ORDINANCE NO. 2003-58
AN ORDINANCE GRANTING APPROVAL OF THE CONSENT TO ASSIGNMENT & ASSUMPTION/RELEASE AGREEMENTS REGARDING ZALE HOMES AND KB HOMES, ILLINOIS INC.
WHEREAS, the assets of Zale Homes are being acquired by KB Homes Illinois Inc.; and,
WHEREAS, to facilitate the transfer of assets, the Village must agree to assign the various agreements to KB Homes Illinois Inc and release the various financial guarantees which will then be reissued by KB Homes Illinois Inc.; and,
WHEREAS, said agreements and financial guarantees effect PODs B&C (Shadow Creek), D (Bay Hill), E (Oakmont), G (Bay Tree), 14 (Augusta Green) and 16 (Royal St. George) as setforth in the Assignment and Assumption Agreements as attached in Exhibits A-F; and,
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF VERNON HILLS, COUNTY OF LAKE AND STATE OF ILLINOIS:
SECTION I. The Village of Vernon Hills, an Illinois municipal corporation situated in Lake County, Illinois, acting by and through its Corporate Authorities, does hereby:
A copy of said Assignment & Assumption/Release Agreements are attached as Exhibits A thru F.
SECTION II. SEVERABILITY. In the event that any section, clause, provision, or part of this ordinance shall be found and determined to be invalid by a court of competent jurisdiction, all valid parts that are severable from the invalid parts shall remain in full force and effect. If any part of this ordinance is found to be invalid in any one or more of its several applications, all valid applications that are severable from the invalid applications shall remain in effect.
SECTION III. REPEAL AND SAVINGS CLAUSE. All ordinances or parts of ordinances in conflict herewith are hereby repealed; provided, however, that nothing herein contained shall affect any rights, actions or causes of action which shall have accrued to the Village of Vernon Hills prior to the effective date of this ordinance.
SECTION IV. EFFECTIVE DATE. This ordinance shall be in full force and effect from and after its passage, approval and publication as provided by law.
SECTION V. ORDINANCE NUMBER. This ordinance shall be known as Ordinance Number 2003-58.
Adopted by roll call vote as follows:
ABSENT AND NOT VOTING:
Roger L. Byrne
PUBLISHED IN PAMPHLET FORM: ______________
Jeanne M. Schwartz