CCR1990014-.
AMENDED
COMMON COUNCIL - CITY OF MUSKEG0
RESOLUTION #14-90
APPROVAL OF FINAL PLAT, SUBDIVIDER'S AGREEMENT 6
LETTER OF CREDIT
WEST LAKE ESTATES
WHEREAS, a Final Plat has been submitted for the 15 lot West Lake
Estates subdivision, and
WHEREAS, the Preliminary Plat was approved in Resolution 11289-89,
and
WHEREAS, the Plan Commission has recommended approval, subject to
the developer's engineer submitting a legal description so that
dedicated road to be known as Bluhm Drive, and
the road can be referred to the Common Council and accepted as a
WHEREAS, the Subdivider's Agreement has been recommended for
approval by the Finance Committee.
NOW, THEREFORE, BE IT RESOLVED that the Common Council of the
City of Muskego, upon the recommendation of the Plan Commission,
Estates subdivision, subject to the conditions imposed by the
does hereby approve the Final Plat for the 15 lot West Lake
Plan Commission; approval of the City Engineer and all objecting
and approving agencies; and, receipt of payment of any and all
attorney, engineer, administrative, etc. fees.
BE IT FURTHER RESOLVED that the Subdivider's Agreement is hereby
approved subject to approval of the City Attorney.
DATED THIS 9th DAY OF January , 1990.
Ald. Daniel J. Hilt
ATTEST :
City Clerk
1 /90
jz
SUBDIVIDERS AGREEMENT
This agreement, made this &\day of Januar I 19 90
by and between w Prlt , the ":eveloper"-
Wisconsin, located in Waukesha County, hereinafter called the
and the City of-pa1 corporation of the State of
"City".
WITNESSETH
WHEREAS, Developer has submitted fdr approval by the City a
,a proposed final plat for WEST LAKE ESTATES
residential subdivision, a copy of which is attached hereto, made
a part hereof and marked Exhibit "A" (the Subdivision"); and
that as a condition of plat approval, the governing body of the
City may require that the Developer make and install certain
public improvements reasonably necessary for the Subdivision and
further, may require dedication of public streets, alleys or
other ways within the Subdivision, to be conditioned upon the
construction of said improvements according to municipal
specifications without cost to said municipality; and
WHEREAS, Section 236.13 of the Wisconsin Statues provides
Develo'per's plans and specifications for subdivision improvement
and the Common Council has duly approved and authorized the terms
and provisions of this agreement and approved the final plat
WHERAS, the City's Engineers have duly approved the
NOW, THEREFORE, in consideration of the covenants herein
contained, the parties hereto agree as follows:
SECTION 1. IMEROVEMENTS :
The Developer. entirely .at its expense, sha.11:
A. Roads and Streets: Grade and improve all roads and
streets in accordance with the plat of saidsuhdivisinn and the
plans and specifications attached hereto, made a part hereof and
marked Exhibit "a", all in accordance with the City's street
specifications.
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PAGE 2, Subdivider's Agreement
B. Surface Water Drainage:
1. Construct, install, furnish and provide
Works Committee for storm and surface water drainage throughout
adequate facilities as approved by thecity engineer and Public
the entire subdivision, in accordance with the plans and
Exhibit "C" . specifications attached hereto, made a part hereof and marked
.*
permits or easements as may be required in any public street or
2. The City shall furnish to the Developer such
property to enter upon and install the above described surface
water drainage system.
C. SANITARY SEWER:
Construct, install, furnish and provide a complete
division, all in accordance with the plans, specifications
sanitary sewaoe collection system throughout the entire sub-
and 6rawin~s attached hereto as Exhibit "D". The cost of the
preparation of as-buiit plans shall be payed by the Developer
D. LANDSCAPING:
1. The Developer shall plant street trees in
Ordinance and Resolution #P.C. 72-76.
accordance with section 8.13 of the Muskego Land Division
E. ROADSIDE DITCHES:
Must meet City of Muskego specification.
SECTION 11. TIHE OF COMPLETION OF IMPROVEMENTS:
completed by the Developer in total within twelve (12) months
of the date of this agreement or recording of the final plat,
whichever date ccmes first.
