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20052-4 Laguna De La Paz 94• r CITY OF LA QUINTA THIS AGREEmENT,, made and entered into this. day of ,19 by and between , hereinafter referred to as "SUBDIVIDER", and CITY OF LA Q U I N TA , a municipal corporation of the State of California, herein- after referred to as "CITY". WHEREAS, the Subdivider has prepared and filed a final subdivision map of Tract No. 2 0 0 5 2- 4 in the C i ty o f L a Q u i n t a County of Riverside, for appro- val by City; and W UMM, as a condition precedent to the approval of said map by City, Subdivi- der is required to offer for dedication those parcels of land intended for streets, highways and other public use, and also to construct and install or agree to construct and install certain improvements on said dedicated parcels; and WHEREAS; Subdivider, by said map, has offered for dedication to City for public use certain streets and easements shown on said map; and MWEAS, City desires to'_accept the streets and easements shown on said map for public use, and certain other such improvements; and WfIEREAS, as a condition precedent to the acceptance of the dedication of such streets and easements by City; Subdivider is required to enter into an agreement with the City to construct certain improvements; and *- %MMAS, the total cost of such improvements has been estimated by the City Engineer to be approximately -0- Dollars; and MEREAS, Subdivider by said map has proposed to utilize certain parcels of land for private streets, and also to construct and install or agree to construct and in- stall certain improvements; and W FXM, Subdivider by said map has not offered for dedication to the City for public use the aforementioned private streets; and WHEREAS, even though said private streets shall not be dedicated to City for public use, City desires to insure that said streets are constructed to the same standards and specifications required by City for public streets; and WHEREAS, the total cost of such improvements has been estimated by the City Engineer to be approximately $ 314 , 9 2 2.5 4 Dollars; NOW T EREFUM, IT IS AGREED by and between the parties hereto as follows: 1. Subdivider, at his sole cost and expense, shall construct and install the street, drainage, dormestic water, sanitary sewer and other improvements required to be constricted or agreed to be constructed as a condition precedent to the approval of said final map and acceptance of such streets and easements, as shown on the "Im- provement Plans for Tract No. 20 0 5 2 - 4 a copy of which is now on file in the office of the City Engineer of the City and which is referred to and incorporated herein as though set forth in full. 2. Subdivider shall furnish to City a security satisfactory in form and substance to City Attorney executed by a corporation authorized to transact surety business in the State of California on forms approved by the City, one security to be in the sun of -0- Dollars to assure the faithful performance of this Agree- ment,, and one security to be in the sum of -0- Dollars to assure payment of the cost of the labor and materials for the improvements required to be constructed or installed hereby. 3. Before final approval of the street improvements, the Subdivider will place survey monuments in accordance with the provisions of the State Subdivision Map Ar_t and the Subdivision Ordinance of the City of Rancho Mirage as shown on the Tract Map. True Subdivider, after setting the monuments, shall furnish the City Engineer of the C i ty o f L a Q u i n t a ., written notice of the setting of said monuments and written proof of having paid the engineer or surveyor for the setting of said monuments, or as Pro:-ided for in the Subdivision Map Act. $ubdkvision 7nprovement Agreement Page k of said subdivision regulation aforesaid, 4. In accordance with the terms in form and the Subdivider does hereby agree to furnish a security �0 0 0.0 O factory�llars to substance to the City Attorney in the amount of $ 5 of the cost of setting monuments as stated in Item No. 3 of guarantee payment this agreement,- written _ 5. The City Engineer or his duly .authorized representative, upon st of Subdivider, shall inspect the improvements herein agreed to be -con - and if de to be in accordance with structed and installed by Subdivider the acceptance of such improvements the applicable City standard , by the City. rovement plans including any corrections 6. Subdivider shall ccx lto onpsucly w with the applicable City standards as and revisions thereto necessary tWlin sty (30) days after approval of the de by the City Engineer, final map. city, C guarantee such improvements for a period of one year 7. Subdivider shall guar t against any following the canpletion by Subdivider, and acceptance by c, in the performance defective work or labor done, or defectivematerials ubdivider and shall repair or replace of this Subdivision ?mpront Agreement Y any such def ective work or materials discovered during said one year period. 