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1961-2545r~® 1 RESO.LITION NO• 254.5 RESOLUTION RELATINQ TO RELEASE OF BONI9 ON OFF-STREET PARKIN© ®a E. lAKE~ INCo 110 OEARBORN STREET lDCATION3 6539 NICDLLET AVENUE USER BETAIL SALES ~NIARNER I~lAROWARE~ WHEREAS D~ E. LAKES fNCes HAD AN OFFmSTREET PARKING AGREEMENT WITH THIS VILLAGE RELATING 7D 5539 NICOLLET AVENUES WHICH CONTRACT BEARS THE DESIGNATION ttF CONTRACT NO• 503 AND WHICH C~ITRACT WAS GUARANTEED BY A BOND OF THE ROYAL INDEMNITY COMPANY NEW YORK NEW YORK, tN THE AMOUNT OF $500,OOa A(JD WHEREASs SAID D, E. LAKE' INC y HAS SUBSTANTIALLY COMPLIED WITH THE PROVISIONS OF RAID AGREEMENT AND THE ROYAL INDE,NUVITY COMPANY NOW SEEKS TO BE RELIEVED OF ANY FURTHER OBLIGATION UNDER 8AID BONDS AND i~HEREASs THERE APPEARS TO BE NO JUSTIFICATION FOR REQUIRING SAID Da E. LAKEm INCo~ 1 TO CONTINUE 70 PROAi1DE A BOND FOR SECURITY ON THE FERFORMA119C~ OF SAID AGREEMENTo NOY~ THEREFORE BE IT RESOLVE39 BY THE VILLAGE COUNCIL OF THE VILLAGE OF RICHFIELDs MINNa ESOTl4a AS FOLLOWSS THAT THE VILLAGE MANAGER IS HEREBY AUTHORIZED AND DIRECTED TO RELEASE TWE ROYAL INDEMNITY COMPANY FROM LIABILITY FOR ANY AND ALL ACTS OF 0~ E~ lAKEy INC~~, CAMMITTEA OR INCURRED IN VIOLATION OF SAID CONTRACT ND• 503 ON AND AFTER THE 14TH DAY OF AuGUSr~ 1961• ADOPTED BY THE VILLAGE COUNCIL OF T HE VILLAGE OF RICHFIELD THIS 14TH DAY OF AUGUST' t961e 9 ~aY R ATTEST S VIltA CLERK NIISNA R