24890-1 Landmark Land 90CITY QF LA QUINTA
SUBDIVISION IMPROVEMENT AGREEMENT
THIS AGREEMENT, made and entered into this 30th day
of April 19 90 , by and between LANDMARK LAND COMPANY
OF CALIFORNIA INC. "Landmark" J.M. PETERS COMPANY INC.("peters"
Landmark and peters are hereinafter Collectively referred to as
11SUBDIVICER", 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. 4890-1 in the City of La Quinta,
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 desiros 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 $2.845.400.00
Dollars; and
WHEREAS, subdivider, by said map, has proposed to utilize
certain parcels of land for private streets, and also to construct
and install or agree to construct and install certain improvements;
and
WHEREAS, even though said private streets shall not be
dedicated to City for public use, City desires to insure that said
streets are Constructed to the same standards and specifications
required by City for public streets; and that perimeter lot
landscaping and perimeter wall$ are constructed to the standards and
specifications required by the City' and
WHEREAS, the total cost of such improvements has been
estimated by the City Engineer to be approximately $21600,000.00
Dollars;
NOW, THEREFORE, IT IS AGREED by and between the parties
thereto as follows:
1. Subdivider, at his 'sole cast and expense, shall
construct and install the street, drainage,landscaping, domestic
water, sanitary sewer mnO other improvements required to be
constructed or agreed to ,)e 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.24890-111; copy of which is 'ow on file in the office of the
City Rngineer of the City and which is referred to and incorporated
herein as though set forth in full.
w e I
SUBDIVISION IMPROVEMENT AGREEMENT - Tract 24890-1
Page 2
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 security to be in the aggregate sum of
$5,911,829.00 dollars to assure the faithful performance of this
Agreement, said security class hereinafter referred to as
"Performance Bonds)", and one security to be in the aggregate sum
of $1,398, 215*00dollars to assure the payment of the cost 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 apart hereof. Subdivider shall furnish a minimum of
four. AA.. ) separate Performance Bonds and a minimum of two
mseparate Payment Bonds as identified by the respective Bond
Groups shown in Exhibit W.
3. DELETED
4. Portions of the improvements required herein for Tract
No. 24890-1 may be deferred to later date subject to the approval
of the City as hereinafter set forth on the attached Exhibit 'A'. In
any event any deferred security shall be furnished to City prior to
the approval and recordation of Map for Tract ,No. 24890-1.
5. Subdivider shall commence the construction and
installation of said improvements within ninety (90) days from the
approval of such "Improvement Plans" for Tract No. 24890-1 by the
City Engineer, and shall complete the construction of said
improvements within eighteen, (18) months from the date of
aammonoomont. Cubdividew may at it* aele diaareti*n 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 substanc6 to those required by Article 2 herein
to cover the extended completio: 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. Toe security posting amount shall be
determined by the City Engineer;
6. Before final approval of the street improvements, the
Subdivider will place survey monuments in accordance with the
provisions of the State Subdiyisi.on Map Act and the Subdivision
Ordinance of the City of La Quihta as shown on the Tract Map.
After the monuments are set# Subdivider shall furnish to the City
Engineer written notice that th� monuments have been set, and written
proof that the engineer or surveyor has been paid for setting the
monuments, or as otherwise prov�ded in the Subdivision Map Act.
7. The city ngineer or his duly authorized
representative, upon written r quest of Subdivider, shall inspect the
improvements herein agreed 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.
SUBDIVISION IMPROVEMENT AGREEMENT - Tract 24890-1
Page 3
8, The City �ngineer, or his duly authorized
representative, upon written re nest of Subdivider, shall inspect the
Streets herein agreed to be con tructed by Subdivider, and determine
if said Streets have been constructed in Compliance with the
standards and specifications required by City for public streets.
9. Subdivider sha 1 complete such improvements plans
including any corrections an 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.
10. Subdivider heteby 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, n the performance of this Subdivision
Improvement Agreement by Sub ivider and shall repair or replace any
such defective work or material subsequently discovered.
11. The labor and material security required by Article 2
herein shall be retained to; secure payment to the contractor, his
subcontractors and to persons rdnting equipment or furnishing labor
and materials for six (6) months after completion and approval of the
work required by Article 1 herein.
12. Ton percent (10%) of the performance security required
by Article 2 herein shall be r tained by the City for one (1) year to
support the guarantee of the im rovements required herein.