The improvements set forth in Section I above shall be
z.
PAGE 3. Subdlvfder's Agreement
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SECTION III. DEDICATION:
Developer shall, wfthout charge to the City, upon completfon Of
Subject to all of the other provtstons of this agreement.
convey and fully dedlcate the roads and streets, storm and
the above descrlbed fmprovements, uncondftfonally give, grant,
surface vater drafnaqe facllftfes to the Cfty, its successors and
asslgns. forever, Eree and clear oE all encumbrances whatever
together with and including, without ltmttation because of
enumeratton, any and a11 land, buildfngs, structures, mains,
condufts, pipes lines plant, machinery, equipment, appurtenances
and heredftaments which may in any way be a part of or pertaln to
such fmprovements and together wtth any and all necessary
easements for access thereto.
SECTION tV. INSPECTIONS AND ADMINISTRATION FEES:
The Developer shall pay and reimburse the Cftp all fees as
requfred and at the tfmes specffted In Sectlon 10 of its Land Divfsion Ordfnance
SECTION V. MISCELLANEOUS REQUIREMENTS:
The Developer shall:
land deemed necessary by the Cfty EnEineers before the final plat
is signed, provlded such easements are so located 3s not to
tender any lot unbufldable or unsaleable.
all street signs and posts and the cost of their fnstallation.
8. Street Siens: Reimburse the City for the cQst of
this to include all traEfic siens.
A. E:aserne?ts: Provfde any easements on Developer's
C. Manner of Performance: Cause all construction
..
called for by thLs agreement to be carried out and DerEomed fn a
good and worknanlfke manner. D. Survey Monuments: Properly place and Lnstall any
survey or other monuments requfred by statute or ordfnance. E. Deed Rescrfctfons: Execute and record deed
restricttons in the form attached hereto, made a part hereof and
marked Exhfblt "F".
City a copy of Exhfbit "A" showlng the street grade In front of
each Lor. the yard nrade and the grade of all four corners oE each lor.
vi:i Sezzion 8.11 of the City's Land Divfsion Ordtnance.
-
F. Grades: Furnish to the Ruildlnp; Inspector of the
C. Srreet Lfghts: Install street lights in accqrdance
3
Page 4: Subdivider's Agreement
hedge, or shrub planting which obstructs sight Lines at
H. Sight Distances: Restrict lots so that no fence, wall,
elevations between Two (2) and Six (6) feet above the roadwa 3
shall be placed or permitted to remain on any corner lot wit 1: in
the triangular area formed bv the street pro erty lines and a
line connecting them at points twentv-five ( $ 5) Eeet from the
intersection of the street lines, or'in the case oE a rounded
fines extended.
roperty corner, from the intersection of the street property
SECTION VI. GUARANTEES:
The Developer shall guarantee the surEace water drainage
improvements .and other improvements described in Section 1, items
workmanship provided that such deEects appear within a perlod Of
A,B,and C hereoE. agafnst defects due to faulty materials or
one (1) year from the date of dedication and acceptance. The
Developer shall pay Eor any damages to City propertv resulting
from such faulty materials or workmanship. This guarantee shall
workmanship or materials. Wisconsin law on negligence shall
not be a bar to any action the Citv might have for negligent
govern such sitation.
SECTION VII. GENERAL LNDEXiITY:
any provisions of this agreement or documents incorporated herein
by reference. Developer shall indemnifv and save haraless the
City, its officers, agents, and employees, and shall deEend the
same from and agafnst any and all liability, claims, losses,
damages, interest actlons, suits, judgments, costs, expenses,
attorney's fees, and the like to whomsoever owed and by
whomsoever and whenever brought or obtained, which may in any
manner result from or arise in the course of, out of, or as a
result of the Developer's neeligent construction or operation Of
ordinance, the infringement by it of any patent, trademark, trade
Lmprovemenes covered thereby, or its violation of any law or
name or copywrite, and its use of road improveaents prior to
thier formal dedication and acceptance by the City.
