25865 Washington/Adams 91ing -> 13COUNCIL MEETING DATE: November 16, 1993 AGENDA CATEGORY:
ITEM TITLE: PUBLIC HEARING:
Final Acceptance of Improvements and Release of Security BUSINESS SESSION:
for Parcel Map 25865 One-Eleven Ia Quinta Center,
Washington/Adams Partnership CONSENT CALENDAR:
STUDY SESSION:
SUAAARY:
The Owner Participation Agreement between the City and Washington/Adams Partnership commits up
to $3,731,000 in Redevelopment Agency funds for construction of off-site street and drainage
improvements. Because these improvements were guaranteed" by the Redevelopment Agency, they
were not secured as part of the Subdivision Improvement Agreement SIA). The SIA required
$1,989,847 in performance security and $987,424 in labor and materials security for utilities, on-site
grading and drainage, perimeter landscaping, and monumentation.
On January 5, 1992, the City Council authorized release of $1,603,456 in performance security to
account for improvements completed at that time reserving $386,391 for completion of the remaining
improvements. With the exception of monumentation, the remaining improvements are now complete.
Monumentation will be completed as individual parcels are sold and final lot configurations within the
development are finalized. This is expected to occur within the next two years.
Staff proposes to retain $15,000 in monumentation security until required certifications are received and
$83,304 in warranty security until the end of the one-year warranty period November 16, 1994). The
balance of the remaining $386,391 in performance security $288,087) may be released at this time. The
$987,424 in labor and material security will be held until the end of the 90-day statutory period for the
filing of liens.
FISCAL IMPLICATIONS: APPROVED BY:
None.
RECOMMENDATION:
Accept the Subdivision Improvement Agreement improvements for Parcel Map 25865 and authorize
release of related security as shown in this staff report.
Submitted by: Approved for submission to
City Council:
f??t 4(LL??
Siqnature Robert L. Hunt
City Manager
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SENT BY:Xerox Telecopier 7020 ; 6-27-91 ; 4:04PM 5645617-+ 213 320 9242;# 2
CITY OF LA QUINTA
IMPROVEMENT AGREEMENT
THIS AGREEMENT, made and entered into this a-3
Rp day of 1991,
by and between Washington/Adams Limited Partnership, a California Limited Partnership hereinafter referred
to as "Developer," and the City of La Quinta, a municipal corporation of the State of California, hereinafter
referred to as "City."
WITNESSETH:
WHEREAS, Developer has prapared and filed a map of a parcel of land in the City of La Quinta, County of
Riverside, which parcel is known as Parcel No. 25865; and
WHEREAS, Developer has offered for dedication certain rights of way and easements within said parcel and
has prepared plans and specifications for improvements associated with said parcel; and
WHEREAS, prior to approval of said map, Developer is required to install or agree to install certain public
and private improvements as set forth in the City Council Conditions of Approval, dated April 17, 1990,
and the Owner Participation Agreement (OPA), dated March 21, 1991, related to Specific Plan 89-014 and
Parcel Map 25865, which documents are incorporated herein by reference; and
WHEREAS, the requisite improvements have not been installed and accepted; and
WHEREAS, it is therefore necessary that Developer and City enter into an agreement as provided in Chapter
13 of the La Quinta Municipal Code,
NOW, THEREFORE, it is agreed by and between the parties hereto as follows:
1. Except as otherwise provided herein, the development of this parcel shall comply with the provisions
of the La Quinta Municipal Code.
2. Developer shall construct the street, drainage, storm channel, electrical, well site, landscaping,
domestic water, sanitary sewer and other improvements required to be constructed or agreed to be
constructed under this Agreement, and bear the full cost thereof subject to reimbursement as provided in
the OPA. The methods, standards, specifications, sequence, and scheduling of construction shall be as
approved by the City Engineer.
3. Developer shall furnish securities as outlined in Exhibit A which is attached hereto and made a part
hereof. One class of security, 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, hereinafter referred to as "payment security," shall assure payment of the cost of labor,
equipment and materials supplied to construct the required improvements.
Security may be furnished in the form of a cash deposit with or in favor of City or in the form of bonds
and/or letters of credit satisfactory in form and substance to the City Attorney, executed by a corporation
authorized to transact surety business in the State of Califomia.
