CCR1989146COMMON COUNCIL - CITY OF MUSKEG0
RESOLUTION #146-89
APPROVAL OF SUBDIVIDER'S AGREEMENT AND
LETTER OF CREDIT
(Dorothy Vesbach)
WHEREAS, the Subdivider's Agreement has been submitted for the
Dorothy Vesbach property, and
WHEREAS, the Finance Committee has recommended approval.
NOW, THEREFORE, BE IT RESOLVED that the Common Council of the
City of Muskego, upon the recommendation of the Finance
Committee, does hereby approve the Subdivider's Agreement as
attached, subject to the approval of the City Attorney.
DATED THIS DAY OF , 1989.
FINANCE COMMITTEE
Ald. Edwin P. Dumke
Ald. Daniel J. Hilt
Ald. Harold L. Sanders
ATTEST :
City Clerk
IRREVOCABLE STANDBY LETTER OF CREDIT
State Bank Hales Corners
10708 W. Janesville Rd.
Hales Corners. WI 53130
INAYE u1D ADDRESS OF ISSUING BANK1
AMOUNT $65,500.00
TO City of Muskego
Muskego, WI 53150
NO. 8905
WE HEREBY AUTHORIZE YOU TO DRAW ON US FOR THE ACCOUNT OF
UP TO AN AGGREGATE AMOUNT OF $65,500.00
AVAILABLE BY YOUR ORAFTlSl AT SIGHT TO BE ACCOMPANIED BY
We hereby issue this Irrevocable Standby Letter of Credit in your favor (the beneficiary's)
which is available by beneficiary's draft(s) at sight drawn on State Bank Hales Corners,
Hales Corners, Wisconsin, Each draft and accompanying documents must state "Drawn under
State Bank Hales Corners, Hales Corners, Wisconsin, Letter of Credit No. 8905
'Ibis Standby Letter of Credit is to provide security to the City of Muskego for the
performance of Dorothy Vesbach, obligations to complete the construction of all improve-
ments required by subdividers agreement between Dorothy Vesbach and the City of Muskego
property reference currently known as Vesbach Property Development-Woods Road.
Drafts are to be accompanied by a statement by the Mayor of the City of Muskego stating 6 hat Dorothy Vesbach has failed to complete the construction of all improvements in
cordance with said agreement. Said agreement shall- forth the estimated amnt
necessary for the City of Muskego to complete such improvements
Special Conditions:
It is hereby agreed by all parties hereto that the reference to "Agreement" is for
identification purposes only and such reference shall not be construed in any manner
to require State Bank Hales Corners, Hales Corners Wisconsin, to inquire into its terms
SPECIAL INSTRUCTIONS:
ALL BANKING CHARGES OTHER THAN ISSUING BANKS ARE FOR BENEFICIARY'S ACCOUNT
PARTIAL DRAWINGS PERMITTED NOT PERMITTED.
ALL DRAFTS MUST BE MARKED "DRAWN UNDER LElTER OF CREDIT OF State Bank Hales Corners
IMAM€ Of lSyllNC B4NKI
May 17 90 . 19-
Stock No. 11244
and obligations.
The total amount of the Irrevocable Standby Letter of Credit, shall be reduced as per
the City of Muskego’s inspection and approved as work is completed.
We hereby agree with you that drafts drawn under and in compliance with the terms of
the above mentioned drawee bank on or before May 17, 1990.
however, State Rank Hales Corners, Hales Corners, Wisconsin, shall give written notice
This Standby Letter of Credit will terminate on the 17th day of May, 1990, ?rovided
to the beneficiary of its intention to terminate this Standby Letter of Credit at
least ninty (90) days prior to said 17th day of May, 1990. After said date, this Letter
of Creditcan only terminate upon ninty (90) days written notice to the beneficiary.
?his ckedit is subject to the Uniform Customs and Practice for Documentary Credits
(1983 Revision) International Chamber of Commerce Publications 400.
i
I
the Irrevocable Standby Letter of Credit No. 8905 will be duly honored and ?resented to
li lhls agrement. made this day of , 1989. by and
between Dorbthy Veslrach , the "Developer", end the CIIY OF MUSKEGO, a e.
nlunlclpal cotporatlotl of the State of wjscotrslll, located 111 Waukesha Courlty,
hereinafter called tlte "City"
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SECIIOII XIV _-_- - rINAllCIAL -~ GUAlMlIIEE ," - Prior to exwlrtlotl of thls
cotltract by the city, Lhe kveloper sltatl file wtllt the Ctty a letter of
tredlt, setttnq furllr tetnts and cullditlolrs alrlwoved by the City Attorney In
the atltuutlt of I BS a guatantee that the l,eqult,ed Irrlprovewents wtll be
completed by the Developer and his subcontractors no later tllall we (I)
year from the dale of the recording of the flnal Certlfied Survey Hap, or
Llle date of llle ayt.eencnt, whichever date comes Ilrst, and as a further
guarantee that all obllcatlulls to the subco~~tractors for work on the develop-
nent oro satlsfied. 0
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Uorothy Vesbacll
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