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Home My WebLink AboutRESOLUTION - 25-85 - 4/9/1985 - LOC/S.B.L. ASSOCIATESRESOLUTION NO. 2S -8S A RESOLUTION ACCEPTING AN IRREVOCABLE STRAIGHT LETTER OF CREDIT NO. 64 FROM THE AVENUE BANK OF ELK GROVE IN THE AMOUNT OF $35,000.00 TO GUARANTEE THE MAINTENANCE OF COMPLETED PUBLIC IMPROVEMENTS OF NERGE/CHARLELA IMPROVEMENTS AND BONAVENTURE DRIVE IMPROVEMENTS (THE PROJECT) EXPIRING MARCH 22, 1987 (ROHLWING GROVE DEVELOPER - S.B.L. ASSOCIATES) NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois: Section 1: That the President and Board of Trustees do hereby authorize the acceptance of an Irrevocable Straight Letter of Credit No. 64 from the Avenue Bank of Elk Grove dated March 22, 1985 expiring March 22, 1987 in the amount of $35,000.00 to guarantee the maintenance of completed public improvements of Nerge/Charlela Improvements and Bonaventure Drive Improvements as follows: Watermain and Appurtenances, Sanitary Sewer and Appurtenances, Storm Sewer and Appurtenances, Roadway (Curb & Gutter, Pavement), Sidewalk, Parkway (Trees, etc.) and Traffic Control (Signals, Signs, Markings) as described in the as -built Engineering plans dated 8-11-76 and 9-16-76 prepared by Pavia-Marting & Inc., 130 E. Elm Street, Roselle, Illinois. Section 2: 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 April 1985. APPROVED this 9th day of April 1985. Charles J. Zettek Village President ATTEST: Patricia S. Smith Village Clerk avenue Bank OF ELK GROVE IRRECOVABLE LETTER OF CREDIT Letter of Credit No. 64 Date: March 22, 1985 Amount: $35,000.00 Project: Rohlwing Grove Developer Village Acceptance Date: Village of Elk Grove Village 901 Wellington Avenue Elk Grove Village Illinois 60007 Gentlemen: We hereby establish our Irrevocable Straight Letter of Credit in your favor for the account of S.B.L. Associates 130 E. Elm Street Roselle IL hereafter called the "Developer", in the aggregate amount of $35,000.00 ,- lawful U.S. Currency, available by your draft drawn on sight and marked "Drawn under LETTER OF CREDIT 1164 dated MARCH 22, 1985. These monies are to guarantee the maintenance of completed public improvements for the following project: 1) Nerge(Charlela Improvements and 2) Bonaventure Drive Improvements (the "Project") described in the as -built Engineering plans dated 1) 8-11-76 and 2) 9-16-76 prepared by Pavia-Marting & Inc., 130 E. Elm Street Roselle IL accepted by the Village Engineer respectively on 1) 3-17-77 and 2) 4-19-79. Monies may be drawn on sight by the Village of Elk Grove Village when accompanied by the following: 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 defects in workmanship and material during said period for the following project: ROHLWING GROVE DEVELOPMENT -- - - 1100 WEST DEVON AVENUE • ELK GROVE, ILLINOIS 60007 • .312.9804100 • MEMBER FDIC ..�.,_...._ 2 X Watermain and Appurtenances X Sanitary Sewer and Appurtenances X Storm Sewer and Appurtenances X Roadway (Curb & Gutter, Pavement) X Sidewalk Street Lights X Parkway (Trees, etc.) X 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 to March 22, 1987. The Village of Elk Grove Village ("the Village") is hereby granted authority to draw upon this Irrevocable 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 main- tenance work under this Irrevocable Letter of Credit andsaid 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. iIuJF9P TDFVCW;.VrNJE . EL::,RGV c, I LLINO.S 2'CC 7 CZCC:00 . MEN=R.'tl:. .. .. The completed site improvements accepted by the Village in the above r described project consist of: (X appropriate boxes). X Watermain and Appurtenances X Sanitary Sewer and Appurtenances X Storm Sewer and Appurtenances X Roadway (Curb & Gutter, Pavement) X Sidewalk Street Lights X Parkway (Trees, etc.) X 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 to March 22, 1987. The Village of Elk Grove Village ("the Village") is hereby granted authority to draw upon this Irrevocable 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 main- tenance work under this Irrevocable Letter of Credit andsaid 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. iIuJF9P TDFVCW;.VrNJE . EL::,RGV c, I LLINO.S 2'CC 7 CZCC:00 . MEN=R.'tl:. .. .. 3 i 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 obligation of the S.B.L. Associates 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. This Irrevocable Letter of Credit is subject to the "Uniform Customs and Practice for Documentary Credit, 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: 3 Issuing,,Fnancial Inst 11A BY: L�,�C Randall A. Lehne AVENUE BANK OF ELK GROVE Vice President 4 S.B.L. Associates "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: > - LZ -7 n, Developer/Owner: (1) r ` (2)�«� ��l ✓-� Leo,Qgsep Ih rmen,Partner Village Officials Approval/Acceptance itle) Village Officials Release (Title) Date Date Resolution: Resolution: i