In addLtfon to, and not to the exclusfon or prejudice oE.
SECTION VIII. AGREEXENT FOR BE!IEFIT OF PURCHASERS:
The Developer agree3 that in addlrion to the Citv's rights
herein. the provtsions of t5is agreement .shall be €or the benefic
of the purchaser DE any lot or any interest in any lgt or parcel
oE land in the S~~bdivision. c i
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Page 5: Subdivider's Agreement.
SECTION IX. ACCEPTANCE aF WORK AND DEDICATION:
As and vhen the Developer shall have completed the
City as set forth herein, the same shall be accepted by the Cfty fmprovements hereln required, and shall dedfcate the same to the
agreement and as required by applicable City ordlnances and other
ff said improvenents have been completed as required by thfs
applicable lav and approved by the City Engineers.
SECTION X. EROSION CONTROL PLAN AND PERMIT:
The Developer shall submft to the City, an application for a
land disturbing permit and an erosion control1 plan Fn accordance
vith the requirements of Section 29.06 of the City's Eroston
Control Ordinance (Ord. $560).
SECTIOX XI. CONSTRUCTION PERHIrs. ETC...:
1. The City shall, vi thin fts authority, fssue such
may be necessary to permit Developer to construct the
permits, adopt such reso1utions;and execute such documents as
caLled for by this agreement. upon Developer's compltance with
improvenents in accordance vLch che plans and spectftcatlons
any deposlt provisions or other requirements oE the applicable
ordinances or reoulations; and the Clty shall cooperate vith the
Developer in ootaining similar permits, resolutfons and docuaents
as may be necessary from other authorities having jurisdiction fn
the premises.
2. The City shall, as a condttfon oE the Developer
executinf: this agreement. make available to the Developer or its
nominee successors or assiggs, building permits for the
construction of slngle family residences subject to the
provfsfons of Section XIL. .i 1:
?
SECTION XII. BUILDING AND OCCUPANCY PERMITS: .
The Developer shall be alloved to construct no more than two
(2) model homes. It 1s expressly understood and agreed that no
building permits shall he issued, nor shall any occupancy permits
he issued etcher €or the satd model homes, or any other homes
unril the Ctty's Engineers ha.Je rleterained that:
I.
t
f.
A. The .sever and s lrface water drainage facllitles
required to serve such homes are connectd vith an operatlon
system as requtrerl herein, a?d !
i
.?. .I
r
1
Page 6: Subdlvlder's agreement.
B. That the CLty's Engfneers have approved the
condition oE the roads then exlgting to serve. such homes as suEELclent to service the traEElc reasonably antlclpated during
the period prior to the date when the roads must be completed and
dedlcated. > ._
SECTION XIII. CESEUL CONDITIONS AND REGULATIONS:
All the provlsfons of the Cfty's ordinances are incorporated
herein by reference, and all such provistons shall btnd the
partles hereto and be a part oE thts agreement as fully. as if set
forth at length herein. Thts agreement and a11 work and
improvements requfred hereunder shall be perEomed and carrfed
out in strtct accordance with and subject to the provlsions of
sald ocdfnances.
SECTION XIV. FINANCIAL GUARANTEE:
Developer shall file with the City a letter oE credlt settfng,
Prior to the execution oE chls contract by the Ctty, the
amount of $ 148,000.00 as a Ruarantee that the required
forth terms and condftlons approved by the Cfty Attorney In the
improvements will be completed by the Developer and hfs
subcontractors no later than one (1) year from the date OF the
recordlng oE the ftnal plat or the date of the agreement.
whtchever date comes first, and as a Eurther guarantee that all
oblfgattons to the subcontractors €or work on the development are
satlsffed.
SECTION XV. P.4RTIES BOUND:
Developer or its assignees shall be bound by the terns oE
this agreement or any part herein as it appltes to any phase of
the development oE the subdivisfon.
IN WITNESS HEXEOF, Developer and Cfty have caused this
agreement to be stgned by thelr approprlate oEEfcers and thetr
seals to be hereunto afffxed in duplicate original counterparts
on the day and year Elrst wrltten above.
