Ordinance 2008-070 STATE OF ILLINOIS )
) ss.
COUNTY OF KENDALL )
Ordinance No. 2008- —t :)
AN ORDINANCE OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY,
ILLINOIS, APPROVING AN AGREEMENT REGARDING TRANSFER OF DEVELOPER'S
RIGHTS
WHEREAS, the United City of Yorkville (the "City ") is a duly organized and validly existing
non home -rule municipality created in accordance with the Constitution of the State of Illinois of 1970
and the laws of the State; and,
WHEREAS, MS Rialto Raintree Village IL, LLC, a Delaware limited liability company, MS
Rialto Raintree Village II IL, LLC, a Delaware limited liability company, Raintree Village L.L.C., an
Illinois limited liability company, and Raintree Village II L.L.C., an Illinois limited liability company
(collectively, the "Assignor "), and Thill, Sweeny & Williams, L.L.C., an Illinois limited liability
company (the "Assignee "), and the City, desire to enter into an agreement regarding the transfer of the
developer's rights (the "Agreement "), which is attached hereto and incorporated herein; and,
WHEREAS, the Assignor is the owner of the real estate located within the City limits, as
described within the Agreement (the "Subject Property "); and,
WHEREAS, Assignor's predecessors in title to the Subject Property (the "Developer ")
acquired the Subject Property and other real estate subject to a certain Annexation Agreement and
Planned Unit Development Agreement by and between the City and Edmeier Group, Inc., for the
development known as "Fox Highlands Estates and Golf Club," dated March 27, 1997 (the "Original
Annexation Agreement"); and entered into a certain Amendment to Annexation Agreement and
Planned Unit Development Agreement (The Highlands Subdivision) with the City dated December
10, 2002, that related to the annexation of the Subject Property to the City and certain issues relating
to the development of the Subject Property; and,
WHEREAS, the Original Annexation Agreement has been further amended from time to time,
and for the purposes hereof, the Original Annexation Agreement and all amendments thereto shall be
referred to as the "Annexation Agreement"; and,
WHEREAS, in addition, the Developer entered into (i) a Public Infrastructure Agreement dated
August, 1, 2003, with the City and other parties in connection with the establishment of "Special
Service Area No 2003 - 100," and (ii) a Public Improvements Agreement dated November 1, 2005,
with the City and other parties in connection with the establishment of "Special Service Area No
2004 -107" (collectively, the "Improvement Agreements "); and;
WHEREAS, the Assignor has agreed to transfer and convey the Subject Property to Assignee,
and, in connection with such transfer and conveyance, Assignor desires to assign to Assignee, and
Assignee desires to accept from Assignor, certain rights and obligations of Assignor in, to, and under
the Annexation Agreement and Improvement Agreements, as such rights are described in the attached
Agreement.
NOW, THEREFORE, BE IT ORDAINED by the Mayor and City Council of the United City of
Yorkville, Kendall County, Illinois, as follows:
Section L The above recitals are incorporated and made a part of this Ordinance.
Section 2 The Corporate Authorities hereby approve the attached Agreement Regarding
Transfer of Developer's Rights by and between MS Rialto Raintree Village IL, LLC, MS Rialto
Raintree Village II IL, LLC, Raintree Village L.L.C., Raintree Village II L.L.C., Thill, Sweeny &
Williams, L.L.C., and the United City of Yorkville.
Section 3. This Ordinance shall bee in full force and effect upon its passage, approval, and
publication as provided by law.
Passed by the City Council of the United City of Yorkville, Kendall County, Illinois this A 3
day of A.D. 2008.
JERK
ROBYN SUTCLIFF JOSEPH BESCO
ARDEN JOE PLOCHER WALLY WERDERICH
GARY GOLINSKI � MARTY MUNNS LAC
U
ROSE SPEARS „ BOB ALLEN
V
Approved by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, this 0
day of 7Tv-1 u 2008.
r
MAYOR
2
I I
EXHIBIT
RAINTREE VILLAGE
AGREEMENT REGARDING TRANSFER OF DEVELOPER'S RIGHTS
I
The city did not receive an executed agreement from the petitioners.
