27728 LQ Golf Properties 94CITY OF LA QUINTA
SUBDIVISION IMPROVEMENT AGREEMENT
THIS SUBDIVISION IMPROVEMENT AGREEMENT (the "Agreement") is made and entered into this
day of h e 19 9 by and between La
Quinta Golf Properties, Inc., a California Corporation hereinafter referred to as "Subdivider," and the City
of La Quinta, a municipal corporation of the State of California, hereinafter referred to as "City."
RECITALS:
A. Subdivider has prepared and filed a final map (the "Tract Map") of a tract of land in the City of La
Quinta, County of Riverside, which tract is known as Tract No. 27728 (the "Tract") pursuant to the
provisions of Section 66410, et sec. of the California Government Code (the "Subdivision Map Act").
B. Prior to approval of the Tract Map, Subdivider is required to install or agree to install certain public
and private improvements (the "Improvements")
C. The requisite improvements have not been installed and accepted at this time.
D. It is therefore necessary that Subdivider and City enter into an agreement for the installation of
the improvements as provided in Section 66462 of the Subdivision Map Act.
NOW, THEREFORE, it is agreed by and between the parties hereto as follows:
1. Revision of Plans. Subdivider shall, within thirty (30) days of City Council approval of the Tract
Map, complete final corrections and revisions to improvement plans and submit for approval original plans
meeting the requirements of the City Engineer.
2. Improvements. Subdivider shall construct the public and private street, drainage, utility,
landscaping, and other improvements required to be constructed or agreed to be constructed under this
Agreement as listed and described in the List of Improvements attached hereto as Exhibit "A" and
incorporated herein (the "Improvements"), and shall bear the full cost thereof. The methods, standards,
specifications, sequence, and scheduling of construction shall be as approved by the City Engineer.
3. Improvement Security.
A. As a condition of City Council approval of the Tract Map, Subdivider shall have furnished
performance and payment securities to City as a guarantee of the completion of the Improvements, as set
forth in Government Code Section 66499 et sec. One class of security to be provided by Subdivider,
hereinafter referred to as "performance security," shall assure the faithful performance of this Agreement
including payment of associated plan check and permit fees. A second class of security to be provided by
Subdivider, hereinafter referred to as "payment security," shall assure the payment of the cost of labor,
equipment and materials supplied to construct the Improvements. A third class of security to be provided
by Subdivider, hereinafter referred to as "guarantee security," shall serve as a guarantee and warranty of
the Improvements for a period of one year following the completion and acceptance of the Improvements.
B. Subject to the approval of the City Engineer, security may be furnished in the form of (1) a
deposit of cash or negotiable bonds, of the kind approved for securing deposits of public moneys with City
or in favor of City, with a responsible escrow agent or trust company, (2) bonds of the form specified in
Section 66499.2 of the Subdivision Map Act and executed by a corporation authorized to transact surety
business in the State of California, (3) an instrument of credit from an agency of the state, federal, or local
government when any agency of the state, federal, or local government provides at least twenty percent
(20%) of the financing for the Improvements to be completed, or from one or more financial institutions
subject to regulation by the state or federal government and pledging that the funds necessary to carry out
the completion of the Improvements are on deposit and guaranteed for payment, or a letter of credit issued
by such a financial institution, (4) a lien upon the Tract, created by contract between City and Subdivider,
if City finds that it would not be in the public interest to require the installation of the Improvements sooner
that two (2) years after the recordation of the Tract. Map, (5) an irrevocable instrument of credit from one
or more financial institutions subject to regulation by the state or federal government pledging that the funds
necessary to carry out the agreements are on deposit, guaranteed for payment, and constitute a trust fund
which is not subject to levy or attachment by any creditor of the depositor until released by the City, and/or
(6) an irrevocable instrument of credit issued by a financial institution subject to regulation by the state or
federal government guaranteeing that all or any portion of the funds available pursuant to the letter of credit
will be paid upon the written demand of the City Engineer, and that such written demand need not present
documentation of any type as a condition of payment, including proof of loss. Irrevocable instruments of
credit specified in (5) and (6) hereinabove shall be issued by financial institutions having a Moody's Financial
Service rating of "A" or better and evidence of such rating shall accompany instruments of credit submitted
to the City. The duration of any such bond or letter of credit shall be for a period of not less than one year
from the execution of the Agreement or such longer period for completion of the Improvements, whichever
Subdivision Improvement Agreement - Tract 27728 Page 1 of 4
is greater; further provided that the duration of such bond or letter of credit shall be extended to provide
the performance security holdback provided in Section 13 hereof.
C. All securities shall be furnished in accordance with the provisions of Exhibit A. Separate
security shall be furnished for performance security and payment security. The amount of the performance
security shall equal One Hundred Percent (100%) of the estimated cost of constructing the Improvements,
including payment of plan check and permit fees, as estimated by the City Engineer or a duly authorized
representative of the City Engineer. Payment security shall equal Fifty Percent (50%) of the amount of
performance security except as otherwise set forth in Exhibit A. City shall retain Ten Percent (10%) of the
performance security for one (1) year following acceptance or approval of the Improvements to support the
guarantee of the Improvements pursuant to Section 12 hereof. As part of the obligation secured by each
of the performance security, payment security and guarantee security, and in addition to the face amount
of each such security, each such security shall include and assure the payment of costs and reasonable
expenses and fees, including reasonable attorney's fees, incurred by the City in successfully enforcing the
obligations thereby secured.
