23269 Triad Pacific Desert 89II"Z OF LA QUINTA
SUBDIVISION IMPROVEMENT AGREEMENT
Of
THIS AGREEMENT, made and entered into this / day
Ct;r 19_ by and between
hereinafter referred to as "SUBDIVIDER", AND CITY OF LA QUINTA, a
municipal corporation of the State of California, hereinafter
ref erred to as "CITY".
WITNESSETH:
WHEREAS, the Subdivider has prepared and filed a final
subdivision map of Tract No. 23_26_9 in the Cityof La
for a Quinta, County
of Riverside
► pproval by the City, and
WHEREAS, as a condition precedent to the approval of said
map by City, Subdivider is required to offer dedication of 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
WHEREAS, City desires to accept the streets and easements
shown on said map for public use, and certain other such
improvements; and
WHEREAS, 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
WHEREAS, the total cost of such improvements has been
estimated by the City Engineer to be approximately $3,309,714.00
Dollars; and
NOW, THEREFORE, IT IS AGREED by and between the parties
thereto as follows:
1. Subdivider, at his sole cost and expense, shall
construct and install the street, drainage, landscaping, domestic
water, sanitary sewer and other improvements required to be
constructed 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 "Improvement Plans for Tract No. 23_269"; 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 thou h
set forth in full. 9
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
sum of $3,309,714.00 Dollars to assure the faithful
this Agreement, and one security to be in the sum of performance of
Dollars to assure payment of the cost of the labor anmaterials 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 Act and the Subdivision
Ordinance of the City of La Quinta as shown on the Tract Map.
The Subdivider, after setting the monuments, shall furnish
the City Engineer of the City of La Quintal written notice of the
setting of said monuments and written proof of having
paid
engineer or surveyor for the setting of said monuments or the
provided for in the Subdivision Map Act.
Subdivision Improvement Agreement
Page 2
4. In accordance with the terms of said subdivision
regulation aforesaid, the Subdivider does hereby agree to furnish a
security satisfactory in form and substance to the City Attorney in
the amount of $25,000.00Dollars to guarantee payment of the cost of
setting monuments as stated in Item No. 3 of this agreement.
5. The City Engineer or his duly authorized
representative upon written request of Subdivider, shall inspect the
improvements herein agreed to be constructed and installed by
Subdivider, and if determined to be in accordance with the applicable
city standards, shall recommend the acceptance of such improvements
by the City.
6. Subdivider shall complete such improvement plans
including any corrections and revisions thereto necessary to comply
with the applicable City standards as determined by the City
Engineer, within thirty (30) days after approval of the final map.
7. Subdivider hereby guarantees such improvements for a
period of one year following the completion by Subdivider, and
acceptance by City, against any defective work or labor done, or
defective materials furnished, in the performance of this Subdivision
Improvement Agreement by Subdivider and shall repair or replace any
such defective work or materials subsequently discovered.
8. Subdivider shall commence the construction and
installation of such improvementswithin ninety (90) days from the
approval of such "Improvement Plans�� for Tract No. 23269 by the
City Engineer, and shall complete.,,_Such construction and installations
within eighteen (18) months from such date of commencement.
9. The labor and material security required herein at
Item No. 2 herein shall be retained to secure payment to the
contractor, his subcontractors and to persons renting equipment or
furnishing labor and materials for six (6) months after completion
and approval of the work required by Item No. 1 herein.
10. Ten percent (10%) of the performance security required
by Item No. 2 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. 7 herein.
11. Subdivider also agrees, at his sole cost and expense,
to construct and install to the standards and specifications required
by the City, the Streets as shown on the aforementioned "Improvement
Plans for Tract No. 23269.
12. Subdivider shall furnish to city a security
satisfactory in form and substance to the 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
sum of $1,678,125.00 Dollars to assure the faithful performance of
this Agreement with respect to said Streets, and one security to be
in the sum of 839,062..50 Dollars to assure payment of the cost
of labor and materials for the Streets required to be constructed
hereby.