THIS INSTRUMENT PREPARED BYAND
SHOULD BE RETURNED TO:
Brian Afeltser
MELTZER, PURTILL & STELLE LLC
1515 East Woodfield Road
Second Floor
Schaumburg, Illinois 60173 -5431
(847) 330 -2400
i
For Use by the Recorder's Office Only
AGREEMENT REGARDING TRANSFER OF DEVELOPER'S RIGHTS
Re: Raintree Village
THIS AGREEMENT ( "Agreement ") is made effective this day of August, 2008, by and
between MS RIALTO RAINTREE VILLAGE IL, LLC, a Delaware limited liability company, MS
RIALTO RAINTREE VILLAGE II IL, LLC, a Delaware limited liability company, RAINTREE
VILLAGE L.L.C., an Illinois limited liability company, and RAINTREE VILLAGE II L.L.C., an
Illinois limited liability company (hereinafter collectively referred to as "Assignor "), and THILL,
SWEENEY & WILLIAMS, L.L.C., an Illinois limited liability company ( "Assignee "), and the
UNITED CITY OF YORKVILLE, an Illinois municipal corporation (the "City "). Assignor, Assignee
and the City shall each hereinafter be referred to as a Party and collectively as the "Parties ".
RECITALS
Assignor is the owner, collectively, of the real estate legally described on Exhibit A attached
hereto, together with any and all improvements, structures and fixtures presently located thereon (the
"Property"), all which is located in the United City of Yorkville, in Kendall County, Illinois.
Assignor's predecessors in title to the Property ( "Developer ") acquired the Property and other
real estate subject to that certain Annexation Agreement and Planned Unit Development Agreement
Between the United City of Yorkville and The Edmeier Group, Inc., for the Development Known as "Fox
Highlands Estates and Golf Club ", dated March 27, 1997 ( "Original Annexation Agreement ") and entered
into that certain Amendment to Annexation Agreement and Planned Unit Development Agreement (The
Highlands Subdivision) with the City dated December 10, 2002, that relates to the annexation of the
Property to the City and certain issues relating to the development of the Property. The Original
Annexation Agreement, as amended, has been further amended from time to time. For purposes hereof,
the Original Annexation Agreement and all amendments thereto shall hereinafter be referred to as the
"Annexation Agreement ".
{30034: 139: 00361709.DOC :2 l
In addition, the Developer entered into (i) a Public Infrastructure Agreement dated August 1,
2003 with the City and other parties in connection with the establishment of "Special Service Area No
2003 - 100 ", and (ii) a Public Improvements Agreement dated November 1, 2005 with the City and other
parties in connection with the establishment of "Special Service Area No 2004 -107" (together the
"Improvement Agreements ").
Assignor has agreed to transfer and convey the Property to Assignee, and, in connection with
such transfer and conveyance of the Property, Assignor desires to assign to Assignee, and Assignee
desires to accept from Assignor, certain of the rights and obligations of Assignor in, to and under the
Annexation Agreement and Improvement Agreements.
The City has approved the transfers provided for herein.
NOW, THEREFORE, the Parties agree that the following shall occur and be effective from and
after the closing of the conveyance of the Property by Assignor to Assignee ( "Closing "):
1. Assignment.
A. Assignor does hereby assign, transfer and convey to Assignee all of the rights and
obligations of Assignor (as successor and/or assignee of the rights and obligations of the Owner
and Developer under the Annexation Agreement) as such rights and obligations relate to the
Property, including, without limitation, (i) the right to receive certain reimbursements or
payments from the City, excluding and specifically excepting, a claim for a payment or payments
due from the City (aggregating approximately $900,000) for costs incurred to install certain off -
site sanitary sewer improvements which claim and any receipts or payments received thereunder
shall be the property of Assignor, (ii) the obligation to complete and satisfy all construction and
other conditions necessary to consummate and cause the City to accept all conveyances required
of lots or outlots under the Annexation Agreement, and (iii) the obligations to complete the work
covered by the letters of credit posted by the Assignor under the Annexation Agreement relating
to the Property.