13. In the event that the Subdivider fails to perform any
obligation hereunder within si4ty (60) days after the City has mailed
written Notice of Default to the Subdivider at the address given
below, the Subdivider authori es City to perform such obligation and
agrees to pay the entire cost o such performance by City.
1.4. in the event th4t Subdivider fails to perform any
obligation hereunder, Subdivid r agrees to pay all costs and expenses
incurred by City in securin performance of such obligations,
including costs of suit and re sonable attorney's fees. In the event
that Subdivider is unable to pe form within the time limits herein
due to causes beyond his contr 1, such as strikes, acts of God, etc.,
all time limits will be extende by the same amount of time as caused
by such delay.
15. Subdivider hereby binds itself, its executors,
administrators and assigns, and',agrees to indemnify, defend and hold
the City harmless of any loses, claims, demands, actions or causes
of action of any nature whatsoever, arising out of or in any way
connected with Subdividers, performance hereinunder in the
construction of the improvem nts agreed to be constructed and
installed hereunder by the ;ubdivider, including costs of suit and
reasonable attorney s fees.
16. Notwithstanding 'he above language, Landmark shall be
solely responsible for all ;bligations pursuant to this Agreement
with respect to those improvem its referred to in Exhibit "A" as Bond
Groups 2 and 5 (the "Landmark Improvements"), including the
construction and installation; of the Landmark Improvements, the
provision of securities to fissure the performance of the Landmark
Improvements, the placement of qurvey monuments in connection with
the Landmark Improvements, the guaranty of the Landmark Improvements,
the authorization of tho City tQ perform the Landmark improvements at
Landmark's cost, and the ind'mnification of the City for any losses
arising out of the Landmark Imptvements (collectively the "Landmark
obligations"). Notwithstanding the above language, Peters shall be
solely responsible for all oblgations pursuant to this Agreement
with respect to those i.mprov ments referred to in Attachment "A" as
Bond Groups 1, 3, and 4 (the "Peters Improvements"), including the
construction and installation of the Peters Improvements, the
provision of securities to assure the performance of the Peters
Improvements, the placement of survey monuments in conneotion with
the Peters Improvements, the guAranty of the Peters Improvements, the
authorization of the City to perform the Peters Improvements at
Peters' cost, and the indemnifi8ation of the City for any losses
arising out of the Peters improvements (collectively the "Peters
Obligations"). Landmark shall have no liability, cost or expense
arising from the Peters Obligations, and Peters shall have no
liability, cost or expense arising out of the Landmark Obligations.
i
SUBDIVISION IMPROVEMENT AGREEMENT - Tract 24890-1
Page 4
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first written above.
CITY OF LA QUINTA
_off.
By; Ronald . Kiedrowski
City Manager
ATTEST:
City Clerk
SUBDIVIDER:
�Itlll� Address#
•Company Inc*
Landmaik"and Company of California, Inc.
By: sc'e - P.�s- Address: La( , Iwo
Y
Subscribed and Sworn to before me this 30th day of April _
19 90 It
OFFICIAL SEAL '
LINDA A. CHANDLER L/�
Seal of Notary NOTARY PUBLIC-CALIFORNIA
PRINCIPAL OFFICE IN
SAN OIEGO COUNTY
'. My C as END. Mr 6 1"2
REVXEWED AND APPROVED 5'-/- yo
r• Date
� SUBBIVISION IMPROVEMENT AGREEMENT - Tract 24890-1
Page 5
EXHIBIT 'A'
The following improvements are d sighted by Bond Groups to permit
the phasing of the required i provements together with the required
securities: '
Bond Groups NO,..I,, No. 3 and No. 4; J.M. Peters Company
shall provide Performa ce Bonds and Payment Bonds prior to
the approval and recordation of Map for Tract No. 24890-1
improvements are to be'accomplished solely at the expense
of the Subdivider and �o be completed within eighteen (18)
months as herein provided in this Agreement.
Bond Group No. 2; Landpark Land Company shall provide
Performance Bonds priot to the approval and recordation of
the Map for Tract NoLe.ab-complished
4890-.1.
Improvements are to solely at the expense
of the Subdivider and to be Completed within eighteen (18)
months as herein provided in this Agreement, except as
follows: the Subdivid r may seek reimbursement in the
provided rovided in Conlition No. 36 of the Conditions of
Approval for Tract No..24890 for a two lane facility for
Avenue 52 from the centerline of Washington Street to a
point 1980' easterly to meet other Avenue 52 required
improvements.
Bond Group -No. 5- Landtoark band Company shall provide
Performance Bonds priot to the approval and recordation
of the Map for Tract N9. 24890-1.
Improvements are defer'ed for future construction by the
City and/or by means o� a cooperative agreement with others
which is subject to th approval of the City. Construction
shall be on an as need d basis as determined by the City.
Traffic.. Signals:
The subdivider shall bear fifty (50%) percent
of the cost of traffic signals at the intersection
of Jefferson Street and Avenue 50 including
incidentals.
The Subdivider sh ll bear fifty (50%) percent of the
cost of traffic s gnals at the intersection of
Jefferson Street end Avenue 52 including
incidentals.
The Subdivider shall bear one hundred (100%) percent
of the Cost of tr#ffic signals at the intersection
of Jefferson Street and Pomel.a including inoi.dentals.
The Subdivider shall bear one hundred (100%) percent
of the cost of traffic signals at the intersection of
Avenue 52 and Cetrino including incidentals.
upon written demand of the City the Subdivider shall
deposit his share of the estimated cost of traffic
signal improvements with the City. The Subdivider may
seek partial relm�ursement, of some traffic signal
costs as provided* in Condition No. 33 of the
Conditions of Apppovt.k and in a legal manner subject
to the approval of the City Council.
10,1
SUBDIVISION IMPROVEMENT AGREEMENT-24890-1
Page 6
BOND IMPROVEMENT DESCRIPTION PERFORMANCE PAYMENT
GROUP BOND BOND
1 On -site streets and Drainage $ 2,600,290 1 300,145
Improvements and Perimeter lott^e� `�ro�►^c Cho, Z.cjU
landscaping
2 Off -site streets, and drainage 2,615,400* N/A
and Median island landscaping (Letter of Credit)
Tunnel beneath Jefferson Street 230,000* N/A
(better of Credit)
3 Sanitary sewer facilities 77,791 38,896
Domestic water facilities 118,348 59,174
4 Survey monuments 101000W, -0-
5 Traffic Signals at ►7effer:son
Street and Avenue 50 5001000 -0-
Traffic Signals at Jefferson
Street and Avenue 52 50,000 --0-
Traf f is Signals at Jefferson
Street and Pomelo 80,000 -0-
Traffic Signals at Avenue 52
and Cetrino
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 ae being of the same group.
*Letter of Credit to assure both performance and payment maybe
accepted in lieu of banding.
Performance Payment
Bond Bond
Bond
Group
1 -
Totals :q $
2,6001290
$ 1,300,145
Bond
Group
2 -
Totals =
2,845,400
-0-
Band
Group
3 M
Totals =
196,139
,x,w 98,070
Bond
Group
4 -
Totals m
51000-/nJ
-0-
Bond
Group
5 -
Totals =
2604000
-0-
GRAND
TOTALS $
51911,829
$ lt398,215
BOND No. 3SM 757 366 00
Premium: jiuu.
annual
LABOR AND MATERIAL PAYMENT BOND
(Subdivision)
KNOW ALL MEN BY THESE PRESENTS, That We, J M Peters Com an ' Inc.
as Principal, and AMERICAN MOTORISTS INSURANCE COMPANY
Surety, are head and firmly bound Unto the QtX of La Quinta, California
as Obligee, in the sum of Ten Thousand and no/100-------------------_---
Dollars { s i0,000,00 } , lawful money of the United
--- States, for the payment of which sum well and truly to be made, we
bind ourselves jointly and severally, firmly by these presents,
THE CONDITION OF THE FOREGOING OBLIGATION IS SUCH That Whereas,
said Principal has entered into a Subdivision Agreement with said
Obligee, dated , in which said Principal
agrees to construct designated public improvements, as follows:
11
4
MbNUMENT BOND (Tract 24890-1)
and, as a condition of approving said Subdivision, the Principal is
required to dive a Labor and Material Payment Bond as herein provided.
NOW, THEREFORE, if said Principal or any contractor or subcontractor
fails to pay for any materials, provisions, or rented equipment used
in upon, or for or about the construction of the public improvements
or performance of the work to be done, or for any work or labor done
of any kind, in or on such improvements, said Surety will pay the
same in an amount not exceeding the sum set forth above and, in
addition, the Surety agrees to pay reasonable attorneys' fees in the
event that it beeches necessary to bring an act;i on to enforce this
bond.
This bond shall inure to the benefit of the contractor, his
subcontractors, and to
persons renting equipment or furnishing labor
or materials to them for the improvements.
Signed and sealed on _ April 5, 1990
INC.
Venturer Principal
Robext J Trape, Vice President
D. Bra_1%baw, Vice President
CO.
n- far
jW
AN Wf
AMERICAN MOTORISTS INSURANCE COMPANY
SURETY BOND ENDORSEMENT
BOND NO. 3SM 756 364 00
To be attached to and form a part of SUBDIVISION IMPROVEMENT Bond, issued
by the undersigned company, as Surety on behalf of J.M. PETERS COMPANY, INC.
as Principal, and in favor of
CITY OF LA QUINTA as Obligee,
Effective 11/20/1991, the Principal and the Surety hereby agree to amend the
attached Bond as follows:
4
BOND AMOUNT IS HEREBY REDUCED TO NOW READ:
TWO HUNDRED FORTY FOUR THOUSAND FIVE HUNDRED NINE
AND N0/100 ($244,509.00)
All else remains the same.
Provided that the liability under this endorsement shall be part of, and not
in addition to, the liability under the attached Bond, and in no event shall
be cumulative.
Nothing herein contained shall vary, alter or extend any of the provisions,
conditions, or other terms of this Bond except as above stated.
Signed, sealed and dated this 11TH day of NOVEMBER 1991.
ETERS v •
BY: Robert J.ra p
Vice President
a
c
ACCEPTED:
CITY OF LA QUINTA
y BY:
AMERIrCAN TORISTS INSURANCE COMPANY
BY:WI A J. SHUPPER
ATT RN Y IN FACT
Endorsement No:01
C
AMERICAN MOTORISTS INSURANCE COMPANY
SURETY BOND ENDORSEMENT
BOND NO. 3SM 757 199 00
To be attached to and form a part of SUBDIVISION IMPROVEMENT Bond, issued
by the undersigned company, as Surety on behalf of J.M. PETERS COMPANY, INC.
as Principal, and in favor of
CITY OF LA QUINTA as Obligee,
Effective 11/20/1991, the Principal and the Surety hereby agree to amend the
attached Bond as follows:
BOND AMOUNT IS HEREBY REDUCED TO NOW READ:
TWO HUNDRED THIRTY FOUR THOUSAND, ONE HUNDRED
NINETY FOUR AND N0/100 ($234,194.00)
All else remains the same.
Provided that the liability under this endorsement shall be part of, and not
in addition to, the liability under the attached Bond, and in no event shall
be cumulative.
Nothing herein contained shall vary, alter or extend any of the provisions,
conditions, or other terms of this Bond except as above stated.
Signed, sealed and dated this 11TH day of NOVEMBER 1991.
ERS C ANY, INC.
BY: Robert J. ap
Vice Presiden
ACCEPTED:
' CITY OF LA QUINTA
AMER AN MOTORISTS INSURANCE COMPANY
BY:WILL J. SHUPPER
ATTOR E IN FACT
BY:
Endorsement No:01
A • y
BOND NO, 3SM 757 199 00
PREMIUMt Included
in Performance Bond
LABOA AND MATERIAL PAYMENT BOND
(Subdivision),
KNOW ALL
MEN
BY THESE PRESENTS, That We,
J. M. Peters Company, Inc.
as Principal,
and AN M0TQ$1ST5JNURAN_C--
_COMPANY
Surety, are held and firmly bound unto . T e Clty of La Quinta, California
as Obligee, ,n the Burn 'of -ONE HUNDRED NINETY-EIGHT THOUS
�TlIV„QHUNDRED FIFTEEN
Dollars ($ 198,215 _. lawful money of the United
States, for the payment: of which sum well and ''ruly to be made, we
band ourselves jointly and severally, firmly by these presents.
THE CONDITION OF THE FOREGOING OBLIGATION 1S SUCH, That, whereas,
said Principal has entered into a Subdivision Agreement with said
obligee, dated .. , in which said Principal
agrees to construct designated public improvements, as follows:
STREET AND DRAINAGE IMPROVEMENTS
and, as a condition of approving said Subdivision, the Principal is
required to give a Labor and Material Payment Bond as herein provided.
NOW, THEREFORE, if said Principal or any contractor or subcontractor
fails to pay for any materials, provisions, or rented equipment used
in upon, or for or about the construction of the public .improvements
or performance of the work to be done, or for any work or labor done
of any kind, in or on such improvements, said Surety will pay the
sane in an amount not exceeding the sum set forth above and, in
addition, the Surety agrees to pay reasonable attorneys' fees in the
event that it becomes necessary to bring an action to enforce this
bond.
This bond shall inure tv the benefit of the contractor, his
subcontractors, and to persons renting equipment or furnishing labor
or materials to them for the improvementst
Signed and sealed on March 23, 1990
J.M. PETERS COMPANY, INC.
Vent r Principal
8 : Richard D. Bradshaw, Vice Pres
n Motorists Insurance Co.
S u re v
Wi iam J. Shupper
L/C 6-UNIQUE
Scot*labankorl"oF
THE BANK OF NOVA SCOTIA
New York Agency
One Liberty Plaza, New York, N.Y. 10006
Name of Issuer:
THE BANK OF NOVA SCOTIA
One Liberty Plaza
New York, New York 10006
Date and Place of Issue:
April 14, 1994
New York, New York
Applicant:
KSL Recreation Corporation (the
"Account Party") for the
account of:
KSL Landmark Corporation
56-140 PGA Blvd.
La Quinta, California 92253
Attn: Nola Dyal, Esq._
IRREVOCABLE STANDBY
LETTER OF CREDIT
NUMBER: 2185/94/80085
Date and Place of Expiry:
April 13, 1995
New York, New York
Beneficiary:
City of La Quinta
78-105 Calle Estado
La Quinta, CA 92253
Amount: $260,000.00
We hereby issue in your favor our irrevocable credit for the
account of KSL Landmark Corporation (the "Applicant"), which is
available for payment by your draft(s) at sight on The Bank of
Nova Scotia, ("Scotiabank"), One Liberty Plaza, 24th Floor, New
York, New York 10006 (Attention: Muriel Forde), accompanied by
the following documents:
Written statement, purportedly signed by the City
Manager of Beneficiary, stating that Applicant has failed to
comply with its obligations under that certain Subdivision
Improvement Agreement entered into between Beneficiary and
Landmark Land Company of California, Inc. (whose obligations
were assumed by the Applicant) for the purpose of
installation of traffic signals located at (1) Jefferson and
Avenue 50, (ii) Jefferson and project entrance, (iii)
Jefferson and Avenue 52, and (iv) Avenue 52 and project
entrance, in the City of La Quinta.
24107737.5 041394 1821E 93103976
Drafts submitted hereunder must be presented for payment at
e address set forth above.
This Irrevocable Standby Letter of Credit shall expire (the
"Expiry Date") on the earlier of (i) April 13, 1995 (and shall be
automatically renewed without amendment for one (1) year from the
date of this Irrevocable Standby Letter of Credit and annually
thereafter, unless sixty (60) days prior to any such date
Scotiabank notifies Beneficiary that it elects not to renew for
such additional term) and (ii) the delivery to Scotiabank of a
certificate purportedly signed by an officer or representative
(including the City Manager) of the Beneficiary stating that the
Beneficiary has accepted the above -referenced traffic signals.
Upon its termination, you shall promptly deliver the original
counterpart of this Irrevocable Standby Letter of Credit to us
for cancellation.
Special Conditions to Drawings under this Irrevocable
Standby Letter of Credit: All drafts must be marked as follows:
"Drawn under The Bank of Nova Scotia
Irrevocable Standby Letter of Credit
No. 2185/94/80085."
We engage with you that drafts drawn under and in conformity
with the terms of this credit will be duly honored on
presentation if presented by you at our office address above on
or before the Expiry Date. The original of this Irrevocable
Standby Letter of Credit must accompany the documents required
under this credit.
This credit is subject to the Uniform Customs and Practices
for Documentary Credits, 1993 Revision, International Chamber of
Commerce Publication No. 500.
THE E
By.
By.