'eider shall.ccmrence the construction and installation of such 8. Subdivider approval of such Iinprovement Plans" improvements within ninety (90) days from the app lete such b the City Engineer, and shall comp for Tract No. 2 0 0 5 2- 4 Y • eighteen (18) months from such date of construction installations within . �rcmerycement • 9. The labor and material security required herein at Item No. to Persons be retained to secure payment to the Contractor ► his subcontractors, fo °sixa (6�� the after oo�tt- renting equipment or furnishing labor or materials the City. 'on and acceptance of the work provided at Item No. 1 herein by pleb cent (15%) of the performance security required by Item_ No. 2 antiBe herein shall be retained by 1Fifteen Per the City for one (1) year to support the guar' the improvements by the Subdivider as required by Item No. 7 herein. 11. Subdivider also agrees, at his sole cost and expen Se, to construct and install -to the standards and specifications required by the City, the Private Streets as sh»wn on the aforementioned "Improve mt Plans" for Tract No. 2 0 0 5 2 - 4 . 12. Subdivider shall furnish to City a security satisfactory in form and substance to the City Attorney executed by a COrF'O transact ration authorized to roved by the City, one surety business in the State of California on forms Dpp oollars to assure the faithful security to be in the sun of $ 3 i e 9 2 and one fonnance of this Agreement with respect to said Private Streets, P� sum of $ 15 7 4 61.2 7 Dollars to assure paymen` security to be in the required to be constructed the cost of labor.and materials for the Private Streets hereby. 13. The. City Engineer or his duly authorized representative, upon written ubdivider, t the Private Streets herein agreed to be rest of S shall inspect b Subdivider, and determine if said Private ,Streets have been con constructed y specifications requiredY structed in compliance with the standards and spec for public .streets . antee said Private Streets for a period of one year 14. Subdivider shall guar approval City Entineer, against any following the completion by Subdivider, and app b Y therforn�nce defecti ve work or labor done, or defective materials by Subdivider an Subdivider and shall ll repair or replace of this Subdivision Improvenmt, Agreenment any such defect ive work or materials discovered during said one year period• • shall commence the construction and installation of said 15. Subdivider "I�rovement Plans" -- Private Streets within ninety (90) da'Ysfr � royal of such and shall complete such construction for Tract No. 2 0 0 5 2- 4 by the City �g and installation s within eighteen (18) months fran such date of conrenceetion%Pro- however, that Subdivider shall have the option at sits sole � discretion scre t io t ime eaten period described herein past the e 9 extend the completion Subdivision Improvement Agreement Page 2 period to any future date said Subdivider may select. It is understood, however, that as a condition precedent to extending the aforementioned completion period, Subdivider shall furnish to City the securities described in Item No. 12 herein covering any extended completion period selected by Subdivider pursuant to this paragraph. The amount of said securities to be furnished to City pursuant to this paragraph shall be sufficient to insure the performance of additional work to complete, after taking into account work already performed, the aforementioned Private Streets. Said securities amount to insure completion shall be determined by City' s engineer. 16. The labor and material security required herein at Item No.-12 shall be retained to secure payment to the contractor, his subcontractors, and to persons renting equipment or furnishing labor or materials for six (6) months'after conpletion and approval of the work provided at Item No. 11 herein by the City Engineer. 17. Fifteen percent (15%) of the performance security required by Item No. 12 herein shall be retained by the City for one (1) year to support the guarantee of the improvements by the Subdivider as required by Item No. 15 herein. 