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23971-1 Deane / LQ LP 90CITY OF LA QUINTA SUBDIVISION IMPROVEMENT AGREEMENT THIS AGREEMENT, made and entered into this 16th day of JANUARY , 19 90 by and between DEANE/LA OUINTA L.P. hereinafter referred to as "SUBDIVIDER", AND CITY OF LA QUINTA, a municipal corporation of the State of California, hereinafter referred to as "CITY". WITNESSETH: WHEREAS, the Subdivider has prepared and filed a final subdivision map of Tract No. in the City of La Quintal County of Riverside, for approval 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 $1,713,400.00 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.23971-111; 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 securities satisfactory in form and substance to City Attorney executed by a corporation authorized to transact surety business in the State of California, one class of securities to be in the aggregate sum of $1,713,400.00 dollars to assure the faithful performance of this Agreement, said security class hereinafter referred to as "Performance Bond(s)", and one class of securities to be in the aggregate sum of $833,900.00dollars to assure the payment of labor and materials supplied to construct the required improvements, said security class hereinafter referred to as "Payment Bond(s)". All securities furnished pursuant to this Agreement shall be furnished in amounts commensurate with the estimated value of the various improvement items set forth in Exhibit 'A' which is attached hereto and made a part hereof. Subdivider shall furnish a minimum of five (5) separate Performance Bonds and a minimum of three (3) separate Payment Bonds as identified by the respective Bond Groups shown in Exhibit 'A'. SUBDIVISION IMPROVEMENT AGREEMENT PAGE 2 3. Portions of the improvements required herein for Tract No. 23971-1 may be deferred to a later date or subsequent phase of Tract No. 23971 as hereinafter set forth on the attached Exhibit W. In any event any deferred security shall be furnished to City prior to City's acceptance of the improvements constructed in the first phase. 4. Subdivider shall commence the construction and installation of said improvements within ninety (90) days from the approval of such "Improvement Plans" for Tract No.23971-1 by the City Engineer, and shall complete the construction of said improvements within eighteen (18) months from the date of commencement. Subdivider may at its sole discretion extend the completion period described herein past the eighteen (18) months time period to any future date that Subdivider may select. It is understood however, that a condition precedent to extending the completion period, Subdivider shall furnish to City securities similar in form and substance to those required by Article 2 herein to cover the extended completion period selected by Subdivider. The value of said securities shall be sufficient to insure the performance of improvement work that remains incomplete at the time of said time extension. The security posting amount shall be determined by the City Engineer. 5. Before final approval of the street improvements, the Subdivider shall 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. After the monuments are set, Subdivider shall furnish to the City Engineer written notice that the monuments have been set, and written proof that the engineer or surveyor has been paid for setting the monuments, or as otherwise provided in the Subdivision Map Act. 6. 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. 7. 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 the standards and specifications required by City for public streets. 8. 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 receiving written notice from the City Engineer. 9. 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. 10. The labor and material security required by Article 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 Article 1 herein. W a W x W J o. a (n SUBDIVISION IMPROVEMENT AGREEMENT PAGE 3 11. Ten percent (10%) of the performance security required by Article 2 herein shall be retained by the City for one (1) year to support the guarantee of the improvements required herein. 12. 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 pay the entire cost of such performance by City. 13. 