Bonds: Separate bonds shall be furnished for performance security and payment security. Performance
bonding shall equal 100 percent of the estimated value of the required improvements and work.
Payment bonding shall equal 50 percent of the amount of performance bonding except as otherwise
set forth in Exhibit A.
Letter, o f Credit and Cash Deposits: Letters of credit and cash deposits shall be furnished in the
amount of 150 percent of the estimated value of the required improvements and work. Two thirds of
the total amount shall be applicable as performance security and one-third as payment security.
4. In lieu of furnishing securities in guarantee of improved on -site parking and access routes, Developer
hereby agrees that no interior parcel will be conveyed without providing hard -surfaced access routes to
approved access points to public streets.
5. 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.
6. Developer shall construct the required improvements within the time schedule outlined in the
Conditions of Approval as modified by the OPA.
7. Upon completion of the improvements required herein, Developer shall submit to City a written
request for final approval of the improvements. The request shall be accompanied by a certification,
stamped by a Registered Civil Engineer licensed in the State of California, that all required improvements
have been installed and are in accordance with the approved plans and specifications.
SENT BY:Xerox Telecopier 7020 ; 6-27-91 ; 4:05PM 5645617-+ 213 320 9242;# 3
Upon receipt of said request, the City Engineer or a duly authorized representative shall inspect the
improvements. If the improvements are determined to be in accordance with applicable standards and
specifications, and as provided herein, the City Engineer shall recommend approval and acceptance of the
improvements by City or other appropriate public agency.
8. When the improvements have been inspected and approved by the City Engineer or other appropriate
public agency, Developer shall make any necessary revisions to the original plans held by City so the plans
depict the actual improvements. 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.
9. Developer hereby guarantees the improvements for a period of one year, beginning on the date of
acceptance of the improvements by the City Council, against any defective work or labor done, or defective
materials furnished, and shall repair or replace defective work or materials.
10. City shall retain ten percent of the performance security for one year following acceptance of the
improvements to support the guarantee of the improvements.
11. City shall retain and release payment security in accordance with Chapter 13 of the La Quinta
Municipal Code. Prior to the release of payment security, Developer shall 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. If Developer fails to perform any obligation hereunder, City may perform such obligation sixty days
after mailing written Notice of Default to Developer at the address given below, and Developer shall pay
the entire cost of such performance by City including costs of suit and reasonable attorney's fees,
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 days shall be waived and all other provisions of
this Article shall remain in effect.
13. Developer hereby binds itself, its executors, administrators, guarantors, and assigns, and agrees
to indemnify, defend and hold 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 Developer's performance
hereinunder, including costs of suit and reasonable attorney's fees.
14. In the event that any requirement or condition of this Agreement is inconsistent with provisions
of the Conditions of Approval or the OPA, the provisions of the Conditions of Approval as modified by the
OPA shall prevail. In all other respects, this Agreement is subject to all actions and remedies
15. In the event that any requirements or conditions of this Agreement are determined or declared
unenforceable or inconsistent with the provisions of law, all other requirements and conditions herein shall
remain in full force and effect.
25965 Improvement Agreement Page 2 of 4
SENT BY:Xerox Telecopier 7020 ; 6-27-91 ; 4:06PM 5645617-y 213 320 9242;# 4
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
written above.
CITY OF to QUINTA:
;ATE : Clerk
Developer:
Ronald L. Kledrowski
City Manager
ADDRESS:
WASHINGTON/ADAMS, L.P.,, a California
limited partnership
By: SC ENTERPRISES, a California
limited partnership, g ral partner
Shurl Curci, general partner
For Developer:
2377 Crenshaw Boulevard
Suite 300
Torrance, CA 90501
On this Jam` day of r , 19 / , before me, the undersigned, a Notary Public
for the State of California, did personally ap .
sz ail oL Gu.e
representing �l1f+S�.rf'r.- ��i .� , G •�:
who proved to me on the basis of satisfactory evidence to be the persons) whose name(s) islare subscribed hereinabove.