B. Assignor does hereby assign, transfer and convey to Assignee all of the rights and
obligations of the Assignor (as Developer and/or as successor or assignee of the rights and
obligations of the Developer under the Improvement Agreements), including, without limitation,
(i) the obligation to complete the work required of the Developer under the Improvement
Agreements, and (ii) the right to seek reimbursement of certain eligible costs, as more fully
agreed between Assignee and Assignor, excluding and specifically excepting, the right to receive
reimbursement of approximately $1.8 Million of eligible costs pursuant to a reimbursement
request previously submitted to the City and by the City to the trustee under the SSA bond
indenture, which right to receive reimbursement shall be retained by Assignor and all receipts or
payments thereunder shall be Assignor's property.
2. Assumption.
A. Assignee hereby accepts the assignment by Assignor of its rights and obligations
under the Annexation Agreement to the extent described in Paragraph I.A. above, and agrees to
and does hereby assume all such rights and obligations of Assignor thereunder.
B. Assignee hereby accepts the assignment by Assignor of its rights and obligations
under the Improvement Agreements to the extent described in Paragraph I .B. above, and agrees
to and does hereby assume all such rights and obligations of Assignor thereunder.
{30034: 139: 00361709.DOC :2 } 2
3. Citv Consent. The City hereby consents to the foregoing assignment by Assignor and
assumption by Assignee and, effective upon the Closing, does hereby release Assignor from all of its
obligations under the Annexation Agreement and Improvement Agreements and hereby recognizes
Assignee as the Developer under the Annexation Agreement and the Improvement Agreements, as they
relate to the Property.
4. Letter of Credit Exchange. Simultaneously with the Closing, Assignee shall deliver to
the City the letters of credit listed in Exhibit B hereto and the City shall return to Assignor the letters of
credit listed in Exhibit C hereto.
5. Further Assurances. Upon the request of any Party, the other Parties agree to execute and
deliver such further documents as may be reasonably required by such party to evidence and /or carry out
the intent of this Agreement. This Agreement, and the terms and provisions hereof, shall inure to the
benefit of, and be binding upon, each party hereto and its respective successors, grantees, lessees and
assigns.
IN WITNESS WHEREOF, this Agreement is executed as of the date first above written.
ASSIGNOR:
MS RIALTO RAINTREE VILLAGE IL, LLC, a Delaware
limited liability company
By: MS RIALTO RESIDENTIAL HOLDINGS, LLC, a
Delaware limited liability company, its member
By: MSR HOLDING COMPANY, LLC, a Delaware
limited liability company, its member
By:
Name:
Title:
MS RIALTO RAINTREE VILLAGE H IL, LLC, a Delaware
limited liability company
By: MS RIALTO RESIDENTIAL HOLDINGS, LLC, a
Delaware limited liability company, its member
By: MSR HOLDING COMPANY, LLC, a Delaware
limited liability company, its member
By:
Name:
Title:
{30034: 139: 00361709.DOC :2 } 3
RAINTREE VILLAGE L.L.C., an Illinois limited liability
company
By: LENNAR CHICAGO, INC., an Illinois corporation,
successor by merger to Concord Homes, Inc., a Delaware
corporation, its manager
By:
Name:
Title:
RAINTREE VILLAGE II L.L.C., an Illinois limited liability
company
By: LENNAR CHICAGO, INC., an Illinois corporation,
successor by merger to Concord Homes, Inc., a Delaware
corporation, its manager
I
By:
Name:
Title:
ASSIGNEE:
TRILL, SWEENEY & WILLIAMS, L.L.C., an Illinois
limited liability company
By:
Name: William J. Thill
Title: a Manager
CITY:
UNITED CITY OF YORKVILLE, an Illinois
municipal corporation
By:
Attest:
{30034: 139: 00361709.DOC :2 } 4
STATE OF )
SS.
COUNTY OF )
The undersigned, a Notary Public in and for said County and State, do hereby certify that
as of MSR Holding
Company, LLC, a Delaware limited liability company, which is a member of MS Rialto Residential
Holdings, LLC, a Delaware limited liability company, which is a member of MS Rialto Raintree Village
IL, LLC, a Delaware limited liability company (the "Company "), appeared before me this day in person
and acknowledged that he signed, sealed and delivered said instrument as his free and voluntary act, and
as the free and voluntary act of the Company for the uses and purposes therein set forth.
Given under my hand and Notarial Seal this day of , 2008.
Notary Public
STATE OF )
SS.