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 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. 14. 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 connected with the improvements agreed to be constructed and installed hereunder by the Subdivider, including costs of suit and reasonable attorney's fees. ********************************************************************* IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above. CITY OF LA QUI17A By: onald L. Kiedrowski City Manager ATTEST: C7 City Clerk C--./ DEANE/LA QUINTA L.P. a California Limited Partnership By DEANE HOMES, a California Corporation, Its General Partner Address: 15 Augusta Drive Corporation as Partner of a Partnership (Compiled) STATE OF ALIFORN COUNTY OF SS. On this9 .day of n the year before, me a Notary Public in and for said cou y an ate, personally appeared personally known to me (or proved to me on the basis of satisfactor evidence) to be the (or roved to me on the basjA of satisfacto evi ence) to th corporation that executed the within instrument and p sonally known to me (or proved to me on the basis of s tisfactory evidence) to be the persons who executed the within instrument on behalf of said corporation, said cor- poration being personallyj known tRthtepartnership me to be one of the partners of L(CGl�iw 4 that executed the within instrument, and acknowledged to me that such corporation executed the sa ch partner and that such ship executed t e same. W'ITNE S my hand and ff(cial sea] wn OFFIR&DE Egj, _ RTENOTARY ALIFORMARIVEWU�Y Comm. y 17.1992 ge, Ca.92270 Date Name (Typed or Printed) (This area for oflicial notarial seal) SUBDIVISION IMPROVEMENT AGREEMENT 23971-1 Page 4 EXHIBIT 'A' The following improvements are designated by Bond Groups to permit the phasing of the required improvements together with the required securities: Bond Groups No. 1, No. 2, and No. 3; the Subdivider shall provide Performance Bonds and Payment Bonds prior to the approval and recordation of Map for Tract No. 23971-1. Improvements are to be completed within eighteen (18) months as herein provided in this Agreement. Bond Group No. 4;the Subdivider shall provide Performance Bonds and Payment Bonds prior to the approval and recordation of Map for Tract No. 23971-1. Improvements are deferred for future construction by the City and/or by means of a cooperative agreement with others which is subject to the approval of the City. Construction shall be on an as needed basis as determined by the City. The Subdivider shall bear fifty (50%) percent of the cost of raised curbed and landscaped median along Washington Street and along Miles Avenue including incidentals. The Subdivider shall bear twenty-five (25%) percent of the cost of traffic signals at the intersection of Washington Street and Miles Avenue including incidentals. Upon written demand of the City the Subdivider shall deposit his share of the estimated cost of improvements with the City. Bond Group No. 5; the Subdivider shall provide Performance Bonds and Payment Bonds prior to the acceptance of the improvements constructed in the first phase of Tract No. 23971-1. Construction of improvements shall be completed with a subsequent phase of Tract No. 23971 subject to the approval of the City. SUBDIVISION IMPROVEMENT AGREEMENT-23971-1 Page 5 BOND GROUP IMPROVEMENT DESCRIPTION PERFORMANCE BOND PAYMENT BOND 1 On -site street improvements $357,300✓ $178,650�' Off -site street improvements 258,000i 129,0001 (Washington Street) Off -site street improvements 121,300✓ 60,650' (Miles Avenue) Perimeter lot landscaping 76,000✓ 38,0001 (Miles Avenue) Perimeter lot landscaping (Washington Street) 140,000 70,000 2 Sanitary sewer facilities 119,000v 59,500-' Domestic water facilities 201,200, 100,600'/ 3 Survey monuments 41000-1 -0- 4 Washington Street median island 74,000y 37,000 Miles Avenue median island 48,000✓ 24,000' Traffic signals at Washington Street and Miles Ave 25,0001 12,500� 5 On -site storm drain structures 82,500 410,250 Drainage retention basin and park Landscape 165,500 82,750 Landscape maintenance 41,600 -0- Each improvement item listed hereon may be bonded individually, or bonded collectively with other improvements with a single bond, provided however, that improvements which are grouped together and