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HomeMy WebLinkAboutRes 45-99 10/05/1999 M VWL RESOLUTION NO. 45-99 A RESOLUTION APPROVING CERTAIN ESCROW AGREEMENTS AFFECTING PARKING AT 10 SOUTH WILLE STREET IN THE VILLAGE OF MOUNT PROSPECT, ILLINOIS Preamble Norwood Construction, Inc., The Shires of Clocktower Condominium Association One and the Village of Mount Prospect have agreed to the elimination of 8 parking spaces at 10 South Wille Street, provided that funds be set aside in the event the Village determines that the spaces are needed in the future. The parties are willing to enter into an Escrow Agreement to assure that the funds are set aside and the spaces may be installed, if necessary. The Escrow Agreement is attached and made a part of this Resolution as Exhibit "A". NOW, THEREFORE, BE IT RESOLVED, by the Mayor and Board of Trustees of the Village of Mount Prospect, Cook County, State of Illinois as follows: SECTION i: The Escrow Agreement is approved; and SECTION 2: The Mayor is authorized to execute and the Village Clerk is authorized to attest to such execution of the Escrow Agreement attached as Exhibit "A". SECTION 3,: This Resolution shall be in full force and effect from and after its passage, approval and publication according to law. AYES: Corcoran, Hbefert, Lohrstorfer, Skowron, Wilks ABSTAIN: NOcchi NAYS: None ABSENT: None PASSED and APPROVED this 5th day of October ,1999. ;][~. L c ~e,~/~ Gerald L. Farley, Village Presid,~/ C:\OFFICE\WPWIN\WPDOCS~MP~ORDS~PARKING.RES ESCROW AGREEMENT ,,~ ,~/.~-IIS ESCROW AGREEMENT is made andc.~.~0_JC~_~,z..i_9~._,.t, his ~:~ ~1~ day of ~-~-'~_ , 1999, by and among NORWOOD C,~F~aE~J~N, INC., an Illinois corporation ("Norwood"), THE SHIRES OF CLOCKTOWER PLACE CONDOMINIUM ASSOCIATION ONE, an Illinois not-for-profit corporation ("Association"), and the VILLAGE OF MOUNT PROSPECT, an Illinois municipal corporation ("Village"). WITNESSETH: WHEREAS, Norwood is the developer of the property at 10 South Wille Street, Mount Prospect, Illinois 60056 and legally described on Exhibit "A" (the "Property"); and WHEREAS, the Association has requested that the Village agree to the elimination of eight otherwise required parking spaces to create a greater landscape buffer; and WHEREAS, the Village is willing to agree to such elimination provided that Norwood establishes an escrow so that funds are available for the construction of additional parking spaces in the event the Village determines that such additional spaces are required on the Property; and WHEREAS, the Village has agreed to act as escrow agent to hold the escrow deposit for the purposes and in accordance with the terms and provisions of this Escrow Agreement; NOW, THEREFORE, in consideration of the mutual covenants and promises among the parties, and for other good and valuable consideration, the receipt of which is acknowledged, the parties have agreed as follows: 1. On or before November 1, 1999, Norwood shall deposit with the Village, the sum of $4,000.00 ("Escrow Funds"), and the Village agrees to hold and disburse the Escrow Funds in accordance with the provisions of this Agreement. 2. The Village shall invest the Escrow Funds in a typical interest bearing municipal account. All interest earned as a result of this investment shall be added to the Escrow Funds. 3. The term of this Escrow Agreement shall commence with the deposit of the Escrow Funds and shall terminate as provided in paragraph 9. 4. If at any time prior to November 1, 2004, the Village, in its sole discretion, determines that to install the eight parking spaces or any portion of them will be in the Village's best interest, then upon written notice to the President of the Association by the Village, the Association shall cause the installation of the additional parking spaces as required by the Village in accord with the drawing attached as Exhibit "B". 5. The Association shall commence construction of the additional spaces within six months of being notified to do so and shall complete construction within twelve months of such notification. 6. Upon receipt of written notice from the Association, including the written waiver of lien, the Village shall disburse the Escrow Funds to the Contractor upon a payout schedule agreed to between the Contractor and the Director of Community Development. 7. If the final cost of the additional parking is less than the Escrow Funds being held by the Village, the excess amount shall devolve to the exclusive ownership and use of the Village to be used as the Village sees fit. 8. If the cost to install the additional parking is greater than the Escrow Funds, the excess amount shall be paid by the Association. 9. In the event the Association does not commence construction within six months of being notified to do so, the Village may cause such installation using the Escrow Funds and paragraphs 7 and 8 of this Escrow Agreement shall apply. 10. In the event the Village does not give notice requiring the additional parking by January 1, 2004, the obligation of the Association to install such parking shall terminate and the Escrow Funds shall devolve to the benefit of the Village and may be used by the Village for any lawful purpose. 11. Nothing in this Escrow Agreement shall prevent the Village from installing the additional parking at its own expense, after January 1,2004. 12. Any notice provided or permitted to be given under this Escrow Agreement must be in writing and may be served by depositing same in the United States mail, addressed to the party to be notified, postage prepared and registered or certified with return receipt requested, by delivering the same in person to such party, by prepaid telegram or telex; by facsimile copy or by express mail. Notice given in accordance herewith shall be effective upon receipt at the address of the addressee in the case of all notices other than notices served by personal delivery. As to all persons to whom notice must be given pursuant to this Agreement, notice shall be given by personal delivery. For purposes of notice, the addresses of the parties shall be as follows: Norwood Construction, Inc. 7458 Harlem Avenue Chicago, IL 60631 The Shires of Clocktower Condominium Association One 10 South Wille Street Mount Prospect, IL 60056 Village of Mount Prospect c/o Director of Community Development 100 S. Emerson Street Mount Prospect, IL 60056 13. The duties of Escrow Holder shall be entirely administrative and not discretionary. Escrow Holder shall be obligated to act only in accordance with written instructions received by it as provided in this Agreement and is authorized to comply with any orders, judgments or decrees of any court with or without jurisdiction and shall not be liable as a result of its compliance with the same. 14. Escrow Holder may rely absolutely upon the genuineness and authorization of the signature and purported signature of any party upon instruction, notice, release, request or other document delivered to it pursuant to this Agreement. 15. If the parties shall be in disagreement about the interpretation of this Escrow Agreement, or about the rights and obligations, or the propriety, of any action contemplated by Escrow Holder hereunder, Escrow Holder may, in its sole discretion, file an action in interpleader to resolve the disagreement. Escrow Holder shall be indemnified for all costs, including reasonable attorneys' fees in connection with the interpleader action, and shall be fully protected in suspending all or a part of its activities under this Agreement until a final judgment in the interpleader action is rendered. 16. Escrow Holder may consult with counsel of its own choice and shall have full and complete authorization and protection of any action taken or suffered by it hereunder in good faith and in accordance with the opinion of such counsel. Escrow Agent shall otherwise not be liable for any mistakes of fact or error of judgment, or for any acts of any kind. 17. The rights created by this Agreement shall inure to the benefit of and the obligations created hereby shall be binding upon the successors and assigns of the Escrow Holder and all parties to this Agreement. 18. The Agreement shall remain in full force and effect so long as Escrow Holder is the holder of any deposit made in accordance with the Escrow Agreement. 19. This Agreement shall be construed and enforced according to the laws of the State of Illinois. IN WIT~E.S~S~HEREOF, the parties hereto have set their hands and seals this ~ ~ day of ~ , 1999. THE SHIRES OF CLOCKTOWER CONDOMINIUM ASSOCIATION ONE Its: ', Its: JPF¢~;~ ~-'f