COUNTY OF )
The undersigned, a Notary Public in and for said County and State, do hereby certify that
as of MSR Holding
Company, LLC, a Delaware limited liability company, which is a member of MS Rialto Residential
Holdings, LLC, a Delaware limited liability company, which is a member of MS Rialto Raintree Village
II IL, LLC, a Delaware limited liability company (the "Company "), appeared before me this day in person
and acknowledged that he signed, sealed and delivered said instrument as his free and voluntary act, and
as the free and voluntary act of the Company for the uses and purposes therein set forth.
Given under my hand and Notarial Seal this day of , 2008.
Notary Public
{30034: 139: 00361709.DOC :2 } 5
STATE OF ILLINOIS )
SS.
COUNTY OF )
The undersigned, a Notary Public in and for said County and State, do hereby certify that Glenn
V. Richmond, as a Vice President of Lennar Chicago, Inc., an Illinois corporation, which is the manager
of Raintree Village L.L.C., an Illinois limited liability company (the "Company "), appeared before me
this day in person and acknowledged that he signed, sealed and delivered said instrument as his free and
voluntary act, and as the free and voluntary act of the Company for the uses and purposes therein set
forth.
Given under my hand and Notarial Seal this day of , 2008.
Notary Public
STATE OF ILLINOIS )
SS.
COUNTY OF )
The undersigned, a Notary Public in and for said County and State, do hereby certify that Glenn
V. Richmond, as a Vice President of Lennar Chicago, Inc., an Illinois corporation, which is the manager
of Raintree Village II L.L.C., an Illinois limited liability company (the "Company "), appeared before me
this day in person and acknowledged that he signed, sealed and delivered said instrument as his free and
voluntary act, and as the free and voluntary act of the Company for the uses and purposes therein set
forth.
Given under my hand and Notarial Seal this day of , 2008.
Notary Public
{30034: 139: 00361709.DOC :2 } 6
STATE OF ILLINOIS )
) SS.
COUNTY OF )
The undersigned, a Notary Public in and for said County and State, do hereby certify that William
J. Thill, a Manager of Thill, Sweeney & Williams, L.L.C., an Illinois liability company (the "Company "),
appeared before me this day in person and acknowledged that he signed, sealed and delivered said
instrument as his free and voluntary act, and as the free and voluntary act of the Company for the uses and
purposes therein set forth.
Given under my hand and Notarial Seal this day of , 2008.
Notary Public
STATE OF ILLINOIS )
SS.
COUNTY OF 1
The undersigned, a Notary Public in and for said County and State, do hereby certify that
and , the
and , respectively of the
United City of Yorkville, an Illinois municipal corporation (the "City "), appeared before me this day in
person and acknowledged that he signed, sealed and delivered said instrument as his free and voluntary
act, and as the free and voluntary act of the City for the uses and purposes therein set forth.
Given under my hand and Notarial Seal this day of , 2008.
Notary Public
{30034: 139: 00361709.DOC :2 } 7
EXHIBIT A
Leizal Description of the Property
PARCEL 1:
LOTS 4, 10, 13, 14 AND 16 IN RAINTREE VILLAGE UNIT ONE, BEING A SUBDIVISION IN PART OF
SECTION 9, TOWNSHIP 36 NORTH, RANGE 7, EAST OF THE THIRD PRINCIPAL MERIDIAN,
ACCORDING TO THE PLAT THEREOF, RECORDED JANUARY 13, 2004 AS DOCUMENT 200400000938,
IN THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS.
PARCEL 2:
LOTS 139 TO 143, INCLUSIVE, AND LOT 147 IN RAINTREE VILLAGE UNIT TWO, BEING A
SUBDIVISION IN PART OF SECTION 9, TOWNSHIP 36 NORTH, RANGE 7, EAST OF THE THIRD
PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF, RECORDED AUGUST 19, 2004 AS
DOCUMENT 200400023274, IN THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS.
PARCEL 3: LOTS 234 TO 237, INCLUSIVE, AND LOTS 240 TO 244, INCLUSIVE, IN RAINTREE VILLAGE
UNIT THREE, BEING A SUBDIVISION IN PART OF SECTION 9, TOWNSHIP 36 NORTH, RANGE 7, EAST
OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF, RECORDED AUGUST
19, 2004 AS DOCUMENT 200400023275, IN THE UNITED CITY OF YORKVILLE, KENDALL COUNTY,
ILLINOIS.