bonded with a single bond are correspondingly identified in the 'Bond Group' column as being of the same group. Performance Payment Bond Bond Bond Group 1 - Totals = $ 952,600 $ 476,300 Bond Group 2 - Totals = 320,200 160F100 Bond Group 3 - Totals = 4,000 -0- Bond Group 4 - Totals = 147,000 73,500 Bond Group 5 - Totals = 289,600 124,000 GRAND TOTALS = $ 1,713,400 $ 833,900 Washington Mutual IRREVOCABLE STANDBY LETTER OF CREDIT Date: May 26, 2000 Beneficiary: City of La Quinta Letter of Credit No.: STB-1440 P.O. Box 1504 Amount: USD152.)100.00 78-495 Tampico In words (US Dollars One Hundred La Quinta, CA 92253 Fifty Two Thousand One Hundred Only) We hereby authorize you to draw on Washington Mutual Bank, for account of Uniwest Service Corporation,100 S. Vincent Avenue, Suite 500, West Covina, CA 91790, up to an aggregate amount of One Hundred Fifty Two Thousand One Hundred Only ($152,100.00) available as a security for the "Drainage Retention Basin and Park Landscape" and for "On -site Storm Drain Structures" by your draft at sight accompanied by the following document(s): This original Standby letter of credit Special Conditions: 1. Partial drawings are allowed. 2. It is a condition of this Letter of Credit that it shall be automatically extended without amendment for one year from the present or any future expiration date hereof, unless at least 60 days prior to the effective expiration date we notify you in writing by courier or certified mail that we elect not to consider this Letter of Credit extended for such additional one year period. Upon receipt of such notice, you may draw under this Letter of Credit by means of your draft drawn at sight on Washington Mutual Bank, accompanied by your signed statement indicating the number of this Credit and stating: "The undersigned hereby certifies that we have received notice from Washington Mutual Bank of their election not to consider their Letter of Credit No. STB-1440 renewed for an additional one year period." Drafts and documents must be presented at this office, 1201 Third Avenue, Suite 1000, Seattle, Washington 98101 between our business hours of 8:00am - 5:00pm on or before May 30, 2001, on which day this Standby letter of credit will expire. Each draft must state that it is "Drawn under Washington Mutual Bank, Irrevocable Standby Letter of Credit no. STB-1440." We hereby engage with drawers that drafts drawn and documents presented in strict compliance with the terms of this irrevocable Standby letter of credit will be duly honored upon presentation to us. This letter of credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 RevisiorA ICC Publication No. 500. Au Signature 0 International Banking Department 1201 3rd Avenue Suite 1000 Seattle, WA 98101 OUTSTANDING BOND REPORT Name: Deane/La Quinta Limited Partnership Tract No. 23971-1 Date of Contract: January 16, 1990 Required Bond Amounts: $ 1,713,400 - Performance bond $ 833,900 - Labor & Materials Dates of Bond Reductions: March 1, 1994 - Reduced to $75,530 and $186,400 May 16, 1995 - Reduced to $161,400 May 15, 2000 - Reduced to $152,100 (by staff letter) Outstanding Bonds: Amount: Bond No. $ 201,200 -water 4220 $ 100,600 - L&M 4220 $ 119,000 -sewer 4219 $ 59,500 - L&M 4219 $ 580,900 - L&M 71-0332-5517-3 $ 75,530 - warranty 71-0332-5517-2 $ 186,400 - def.impr. 71-0332-5517-4 $1,655,400 - L&M 71-0332-5517-1 $ 161,400 - 71-0332-5517-4B $ 152,100 STB-1440 Date Cancelled/Released: Replaced 3/94 Replaced 3/94 Replaced 3/94 Replaced 3/94 Released 7/7/94 Released 3/7/95 Replaced on 6/5/95 Released 4/21 /94 Replaced 5/31 /00 ® o cc Recording Requested By p CHICAGO TITLE COMPANY ¢ Y a Recording Requested by �Ln and when recorded, mail to: O $ at r (� City of La Quinta W a> P.O. Box 1504 i '7 La Quinta, CA 92253 a W CERTIFICATE OF CORRECTION ,1 I, Steven B. Robbins, certify that I am a registered civil engineer /O- of the State of California; 90�7— That a survey was prepared under my supervision and direction in Tract No. 23971-1; That said subdivision map was filed February 9, 1990 in Book 213, Pages 25-30, in the office of the Recorder of Riverside County, California; That the following data shown on said Subdivision Map is incorrect: See sheet attached hereto. and is corrected as follows: See sheet attached hereto. Dated: NOTARY ACKNOWLEDGEMENT State of California ) )SS County of Riverside ) On'*-lu L 18P 1993 , be ore me, a Nota Public in and for said state, personally appeared V�►•1 13• 11aS personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. i \ my and. , ?. d If COMM.