Seal of Notary
OFFICIAL SEAL
TRUDY W. SMITH Signature of No
• NOTARY PUSUC • CAUFORNIA
Los ANGBES COUNTY
My Comm Expims Nov. 1,1991 r)
Print Name
Reviewed and Approved:
6s —g3 —Q
Date
25965 liTrovement Agmemeat Page 3 of 4
SENT BY:Xerox Telecopier 7020 ; 6-27-91 ; 4:07PM ; 5645617-► 213 320 9242;# 5
EXHIBIT A
Security
Prior to recordation of the final map, Developer shall furnish performance and payment securities for
infrastructure improvements identified below. Developer will not be required to provide security for
Agency Infrastructure Improvements identified in the OPA. Developer shall obtain performance and
payment security from the general contractor or contractors furnishing labor, equipment or materials
in constructing the Agency Infrastructure Improvements.
A maximum of three partial releases of performance security may be granted. Requests for partial
releases, setting forth in detail the amount of work completed, and the value thereof, shall be made
in writing to the City Engineer.
Payment security shall be held, in full, until the end of the statutory period for the filing of labor and
materials liens.
Improvement Descriglion
Performance
Payment
On -site grading
$217,500
$108,750
On -site storm drain
162,250
81,125
On- and off -site water system
603,000
301,500
On- and off -site sewer system
304,225
152,113
Electrical
234,579
117,290
Perimeter Landscape
453,293
226,646
Monumentation
15,000
0
Total Security:
$1,989,847
$987,424
Y
e®/
Subdivision Bond
Faithful Performance
Bond Number 3SM 772 147 00
Premium $ 39,797.00
AMERICAN MOTORISTS INSURANCE COMPANY
SUBDIVISION BOND
KNOW ALL MEN BY THESE PRESENTS:
That WASHINGTON/ADAMS L.P
as Principal, and AMERICAN MOTORISTS INSURANCE COMPANY
a corporation organized and existing under the laws of Illinois and authori-
zed to transact Surety business in the State of CALIFORNIA as Surety,
held firmly bound unto CITY OF LA QUINTA
in the sum of ONE MILLION, NINE HUNDRED EIGHTY NINE THOUSAND,
EIGHT HUNDRED FORTY SEVEN AND NO/100 Dollars ($ 1,989,847.00),
for the payment whereof, well and truly to be made, said Principal and
Surety bind themselves, their heirs, administrators, successors, and assigns
jointly and severally, firmly by these presents.
The condition of the foregoing obligation is such that, whereas
thew above -
bounden Principal has entered into a contract, date
ith the
obligee to do and perform the following work, to -wit:
TRACT 25865, GRADING, STORM DRAIN, WATER/SEWER SYS
ELECTRICAL, PARIMETER LANDSCAPE, MONUMENTATION
NOW, THEREFORE, if the above -bounden Principal shall well and truly perform
the work contracted to be performed under said contract, then this obligati-
on shall be void; otherwise to remain in full force and effect.
SIGNED and SEALED this 22ND day of AUGUST 1991.
WASHINGTON/ADAMS L.P.
By: SC Enterprises
BY.
Shurl Curd, , General Pa tnerlit
AMERICAN MOTORISTS INSURANCE COMPANY
BY: V
WILLIA J. SHUPPER
ATTORNEY FACT
Please direct all Correspondence to:
Lou Jones & Associates
P.O. Box 41375
Los Angeles, Ca 90041
213-257-8291
ivision Bond
r & Material/Payment
Bond Number 3SM 772 147 00
AMERICAN MOTORISTS INSURANCE COMPANY
SUBDIVISION BOND
KNOW ALL MEN BY THESE PRESENTS:
That we,WASHINGTON/ADAMS L.P.
as Principal,
and AMERICAN MOTORISTS INSURANCE COMPANY, as Surety, are held
and firmly bound unto CITY OF LA QUINTA
in the sum of NINE HUNDRED EIGHTY SEVEN, FOUR HUNDRED TWENTY
as Obligee 00)
424
987,.,
FOUR AND N0/100 ($ a ment of which sum well and
lawful money of the United Sfor
intlypand severally, firmly by these
truly to be made, We bind ourselves7o
presents. Whereas, said
THE CONDITION OF THIS OBLIGATION IS SUCH, That,
entered into a Subdivision Agreement with the Obligee,dated
public
in which said Principal agrees to construct desig P
as follows: WATER/SEWER SYS
TRACT 25865, GRADING, STORM DRAIN,
ELECTRICAL, PARIMETER LANDSCAPE, MONUMENTATION
Principal has
XX/XX/1991,
improvements,
and, as a cond
ition of approving said Subdivision, the Principal is required
to give a Labor and Material Payment Bond as herein provided.
