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1962-2916r~~ 1 RESflLUT ION NA• 2916 RESOLUTION RELATINti T® RELEASE AF BAND DN OFFwTREET PARKINfi LYLE C• OTTO 2930 PARK AVENUE ~OCATION$ 7427 PENN AVENUE ANA 74236 To 7444 OL I VER AVENUE U8E$ FOUR 11 UNIT APARTMENT BUILDINQ WHEREAS LYLE C. CTTO' 2930 PARK AVENUES MINNEAPOLIS, MINNESOTA, HAD AN OFF-8TREET PARKINQ AQREEMENT WITH THIS VILLAQE RELATiNQ TO 7427 PENN AVENUE AND 7426 TO 7444 ®LIVER AVENUEm; WHICH CONTRACT BEARS THE DE8IQNATION OF 58-30~ CONTRACT N0, 477 AND WHICH CONTRACT WAS QUARANTEED BY A BOND OF ThE WESTERN SURETY COMPANY SIOUX ~ALLSa SOUTH DAKOTAy IN THE ~M WHEREAS &~ID LYLE C, OTTO~ HAS SUBSTANTIALLY COMPLIED WI TH. THE PROV1810N S OF SAID AQREE~ 1 MENT AND THE WESTERN SURETY COMPANY NOW 8EEK6 TO BE RELIEVED OF ANY .FURTHER OBLIQATION UNDER i SAID BONDS AND WHEREASs THERE APPEARS TO BE NO JUST~FiCAT10N FOR REQUIRINQ SA18~LYLE C. OTT&99 TO CONTINUE TO PROVIDE A BOND FOR SEOURITY ON THE PERFORMANCE OF SAID AQREEMENTo NOW THEREFOREs BE IT RESOLVED BY THE VILLAQE COUNCIL OF THE VILLAQE OF RICHFIELDe MINNESOTAg A8 FOLLOWS THAT THE VILLAQE MANAQER IS HEREBY AUTHORIZE© AND DIRECTED TO RELEASE THIS WESTERN SURETY COMPANY FROM LIABILITY FOR ANY AND ALL ACTS OF LYLE Co ®TTOe COMMITTED OR INCURRED IN VIOLATION OF SAID CONTRACT NOe 477, ON AND AFTER THE IOTH ®AY OF ®ECEMBER~ 1962• ADOPTED PSY THE VILLAQE COUNCIL OF THE VILLAQE OF RICHFIELD THIS IOTH DAY OF BECEMBERe I9~2o ATTEST $ ~~ G VII: QE CLERK