HomeMy WebLinkAbout98-68 Resolution No. 98-68
RESOLUTION
AUTHORIZING EXTENSION OF TIME OF PAYMENT OF NOTE AND
MORTGAGE FROM GRAZIANO PARTNERS, AN ILLINOIS PARTNERSHIP
WHEREAS, Graziano Partners, an Illinois Partnership, has
heretofore executed and delivered a certain note and mortgage
to the City of Elgin for the balance due it for the sale and
conveyance of Lot 43 of Fox Bluff Corporate Center; and
WHEREAS, Graziano Partners, an Illinois Partnership, has
requested an extension of the due date of payment to and
including May 31, 1998 and City of Elgin agrees to grant the
requested extension.
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS, that the due date for payment of the
note and mortgage described herein be extended to May 31, 1998 .
BE IT FURTHER RESOLVED that Graziano Partners, an Illinois
corporation, shall execute any written instruments required, as
determined by the Corporation Counsel to restate its obligation
to pay the amount due on or before May 31 , 1998 with interest
accruing to the date of payment at the agreed rate.
Kevin Kelly, Mayo
Presented: March 25, 1998
Adopted: March 25, 1998
Vote: Yeas 5 Nays 0
Attest:
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Dolonna Mecum, City Clerk