ORE if said Principal or and contractor or subcontractor fails
NOW, THEREFORE, equipment use P
to pay for any materials, provisions, or rented equip performance of
or
for or about the construction of the public
doneimprovements
kindr pn or on such
the work to be done, or any work or labor
is said Surety will pay the same in an amount not exceeding the
improvemen ,
sum set forth above. his subcontractors,
This bond shall inure to the benefit of the conlaboro& materials to them for
and to persons renting equipment or furnishing
the improvements.
Signed and sealed on AUGUST 22ND 1991.
WASHINGTON/ADAMS L.P.
By: SC Enterprises
Shurl Curd, General artner/v�
AMERICAN MOTORISTS INSURANCE COM
PANY
By:
WILLI SHUPPER
Attorne in Fact
Please direct all correspondence to:
Lou Jones & Associates
P.O. Box 41375
Los Angeles, Ca 90041
213-257-8291
LIEN AGREEMENT
Addendum No. 1 to the Subdivision Improvement Agreement for Tract 25865
THIS LIEN REEM NT (the "Agreement") is made and entered into this /�� day
of 2C , 19 .3 by and between Washington/Adams
Partnership, a California General Partnership (the "Owner"), and the City of La Quinta, a municipal
corporation of the State of California (the "City").
RECITALS
A. Owner is the owner in fee of real property in the City of La Quinta, County of Riverside,
State of California, more particularly described as follows:
Map 25865
Parcel No.
Collateral Value
Release Price
7
$350,000
$89,741
10
648,000
166,148
11
497,000
127,432
12
490,000
125,637
13
450,000
115,381
14
650,000
166,661
$3,085,000
$791,000
B. Owner and City, have entered into a Subdivision Improvement Agreement (the "SIA") for
Parcel Map 25865 - One -Eleven La Quinta Center whereby Owner is responsible to design and
construct certain improvements required of said Parcel Map (the "Improvements"). The La Quinta
Redevelopment Agency ("Agency") has entered into an Owner Participation Agreement (the "OPA)
with Owner whereby Agency will provide reimbursement of Owner's costs for design and
construction of the Improvements in an amount not to exceed Three Million Seven Hundred Thirty
One Dollars ($3,731,000) (the "Agency Reimbursement Amount").
C. It is estimated that the cost for design and construction of the Improvements may exceed
the Agency Reimbursement Amount by Seven Hundred Ninety One Thousand Dollars ($791,000)
(the "Excess Amount"), which Excess Amount is the sole responsibility of Owner.
D. Pursuant to the OPA, Owner desires to receive partial reimbursements from the Agency
Reimbursement Amount based on Owner's progress in constructing the Improvements.
E. Agency has agreed to grant partial reimbursements upon provision, by Owner, of security
to City in guarantee of payment of the Excess Amount.
F. Owner agrees to guarantee payment of the Excess Amount by means this Agreement filed
with and in favor of City.
NOW, THEREFORE, the parties hereto agree as follows:
1. In consideration of the granting of partial reimbursements by Agency from the Agency
Reimbursement Amount, Owner does hereby grant, transfer and assign unto City a lien with a
power of sale upon the real property described in Section A, hereinabove, which lien shall include
all buildings and improvements thereon, or that may be erected on said property, together with
Parcel Map 25865 as recorded 27 August 1991, Bk 172, Pp 21-27, Riverside County Book of Parcel Maps.
La Quinta, Washington Adams Lien Agreement Page 1 of 4
all hereditaments, and appurtenances thereunto belonging, or in any wise appertaining, and the
reservations, remainders, rents, issues and profits thereof.
2. The lien of City and the trust deed hereinafter mentioned is given to City as security for
the faithful performance of all terms, conditions, and covenants of the Agreement hereinafter set
forth; any and all advances or expenditures required by City to be made in causing the installation
of said improvements in the event the same shall not be done by Owner as hereinafter provided
in this Agreement, the SIA, and the OPA, together with all advances required to be made by City
in paying liens prior to this Agreement, taxes and assessments, if any, services performed in the
care of said premises, premium for fire insurance on buildings, and in case of default and
foreclosure, searching the title therefor, fees for legal services, assessments and costs of suits,
and all liabilities incurred for the protection of the indebtedness secured until the same is fully paid.