13. Subdivider shall furnish to city a security
satisfactory in form and substance to the 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
sum of $ 549,710.00Dollars to assure the faithful performance of
this Agreement with respect to said Landscaping park, flood
regulation basin and perimeter Lots together with construction of
perimeter soundwall, and one security to be in the sum of
2741855.00Dollars to assure payment of the Cost of labor and
materials required to be constructed hereby.
Subdivision Improvement Agreement
Page 3
14. Subdivider shall furnish to the City a security
satisfactory in form and substance to the City Attorney, one security
to be in the sum of s 125,000.00Dollars payable upon demand of the
City for the cost of future street improvements to be constructed b
the City on an as needed basis to be determined by the City and as
shown on the attached Exhibit 'A' Deferred Improvements.
15. The City Engineer or his duly authorized
representative, upon written request of Subdivider, shall inspect the
Streets herein agreed to be constructed by Subdivider, and determine
if said Streets have been constructed in compliance with t
standards and specifications required by Cityfor he
public streets.
16. Subdivider hereby guarantees said Streets for a
of one year following the completion b Subdivider, and approval Period
City Engineer, against any defective work or labor done ordefective
by
materials furnished, in the defective
Improvement Agreement by Subdivide�rand cshall f this Subdivision
such defective work or material subsequently discovered.air
°r replace any
17. Subdivider shall commence the construction and
installation of said Streets within ninety (90) days from the
approval of such "Improvement Plans" for Tract No. 23269by the City
Engineer, and shall complete such construction and installations
within eighteen (18) months from such date of commencement; provided,
however, that Subdivider shall have the option at its sole discretion
to extend the completion period described herein
past the een
(18) months time period to any future date said Subdividermayselect. It is understood, however_._that as a condition Y
extending- the aforementioned completion precedent to
furnish the City the securities described inpItems �No. 12 and
shall
herein covering any extended completion 2 and No. 13
pursuant to this p Period selected by Subdivider
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 Streets
Said securities amount to insure completion shall be determined b
City's Engineer. Y
18. The labor and material security required herein at
Items No. 12 and No. 13 shall be retained to secure
contractor, his subcontractors, and to Payment to the
s
furnishing labor or materials for six (6) months after lc mpletionnt or
nd
approval of this work provided at Item No. 11 hereinbythe City
Engineer.
19. Ten percent (10%) of the performance security required
by Items No. 12 and No. 13 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. 11 herein.
20. In the event that Subdivider fails to perform any
obligation hereunder? Subdivider authorizes City to perform such
obligation sixty (60) days after mailing written Notice of Default to
Subdivider at the address given below, and agrees to
cost of such g Pay the entire
performance by City.
21. In the event that Subdivider fails to perform any
obligation hereunder, Subdivider agrees to pay all costs and expenses
incurred by City in securing performance of such obligations
including costs of suit and reasonable attorney's fees. In the even,
that Subdivider is unable to t
due to causes beyond his control ,psuch raswstrikes,
the time limits herein
all time limits will be extended by the same amountoftimets Of as
etc.,
by such delay. caused
22. Subdivider hereby binds itself, its executors,
administrators and assigns, and agrees to indemnify, defend and hold
the City harmless of any losses, claims, demands, actions or causes
of action of any nature whatsoever, arising out of or in any way
Subdivision Improvement Agreement
Page 4
connected with the improvements agreed to be constructed and
installed hereunder by the Subdivider, including costs of suit and
reasonable attorney's fees.
EXHIBIT 'A'
TO
SUBDIVISION IMPROVEMENT AGREEMENT
TRACT NO. 23269
DEFERRED IMPROVEMENTS
The following street improvement items are deferred for
future construction by the -City as needed and at the cost
of the Subdivider.
IMPROVEMENTS
(1) Traffic Signal at the intersection of
Fred Waring Drive and Adams Street $ 25,000.00
(2) Traffic Median (raised landscaped
island) on Fred Waring Drive from Adams
Street to the westerly boundary line of
Tract No. 23269 $ 100,000.00
TOTAL $ 125,000.00
TRAFFIC SIGNALS:
The construction of traffic signals at the intersection of Fred
Waring Drive and Adams Street is deferred at this time for future
construction by the City on as as needed basis to be determined by
the City. The Subdivider shall bear twenty-five (25%) percent of the
cost of the traffic signal construction including incidentals.
