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A Resolution Authorizing the Execution of a Consent to a Collateral Agreement of the Redevelopment and Upper Gateway Financing Agreement by and among Providence Bank and Trust (Lender), an Illinois state-chartered bank, Abbott Land Gateway, LLC (Developer) and the Village of Romeoville (Village).
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WHEREAS Developer and the Village are parties to that certain Redevelopment and Financing Agreement ("Upper Area") dated as of October 4, 2017 (collectively, as the same may be amended, modified, supplemented and/or restated from time to time, the "Redevelopment Agreement"; all capitalized terms herein that are not defined shall have the meaning given such terms in the Redevelopment Agreement),
WHEREAS, the Developer has requested the Village's consent to assignment for collateral purposes of financing payments to be made pursuant to the Redevelopment Agreement, and
WHEREAS the recipient of the Collateral assignment is Providence Bank and Trust; and
WHEREAS, Providence Bank and Trust has forwarded a Collateral Assignment of Redevelopment and Financing Agreement for signature; and
WHEREAS, Abbott Land Gateway, LLC, will still be responsible for following all of the terms, conditions and obligations of the Redevelopment Agreement,
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF ROMEOVILLE, WILL COUNTY, ILLINOIS:
SECTION ONE. The forgoing Recitals are hereby incorporated into this resolution as if fully set forth in this Section 1.
SECTION TWO. The Village hereby consents to the execution of the collateral assignment agreement of the Redevelopment and Upper Gateway Financing Agreement to Providence Bank and Trust, subject to the final review and approval of the Village Manager and Village Attorney.
SECTION THREE. That the various provisions of this Resolution are to be considered severable and if any part or portion of this Resolution shall be he...
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