PARCEL 4:
LOTS 264 TO 282, INCLUSIVE, LOTS 287 TO 292, INCLUSIVE, LOTS 297 TO 298 BOTH INCLUSIVE AND
LOTS 300 TO 318, INCLUSIVE, IN RAINTREE VILLAGE UNIT FOUR, BEING A SUBDIVISION IN PART
OF SECTION 9, TOWNSHIP 36 NORTH, RANGE 7, EAST OF THE THIRD PRINCIPAL MERIDIAN,
ACCORDING TO THE PLAT THEREOF, RECORDED MAY 30, 2006 AS DOCUMENT 200600015999, IN
THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS.
PARCEL 5:
LOTS 341 AND 342, LOTS 346 TO 428, INCLUSIVE, LOTS 430 TO 431, INCLUSIVE, AND LOTS 436 TO
438, INCLUSIVE, IN RAINTREE VILLAGE UNIT FIVE, BEING A SUBDIVISION IN PART OF SECTION 9,
TOWNSHIP 36 NORTH, RANGE 7, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE
PLAT THEREOF, RECORDED JUNE 20, 2005 AS DOCUMENT 200500017195, IN THE UNITED CITY OF
YORKVILLE, KENDALL COUNTY, ILLINOIS.
PARCEL 6:
LOTS 439 TO 466, INCLUSIVE, LOTS 469 TO 483, INCLUSIVE, AND LOTS 485 TO 542, INCLUSIVE, IN
RAINTREE VILLAGE UNIT SIX, BEING A SUBDMSION IN PART OF SECTION 9, TOWNSHIP 36
NORTH, RANGE 7, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT
THEREOF, RECORDED NOVEMBER 7, 2007 AS DOCUMENT 200700032691, IN THE UNITED CITY OF
YORKVILLE, KENDALL COUNTY, ILLINOIS.
PARCEL 7:
LOTS 262, 263, 284, 286 AND LOT 283 (EXCEPT THAT PART, DESCRIBED AS FOLLOWS: BEGINNING
AT THE MOST WESTERLY CORNER OF SAID LOT; THENCE NORTH 38 DEGREES 42 MINUTES 59
SECONDS EAST ALONG THE NORTHWESTERLY LINE OF SAID LOT, 100.00 FEET TO A POINT OF
CURVATURE IN SAID NORTHWESTERLY LINE; THENCE CONTINUING NORTHEASTERLY,
EASTERLY AND SOUTHEASTERLY ALONG THE NORTHERLY LINE OF SAID LOT, BEING A CURVE
TO THE RIGHT HAVING A RADIUS OF 25.00 FEET, 32.97 FEET TO A POINT OF TANGENCY IN SAID
NORTHERLY LINE; THENCE SOUTH 51 DEGREES 17 MINUTES 01 SECONDS EAST ALONG AN
EASTERLY LINE OF SAID LOT, 114.91 FEET TO A POINT OF CURVATURE IN SAID EASTERLY LINE;
THENCE CONTINUING SOUTHEASTERLY ALONG SAID EASTERLY LINE, BEING A CURVE TO
THE RIGHT HAVING A RADIUS OF 317.00 FEET, 24.57 FEET TO A POINT ON SAID EASTERLY LINE
THROUGH WHICH A RADIAL LINE BEARS NORTH 43 DEGREES 09 MINUTES 26 SECONDS EAST;
(30034: 139: 00361709.DOC :2 )
THENCE SOUTH 48 DEGREES 07 MINUTES 29 SECONDS WEST, 125.78 FEET TO A WESTERLY LINE OF
SAID LOT THROUGH WHICH A RADIAL LINE BEARS NORTH 39 DEGREES 54 MINUTES 19 SECONDS
EAST; THENCE NORTHWESTERLY ALONG SAID WESTERLY LINE, BEING A CURVE TO THE LEFT
HAVING A RADIUS OF 192.00 FEET, 3.98 FEET TO A POINT OF TANGENCY IN SAID WESTERLY LINE;
THENCE NORTH 51 DEGREES 17 MINUTES 01 SECONDS WEST ALONG A WESTERLY LINE OF SAID
LOT, 139.91 FEET TO THE POINT OF BEGINNING) AND LOT 285 (EXCEPT THAT PART DESCRIBED AS