The Subdivider's estimated share of the traffic signal construction
cost including incidentals is $25,000.00
payable upon demand to the
City for construction
purposes. The Subdivider's cost shall be based
on actual construction cost plus incidentals not to exceed
25,000.00. Following completion of construction of the traffic
signal and in the event that the Subdivider's deposit exceeds
twenty-five (25%) of the total construction cost, the balance of the
deposit shall be refunded to the Subdivider.
MEDIAN ISLAND:
The construction of the raised curbed and landscaped median along
Fred Waring Drive from Adams Street to the westerly boundary of Tract
No. 23269 is deferred at this time for future construction by the
City on an as needed basis to be determined by the City. The
Subdivider shall bear fifty (50%) percent of the cost of the median
construction including incidentals.
The Subdivider's estimated share of the median construction cost
including incidentals is $100,000.00 payable upon demand to the City
for construction purposes. The Subdivider's cost shall be based on
actual construction cost plus incidentals not to exceed
$100,000.00. Following completion of construction of the median,
and in the event that the Subdivider's deposit exceeds fifty (50%)
percent of the total construction cost, the balance of the deposit
shall be refunded to the Subdivider.
Subdivision Improvement Agreement
Page 5
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first written above.
=Y CF =A QUINTA
By:
/tu-/-
Ronald L. Kiedrowski
City Manager
ATTEST:
ity Clerk
SUBDIVIDER: TRIAD PACIF ,._Z- ESERT DEVELOPMENT
By:
Keith A. Fernandez
By:
Subscribed and Sworn to before me
this l /Uu day of `n7&&
19 _� .
Seal of Notary 11A I
REVIEWED AND APPROVED
C
gineer
OFFICIAL SEAL
AUDREY G. TROVINGER
NOTARY PUBLIC-CALIFORNIA
SAN JOAQUIN COUNTY
MY COMMISSION EXPIRES JAN, 2. 1993
Date
CITY OF LA QUINTA
BASIN IMPROVEMENT AGREEMENT
THIS BASIN IMPROVEMENT AGREEMENT (the "Agreement") is made and entered into this
day of � V1 e- , 19�--
by and between Triad Pacific Development 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 is responsible for certain improvements to a tract of land in the City of La Quinta,
County of Riverside, which tract is known as Tract No. 23269 (the "Tract"). The required improvements
are particularly set forth in the Tentative Tract Conditions of Approval and the Subdivision Improvement
Agreement ("SIA") for the Tract.
B. All improvements required to be constructed pursuant to the SIA are complete except
improvements to the combination park/retention basin (the "Basin Improvements").
C. City desires that construction of the Basin Improvements be delayed to allow redesign.
D. Developer agrees to delay construction of the Basin Improvements provided City accepts the other,
completed improvements to the subdivision (the Completed Improvements) and releases such security
which is required to be released upon completion of improvements in accordance with the SIA.
E. It is therefore necessary that Developer and City enter into a separate agreement for completion
of the Basin Improvements.
F. Concurrently with the approval and execution of this Agreement, City has accepted the Completed
Improvements and has released all security given thereunder (except 10 percent of performance security
retained in guarantee of the one-year warranty and 50 percent labor and material security which will be
retained and released pursuant to the provisions of Section 66410, et sec. of the California Government
Code (the "Subdivision Map Act").
NOW, THEREFORE, it is agreed by and between the parties hereto as follows:
1. Revision of Plans. Developer shall complete revisions to the plans for the Basin Improvements and
submit original plans to the City Engineer for his approval. Such approval shall be given only if the plans
are in accordance with all applicable City standards and specifications.
2. Cost of Basin Improvements. Developer shall construct the Basin Improvements in accordance
with the approved plans therefor and shall bear the full cost thereof.