18. In the event that Subdivider fails to perform any obligation hereunder, S,. b&vider authorizes City to perform such obligation sixty (60) days after mailing cen Notice of Default to Subdivider at the address given below, and agrees. to pay the entire cost of such performance by City. 19. In the event that Subdivider fails to perform any obligation hereunder, subdivider agrees to pay all costs and expenses incurred by City in securing per- formance of such obligations, including costs of suit and reasonable attorney's fees. In the event that Subdivider is unable to perform within the time limits herein due to causes beyond his control, such as strikes, acts of God, etc., all time limits will be extended by the same amount of time as caused by such delay. 20. -Subdivider hereby binds itself, its executors, administrators and assigns, and agrees to indemnify, defend and hold the City harmless from any losses, claims, demands, actions or causes of action of any nature whatsoever, arising out of or in any way connected with the improvements agreed to be constructed and installed hereunder by the Subdivider, including costs of suit and reasonable attorney's fees. IN W TNESS ME2WF, the parties hereto have executed this Agreement as of the day and year first above written. CITY OF LA QUINTA 5UBD1VMER LAGUNA DE LA PAZ, LTD. M. B. JOHNSON PROPERTIES, By�' ' GENERAL PARTNER Frank M. Usher, City MERVIN B. JOHNS V, PRESIDENT By: Am, jennrngs, Deputy City C erk REVIEWED AND AP Date �° 2 co " $¢ City Engineer CITY OF LA QUINTA SUPPLEMENTAL SUBDIVISION IMPROVEMENT AGREEMENT THIS SUPPLEMENTAL SUBDIVISION IMPROVEMENT AGREEMENT (the "Agreement") is made and entered into this 9th day of March , 19 94 , by and between Roger Snellenberger & Associates, Inc., a California Corporation hereinafter referred to as "Developer," and the City of La Quinta, a municipal corporation of the State of California, hereinafter referred to as "City." RECITALS: A. Developer desires to improve a tract of land in the City of La Quinta, County of Riverside, which tract is known as Tract No. 20052-4 (the "Tract") pursuant to the provisions of Section 66410, et sec. of the California Government Code (the "Subdivision Map Act") . B. As a condition of approval of the Final Map for the Tract, and as obligated by the original Subdivision Improvement Agreement for the Tract, which original agreement remains in full force and effect, certain public and private improvements are required to be installed (the "Improvements"). C. The Improvements have not been installed and accepted at this time. D. Security furnished with the original Subdivision Improvement Agreement is no longer sufficient to guarantee the Improvements as required by Section 66462 of the Subdivision Map Act. E. It is therefore necessary that Developer and City enter into this Agreement to provide supplemental security in guarantee of the installation of the Improvements. NOW, THEREFORE, it is agreed by and between the parties hereto as follows: 1. Improvements. Developer shall construct the public and private street, drainage, utility, landscaping, and other improvements required to be constructed or agreed to be constructed under this Agreement as listed and described in the List of Improvements attached hereto as Exhibit "A" and incorporated herein (the "Improvements"), and shall bear the full cost thereof. The methods, standards, specifications, sequence, and scheduling of construction shall be as approved by the City Engineer. 2. Improvement Security. A. As a condition of City Council approval of this Agreement, Developer shall have furnished supplemental performance and payment securities to City which securities shall guarantee of the completion of the Improvements, as set forth in Government Code Section 66499 et sec. One class of security to be provided by Developer, hereinafter referred to as "performance security," shall assure the faithful performance of this Agreement including payment of associated plan check and permit fees. A second class of security to be provided by Developer, hereinafter referred to as "payment security," shall assure the payment of the cost of labor, equipment and materials supplied to construct the Improvements. A third class of security to be provided by Developer, hereinafter referred to as "guarantee security," shall serve as a guarantee and warranty of the Improvements for a period of one year following the completion and acceptance of the Improvements. B. Subject to the approval of the City Engineer, security may be furnished in the form of (1) a deposit of cash or negotiable bonds, of the kind approved for securing deposits of public moneys with City or in favor of City, with a responsible escrow agent or trust company, (2) bonds satisfactory in form and substance to the City Attorney and executed by a corporation authorized to transact surety business in the State of California, (3) an instrument of credit from