HomeMy WebLinkAboutRes 14-48 10/21/1948 FMO *AGH 1&llc 11/5/48
R E S O L U T I Q N N r 1 4.
WHEREAS, an escrow agreement was executed between the
VILLAGE OF MOUNT PROSPECT, and GREAT LAOS MORTGAGE CORPORATION,
AXEL LONNQUIST and WIT.T.TAM J. LONNQUIST under date of August
26, 1946, for certain public inprovements in Lonnquist Gardens
Subdivision and First Addition thereto and, subsequently the
interest of the Great Lakes Mortgage C&rporation in and to said
escrow agreement was assigned to the St. Paul Federal Savings
& Loan Association by and with the consent of the other parties
thereto; and
WHEREAS, the time for the completion of said public
improvements has expired and the public improvements under said
agreement have not been fully completed in accordance with the
plans and specifications of the Village Engineers and with the
ordinances of the Village of Mount Prospect; and
WHEREAS, said improvements have not been completed to
the satisfaction of the Village after demand was duly made for
such compliance with plans and specifications and ordinances
of the Village of Mount Prospect; and
F
WHEREAS, it is provided in said escrow agreement that
in the event Axel Lonnquist and William J. Lonnquist fail to
complete the street and public utility improvements within one
year after date of execution of the agreement and it becomes
necessary for the Village of Mount Prospect to complete said
improvements, so much of the deposit remaining in said "street
and improvement fund" as may be necessary shall be paid to the
Village for completion of said improvements; and
WHEREAS, the President and Board of Trustees find that
said improvements have not been completed in compliance with
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plans and specifications and the Ordinances within the time
prescribed.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND
BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK
COUNTY, ILLINOIS:
SECTION 1. That the time within which the said street
and public improvements were to be completed has expired.
SECTION 2. That the streets and improvements as con-
structed
do not conform to plans and specifications in all
_phases and are not in compliance with the ordinances thereunto
pertaining and that it will be necessary for the Village to
complete said improvements.
SECTION 3. That the sum of $8,267.11, which is hereby
determined to be the amount necessary to complete said im-
provement, is hereby demanded of the St. Paul Federal Savings
& Loan Association, to be turned over to the Village of Mount
Prospect for the completiofl of said improvements as is provid-
ed by said escrow agreement.
SECTION 4. That a default exists in the failure of
the said Axel Lonnquist and Willian J. L6nnquist to complete
said improvements within the time prescribed in accordance with
plans and specifications and ordinances of the Village of
Mount Prospect and that the said St. Paul Federal Savings &
Loan Association is directed to make no further disbursements
of the balance on hand in said fund, except as provided in
Section 3 herein; and that any payments made by the said St.
Paul Federal Savings & Loan Association, except as herein pro-
vided, shall be paid at their peril.
SECTION 5. That a certified copy of this resolution
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be forwarded to all parties, successors and assigns of said
escrow agreement as notice of default of said agreement and
this resolution constitutes a demand upon interest» parties
to comply with the provisions of this escrow agreement for the
satisfactory completion of the streets and public improve-
ments therein set forth.
SECTION 6. That this resolution shall be in full force
and effect forthwith.
PASSED: the 21st day of October, 1948.
APPROVED: the 21st day of October, 1948.
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