1961-2373r~~
RESO LUT ION N0, ,~~~~
RESOlUT-ON REtAT-N 6 TO RELEASE OF BOND ON OFF-STREET PARKINQ
lYLE Co ®TT®
670 P PENN AVENUE
lOCAT 1 oN s 21 I2~ 1 16 iIwEBT 66TH STREE T
USES TYdO 7 UNIT APARTMENT BUILDINGS
WHEREASa LVLE Ca OTTOa HAD AN OFF~TREET PARttiNG AGREEMtiNT LOTH THIS VILLAGE RELATING
TO 2112-2116 HEST 66TH STREETa VYHICH CONTRACT BEARS THE DESIC~lATI01V OF CONTRACT Noo 455a
AND 1~MICH CONTRACT 191AS GUARANTEED BY A BOND OF THE UNITED PACIFIC INSURANCE COMPANYs 72~
STo HELENS AVENUEa TACOMAg I~ASHINGTONa IN THE 8UM OF ~2g500o00a AND
WHEREASi 8AID lYLE Co OTTO HAS SUBSTANTIALLY COMPaoIED ~IiTH THE PROVISIONS OF SA9D AGREE
MENT AND N01~ SEEK8 TO BE RELIEVED OF ANY FURTHER OBLIGATION UNDER SA10 BONDg AND
YIHEREAS~ THERE APPEARS TO BE NO JUSTIFICATION FOR REQUIRING SAID I,YLE Co OTT® TO CONTINUE
TO PROVIDE A BOND FOR 8ECURITY ON THE PERFORMANCE OF SAID AGREEMENTo
N01>< THEREFORE' BE IT RESOlVEO BY THE VILLAGE OOUNCIL OF.THE VILLAGE OF RICHFIELDa ~IINNm
ESOTAa AS FOLLOVISE
THAT THE VILLAGE MANAGER IS HEREBY AUTHORB~ED AND DIRECTED TO RELEASE TsIE UNITIvO PA:IFIC
INSURANCE COMPANY FROM LIABILITY FOR ANY AND ALL ACTS OF lYLE Co OTTO COMMITTED OR INCURRED
IN VtOLAT10N OF SAID CONTRACT NOo 4558 ON AND AFTER THEfIPLTH DAY OF DL*CSEMBERg 1960®
ADOPTED BY THE VILLAGE COUNCIL OF THE VILLAGE OF RICHFIELD THIS 12TH DAY OF DECEMBERy
19600 ~
/„'~
MA1'0