an agency of the state, federal, or local government when any agency of the state, federal, or local government provides at least twenty percent (20%) of the financing for the Improvements to be completed, or from one or more financial institutions subject to regulation by the state or federal government and pledging that the funds necessary to carry out the completion of the Improvements are on deposit and guaranteed for payment, or a letter of credit issued by such a financial institution, and/or (4) a lien upon the Tract, created by contract between City and Developer, if City finds that it would not be in the public interest to require the installation of the Improvements sooner that two (2) years after the recordation of the Tract Map. The duration of any such bond or letter of credit shall be for a period of not less than one year from the execution of the Agreement or such longer period for completion of the Improvements, whichever is greater; further provided that the duration of such bond or letter of credit shall be extended to provide the performance security holdback provided in Section 13 hereof. C. All securities shall be furnished in accordance with the provisions of Exhibit A. Separate security shall be furnished for performance security and payment security. The aggregate amount of performance security, including other security which may have been provided by others, shall equal One Hundred Percent (100%) of the estimated cost of constructing the Improvements, including payment of plan check and permit fees, as estimated by the City Engineer or a duly authorized representative of the City Engineer. The aggregate amount of labor and materials security, including other security which may have Supplementary Improvement Agreement - Tract 20052-4 Page 1 of 5 been provided by others, shall equal Fifty Percent (50%) of the amount of performance security except as otherwise set forth in Exhibit A. City shall retain Ten Percent (10%) of the performance security for one (1) year following acceptance or approval of the Improvements to support the guarantee of the Improvements pursuant to Section 12 hereof. As part of the obligation secured by each of the performance security, payment security and guarantee security, and in addition to the face amount of each such security, each such security shall include and assure the payment of costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by the City in successfully enforcing the obligations thereby secured. D. Certain Improvements required herein may be deferred for construction by others at a later date. Deferred improvements, if any, are identified in Exhibit A. Security furnished for deferred improvements shall remain in place until the deferred improvements are constructed and costs are known and shall guarantee the reimbursement by Developer of Developer's share of the cost of the deferred improvements. Upon written demand from City, Developer shall deposit cash with City in lieu of or in replacement of securities guaranteeing deferred improvements. 3. Permits Reguired. Prior to commencing any phase of work, Developer shall obtain all permits required for that phase of work and pay all required fees. Work performed under a permit or permits shall comply with all provisions of the required permits. 4. Completion of Improvements. Developer shall begin construction of the Improvements within ninety (90) days and shall complete construction within twelve (12) months after the approval of this Agreement. Portions of the Improvements may be completed at a later date, as determined by the City Engineer as set forth in Exhibit A. 5. Force Majeure. In the event that Developer is unable to perform within the time limits herein due to strikes, act of God, or other events beyond Developer's control, the time limits for obligations affected by such events will be extended by the period of such events. 6. Time Extension. Developer may make application in writing to the City Council for an extension of time for completion of the Improvements. The City Council, in its sole and absolute discretion, may approve or deny the request or conditionally approve the extension with additions or revisions to the terms and conditions of this Agreement. As a condition of the time extension, Developer shall furnish to City securities, similar in form and substance to those required in Article 3 hereinabove, to cover the period of extension. The value of the securities shall be sufficient to insure the performance of and payment for improvement work that remains incomplete at the time of the extension, and to provide guarantee security on completed improvements. 