DEVELOPER CITY OF MUSKEG0
By:
Wayne C. Salencine, Hayor
By:
Jean Yarenda, Clerk .
e
IRREVOCABLE STANDBY DOCUMENTARY CREDIT
CREDIT NO.:
DATE 1-10-90
$148,000.00
APPLICANT:
WEST LAKE DEVELOPMENT
BENIFICIARY: City of Muskego EXPIRY DATE:
W182 Sa200 Racine Ave. at our counters
Muskego, Wisc. 53150
April 10, 1991
Dezr Sirs:
We hereby issue this irrevocable documentary credit in your favor
at siqht drawn on (FIRST WISCONSIN-WAUKESHA). Each draft
(the beneficiary’s) which is available by beneficiary‘s draft(s)
WAUKESHA Docamentary Credit No. (
accompanying documents must state “Drawn Under FIRST WISCONSIN -
This Standby Credit is to provide security to the City of Muskego
for the performance of West Lake Development obligations under
that certain Agreement dated Jan. 10, 1990 between the City of
Muskego, and applicant.
) (’ .
DRAFTS ARE TO BE ACCOMPANIED BY:
A statement signed by the Mayor of the City of Muskego stating
that West Lake Development has failed to complete the construction
of the public improvements described in Section I in accordance with
said Agreement. Said statement shall set forth the estimated amount
necessary for the City of Muskego to complete such improvements.
DATED /- /c - 'io
SPECIAL CONDITIONS:
This standby credit will terminate on the 10th. day
Waukesha) shall qive written notice to the beneficiary of its
of April 19 91 provided, however, (FIRST WISCONSIN - -
intention to terminate this standby credit at least 90 days prior
to said 10th day of April
this letter of credit can only terminate upon 90 days written
, 19~. After said date
notice to the benificaiary.
It is herby agreed by all partiesheretothat the reference to
"Agreement" is for'identification purposes only and such
WISCONSIN - WAUKESHA, to inquire into its terms and
reference shall not be construed in any manner to require FIRST
obligations.
We encoura~e with you that drafts drawn under and in cornplaince
with the tsrms of this credit will be duly honored if presented
on or before the expiry date. This oriqinal Standby Credit must
be submitted to us tocether with any drawings hereunder for our
endorsement of any pa-pents effected by us and/or for
cancellation.
Very truly yours,
FIRST WISCONSIN - WAUKESHA
Mike D. Simmer
COMMON COUNCIL - CITY OF MUSKEG0
RESOLUTION #14-90 /
APPROVAL OF FINAL PLAT, SUBDIVIDER'S GREEMENT h
LETTER OF CREDIT
WEST LAKE ESTATES P /
WHEREAS, a Final Plat has been the 15 lot West Lake
WHEREAS, the Preliminary Plat Resolution 1,289-89,
WHEREAS, the Plan Commission approval, subject to
Estates subdivision, and
and
the City Engineer submitting a 1 gal description so that the road
can be referred to the Common C ncil and accepted as a dedicated
road to be known as Bluhm Driv f nd
WHEREAS, the Subdivider's Ag eement has been recommended for
approval by the Finance
imposed by the
of any and all
and all objecting
lot West Lake
is hereby
DATED THIS DAY OF , 1990.
Ald. Daniel J. Hilt
ATTEST :
/ City C erk
1 /90
jz
SUBDIVIDERS AGREEMENT
by and between w This agreement, made this lOthday of January n 1930
and the City of-corooration of the State of
, the "Developer"
Wisconsin, iocated in-Waukesha Cobnty, hereinafter called the
"City".
