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1962-2906r~~ RESOLUTION N0. 2906 RE~}LUTIdN RELATINQ TO RELEASE OF BOND ON OFF~TREET PARKINt3 PRIME PROPERTIESy INCA 60 EAST 42ND STREETID NEW YoRlt LocarloNo 1200 EAST 78TH sTREET UPS ~®BERT HALL ~'1'ORE WHEREAS, PRIME PROPERTIE&s INC. 60 EAST 42ND STREETg NSW YoRlc 07~ NEW YORI68 HA0 AN OFFS STREET PARICINQ AGREEMENT WITH TH18 VILLAGE RELATINQ TO 12®Q EAST 78TH STREETS WHICH CONTRACT BEARS THE t3IoSlGNATIoN 0E' APPLICATION NOa ~p127g CONTRACT NOs 5~7a AND WHICH CONTRACT WAS GUARANTEEt9 RYA BONG OF T°r~ AMERICAN 1;4JRETY CoMPANYa NEW YORIe~ NEW YORBty IN THE SUM OF' ~5~,4®©®®®' AN® WHEREAS SAAI© PRIME PROPirRT1E8g INCo HAS SU68TANTIALLY COMPI>IED WBTH THE PROVISIONS of SAID AGREEMENT AN® THE AMERICAN SURETY COMPANY NEW YORItp NEW YoRKp NoW SEEKS TO BE RELIEVE® OP ANY FURTHER 034.BGATBCN UNDER BA ID BCND~ AND WHEREASa THERE APPEARS TO BE NO JUSTIFICATION FOR REQUIRING SAID PRIME PROPERTIE88 INC. T® CONTINUE TO PRQV IDE A BOND FOR SECURITY ON THE PERFORMANCE 0~" B A 1® AGREEMENT® NOW TNEREFOREy BE IT RESOLVED BY THE VILLA CE CoUNCl6. OF THE VILLAGE of RICHFIELO9 MINNESOTAe AS P®LLOWSs THAT THE V It~LACE MANAGER I S HEREBY Al9THOR IZE® AND DIRECTED TO RELEASE THE AMERICAN SURfrTY COMPANY PROM LIABILITY FOR ANY ALL ACTB olr PRIME PROPERTIE88 INa~®~ COMMITTEr3 OR INCURRED 1N VIOLATION OP SAI® CONTRACT N®. 597a ON AND AFTER TIC 26TH DAY ~ Nov~MBERa 196°L. ADOPTED BY THE VILLA GE COUNCIL OF THE VILLA DE OF' RICHt~IELD THIS 26TH I)AY OF' NoYEMBERg 19~. .~ MAY 9R NA NA R