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: 

 

1.      Consent to the assignment and assumption provided for in the foregoing Assignment and Assumption Agreement by and between Assignor as setforth in each the Recital of each Exhibit and KB Homes Illinois Inc.;

2.      Agree to return to Assignor the Letter of Credit as referenced in the escrow directions contained in the letter from Village Attorney Bernard Citron to Regina Springer, Chicago Title Insurance Company dated August 28, 2003 as attached as Exhibit G, subject to KB Homes Illinois inc. re-submitting the letters of credit as setforth within the letter setforth thereon.

3.      Release Assignor, all other entities controlled by any one or more of Assignor’s principals, and all of such principals, from any and all duties, obligations and liabilities as setforth in each the Recital of each Exhibit and the Permits, effective on and as of the Effective Date (as hereinabove defined); and

4.      Agree to execute and issue such further permits or other instruments as may be necessary to give full effect to the aforesaid assignment, assumption and release.

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:

 

AYES:  

NAYS:

ABSENT AND NOT VOTING:

 

                                                         _________________________

                                                         Roger L. Byrne

                                                         Village President

 

 

PASSED: _____________________________________

APPROVED: __________________________________    

PUBLISHED IN PAMPHLET FORM: ______________

 

ATTEST:

 

_________________________

Jeanne M. Schwartz

Village Clerk