7. Survey Monuments. Before final approval of street improvements, Developer shall place survey monuments in accordance with the provisions of Sections 66495, et sec. of the Subdivision Map Act and Section 13.20.100 of the City Subdivision Ordinance. Developer shall provide the City Engineer written proof that the monuments have been set and evidence of payment and receipt thereof by the engineer or surveyor setting of the monuments. 8. Approval of Improvements. At the completion of construction and prior to acceptance of the improvements by the city, Developer shall submit a request for final approval by the city. The request shall be accompanied by signed and stamped certification by Developer's engineer stating that "The construction of improvements associated with Tract 20052-4 was properly monitored by qualified personnel under my supervision. The work was constructed according to approved plans and specifications except as otherwise noted on the record drawings and specifically acknowledged by the City Engineer." Upon receipt of said request, the City Engineer or a duly authorized representative shall inspect the Improvements. If the Improvements are determined to be in accordance with applicable city standards and specifications, and as provided herein, the City Engineer shall recommend approval of private improvements and acceptance of public improvements by City. 9. Revisions to Plans. When the Improvements have been inspected and approved by the City Engineer, Developer shall make any necessary revisions to the original plans held by City so the plans depict the actual Improvements constructed. When necessary revisions have been made, each separate sheet of the plans shall be clearly marked with the words "As -Built," "As -Constructed," or "Record Drawing" and the marking shall be stamped by an engineer or surveyor, as appropriate, who is licensed to practice in California, and the plans resubmitted to the City Engineer. 10. Improvement Guarantee. Developer hereby guarantees the improvements to City for a period of one (1) year, beginning on the date of final acceptance of all Improvements by the City Council, against any defective work or labor done, or defective materials furnished, and shall repair or replace such defective work or materials. Supplementary Improvement Agreement - Tract 20052-4 Page 2 of 5 11. Release of Security. City shall retain and release securities in accordance with the provisions of Section 66499.7 of the Subdivision Map Act and of Section 3 of this agreement. Prior to the release of payment security, the City Engineer may require Developer to provide a title report or other evidence sufficient to show claims of lien, if any, that may affect the amount of payment security released. 12. City Right to Cure. If Developer fails to perform any obligation hereunder and such obligation has not been performed within sixty (60) days after written notice of default from City, then City may perform the obligation, and Developer shall pay the entire cost of such performance by City including costs of suit and reasonable attorney's fees incurred by City in enforcing such obligation. In cases of emergency or compelling public interest, as determined by the City Engineer, the requirement for written notice of default and/or the passage of sixty (60) days shall be deemed waived and all other provisions of this Article shall remain in effect. 13. Indemnification. Developer hereby binds itself, its officers, employees, agents, representatives, executors, administrators, guarantors, heirs, and assigns, and agrees to indemnify, defend and hold City and its officers, employees, agents, representatives, and assigns harmless from and against any losses, claims, demands, actions, or causes of action of any nature whatsoever, arising out of or in any way connected with Developer's performance hereinunder, including costs of suit and reasonable attorneys' fees. 14. No Modification of Conditions. This Agreement shall in no respect act to modify or amend any provision of the Tentative Tract Map Conditions of Approval for the Tract. In the event that any requirement or condition of this Agreement is inconsistent with provisions of the Tentative Tract Map Conditions of Approval for the Tract, which document is incorporated herein by reference, the provisions in the Tentative Tract Map Conditions of Approval shall prevail. 15. Severability. In the event that any provision or provisions of this Agreement are held unenforceable, all provisions not so held shall remain in full force and effect. 