Upon completion and acceptance by City of the Basin Improvements, Developer shall present City
with documentation, acceptable in form and content to the City Engineer, of that portion of the Basin
Improvement costs incurred for grading, drainage and related improvements, exclusive of basin landscaping
and irrigation costs. Upon receipt of said documentation, City shall reimburse Developer for said basin
grading, drainage and related improvement costs in exceeding Thirty Five Thousand Dollars ($35,000) with
a maximum total cost to City of Twenty Five Thousand Dollars ($25,000).
3. Improvement Security.
A. As a condition of City Council approval of this agreement, Developer shall have furnished
performance and payment securities to City as a guarantee of the completion of the Basin Improvements.
Replacement Improvement Agreement - Tract 23269 Page 1 of 6
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 Basin
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 Basin Improvements for a period of one year
following the completion and acceptance of the Basin 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 Basin 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 Basin Improvements are on deposit and guaranteed for payment, or a letter of credit
issued by such a financial institution. The duration of any such bond or letter of credit shall be for a period
of not less than six months from the execution of the Agreement or such longer period for completion of
the Basin 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 11 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 amount of the performance
security shall equal One Hundred Percent (100 %) of the estimated cost of constructing the Basin
Improvements, including payment of plan check and permit fees, as estimated by the City Engineer or a duly
authorized representative of the City Engineer. Payment security 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 Basin
Improvements to support the guarantee of the Improvements pursuant to Section 10 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.
4. Permits Reauired. 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.
5. Completion of Basin Improvements. Developer shall begin construction of the Basin Improvements
within sixty (60) days and shall complete construction within one hundred eighty (180) days after the
approval of this Agreement.
6. 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.
7. Time Extension. Developer may make application in writing to the City Council for an extension
of time for completion of the Basin 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
Replacement Improvement Agreement - Tract 23269 Page 2 of 6
incomplete at the time of the extension, and to provide guarantee security on completed Basin
Improvements.
8. Approval of Basin Improvements. At the completion of construction and prior to acceptance of
the Basin 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 the Basin Improvements associated with Tract 23269 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 as -built drawings and specifically acknowledged by the City Engineer."
Upon receipt of said request, the City Engineer or a duly authorized representative shall inspect the
Basin Improvements. If the Basin Improvements are determined to be in accordance with applicable city
standards and specifications, and as provided herein, the City Engineer shall recommend acceptance of the
Basin Improvements by City.
9. Revisions to Plans. When the Basin 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 Basin Improvements constructed. When necessary revisions have been made, each separate sheet of
the plans shall be clearly marked with the words "As -Built" or "As -Constructed," the marking shall be
stamped by a Registered Civil Engineer licensed to practice in California, and the plans resubmitted to the
City Engineer.
10. Iml2rovement Guarantee. Developer hereby guarantees the Basin Improvements to City for a
period of one (1) year, beginning on the date of final acceptance of the Basin 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.
11. Release of Security. City shall retain and release securities in accordance with 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. No Modification of SIA. This Agreement shall in no respect act to supplant or modify any
provision of the SIA except those provisions related to the Basin Improvements.
Replacement Improvement Agreement - Tract 23269 Page 3 of 6
16. 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.
17. 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 hereinbelow. 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.
Replacement Improvement Agreement - Tract 23269 Page 4 of 6
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
written above.
CITY OF LA QUINTA:
78-105 Celle Estado
La O.uinta, CA 92263 HURRAY W EN
Interim ity anager
AT ST:
City Clerk 411,
DEVELOPER: 'SAD PACIFIC DEVELOPMENT
RPO I
By:
Edward A. Barkett
Title: President
By:
W. A. SWittart
Title: Secretary
For Subdivider:
ADDRESS:
2800 W. March Lane, Suite 250
Stockton, California 95219
On this a day of 4_ , 19 92 before me, the undersigned, a Notary Public
for the State of California, did personall appear:
Edward A. Barkett
and W. A. Sweigart
as President
as
Secretary
,
representing Triad Pacific Development Corporation
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed hereinabove.
