CCR1991099COMMON COUNCIL - CITY OF MUSKEG0
RESOLUTION #99-91
APPROVAL OF AMENDMENT TO SUBDIVIDER'S AGREEMENT
(West Lake Subdivision)
WHEREAS, the West Lake Subdivision Subdivider's Agreement was
approved in Resolution #14-90, and
WHEREAS, the Public Utilities Committee has recommended approval
of an Amendment to the Subdivider's Agreement, along with a
$10,000 Letter of Credit to provide that if at any time within
five (5) years from the date of this Agreement the City
Engineers determine that the sewer line is not installed or
operating correctly, the City may draw upon this Letter of
Credit to correct the same.
NOW, THEREFORE, BE IT RESOLVED that the Common Council of the
Committee, does hereby approve the Amendment to the Subdivider's
City of Muskego, upon the recommendation of the Public Utilities
Agreement, as attached.
BE IT FURTHER RESOLVED, that the Mayor and Clerk are authorized
to sign said Amendment in the name of the City.
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DATED THIS 23RD DAY APRIL , 1991.
PUBLIC UTILITIES COMMITTEE
Ald. Daniel J. Hilt
Ald. William T. Simmons
Ald. David J. Sanders
ATTEST:
City Clerk
4/91cac
AMENDMENT TO SUBDIVIDER'S AGREEMENT
The Subdivider's Agreement by and between West Lake
Development (hereinafter the "Developer") and the City of Muskego
(hereinafter the "City") dated the 10th day of January , 1990
is hereby amended as follows:
1. Section XIV, Financial Guarantee, is amended to add the
following:
"In addition to all other financial guarantees, the
Developer shall file with the City upon execution of this
Agreement, a Letter of Credit setting forth terms and conditions
approved by the City Attorney in the amount of $10,000 as a
guarantee that the improvement known as the sewer line between the
prior existing manhole in the intersection of Fairfield and
Courtland and Manhole No. 1 of this development which is 68 feet
more or less west of said prior existing manhole is installed and
operating correctly in the opinion of the City's Engineers. If at
any time within five (5) years from the date of this Agreement the
City Engineers determine that said sewer line is not installed or
operating correctly, the City may draw upon this Letter of Credit
to correct the same."
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2. All other provisions of the Subdivider's Agreement remain
the same.
Dated this 23=d day of ~pril , 1991.
WEST LAKE DEVELOPMENT CITY OF MUSKEG0
By: By :
Wayne G. Salentine, Mayor
By:
Jean K. Marenda, Clerk
IRREVOCABLE STANDBY DOCUMENTARY CREDIT
CREDIT NO. AMOUNT :
DATE : $10,000.00
.................................
APPLICANT :
WEST LAKE DEVELOPMENT
BENEFICIARY: CITY OF MUSKEG0 EXPIRY DATE:
W182 S8200 Racine Avenue
Muskego, Wisconsin 53150 AT OUR COUNTERS
.................................
Dear Sirs:
favor City of Muskego which is available by beneficiary's draft(s)
at sight drawn on , for the
account of WEST LAKE DEVELOPMENT up to an aggregate amount of
$10,000. Each draft accompanying documents must state "Drawn
under Documentary Credit NO.
We hereby issue this irrevocable documentary credit in your
Muskego for the performance of WEST LAKE DEVELOPMENT * s obligations
to guarantee the installation and operation of a certain sewer
This standby credit is to provide a guarantee to the City of
line as set forth in an Agreement dated the day of
DEVELOPMENT.
, 1991 between the City of Muskego and WEST LAKE
DRAETS ARE TO BE ACCOMPANIED BY:
stating that the sewer line is not installed and operating
A statement signed by the Mayor of the City of Muskego
pursuant to the Agreement of the parties referred to above.
SPECIAL CONDITIONS :
This Standby Credit will terminate on the day of
shall give written notice to the beneficiary of its intention to
, 199 , provided, however,
, .~ I -
PAGE 2. AN INTEGRAL PART OF STANDBY CREDIT NO.
terminate this standby credit at least 90 days prior to said
day of
can only terminate up= 90 days of written notice to the City of
Muskego.
, 199 . After said date this Letter of Credit
It is hereby agreed by all parties hereto that the reference
to "Agreement" is for identification purposes only and such
references shall not be construed in any manner to
obligations.
to inquire into its terms and
compliance with the terms of this Credit will be duly honored if
We encourage with you that drafts drawn under and in
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 cancellat ion.
Very truly yours,