16. General Provisions A. All notices pursuant to this Agreement shall be in writing and shall be personally delivered or sent by registered or certified mail, return receipt requested, to the parties at their respective addresses indicated below their respective signatures. Notices personally delivered shall be effective upon delivery. Notices mailed as provided herein and sent postage prepaid shall be effective upon the date of delivery or refusal indicated on the return receipt. Either party may change its address for notices hereunder by notice to the other given in the manner provided in this subparagraph. B. The terms, conditions, covenants, and agreements set forth herein shall apply to and bind the heirs, executors, administrators, assigns, and successors of the parties hereto. C. Neither party to this Agreement relies upon any warranty or representation not contained in this Agreement. D. This Agreement shall be governed by and interpreted with respect to the laws of the State of California. E. In the event of any dispute between the parties with respect to this Agreement, the prevailing party shall be entitled to prompt payment of its reasonable attorneys' fees from the non -prevailing party. F. Any failure or delay by either party in asserting any of its rights and remedies as to any default shall not operate as a waiver of any default or of any such rights or remedies provided for hereunder. Supplementary Improvement Agreement - Tract 20052-4 Page 3 of 5 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above. CITY OF LA QUINTA: JON Robert L. Hunt City Manager ;ity T: erk 610-11, 74-1G, DEVELOPER: �i�lF.L�L.f.+�l,l�GrE,�t �}A`' ADDRESS: 55-695 Pebble Beach By: La Quinta, CA 92253 Title: V.P./General Conttactor By: Title: Approved as to Form: Reviewed and Approve Date V. /z. 94 Date Supplementary Improvement Agreement - Tract 20052-4 Page 4 of 5 Exhibit A LIST OF IMPROVEMENTS AND SECURITY AMOUNTS Developer shall furnish performance security and payment security prior to the issuance of any permit for construction of improvements or homes within the Tract. As elements of the work are completed, Developer may request a maximum of three partial releases of performance security. Requested releases will be evaluated and may be granted, in whole or in part, by the City Engineer. Requests for partial releases, setting forth in detail the amount of work completed and the value thereof, shall be made in writing to the City Engineer. Imorovement Description Grading Street & Storm Drain Improvements Domestic Water Facilities Sanitary Sewer Facilities Underground Electrical Survey Monumentation Totals: Performance $105, 200 31,000 41,200 63,600 84,000 3,500 $328,500 Payment $52,600 15,500 20,600 31,800 42,000 N/A $162,500 Supplementary Improvement Agreement - Tract 20052-4 Page 5 of 5 RIDER BOND NUMBER DATE OF NOTICE BOND NUMBER TYPE OF BOND 1-17-97 145161S SUBDIVISION IMPROVEMENT Nothing herein contained shall be held to vary, waive, alter, or extend any of the terms, conditions, agreements, or warranties of the above mentioned bond, other than stated as below. O B CITY OF LA QUINTA L 78-495 CALLE TAMPICO G LA QUINTA, CA 92253 E E Gentlemen: This Rider is to be attached to and form a part of the above captioned bond effective 1-17-97 This Rider is on behalf of ROGER SNELLENBERGER & ASSOCIATES, INC. and in favor of the Obligee stated above. In consideration of the premium charged, it is understood and agreed, effective from above date, that: SAID BOND SHALL BE REDUCED FROM $328,500.00 to $57,860.00 Provided, however, that the liability of the P HRH INSURANCE SERVICES OF THE COACHELLA VALLEY company under the attached bond as changed R 77-564 COUNTRY CLUB DR, SUITE 150 by this order shall not be cumulative. O D PALM DESERT, CA 92211 U Signed this 17th day of JANUARY, 1997 C E R CODE #834058 4G� gyAttoiney-in- a t �© inc�ICO OBLIGEE COPY GRE N. OKURA insr.�iC0 �,� C3pO�p � UC JOMG� I U LnJ� insc%=co C�QO�G� MAINTENANCE BOND BOND NO.. 145161 S PREMIUM: $ N/A INCLUDED IN PEFORMANCE BOND KNOW ALL MEN BY THESE PRESENTS: THAT we, ROGER SNELLENBERGER & ASSOCIATES, INC. , as Principal, and DEVELOPERS INSURANCE COMPANY, a corporation organized and doing business and under and by virtue of the laws of the State of California and duly licensed to conduct surety business in the State of California, as Surety, are held and firmly bound unto CITY OF LA QUINTA 78-495 CALLE TAMPICO LA QUINTA, CA 92253 as Obligee, in the sum of ELEVEN THOUSAND, FIVE HUNDRED AND NO/ 100 ($11, 500.00 ) Dollars, for which payment, well and truly to be made, we bind ourselves, our heirs, executors and successors, jointly and severally firmly by these presents. THE CONDITION OF THE OBLIGATION IS SUCH THAT: WHEREAS, the above named Principal entered into an agreement or agreements with said Obligee to: INSTALL IMPROVEMENTS