WITNESSETH
.> WHEREAS, Developer has submitted for approval by the City a
proposed final plat for WEST LAKE ESTATES
residential subdivision, a copy of which is attached hereto, made
a part hereof and marked Exhibit "A" (the Subdivision"); and
that as a condition of plat approval, the governing body of the
City may require that the Developer make and install certain
public improvements reasonably necessary for the Subdivision and
further, may require dedication of public streets, alleys or
other ways within the Subdivision, to be conditioned upon the
construction of said improvements according to municipal
specifications without cost to said municipality: and
,a
WHEREAS, Section 236.13 of the Wisconsin Statues provides
WHERAS, the City's Engineers have duly approved the
Developer's plans and specifications for subdivision improvement
and the Common Council has duly approved and authorized the terms
and provisions of this agreement and approved the final plat
NOW, THEREFORE, in consideration of the covenants herein
contained, the parties hereto agree as follows:
SECTION 1. IMPROVEMENTS:
The Developer, entirely .at its expense, shall:
A. Roads and Streets: Grade and improve all roads and
streets in accordance with the plat of said Subdivision and the
plans and specifications attached hereto, made a part hereof and
marked Exhibit "B", all in accordance with the City's street
specifications.
PAGE 2, Subdivider's Agreement
B. Surface Water Drainaqe:
1. Construct, install, furnish and provide
Works Committee for storm and surface water drainage throughout
adequate facilities as approved by thecity engineer and Public
the entire subdivision, in accordance with the plans and
Exhibit "C" . specifications attached hereto, made a part hereof and marked
__.
2. The City shall furnish to the Developer such
permits or easements as may be required in any public street or
property to enter upon and install the above described surface
water drainage system.
C. SANITARY SEWER:
sanitary sewage collection system throughout the entire sub-
Construct, install, furnish and provide a complete
division, all in accordance with the plans, specifications
and drawings attached hereto as Exhibit I'D". The cost of the
preparation of as-built plans shall be payed by the Developer.
D. LANDSCAPING:
1. The Developer shall plant street trees in
Ordinance and Resolution #P.C. 72-76.
accordance with section 8.13 of the Muskego Land Division
E. ROADSIDE DITCHES:
Must meet City of Muskego specification.
SECTION 11. TIME OF COMPLETION OF IMPROVEMENTS:
completed by the Developer in total within twelve (12) months
of the date of this agreement or recording of the final plat,
whichever date comes first.
The improvements set forth in Section I above shall be
PAGE 3, Subdivtder's Agreement
SECTION 111. DEDICATION:
Developer shall, wtthout charge to the City, upon completion Of
Subject to all of the other provisions of this agreement,
the above described improvements, unconditionally give, grant,
convey and fully dedicate the roads and streets, stom and
surface water drainage faciltttes to the City, tts successors and
asslgns. €orever, €ree and clear a€ all encumbrances whatever
together wtth and including, without limltatlon because of
enumeration, any and all land, buildings, structures, mains,
and hereditaments which may in any way be a part of or pertaln to
conduits, pipes lines plant, machinery, equipment, appurtenances
such improvements and toqether with any and all necessary
easements €or access thereto. ,,.
SECTION IV. INSPECTIONS AND ADMINISTRATION FEES:
The Developer shall pay and reimburse the City all fees as
required and at the ttmes specifted tn Section 10 of its Land Division Ordinance
SECTION V. MISCELLANEOUS REQUIREMENTS:
The Developer shall:
land deemed necessary by the City Engineers before the final plat
is signed, provided such easements are so located as not to
render any lot unbuildable or unsaleable.
all street signs and posts and the cost of thefr installation,
R. Street Signs: Reimburse the City for the cast of
this to Fnclude all traEfic siens.
A. Easements: Provtde any easements on Developer's
~ ~~~ ~
C. Manner of Performance: Cause a11 construction
~ ~ -~-~~- ~
called for by thLs agreement to be carried out and perfomed in 8
good and workmanltke-manner.
survey or other monuments required by statute or ordinance.
D. Survey Monuments: Properly place and install any
E. Deed Restrictions: Execute and record deed
marked Exhtbtt "F".
restrictions in the form attached hereto, made a part hereof and
Ctty a copy of Exhtblt "A" showtng the street grade tn front of
each lo!.
each lor, the yard grade and the grade of all four corners of
with Seztion 9.11 of the City's Land Division Orrllnance.