FOLLOWS: COMMENCING AT THE MOST EASTERLY CORNER OF SAID LOT; THENCE SOUTH 38
DEGREES 42 MINUTES 59 SECONDS WEST ALONG THE SOUTHEASTERLY LINE OF SAID LOT, 277.44
FEET FOR A POINT OF BEGINNING; THENCE CONTINUING SOUTH 38 DEGREES 42 MINUTES 59
SECONDS WEST, ALONG SAID SOUTHEASTERLY LINE, 145.18 FEET; THENCE NORTH 51 DEGREES 17
MINUTES 01 SECONDS WEST, AT A RIGHT ANGLE TO SAID SOUTHEASTERLY LINE, 125.00 FEET TO
THE NORTHWESTERLY LINE OF SAID LOT; THENCE NORTH 38 DEGREES 42 MINUTES 59 SECONDS
EAST, ALONG SAID NORTHWESTERLY LINE, 145.18 FEET; THENCE SOUTH 51 DEGREES 17 MINUTES
01 SECONDS EAST, PARALLEL WITH THE PENULTIMATE DESCRIBED COURSE, 125.00 FEET TO THE
POINT OF BEGINNING; AND EXCEPT THAT PART OF LOT 285, DESCRIBED AS FOLLOWS:
COMMENCING AT THE MOST EASTERLY CORNER OF SAID LOT; THENCE SOUTH 38 DEGREES 42
MINUTES 59 SECONDS WEST, ALONG THE SOUTHEASTERLY LINE OF SAID LOT, 422.62 FEET FOR A
POINT OF BEGINNING; THENCE CONTINUING SOUTH 38 DEGREES 42 MINUTES 59 SECONDS WEST,
ALONG THE SOUTHEASTERLY LINE, 145.18 FEET; THENCE NORTH 51 DEGREES 17 MINUTES 01
SECONDS WEST, AT A RIGHT ANGLE TO SAID SOUTHEASTERLY LINE, 125.00 FEET TO THE
NORTHWESTERLY LINE OF SAID LOT; THENCE NORTH 38 DEGREES 42 MINUTES 59 SECONDS EAST,
ALONG SAID NORTHWESTERLY LINE, 145.18 FEET; THENCE SOUTH 51 DEGREES 17 MINUTES 01
SECONDS EAST, PARALLEL WITH THE PENULTIMATE DESCRIBED COURSE, 125.00 FEET TO THE
POINT OF BEGINNING AND EXCEPT THAT PART OF LOT 285 DESCRIBED AS FOLLOWS:
COMMENCING AT THE MOST EASTERLY CORNER OF SAID LOT; THENCE SOUTH 38 DEGREES 42
MINUTES 59 SECOND WEST ALONG THE SOUTHEASTERLY LINE OF SAID LOT, 132.26 FEET FOR A
POINT OF BEGINNING; THENCE CONTINUING SOUTH 38 DEGREES 42 MINUTES 59 SECONDS WEST,
ALONG THE SOUTHEASTERLY LINE, 145.18 FEET; THENCE NORTH 51 DEGREES 17 MINUTES 01
SECONDS WEST, AT A RIGHT ANGLE TO SAID SOUTHEASTERLY LINE, 125.00 FEET TO THE
NORTHWESTERLY LINE OF SAID LOT; THENCE NORTH 38 DEGREES 42 MINUTES 59 SECONDS EAST,
ALONG SAID NORTHWESTERLY LINE, 145.18 FEET; THENCE SOUTH 51 DEGREES 17 MINUTES 01
SECONDS EAST, PARALLEL WITH THE PENULTIMATE DESCRIBED COURSE, 125.00 FEET TO THE
POINT OF BEGINNING AND EXCEPT THAT PART OF LOT 285 DESCRIBED AS FOLLOWS: BEGINNING
AT THE MOST EASTERLY CORNER OF SAID LOT; THENCE SOUTH 38 DEGREES 42 MINUTES 59
SECOND WEST ALONG THE SOUTHEASTERLY LINE OF SAID LOT, 132.26 FEET THENCE NORTH 51
DEGREES 17 MINUTES 01 SECONDS WEST, AT A RIGHT ANGLE TO SAID SOUTHEASTERLY LINE,
125.00 FEET TO THE NORTHWESTERLY LINE OF SAID LOT; THENCE NORTH 38 DEGREES 42