Seal of Notary
CARMYN QUIJALVO
o NOTARY PUBLIC-CALIFORNIA
SAN JOAQUIN COUNTY
MY COMMISSION EXPIRES OCT. 26, 1992
Signature of Notary
Carolyn Quijalyo
Print Name
Reviewed and 'Appro d
City Engineer D#ie
Replacement Improvement Agreement - Tract 23269 Page 5 of 6
Exhibit A
LIST OF BASIN IMPROVEMENTS AND SECURITY AMOUNTS
Except as otherwise provided herein, Developer shall furnish performance security and payment
security prior to approval of this Agreement by the City Council.
Description
Basin Grading, Drainage & Related Improvements
Basin Landscaping Improvements
Totals:
Performance
Security
$64,000
38,000
$102,000
Payment
Security
$32,000
19,000
$51,000
Replacement Improvement Agreement - Tract 23269 Page 6 of 6
MAINTENANCE BOND
Bond No. U 1 43 88 56 M
PREMIUM: $ NIL
UNITED PACIFIC INSURANCE COMPANY
HEAD OFFICE, FEDERAL WAY, WASHINGTON
KNOW ALL MEN BY THESE PRESENTS, that we
TRIAD PACIFIC DESERT DEVELOPMENT
as Principal, and UNITED PACIFIC INSURANCE COMPANY, a Washington corporation, as Surety, are held
firmly bound unto
THE CITY OF LA QUINTA
as Obligee, in the full and just sum of THREE HUNDRED THIRTY THOUSAND NINE HUNDRED
SEVENTY—ONE AND NO/100THS--------------------------- Dollars($ 330,971.00--- ),
for the payment of which sum, well and truly to be made, we bind ourselves, our heirs, executors, administra-
tors, successors and assigns, jointly and severally, firmly by these presents.
WHEREAS, the said Principal entered into a contract with
dated MAY 31, 1989 for THE CITY OF LA QUINTA
STREET AND DRAINAGE IMPROVEMENTS.
WHEREAS, said contract provides that the Principal will furnish a bond conditioned to guarantee
for the period of ONE year(;O after approval of the final estimate on said job, by the owner, against
all defects in workmanship and materials which may become apparent during said period, and
WHEREAS, the said contract has been completed, and was approved on JUNE 16 , 1992
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if within ONE year(g)
from the date of approval of the said contract, the work done under the terms of said contract shall disclose
poor workmanship in the execution of said work, and the carrying out of the terms of said contract, or it shall
appear that defective materials were furnished thereunder, then this obligation shall remain in full force and
virtue, otherwise this instrument shall be void.
Signed and sealed this
Witness:
2ND day of SEPTEMBER , 19 92
TRIAD PACIFIC DESERT DEVELOPMENT
Principal
UNITED PACIFIC INSURANCE COMPANY
By. -
Attorney -in -Fact
BDU-2308 ED. 7-71
OUTSTANDING BOND REPORT
Name: Triad Pacific Desert Development (La Quinta Highlands)
Tract No. 23269
Date of Contract: May 11, 1989
Required Bond Amounts:
$3,309,714
- Performance
$1,654,857.00
- Labor & Materials
$
25,000
- Monument
$1,678,125
- Streets
$
839,062.50
- Labor & Materials
$
549,710
- Landscape/flood basin/walls
$
274,855.00
- Labor & Materials/Landscape
$
125,000
- Future Street Improvements/Traffic Signal
$
102,000
- Basin Improvements under new agreement
$
51,000
- Labor & Materials
Dates of Bond Reductions:
$3,309,714 - CC approved reduction to $3,039,714 on 7/31 /90
Outstanding Bonds:
Amount:
Bond No.
Date Cancelled/Released:
$ 125,000
785
Replaced 6/9/90
$ 125,000
1145
Replaced 6/9/91 (returned 1 /9/92)
$ 125,000
1850
Released 7/15/97
$ 25,000
U 1438857
Released 6/21 /92
$ 87,900
U 1438858
Released 6/21 /92
$3,309,714
U 1438856
Released 9/21 /92
$1,654,857
U 1438856
Released 9/21 /92
$ 51,000
LOC#92-10012
Released 1 /04/94
$ 102,000
LOC#92-10011
Released 1 /04/94
$ 10,200
LOC#93-1014
Expired 10/20/94
$ 330,971
#U 1438856M