3. The above notwithstanding, City may demand payment by Owner of the Excess Amount
at any time after issuance of a valid contract for improvements to State Route 111 which are
required by the SIA, or after the requirement by Caltrans that funds for said improvement of
Highway 111 be deposited, whichever is earlier. Subject to the above conditions, this demand
may be made at any time that City in its discretion so determines and City's determination in this
matter shall be conclusive and not subject to rebuttal by Owner. If the Excess Amount is not paid
within ninety (90) days after written demand by City for the said sum, Owner shall be deemed in
default.
4. In the event that Owner shall fail, refuse or neglect to comply with any terms, covenants
or provisions herein contained, City is authorized and may elect, subject only to the provisions of
law in connection herewith, to forward information concerning the amount which is in default to
the trustee and declare all sums secured by this Agreement and the trust deed executed
concurrently with this Agreement bearing the same date immediately due and payable and send
to the trustee a declaration of default and demand for sale in pursuance to the terms of said trust
deed and the law made and provided and as a cumulative remedy to do the following act or acts
which City is by the execution hereof empowered to do:
(a) To procure insurance on the buildings for the benefit of City:
(b) To enter upon the premises, if neglected or abandoned, to care for and cultivate the
same;
(c) To pay all liens or encumbrances that are prior to this Agreement, including all taxes
and assessments due upon said premises;
(d) To advance money for any purpose necessary to protect said premises;
(e) To commence an action to foreclose this Agreement and lien when any obligation or
money secured hereby is due, owing and payable under the terms hereof;
(f) That as additional security, Owner and undersigned hereby confer upon the holder of
this Agreement, during the continuance thereof, and in the event of default thereunder, the right
to collect the rents, issues and profits of said property, and to retain the same to the extent
required to satisfy this Agreement;
(g) Upon default by Owner in payment of any indebtedness secured hereby or in
performance of any agreement hereunder, City may declare all sums secured hereby immediately
due and payable by recordation of a written Notice of Default and Demand for Sale and of written
Notice of Default and of Election to Cause said Property to be Sold, which notice City shall cause
to be filed for record.
La Quinta, Washington Adams Lien Agreement Page 2 of 4
City shall give notice of sale as then required by law, without demand on Owner, and after
at least three (3) months have elapsed after recordation of such Notice of Default, shall sell said
property at the time and place of sale fixed by it in said Notice of Sale, either as a whole or in
separate parcels and in such order as it may determine, at public auction to the highest bidder for
cash in lawful money of the United States, payable at time of sale. City may postpone sale of all
or any portion of said property by public announcement at such time and place of sale, and from
time to time thereafter may postpone such sale by public announcement at the time fixed by the
preceding postponement. City shall deliver to such purchaser its deed conveying the property so
sold, but without any covenant or warranty, expressed or implied. The recitals in such deed of
any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including
Owner or City, may purchase at such sale.
After deducting all costs, fees and expenses of City, including cost of evidence of title in
connection with sale, City shall apply the proceeds of sale to payment of all sums expended under
the terms hereof, not then repaid, with accrued interest at ten percent 0 0%) per annum; all other
sums then secured hereby; and the remainder, if any, to the person or persons legally entitled
thereto.
5. Owner and the undersigned covenant and agree that they have a fee title in and to the
property described in Section A free and clear of all encumbrances senior to this lien ("senior
encumbrances"); that they will not place or authorize to be placed any senior encumbrances on
said property; that they will immediately remove any further senior encumbrances which may be
placed by others without Owner's authorization; and that if Owner fails to comply with the
provisions of this section without the express written consent of City, the same shall constitute
a default hereunder and City shall have the right to declare all sums due hereunder immediately
due and payable and to the remedies described in Section 4.
6. The parties hereto are contemplating the formation of an assessment district to guarantee
payment of the Excess Amount. If the assessment district is formed, and payment of the Excess
Amount is thereby guaranteed to City's satisfaction, City agrees to release the liens hereby
established.
7. Owner may provide to City cash payment or alternate security acceptable to City in the
amount of the Release Price listed in Section A for any parcel or parcels and City shall release said
parcel or parcels from the terms of this Agreement.
8. At such time that Owner funds the design of the Improvements, which design is estimated
to cost $275,000, the Excess Amount shall be reduced by $275,000 and City will release parcels
of Owner's choice provided that the aggregate of the Release Prices of the released parcels does
not exceed $275,000.