MINUTES 59 SECONDS EAST, ALONG SAID NORTHWESTERLY LINE, 132.26 FEET TO A POINT OF
CURVATURE IN SAID NORTHWESTERLY LINE; THENCE CONTINUING NORTHEASTERLY,
EASTERLY AND SOUTHEASTERLY ALONG THE NORTHERLY LINE OF SAID LOT, BEING A CURVE
TO THE RIGHT HAVING A RADIUS OF 25.00 FEET, 39.27 FEET TO A POINT OF TANGENCY IN SAID
NORTHERLY LINE; THENCE SOUTH 51 DEGREES 17 MINUTES 01 SECONDS EAST ALONG THE
NORTHEASTERLY LINE OF SAID LOT, 75.00 FEET TO A POINT OF CURVATURE IN SAID
NORTHEASTERLY LINE; THENCE CONTINUING SOUTHEASTERLY, SOUTHERLY AND
SOUTHWESTERLY ALONG THE EASTERLY LINE OF SAID LOT, BEING A CURVE TO THE
RIGHT HAVING A RADIUS OF 25.00 FEET, 39.27 FEET TO THE POINT OF BEGINNING, AND ALSO
EXCEPTING EBE 293, EBE 294, EBE 295, EBE 296 AND EBE 299), ALL IN RAINTREE VILLAGE UNIT
FOUR, BEING A SUBDMSION OF PART OF THE SOUTHWEST QUARTER OF SECTION 3, AND PART
OF THE NORTHWEST QUARTER OF SECTION 10, ALL IN TOWNSHIP 36 NORTH, RANGE 7 EAST OF
THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF, RECORDED MAY 30, 2006
AS DOCUMENT NO. 2006 - 00015999, IN THE UNITED CITY OF YORKVILLE, KENDALL COUNTY,
ILLINOIS.
PARCEL 8:
THAT PART OF LOT 106, RAINTREE VILLAGE, UNIT ONE, BEING A SUBDIVISION OF PART OF THE
SOUTH HALF OF SECTION 4 AND PART OF SECTION 9, ALL IN TOWNSHIP 36 NORTH, RANGE 7, EAST
(30034: 139: 00361709.DOC :2 }
OF THE THIRD PRINCIPAL MERIDIAN, IN THE UNITED CITY OF YORKVILLE, KENDALL COUNTY,
ILLINOIS ACCORDING TO THE PLAT THEREOF, RECORDED JANUARY 13, 2004 AS DOCUMENT NO.
2004 -938, ALONG WITH CERTIFICATE OF CORRECTION RECORDED MAY 21, 2004 AS DOCUMENT
NO. 2004 - 00013610 AND CERTIFICATE OF CORRECTION RECORDED JANUARY 18, 2005 AS
DOCUMENT NO. 2005- 00001630, DESCRIBED AS FOLLOWS: LOT 106, EXCEPT THAT PART DESCRIBED
AS FOLLOWS: COMMENCING AT THE MOST NORTHERLY CORNER OF SAID LOT 106; THENCE
SOUTH 55 DEGREES 44 MINUTES 24 SECONDS WEST ALONG THE NORTHWESTERLY LINE OF SAID
LOT, 589.47 FEET FOR THE POINT OF BEGINNING; THENCE SOUTH 52 DEGREES 55 MINUTES 31
SECONDS EAST, 18938 FEET TO THE SOUTHEASTERLY LINE OF SAID LOT; THENCE SOUTH 37
DEGREES 04 MINUTES 29 SECONDS WEST ALONG SAID SOUTHEASTERLY LINE, 413.55 FEET TO A
POINT OF CURVATURE; THENCE SOUTHWESTERLY ALONG SAID SOUTHEASTERLY LINE, BEING A
CURVE CONCAVE NORTHWESTERLY HAVING A RADIUS OF 67.00 FEET, AN ARC LENGTH OF 39.78
FEET, A CHORD BEARING OF SOUTH 54 DEGREES 04 MINUTES 59 SECONDS WEST AND A CHORD
DISTANCE OF 39.20 FEET TO A POINT OF COMPOUND CURVATURE; THENCE WESTERLY,
NORTHWESTERLY AND NORTHERLY ALONG THE SOUTHWESTERLY LINE OF SAID LOT, BEING A
CURVE CONCAVE NORTHEASTERLY HAVING A RADIUS OF 25.00 FEET, AN ARCH LENGTH OF 47.52