FOR GRADING, STREETS, DRAINAGE AND WATER SYSTEMS ON TRACT 20052-4 WHEREAS, said agreement provided that Principal shall guarantee replacement and repair of improvements as described therein for a period of one year following final acceptance of said improvements; NOW, THEREFORE, if the above Principal shall indemnify the Obligee for all loss that Obligee may sustain by reason of any defective materials or workmanship which become apparent during the period of one year from and after acceptance of the said improvements by Obligee, then this obligation shall be void, otherwise to remain in full force and effect. IN WITNESS WHEREOF, the seal and signature of said Principal is hereto affixed and the corporate seal and the name of the said Surety is hereto affixed and attested by its duly authorized Attorney -in -Fact. this 17 th day of JANUARY , 19 9 7 ROGER SNELLENBERGER & ASSOCIATES, INC. Principal J�c Ole FORM DI 127 REV. 5/93 DEVELOPERS INSURANCE COMPANY BY: , / GREGG OKURA Attorney -in -Fact 17780 Fitch Irvine, CA 92714 (714) 263-3300 FAITHFUL P E R F 0 R N A N C E BOND CITY OF LA QUINTA State of California (Government Code Section 66499.1) FOR: Streets and Drainage $ 188,345.34 Tract No. 20052 - 4 Water System $ Parcel Map No. Sewer System $ Bond No. K02101142 Surety ATNA INSURANCE COMPANY l AddressP . 0 . Box 4092, Terminal Annex CityLos Angeles, CA 90051 Premium s r, r,_ n n Principal LAGUNA DE LA PAZ , LTD. Address 400 N . Tustin Ave., Suite 231 City Santa Ana, CA 92705 WHEREAS, The City Council of the Ci ty of La Qui nta, State of California, and LAGUNA DE LA PAZ, LTD. (hereinafter designated as "principal") have entered into, or are about to enter into the attached agreement(s) whereby principal agrees to install and complete the above designated public improvements, relating to (Tract/Parcel) Map Number 2 0 0 5 2-4 , which agreement(s) is/2 hereby referred to and made a part hereof; and WHEREAS, Said principal is required under the terms of said agreement(s) to furnish bo6d(s) for the faithful performance of said agreement(s). NOW, therefore, we, the principal and AETNA INSURANCE COMPANY , as surety, are held and firmly bound unto the City of La Qui nta in the penal sum of OJE HUNDRED EIGHTY EIGHT THOUSAND T EE HUNDRED FORTY FIVE and 34/100------------------ dollars ($ 188;345.34) wful money of the United States, for the payment of which sum. well and truly to be made, we bind ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly by these presents. The condition of this obligation is such that if the above bounded principal, his or its heirs, executors, administrators, successors or assigns, shall in all things stand to and abide by, and well and truly keep and perform the covenants, conditions and provisions in the said agreement and any alteration thereof made as therein provided, on his or their part, to be kept and performed at the time and in the manner therein specified, and in all respects according to their true intent and meaning, and shall indemnify and save harmless the City 'of La Qui nta,its officers, agents and employees, as therein stipulated, then this obligation shall become null and void; otherwise it shall be and remain in full force and effect. As a part of the obligation secured hereby and in addition to the face amount specified therefor, there shall be included costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by county in successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered. FAITHFUL PERFORMANCE BOND The surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the agreement or to the work to be performed thereunder -or the specifications accompanying the same shall in anywise affect its obligation on this bond, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the agreement or to the work or to the specifications. Surety further stipulates and agrees that the provisions of Section 2845< of the Civil Code are not a condition precedent to the Surety's obligations hereunder and are hereby waived by the Surety. When the work covered by the Agreement is -complete, the City Council of the C i ty .vu of L*Qui nta will accept the work and thereupon the amount of the obl i gation of this ,.,. bondjit.=reduced by 90% with the remaining 100' held as security for the one year maintenance $wx provided for in the Agreement(s), ,jr; a gam+ tfi witness whereof, this. instrument has been duly executed by the principal and surety efj teed, on _ September 7 , , 19 8 4 . 