9. The provisions of this Agreement shall remain in effect until the Improvements are
constructed and approved by City and payment is made therefor, until an assessment district is
formed in accordance with Section 6, hereinabove, or until completion of the Improvements is
guaranteed by other means acceptable to City.
10. The covenants and agreements contained herein shall be binding upon the parties hereto,
their heirs, successors and assigns and shall run with the land herein described.
11. Owner shall record, at its sole cost and expense, a Request for Notice signed by City
requesting notice of any delinquency or default with respect to any senior encumbrances on the
property.
12. This Agreement hereby modifies the provisions of the SIA and shall become apart thereof.
La Quinta, Washington Adams Lien Agreement Page 3 of 4
IN WITNESS WHEREOF, Owner has caused this Agreement to be signed on the day and year
first above written.
City has caused this Agreement to be signed by it's Mayor by virtue of authority granted by
the City Council on January 5, 1993.
Approved as to Form:
City Attorne
Owner: WASHINGTON/ADAMS PARTNERSHIP
By: SC ENTERPRISES, a California Limited Partnership, General Partner
By: AM*A0. &w;
Shurl Curci, General Partner
N cf &z�
j. � i/
/ 0� • •'��
By: WASHINGTON PLAZA ASSOCIATES, a California General Partnership,
General Partner
By: htl
Mich J. S lir*- eneral Partner
La Quinta, Washington Adams Lien Agreement Page 4 of 4
STATE OF CALIFORNIA )
ss.
COUNTY OF
On �-ebr u% ry �6 . l`t43 , before me, �-t r,r.v �, , U et- MaCti{� , Notary Public,
personally appeared ;chaa.� S�io��:n
C9L personally known to me -- OR --
❑ proved to me on the basis of satisfactory evidence
to be the person(s) whose name(s) is/are subscribed hereinabove and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on this instrument the person(s), or the entity upon behalf of which the person(s) acted,
executed the instrument.
Witness my hand and official seal.
AWE. FUERMANN
Nowt' PubNo-CoN arNa
LOS ANGELES COUNTY
MSC 4=WV . =Pk" APR 41.1M
(Signature of Notary)
CAPACITY CLAIMED BY SIGNER:
❑ Individual
❑ Corporate Officer(s):
Title(s)
❑ Partner(s): ❑ Limited ❑ General
❑ Attorney -in -Fact
❑ Trustee(s)
❑ Guardian/Conservator
❑ Other:
SIGNER IS REPRESENTING [Name of Person(s) or Entity(ies)]:
ATTENTION NOTARY: Although the information requested below is OPTIONAL, it could prevent
fraudulent attachment of this certificate to another document.
Title or Type of Document Ltd R!a (`aQ.m eA
THIS CERTIFICATE
MUST BE ATTACHED Number of Pages
TO THE DOCUMENT Date of Document
DESCRIBED AT RIGHT: Signer(s) Other Than Named Above: SkNur\ Gc,rc: Gov
sober Q. G,iW Oar h�, s a���c�a,�, : - JCL
STATE OF CALIFORNIA )
SS.
COUNTY OF q )
On ' @t�oy umrX 1 b, V 3 , before me, r,nv _ '� v er- Mg(\ 0 , Notary Public,
personally appeared '?,ObOgp4o, Y. G7%j�\;!RcLt, 4or Shur\ C.urc.l
,personally known to me -- OR --
❑ proved to me on the basis of satisfactory evidence
to be the person(s) whose name(s) is/are subscribed hereinabove and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on this instrument the person(s), or the entity upon behalf of which the person(s) acted,
executed the instrument.
Witness my hand and official seal.
•" AMY E. FUERMANN
1
Q saw" comm. #M198 �
z Notary Publio-V fifornia A
r LOS ANGELES COUNTY
•�;• M►y comm. expires APR 01,19%
Signature of Notary)
CAPACITY CLAIMED BY SIGNER:
❑ Individual
❑ Corporate Officer(s):
Title(s)
❑ Partner(s): ❑ Limited ❑ General
❑ Attorney -in -Fact
❑ Trustee(s)
❑ Guardian/Conservator
❑ Other:
SIGNER IS REPRESENTING [Name of Person(s) or Entity(ies)l:
ATTENTION NOTARY: Although the information requested below is OPTIONAL, it could prevent
fraudulent attachment of this certificate to another document.
Title or Type of Document 1..,'C, r--�M 4J..-A
THIS CERTIFICATE
MUST BE ATTACHED Number of Pages
TO THE DOCUMENT Date of Document
DESCRIBED AT RIGHT: Signer(s) Other Than Named Above: )bn 4&.6ge\ n
MEMORANDUM
Saundra Juhola
City Clerk
Fred Bouma
Associate Engineer
April 19, 1996
T: Security for Parcel Map 25865
The attached Letter of Credit is received pursuant to Paragraph E of the Lien
Agreement between Washington/Adams Partnership (dated 16 April 1993) . The
liens and/or escrow funds outlined in the agreement are replaced in full by this
Letter of Credit. The Lien Agreement itself remains in full force and effect and
provides the framework for retention of this security.
I have notified Stewart Title that funds held in the City's benefit may be released.
The agreement and an associated Subordination of Liens have never been
recorded. Therefore, no action is required to "release" the remaining liens.
fb
Operations Group
Southern California
9000 Flair Drive, 3rd Floor
El Monte, CA 91731
DATE: APRIL 18, 1996
BENEFICIARY:
CITY OF LA QUINTA
78-495 CALLE TAMPICO
LA QUINTA, CA 92253
ATTN: FRED BOUMA, ASSOC. ENGINEER
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PAGE: 1
AMENDMENT TO CREDIT NO.
SAS227483
AMENDMENT NUMBER: 1
APPLICANT:
WASHINGTON PLAZA ASSOCIATES
71-084 TAMARISK LANE
RANCHO MIRAGE, CA 92270
ATTN: MICHAEL SHOVLIN
THIS AMENDMENT IS TO BE CONSIDERED AS PART OF THE ABOVE CREDIT AND MUST BE
ATTACHED THERETO.
THE ABOVE MENTIONED CREDIT IS AMENDED AS FOLLOWS:
THE FOLLOWING ADDITIONAL CONDITION HAS BEEN ADDED:
THE PORTION IN THE LETTER OF CREDIT BEGINNING WITH "THIS LETTER OF CREDIT
EXPIRES AT OUR ABOVE OFFICE...." AND ENDING WITH "WE SEND YOU SUCH NOTICE...."
IS HEREBY DELETED IN ITS ENTIRETY AND REPLACED WITH THE FOLLOWING:
THIS LETTER OF CREDIT EXPIRES AT OUR ABOVE OFFICE ON APRIL 11, 1997, BUT SHALL
BE AUTOMATICALLY EXTENDED, WITHOUT WRITTEN AMENDMENT, TO APRIL 11 IN EACH
SUCCEEDING CALENDAR YEAR UNLESS WE HAVE SENT WRITTEN NOTICE TO YOU AT YOUR
ADDRESS ABOVE BY REGISTERED MAIL OR EXPRESS COURIER THAT WE ELECT NOT TO RENEW
THIS LETTER OF CREDIT BEYOND THE DATE SPECIFIED IN SUCH NOTICE, WHICH DATE WILL
BE APRIL 11, 1997 OR ANY SUBSEQUENT APRIL 11 AND BE AT LEAST 60 CALENDAR DAYS
AFTER THE DATE WE SEND YOU SUCH NOTICE.
ALL OTHER TERMS UNCHANGED.
N�
--------------
AUTHORIZED SIGNATURE
PLEASE CONTACT JEAN RAFOLS BY TELEPHONE AT (818)573-6261 OR BY FAX AT
(818)572-4610 REGARDING ANY INQUIRIES.
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4 4 Qum&
78-495 CALLE TAMPICO - LA QUINTA, CALIFORNIA 92253 - (760) 777-7000
FAX (760) 777-7101
TDD (760) 777-1227
April 8, 1998
Wells Fargo Bank
Operations Group
Southern California 9000 Flair Drive 31 Floor
El Monte, California 91731
TO WHOM IT MAY CONCERN:
Please be advised that on April 7, 1998, the La Quinta City Council authorized release
of Letter of Credit No. SAS227483 in the amount of $791,000 in the name of
Washington Plaza Associates.