FEET, A CHORD BEARING OF NORTH 54 DEGREES 27 MINUTES 16 SECONDS WEST AND A CHORD
DISTANCE OF 40.68 FEET TO THE WEST LINE OF SAID LOT; THENCE NORTH 00 DEGREES 00
MINUTES 00 SECONDS WEST ALONG SAID WEST LINE, 192.26 FEET TO A POINT OF CURVATURE;
THENCE NORTHERLY AND NORTHEASTERLY ALONG THE NORTHWESTERLY LINE OF SAID LOT,
BEING A CURVE CONCAVE SOUTHEASTERLY HAVING A RADIUS OF 265.00 FEET, AN ARC LENGTH
OF 257.80 FEET, A CHORD BEARING OF NORTH 27 DEGREES 52 MINUTES 12 SECONDS EAST AND A
CHORD DISTANCE OF 247.76 FEET; THENCE NORTH 55 DEGREES 44 MINUTES 24 SECONDS EAST
ALONG SAID NORTHWESTERLY LINE, 57.16 FEET TO THE POINT OF BEGINNING.
PARCEL 9:
LOT 216 IN RAINTREE VILLAGE, UNIT TWO, BEING A SUBDIVISION OF PART OF THE SOUTHWEST
QUARTER OF SECTION 3, PART OF THE SOUTH HALF OF SECTION 4, PART OF THE NORTHWEST
QUARTER OF SECTION 10 AND PART OF SECTION 9, ALL IN TOWNSHIP 36 NORTH, RANGE 7, EAST
OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF, RECORDED AUGUST
19, 2004 AS DOCUMENT NUMBER 2004 - 00023274, IN KENDALL COUNTY, ILLINOIS.
PARCEL 10:
LOT 467 IN RAINTREE VILLAGE UNIT SIX, BEING A SUBDIVISION OF PART OF THE SOUTHWEST
QUARTER OF SECTION 9, TOWNSHIP 36 NORTH, RANGE 7, EAST OF THE THIRD PRINCIPAL
MERIDIAN, RECORDED NOVEMBER 7, 2007 AS DOCUMENT 2007 - 00032691, IN THE UNITED CITY OF
YORKVILLE, KENDALL COUNTY, ILLINOIS.
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EXHIBIT B
Letters of Credit to be Posted by Assignee
[See attached]
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EXHIBIT C
Letters of Credit to be Returned to Assimor
LETTER ORIGINAL PREVIOUS CURRENT SURETY/
OF CREDIT BENEFICIARY EXPIRE AMOUNT REDUCTIONS AMOUNT BANK
`104125069 IDOT 07/18/08 $3,000.00 $3,000.00 Aon/Arch Ins. /Lennar
FGAC -06116 United City of Yorkville 05/11/09 $623,108.10 $523,162.10 $99,946.00 Fidelity
FGAC -06117 United City of Yorkville 05/11/09 $880,058.84 $727,153.05 $152,905.79 Fidelity
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FGAC -06118 United City of Yorkville 05111/09 $649,226.23 $550,178.25 $99,047.98 Fidelity
FGAC -05167 United City of Yorkville 05118/09 $2,436,108.84 $1,932,924.73 $503,184.11 Fidelity
'SU5015833 United City of Yorkville 1221/08 $488,017.20 $317,967.85 $170,049.35 Aon/Arch Ins. / Lennar
FGAC - 06108 United City of Yorkville 0428/09 $1,694,781.00 $1,297,971.88 $396,809.12 Fidelity
FGAC - 06137 United City of Yorkville 05/18/09 $2,011,380.68 $1,120,252.38 $891,128.30 Fidelity
$6,785,680.89 $2,316,070.66
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