#973065 Cm Notary Public-Cali(omia ..YY RIVERSIDE COUNTY _b a Public My Commlsslm Flares mmSEPT. 7,1996 My Commission Expires CITY ENGINEER CERTIFICATE This Certificate of Correction has been examined by the undersigned and my examination discloses that changes shown hereon are authorized by and comply with Government Code Section 66469 of the Subdivision Map Act. Dated: � a 9 9 City Engineer RCE #: 32740 Expiration: Nyne ;w, 1994 Incorrect data as follows: 284216 1. At the centerline intersection of Washington Street and Via Sevilla, the intersection of the centerline of via Sevilla and the northeasterly line of Lot A, the centerline intersection of Via Sevilla and Via Del Sol, the end of curve in the centerline of Via Sevilla being 26.04 feet distant from the previously described point, the point on the centerline of Via Sevilla south of Lot 13, the centerline intersection of Via Del Monte and Via Caliente, the center of the Via Coronado cul-de-sac--A 1" I.P. with plastic plug stamped RCE 33486 is shown to be set. 2. At the front corners of Lots 2 thru 33, 35 thru 49, 52 thru 66, ani the front corner common to Lots 74 and 75--A 1" I.P. with plastic plug stamped RCE 33486 is shown to be set. 3. At the rear corner common to Lots 76 and 77, the angle point in the rear line of Lot 77, the northwest corner of Lot 81, the southeast corner of Lot 72 and the corner common to Lots 63, 64 and 71--A 1" I.P. with tag stamped RCE 33486 is shown to be set. 4. At both ends of the northeasterly line of Lot G being N45°15143"W, 15.00 feet --A 1" I.P. with tag stamped RCE 33486, is shown to be set. Correct data as follows: 1. At the centerline intersection of Washington Street and Via Sevilla, the intersection of the centerline of Via Sevilla and the northeasterly line of Lot A, the centerline intersection of Via Sevilla and Via Del Sol, the end of curve in the centerline of Via Sevilla being 26.04 feet distant from the previously described point, the point on the centerline of Via Sevilla south of Lot 13, the centerline intersection of Via Del Monte and Via Caliente, the center of the Via Coronado cul-de-sac--Set a 5" gin spike with tag stamped ESCO RCE 33486, flush with surface. 2. At the front corners of Lots 2 thru 33, 35 thru 49, 52 thru 66, and the front corner common to Lots 74 and 75--Set a lead and tag stamped RCE 33486, flush in the top of curb at the prolongation of the side lot lines. 3. At the rear corner common to Lots 76 and 77, the angle point in the rear line of Lot 77, the northwest corner of Lot 81, the southeast corner of Lot 72 and the corner common to Lots 63, 64 and 71--Set a lead and tag stamped RCE 33486, in top of wall. 4. At both ends of the northeasterly line of Lot G being N45°15,431-W, 15.00 feet --Set a lead and tag stamped RCE 33486, in top of wall. " Incorrect data as follows: 284216 5. At the northeast and northwest corners of Lot H--A 1" I.P. with plastic plug stamped RCE 33486 is shown to be set. 6. At all angle points and points of curvature in the exterior lines of Lots B, C, E and F, and the northwesterly line of Lot G being N000151443"E, 32.53 feet except those points that coincide with the boundary line of Tract 23971-1-- A 1" I.P. with plastic plug stamped RCE 33486 is shown to be set. 7. At the front lot corner common to Lots 78 and 79--A 1" I.P. with plastic plug stamped RCE 33486 is shown to be set. 8. At the rear corners of Lots 46 thru 49--A lead and tag stamped RCE 33486 is shown to be set in the top of wall. Correct data as follows: 5. At the northeast and northwest corners of Lot H--Set a lead and tag stamped RCE 33486, in top of wall. 6. At all angle points and points of curvature in the exterior lines of Lots B, C, E and F, and the northwesterly line of Lot G being N00015,443"E, 32.53 feet except those points that coincide with the boundary line of Tract 23971-1-- Set nothing. 7. At the front lot corner common to Lots 78 and 79--Set a lead and tag stamped RCE 33486, flush in a concrete electric vault pad. 8. At the rear corners of Lots 46 thru 49--Set nothing.