If you have any questions, please contact me.
ely,
%
(:.7SZAUNDRAL. JUHOLA, City Clerk
City of La Quinta, California
cc: Michael Shovlin
MAILING ADDRESS - P.O. BOX 1504 - LA QUINTA, CALIFORNIA 92253 �'
Operations Group
Southern California
9000 Flair Drive, 3rd Floor
El Monte, CA 91731
DATE OF ISSUE: APRIL 16, 1996
APPLICANT:
WASHINGTON PLAZA ASSOCIATES
71-084 TAMARISK LANE
RANCHO MIRAGE, CA 92270
ATTN: MICHAEL SHOVLIN
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c•
PAGE: 1
OUR IRREVOCABLE STANDBY CREDIT:
SAS227483
DATE OF EXPIRY: APRIL 11, 1997
PLACE OF EXPIRY: AT OUR ABOVE
COUNTERS
BENEFICIARY:
CITY OF LA QUINTA
78-495 CALLE TAMPICO
LA QUINTA, CA 92253
ATTN: FRED BOUMA, ASSOC. ENGINEER
AMOUNT: USD 791,000.00
SEVEN HUNDRED NINETY ONE THOUSAND
AND 00/1001S US DOLLARS
WE HEREBY ESTABLISH IN YOUR FAVOUR THIS CREDIT AVAILABLE WITH WELLS FARGO BANK,
N.A., EL MONTE, CA BY PAYMENT OF YOUR DRAFT(S) AT SIGHT DRAWN ON WELLS FARGO
BANK, N.A., EL MONTE, CA.
"THIS LETTER OF CREDIT EXPIRES AT OUR ABOVE OFFICE ON APRIL 11, 1997, BUT SHALL
BE AUTOMATICALLY EXTENDED, WITHOUT WRITTEN AMENDMENT, TO APRIL 11 IN EACH
SUCCEEDING CALENDAR YEAR UP TO, BUT NOT BEYOND, APRIL 11, 1999 UNLESS WE HAVE
SENT WRITTEN NOTICE TO YOU AT YOUR ADDRESS ABOVE BY REGISTERED MAIL OR EXPRESS'
COURIER THAT WE ELECT NOT TO RENEW THIS LETTER OF CREDIT BEYOND THE DATE
SPECIFIED IN SUCH NOTICE, WHICH DATE WILL BE APRIL 11, 1997 OR ANY SUBSEQUENT
APRIL 11 OCCURING BEFORE APRIL 1 , 1999 AND BE AT LEAST 60 CALENDAR DAYS AFTER
THE DATE WE SEND YOU SUCH NOTICE
PARTIAL DRAWINGS ARE PERMITTED.
IF ANY INSTRUCTIONS ACCOMPANYING A DRAWING UNDER THIS LETTER OF CREDIT REQUEST
THAT PAYMENT IS TO BE MADE BY TRANSFER TO AN ACCOUNT WITH US OR AT ANOTHER BANK,
WE.AND/OR SUCH OTHER BANK MAY RELY ON AN ACCOUNT NUMBER SPECIFIED IN SUCH
INSTRUCTIONS EVEN IF THE NUMBER IDENTIFIES A PERSON OR ENTITY DIFFERENT FROM THE
INTENDED PAYEE.
DOCUMENTS MUST BE PRESENTED TO US NO LATER THAN 5:00 P.M.
DRAFT(S) MUST INDICATE THE NUMBER AND DATE OF THIS CREDIT.
EACH DRAFT PRESENTED HEREUNDER MUST BE ACCOMPANIED BY THIS ORIGINAL CREDIT FOR
OUR ENDORSEMENT THEREON OF THE AMOUNT OF SUCH DRAFT.
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Operations Group
southern California
9000 Flair Drive, 3rd Floor
El Monte, CA 91731
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THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: SAS227483
PAGE: 2
THE DOCUMENTS MUST BE FORWARDED TO WELLS FARGO BANK, N.A., OPERATIONS GROUP,
SOUTHERN CALIFORNIA/ 9000 FLAIR DRIVE, 3RD FLOOR, EL MONTE, CA 91731 IN ONE
PARCEL.•
THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NUMBER
500, AND ENGAGES US IN ACCORDANCE WITH THE TERMS THEREOF.
AUTHORIZED SIGNATURE
PLEASE CONTACT JEAN RAFOLS BY TELEPHONE AT (818)573-6261 OR BY FAX AT
(818)572-4610 REGARDING ANY INQUIRIES.
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