of such default shall be delivered to the Surety by Certified Mail at its home office at 1900 W. Hassell Rd., Hoffman Estates, ILL. Attention: Claims Department. WHEREAS, Surety hereby agrees that upon receipt of said written statement it will promptly commence to take any and all necessary steps to s_tatisfactorily complete the construction of all remaining public site improvements required, but not yet installed, with all associated legal, engineering and administrative costs being paid by the Surety. FURTHER, It is a condition of this bond that any suit under this bond shall Be filed within a period of one,year from completion of said work. NOW, THEREFORE, the condition of this obligation is such, that if said Principal shall well and truly keep, do and perform each and every, all and singular, for the construction of the site public improvements in the "Project" as specified on the approved engineering plans and specifications, to the satisfaction of the Village Engineer, done and performed, by the completion date, or shall pay over, mal::e good and reimburse to the Village, all loss and damage which said Village may sustain by reason of failure or default on the part of the Frinr_ipal, so to do, then this obligation shall be null and void: otherwise it shall be deemed to run continuously and shall remain in full Force and effect. WHEREAS, Elk: Grove Village has the right to pursue against the Surety and to inform,_ the provis.icns of this bond in the State of Illinois. In witness whereof, said Surety and Principal have paused these presents to be signed and sealed this _19Uy day of _Y ........... 14So. SURETY �. SUSAN J. PREIKSA TITLE Attorney-In4act ---------------------------- SEAL CENTEX HOMES ENTERPRISES, INC. r-�c PAL TITLE: SEAL Note: (1) If signed by Attorney -In -Fact, please attach a certified notarised copy of Power -of -Attorney with acknowledgement by Surety. () If the property owner is a Trust, attach a copy of the Trust Agreement. ATTEST: DATE: VILLAGE OFFICIAL ACCEPTANCE RESOLUTION: