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24890-6 JM Peters 90CITY OF LA QUINTA SUBDIVISION IMPROVEMENT AGREEMENT THIS AGREEMENT, made and entered into this day of � �`'� 19 `-t , by and between J.M.Peters Company, Inc . 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. 24890-6 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 public utility use ; and WHEREAS, Subdivider, by said map, has offered for dedication to City for public utility use certain easements shown on said map; and WHEREAS, City desires to accept the easements shown on said map for public utility use; 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 WHEREAS, the total cost of such improvements has been estimated by the City Engineer to be approximately $365,620.00 Dollars; 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 easements, as shown on the "Improvement Plans for Tract No.24890-611; 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. SUBDIVISION IMPROVEMENT AGREEMENT - Tract 24890-6 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 $623,700.00 dollars to assure the faithful performance of this Agreement, said security class hereinafter referred to as "Performance Bond(s)", and one security to be in the aggregate sum of $302,000.00dollars 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 two (2) separate Performance Bonds and a minimum of one (1)separate Payment Bonds as identified by the respective Bond Groups shown in Exhibit W. 3. Subdivider shall commence the construction and installation of said improvements within ninety (90) days from the approval of such "Improvement Plans" for Tract No. 24890-6 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. 4. 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. 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. SUBDIVISION IMPROVEMENT AGREEMENT - Tract 24890-6 Page 3 5. The City Engineer, or his duly authorized representative, upon written request of Subdivider, shall inspect the Streets and improvements 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. 6. Subdivider shall complete such improvements 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. 9. 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. 10. 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. 11. In the event that the Subdivider fails to perform any obligation hereunder within sixty (60) days after the City has mailed written Notice of Default to the Subdivider at the address given below, the Subdivider authorizes City to perform such obligation and agrees to pay the entire cost of such performance by City. 12. 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. 13. 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 Subdivider's performance hereinunder in the construction of the improvements agreed to be constructed and installed hereunder by the Subdivider, including costs of suit and reasonable attorney's fees. SUBDIVISION IMPROVEMENT AGREEMENT - Tract 24890-6 Page 4 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above. CITY OF LA IN A By: onald L. Kiedrowski City Manager ATTEST: r City Clerk SUBDIVIDER: By: Y J Peters Com any, Inc. By. Subscribed and Sworn to before me this 19�_ . Seal of Notary I (Y_ REVIEWED AND APPROVED Address: 12526 High Bluff Drive, Ste. 280 San Diego, CA 92130 day of� OFFICIAL SEAL ROBERTA M. KERN NOTARY PUBLIC - CALIFORNIA �l PRINCIPAL OFFICE IN ORANGE COUNTY My Commission Exp. Oct. 10, 1992 Cif ngineer tl•/4 - 9© Date SUBDIVISION IMPROVEMENT AGREEMENT-24890-6 Page 5 EXHIBIT A Estimated Value of Improvement Items BOND IMPROVEMENT DESCRIPTION PERFORMANCE PAYMENT GROUP BOND BOND 1 On -site streets and Drainage $365,620 182,810 Improvements Sanitary sewer facilities 106,456 53,228 Domestic water facilities 131,924 65,962 2 Survey monuments 19,700 -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 = $ 604,000 $ 302,000 Bond Group 2 - Totals = 19,700 -0- GRAND TOTALS = $ 623,700 $ 302,000 RIDER TO DECREASE BOND AMOUNT This Rider is to be attached to and form part of Performance Bond Bond Number: 190354935 on behalf of BHC Residential, LLC (formally knows as: Desert Housing, LLC) as Principal in favor of City of La Quinta, State of California as Obligee, effective July 28, 1998 IT IS HEREBY UNDERSTOOD AND AGREED, That, The penal sum of this bond is decreased from Six Hundred Twenty -Three Thousand Seven Hundred and no/100 ($623,700.00) Dollars to Three Hundred Eleven Thousand Eight Hundred Fifty and no/100 ($311,850.00) effective 27th day of September, 2000. PROVIDED, HOWEVER, That all other terms and conditions of the attached bond are to remain unchanged. Si(med, sealed and dated this 30th day of October, 2000. BHC Residential, LLC Bv: Brookfield BHC Residential, Inc. Mana t'.Member (Principal) Nation it Insurance Company of Fjartford Bv:44 Rosemarie Guanill, Attorney -in -Fact (Sur ) Bond No. 190354935 Premium: $3,430.00 Performance Bond Council of the City of La Quinta, State of California, and I Meters __ ___ , hereinafter designated as "Subdivider" have entered into an agreement dated commim1990, for construction of certain improvements associated with Tract .Z g4-9Q-66, which said agreement is hereby included by reference; and Whereas, Desert Hou inz LLC, hereinafter designated as "Principal", agrees to furnish security in guarantee of the completion of sal arna �I Insurance S. Now, therefore, we, the principal and .ram an17 nf uar fOrd____, as surety, are held and firmly bound unto the City of La Quinta, hereinafter called "Obligee", in the penal sum of Six hlmdn .,,._ tv—±hme thMand CP_'Vrt'1 hung d and no1100 dollars ($623 ) lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our resents. heirs, successors, executors and administrators, jointly and severally, firmly by these p 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 VWy keep and perform the covenants, conditions and provisions in the said agreement and any alteration thereof made as therein provided, on his or their respects according to their true intent and meaning, and shall indemnify and save harmless the City of La Quints, 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 a-t icy's fees, incurred by the City in successfully enforcing such obligation, all to be taxed as costs and included in any judgement rendered. 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 obligations 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. In witness whereof, this instrument has been duly executed by the principal and surety above nafined, on July 28 , 1998 . DESERT HOUSING, LLC By NATIONAL FIRE INSURANCE COMPANY OF HARTFORD By�f&AWJ4e ancy L. Ha ilton, Attorney -in -Fact Bond No. 190354935 Premium Included in Performance Bond Labor & Material Bond Whereas, the City Council of the City of La Quinta; State of California, and ,�-M- Pe ters OgMaM Inc_, hereinafter designated as "Subdivider" have entered into an agreement dated July-3 I . � - for construction of certain improvements associated with area 890-6, which said agreement is hereby included by reference; and Whereas under the terms of said agreement, Subdivider is required to furnish payment security with the City of La Quints 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; and Whereas, ing.,=, hereinafter designated as "Principal", agrees to furnish said payment security. Now, therefore, said principal and the undersigned as corporate surety, are held firmly bound unto the City of La Quints and all contractors, subcontractors, laborers, materialmen and other persons employed in the performance of the aforesaid agreement and referred to in the aforesaid Code of Civil Procedure in the sum of Three hunted two 1hgusand and no1100 dollars ($302.000.00), for materials furnished or labor thereon of any kind, or for amounts due under the Uriemployment 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 bond, will pay, in addition to the face amount thereof, costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by the 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 judgement therein roadered. 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 3092) 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. The surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of said agreement or the specifications accompanying the same shall in any manim affect its obligations on this bond, and it does hereby waive notice of any such change, extension, alteration or addition. In witness whereof, this instrument has been duly executed by the principal and surety above named, on July 28 , 1998 . DESERT HOUSING LLC r By NATIONAL FIRE INSURANCE COMPANY OF HARTF RD By J G/•� Nancy L. Ha ilton, 'Attorney -in -Fact OUTSTANDING BOND REPORT Name: J.M. Peters Company Tract No. 24890-6 Date of Contract: July, 31, 1990 Required Bond Amounts: $365,620 - on -site streets/drainage $182,810 - labor $106,456 - sewer $ 53,228 - labor $131,924 - water $ 65,962 - labor 519 700 - monuments ff Dates of Bond Reductions: Outstanding Bonds: Amount: Bond No. $ 19,700 3SM 760 054 00 $ 604,000 $ 302,000 $ 925,700 $ 604,000 $ 302,000 $ 19,700 $ 623,700 $302,000 $311,850 (rider) 3SM 759 291 00 3SM 759 291 00 LOC #9790071 4981-FP 4981-FP 4982-FP #190354935 #190354935 #190354935 Date Cancelled/Released: replaced 7/10/97 by LOC #9790071 replaced 7/10/97 by LOC #9790071 replaced 7/10/97 by LOC #9790071 replaced 8/26/97 with Bond Nos. 4981, 4982 replaced 8/5/97 by Bond # 190354935 replaced 8/5/97 by Bond #190354935 replaced 8/5/7 by Bond #190354935 rider received 11 /20/00