24107737.5 041394 1824E 93103976 - 2 -
4 OUTSTANDING BOND REPORT
Name: Landmark Land Co/J.M. Peters Co
Tract No. 24890-1
Date of Contract: April 30, 1990
Required Bond Amounts:
$2,600,290
- on -site streets/dainage/perimteter landscaping
$1,300,145
- on -site streets/labor
$2,615,400
- off -site streets/drainage/median landscaping
$ 230,000
- Jefferson St. tunnel
$ 77,791
- sewer
$ 38,896
- sewer/labor
$ 118,348
- water
$ 59,174
- water/labor
$ 10,000
- monument
$ 50,000
- signal at Jefferson/50
$ 50,000
- signal at Jefferson/52
$ 80,000
- signal at Jefferson/Pomelo
$ 80,000
- signal at Cetrino/52
Dates of Bond Reductions:
Off -site improvements reduced to $2,039,821
(includes signals $ 260,000, sidewalks $181,470, 10% warranty $ 266,392, labor/materials security
$1,331,959)
Perimeter landscaping reduced
to $2,205,600 on 9/17/91
Grading reduced to $244,509 on 9/17/91
Street/Drainange reduced to $234,194 on 9/17/91 **
Water & Sewer (street/drainage
bond) reduced to $57,669 on 12/17/91
Outstanding Bonds:
Amount:
$ 10,000
$ 10,000
$ 2,400,000 - per.land
$1,200,000 - labor
$2,205,600 - per.land
$ 396,429 - str/drn
$ 198,215 - labor
$ 234,194 - str/drn
$2,845,387 -
$ 444,561 - grading
$ 244,509 -grading
$ 260,000 -
$ 258,930 - peri.wall
$ 239,040 - landscaping
Bond No.
3SM 757 366 00
3SM 757 366 00
3SM 757 806 00
3SM 757 806 00
3SM 757 806 00
3SM 757 199 00
3SM 757 199 00
3SM 757 199 00
LOC#2590
3SM 756 364 00
3SM 756 364 00
LOC #2185/94/80085
LOC #9788565
LOC #9788573
Date Cancelled/Released:
Replaced by JMPeters bond
Reduced 9/17/91
Released 9/9/99
Released 9/9/99
Reduced 9/17/91
Reduced 9/17/91
Released 2/19/99
Released 2/19/99
Name of Issuer:
OAK TREE SAVINGS BANK ("Oak Tree")
233 Carondelet Street
New Orleans, LA 70130
Date and Place of Issue:
April 3, 1990
New Orleans, Louisiana
Applicant:
Landmark Land Co. of California, Inc.
78-140 Calle Tampico
La Quinta, California 92253
Attn: Legal Department
IRREVOCABLE DOCUMENTARY
LETTER OF CREDIT
NUMBER: • 2590
Date and Place of Expiry;
April 3, 1991
New Orleans, Louisiana
3eneficiary:
City of La Quinta
78-105 Calle Estado
La Quinta, CA 92253
Amount:$2,845,387.00
We hereby issue In your favor our irrevocable credit for the account of
Applicant, which is available for pa,�ment by your draft(s) at sight on Oaf:
Tree Savings Bank, 233 Carondelet Street, New Orleans, Louisiana 70130,
accompanied by the following documents:
Written statement, signed by the City Manager of Beneficiary, stating that Applicant has
failed to comply with its obligations under that certain Subdivision Improvement
Agreement to be entered into between Beneficiary and Applicant for construction of
street improvements on, under or through (i) Jefferson Street, (ii) Avenue 52, and (iii)
Calle Rondo, in the City of La Quinta.
Drafts submitted hereunder may be presented for payment at the address set forth above
or to Oak Tree Mortgage Company, 74-333 Highway 111, Suite 102, Palm Desert, California
92260.
This Irrevocable Documentary Letter of Credit shall expire on April 3, 1991, and shall
be automatically renewed without amendment for one (1) year from the date of this
Irrevocable Documentary Letter of Credit and annually thereafter, unless sixty (60) days
prior to any such date Oak Tree notifies Beneficiary that it elects not to renew for
such additional term. Notwithstanding anything contained.herein to the contrary, this
Irrevocable Documentary Letter of Credit shall expire upon written acceptance by
Beneficiary of the above -referenced street improvements.
Special Conditions:
All drafts must be marked:
"Drawn under Oak Tree Savings Bank 2590
Irrevocable Documentary Letter of Credit No.
We engage with you that drafts drawn under and in conformlt- with the terms
of this credit will be duly honored on presentation if presented by you at
our office address above on or before the Expiry Date. The original of
this Irrevocable Documentary Letter of Credit must accompany the documents
required tinder this credit.
This credit is subject to the Uniform Customs and Practices for Documentar"r
Credits, 1983 Revision, International Chamber of Commerce Publication No.
400.
A ho ized Signature