4:s.. LAGUNA DE LA PAZ , LTD. .hM M. B. JOHNSON PROPERTIES, GENERAL PARTNER "OF PRINCIPAL: IV MRIZED SIGNATURE(S): By. MERVIN B. JOHffS N PRESIDENT Title Ti t1*e " Title ?I, (IF CORPORATION, AFFIX SEAL) b NAME OF SURETY: AETNA INSURANCE COMPANY AUTHORIZED SIGNATURE: arold Brick-- ITS ATTORNEY -IN -FACT Title (IF CORPORATION, AFFIX SEAL) ATTACH NOTARIAL ACKNOWLEDGEMENT OF SIGNATURE OF PRINCIPAL AND ATTORNEY -IN -FACT. MATERIAL A N 0 LABOR BOND CITY OF LA QUINTA State of California (Government Code Section 66499.1) FOR: Streets and Drainage Water System $ Sewer System Surety AETNA INSURANCE COMPANY AddressP.O. Box 4092, Terminal Annr_sr City Los Angeles, CA 90051 Tract No., - 20052-4 Parcel Map No. Bond No. K02101142 Premium INCL IN PERgORMANC'E Ram Principal LAGUNA DE LA PAZ, LTD. Address 400 N. Tustin Ave., Suite 231 City Santa Ana, CA 92705 4MEREAS, The City Council of theCity of La Quinta, State of California, and ' LAGUNA DE LA P hereinafter designated as 'principal" have entered into, or are about to enter into the attached agreement(s) whereby principal agrees to install and complete the above designated public improvements, relating to (Tract/Parcel) Map Number 20052-4 ,which agreements iasr�e ereby referred to and made a part hereof; and �IHEREAS, Under the terms of said agreement, principal is required before entering upon the performance of the work, to file a good and sufficient payment bond with the City of La Qui nta to secure the claims to which reference is made in Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code of the State of California. NOW, therefore, said principal and the undersigned as corporate surety, are held firmly bound unto the C ity _ of La Q u i n t a and all contractors, subcontractors, l aborers , materialpersons and other persons employed in the performance of the aforesaid agreement and referred to in the aforesaid Civil Code in the sum of NINETY FOUR THOUSAND ONE. HUNDRED SEVENTY TWO and 67 100----- ------dollars ($ 94,172 67 for materials furnished or labor thereon of any kind, or for amounts due under the Unemployment -Insurance Act with respect to such work or labor, that said surety will pay the same in an amount not exceeding the amount hereinabove set forth, and also in case suit is brought upon this bonds will pay, in addition to the face amount thereof, costs and reasonable expenses and fees, including reasonable attorney s fees, incurred by City_' in successfully enforcing such obligation, to be awarded and fixed by the court, and to be taxed as costs and to be included in the judgment therein rendered. It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of any and all persons, companies and corporations entitled to file claims under Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code, so as to give a right of action to them or their assigns in any suit brought upon this bond. Should the condition of this bond be fully performed, then this obligation shall become null and void, otherwise it shall be and remain in full force and effect. MATERIAL AND LABOR BOND The surety hereby stipulates and agrees that no change,. extension of time, alteration or addition to the terms of the agreement or the specifications accompanying the same shall in any manner affect its obligation on this bond, and it does hereby waive notice of any such change, extension, alteration or addition. Surety further stipulates and agrees that the provisions of Section 2845 of the Civil Code are not a condition precedent to the Surety's obligations hereunder and are hereby waived by the Surety. In witness whereof, this instrument has been.duly executed by the principal and surety above named, on' —Pjt-r-mhP_r 70.__., LAGUNA DE LA PAZ, LTD NAME OF PRINCIPAL: M. B . JOHNSQN PRO ERTTES _ GENERAL PARTNER AUTHORIZED SIGNATURE(S): By Mervin B. Johnson, President Title (IF CORPORATION, AFFIX SEAL) r E OF SURETY: AETNA INSURANCE COMPANY HORIZED SIGNATURE: .., ITS ATTORNEY- IN-Fftr Harold ick �^ (IF CORPORATION, AFFIX SEAL) UH NOTARIAL ACKNOWLEDGEMENT OF SIGNATURE OF PRINCIPAL AND ATTORNEY -IN -FACT, Title Title tle E OUTSTANDING BOND REPORT Name: Laguna De La Paz, Ltd. Tract No. 20052-4 Date of Contract: 3/3/94 Required Bond Amounts: $314,922.54 - Performance Bond $157,461.27 - Labor/Material $ 5,000.00 - Monument $328,500.00 - Additional Performance Bond $162,500.00 - Additional Labor/Material Bond Dates of Bond Reductions: Outstanding Bonds: Amount: $328,500.00 $162,500.00 $ 5,000.00 $ 60,732.00 $ 30,366.00 $ 65,845.20 $ 32,922.60 $188,345.34 $ 94,172.67 $ 6,000.00 $ 11,500.00 $ 57,860.00 Bond No. Date Cancelled/Released: 145161 S Released 4/16/97 145161 S Released 4/16/97 K0210194A Released 1 /13/97 K0210197A Released 1 /13/97 K0210197A Released 2/3/97 K02101019/K02110817 Released 1 /13/97 K02101019/K02110817 Released 2/3/97 K02101142 K02101142 1564045 Released 7/17/96 145161 S (Maint. Bond) Expired 1 /17/98 145161 S (Rider)