F. Grades: FurnFsh to the Ruilding Inspector of the
c. Street Llqhts: Lnstall'street Lights in accr~rdance
3
Page 4: Subdivider's Agreement
H. Sight Distances: Restrict lots so that no fence, wall,
hedge, or shrub planting which obstructs sight lines at
elevatfons between Two (2) and Six (6) feet above the roadwa S
shall be placed or permitted to remain on any corner lot wit K in the triangular area formed bv the street pro erty lines and a
line connectinp. them at points twenty-five ( 5 5) Eeet from the
intersection oE the street lfnes, or tn the case oE a rounded
! tnes extended.
roperty corner, from the intersection of the street property
SECTION VI. GUARANTEES :
The Developer shall guarantee the surEace water drainage
improvements and other improvements described in Section 1. items
A,B.and C hereof, ap,ainst defects due to faulty materials or
workmanship provided that such deEects appear within a period of
one (1) year from the date oE dedication and acceptance. The
from such faulty materials or workmanship. Thfs guarantee shall
Developer shall pay for any damages to City property resulting
workmanship or materials. Wisconsin Law on neqligence shall
not be a bar to any actfon the City mfght have for negligent
govern such sitation.
SECTION VII. GENERAL INDEMNITY:
In addition to, and not to the exclusfon or pre.judlce of,
any provisions of this aEreement or documents incorporated herein
by reference, Developer shall Lndemnifv and save harnless the
City, its offfcers, agents, and employees, and shall deEend the
sane from and against any and all liability. claims, losses,
damages, interest actions, suits, judgments, costs, expenses,
attorney's fees, and the like to whomsoever owed and by
whomsoever and whenever brought or obtained, which may in any
manner result from or arise Ln the course of, out of, or as a
result of the Developer's neeligent construction or operation of
fmprovements covered thereby, or its violation of any law or
ordinance, the infringement by it of any patent, trademark, trade
nane or copywrite. and its use oE road improvements prior to
thier formal dedication and acceptance by the City.
SECTION VIII. AGREEMENT FOR BEXEFIT OF PURCHASERS:
The Developer azrees that Ln addfrfon to the Cfcy'a rights
herein, the provfsions oE this agreement shall be €or the beneeit
of the purchaser of any lot or any interest in any lQt or parcel
of Land in the Sllhdivfslon.
'I
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Page 5: Subdivider's Agreement.
SECTION IX. ACCEPTANCE OF WORK AND DEDICATION:
improvements herein required, and shall dedicate the same to the
City as set Eorth herein, the same shall be accepted by the City if said improvements have been completed as required by this
agreement and as required by applicable City ordinances and other
applicable law and approved by the City Engineers.
As and when the Developer shall have completed the
SECTION X. EROSION CONTROL PLAN AND PERMIT:
The Developer shall submit to the City, an applicatlon for a
land dlsturbing permit and an eroslon controll plan in accordance
with the requirements oE Section 29.06 of the City's Erosion
Control Ordinance (Ord. #560).
SECT109 XI. CONSTRUCTION PERMITS, ETC...:
1. The City shall, within its authority, issue such
permits, adopt such reso1utinns;and execute such documents as
may be necessary to permit Developer to construct the improvenents in accordance with the plans and specifications
called for by this agreement. upon Developer's compliance with
ordinances or regulations; and the City shall cooperate with the
any depostt provisions or other requirements oE the applicable
as may be necessary from other authorlties having jurisdiction in
Developer ln obtaining similar permits, resolutions and documents
the premi ses.
2. The City shall, as a condttion oE the Developer
executing this agreement, make available to the Developer or its
nominee successors or assigns, building permits for the
construction oE single family restdences subject to the
provisions of Section XII.
SECT103 XII. BUILDING AND OCCUPANCY PERMITS: .
The Developer shall be allowed to construct no more than two
(2) model homes. It is expressly understood and agreed that no
buildinp, permits shall be issued, nor shall any occupancy permits
be issued elther €or the said model homes, or any other homes
until the City's Engtneers ha*Je determined that:
requlred to serve such homes are connectd with an operation
system as requlrerl herein, a,d
A. The sewer and slrEace water dralnaze Eactllties
Page 6: Subdfvfder's agreement.
8. That the Cfty's Engineers have approved the
condftion of the roads then exlstfng to serve such homes as
sufffcfent to service the trafffc reasonably antfcfpated durtnp,
dedfcated.
the period prior to the date when the roads must be completed and
SECTION XIIZ. GENERAL CONDITIONS AND REGULATIONS:
herefn by reference, and all such provisfons shall bfnd the
A11 the provisions of the Cfty's ordinances are incorporated
parties hereto and be a part oE thfs agreement as fully as if set
forth at length herein. This agreement and all work and
fmprovements requfred hereunder shall be perEomed and carried
out in strict accordance with and subject to the provisions of
said ordfnances.
SECTION XIV. FINANCIAL GUARANTEE:
Developer shall file wLth the Cfty a letter oE credit setting
Prior to the executfon oE this contract by the Cfty, the
amount of .$ 148.000.00 as a guarantee that the requfred
forth terms and condftfons approved by the Cfty Attorney fn the
fmprovements will be completed by the Developer and his
subcontractors no later than one (1) year Erom the date of the
vhfchever date comes first, and as a further guarantee that all
recording oE the Efnal plat or the date oE the aqreement,
obligations to the subcontractors €or work on the development are
satisffed.
SECTION XV. PARTIES BOUND:
Developer or its assignees shall be bound by the terms of
this agreement or any part herein as It applfes to any phase of
the development of the subdfvfsion.
agreement to be sfgned by thefr approprfate officers and thefr
IN WITNESS HEREOF, Developer and Cfty have caused this
on the day and year first written above.
seals to be hereunto afffxed.fn duplfcate orlqlnal counterparts
DEVELOPER CITY OF MUSKEG0
By:
Wayne C. Salentine, Hayor
.
By:
Jean Yarenda, Clerk -
i
c
0
0
IRREVOCABLE STANDBY DOCUMENTARY CREDIT
CREDIT NO.:
DATE 1-10-90
AMOUNT :
$148,000.00
APPLICANT:
WEST LAKE DEVELOPMENT
BENIFICIARY: City of Muskego EXPIRY DATE:
W182 S8200 Racine Ave. at our counters
Muskego, Wisc. 53150
April 10, 1991
Dear Sirs:
We hereby issue this irrevocable documentary credit in your favor
at sight drawn on (FIRST WISCONSIN-WAUKESHA). Each draft
(the beneficiary's) which is available by beneficiary's draft(s)
WAUKESHA Documentary Credit No. (
accompanying documents must state "Drawn Under FIRST WISCONSIN -
) " .
This Standby Credit is to provide security to the City of Muskego
for the performance of West Lake Development obligations under
that certain Agreement dated Jan. 10, 1990 between the City of
Muskego, and applicant.
DRAFTS ARE TO BE ACCOMPANIED BY:
A statement signed by the Mayor of the City of Muskego stating
of the public improvements described in Section I in accordance with
that West Lake Development has failed to complete the construction
said Agreement. Said statement shall set forth the estimated amount
necessary for the City of Muskego to complete such improvements.
DATED 1- 10- 'io
SPECIAL CONDITIONS:
This standby credit will terminate on the 10th. day
Waukesha) shall give written notice to the beneficiary of its
intention to terminate this standby credit at least 90 days prior
of April 19 91 provided, however, (FIRST WISCONSIN -
- to said 10th day of April , 19%. After said date
this letter of credit can only terminate uDon 90 davs written
" - L a notice to the benificaiary.
~~
It is herby agreed by all partiesheretothat the reference to
"Agreement" is for'identification purposes only and such
WISCONSIN - WAUKESHA, to inquire into its terms and
reference shall not be construed in any manner to require FIRST
obligations.
We encourage with you that drafts drawn under and in complaince
with the terms of this credit will be' duly honored if presented
on or before the expiry date. This original Standby Credit must
be submitted to us together with any drawings hereunder for our
endorsement of any payments effected by us and/or for
cancellation.
Very truly yours,
FIRST WISCONSIN - WAUKESHA
Mike D. Simmer