D. Certain Improvements required herein may be deferred for construction by others at a later
date. Deferred improvements, if any, are identified in Exhibit A. Security furnished for deferred
improvements shall remain in place until the deferred improvements are constructed and costs are known
and shall guarantee the reimbursement by Developer of Developer's share of the cost of the deferred
improvements.
Upon written demand from City, Developer shall deposit cash with City in lieu of or in replacement of
securities guaranteeing deferred improvements.
4. Permits Reauired. Prior to commencing any phase of work, Subdivider shall obtain all permits
required for that phase of work and pay all required fees. Work performed under a permit or permits shall
comply with all provisions of the required permits.
5. Off -site Improvements. When the construction of one or more of the Improvements required or
necessitates the acquisition of real property not owned by Subdivider or City, Subdivider shall use its best
efforts to purchase such real property at a reasonable price. In the event that Subdivider is unsuccessful,
despite its best efforts, to acquire such real property at a reasonable price, Subdivider may request in
writing that City attempt to acquire such real property. City may, but is not required to, agree to attempt
to acquire such real property on behalf of Subdivider. If City so agrees, City and Subdivider shall enter a
separate written agreement therefor in a form acceptable to the City Attorney. Such agreement shall
provide that Subdivider will advance City One Hundred Fifty Percent (150%) of the appraised fair market
value of the real property, with any unexpended funds refunded to Subdivider and any additional funds
required for City's acquisition paid by Subdivider upon the conveyance of such real property to Subdivider.
In no event shall the failure of Subdivider or City to acquire such real property excuse, waive, or otherwise
terminate Subdivider's obligation to construct the applicable Improvement pursuant to this Agreement or
the conditions to approval of the Tract Map.
6. Completion of Improvements. Subdivider shall begin construction of the Improvements within
ninety (90) days and shall complete construction within twelve (12) months after the approval of this
Agreement. Portions of the Improvements may be completed at a later date, as determined by the City
Engineer as set forth in Exhibit A.
7. Force Majeure. In the event that Subdivider is unable to perform within the time limits herein due
to strikes, act of God, or other events beyond Subdivider's control, the time limits for obligations affected
by such events will be extended by the period of such events.
8. Time Extension. Subdivider may make application in writing to the City Council for an extension
of time for completion of the Improvements. The City Council, in its sole and absolute discretion, may
approve or deny the request or conditionally approve the extension with additions or revisions to the terms
and conditions of this Agreement.
As a condition of the time extension, Subdivider shall furnish to City securities, similar in form and
substance to those required in Article 3 hereinabove, to cover the period of extension. The value of the
securities shall be sufficient to insure the performance of and payment for improvement work that remains
incomplete at the time of the extension, and to provide guarantee security on completed improvements.
9. Survey Monuments. Before final approval of street improvements, Subdivider shall place survey
monuments in accordance with the provisions of Sections 66495, et sec. of the Subdivision Map Act and
Section 13.20.100 of the City Subdivision Ordinance. Subdivider shall provide the City Engineer written
proof that the monuments have been set and evidence of payment and receipt thereof by the engineer or
surveyor setting of the monuments.
10. Approval of Improvements. At the completion of construction and prior to acceptance of the
improvements by the city, Subdivider shall submit a request for final approval by the city. The request shall
be accompanied by any required certifications from Subdivider's engineers or surveyors and any required
construction quality documentation not previously submitted.
Subdivision Improvement Agreement - Tract 27728 Page 2 of 4
Upon receipt of said request, the City Engineer or a duly authorized representative will review the
construction quality documentation and will inspect the Improvements. If the Improvements are determined
to be in accordance with applicable city standards and specifications, and as provided herein, the City
Engineer shall recommend approval of private improvements and acceptance of public improvements by the
City Council.
11. Revisions to Plans. When the Improvements have been inspected and approved by the City
Engineer, Subdivider shall make any necessary revisions to the original plans held by City so the plans depict
the actual Improvements constructed. When necessary revisions have been made, each separate sheet of
the plans shall be clearly marked with the words "As -Built" or "As -Constructed," the marking shall be
stamped by an engineer or surveyor, as appropriate for the improvements thereon, who is licensed to
practice in California, and the plans resubmitted to the City Engineer.
12. Improvement Guarantee. Subdivider hereby guarantees the improvements to City for a period of
one (1) year, beginning on the date of final acceptance of all tract Improvements by the City Council,
against any defective work or labor done, or defective materials furnished, and shall repair or replace such
defective work or materials.
13. Release of Security. City shall retain and release securities in accordance with the provisions of
Section 66499.7 of the Subdivision Map Act and of Section 3 of this agreement. Prior to the release of
payment security, the City Engineer may require Subdivider to provide a title report or other evidence
sufficient to show claims of lien, if any, that may affect the amount of payment security released.
14. City Right to Cure. If Subdivider fails to perform any obligation hereunder and such obligation has
not been performed within sixty (60) days after written notice of default from City, then City may perform
the obligation, and Subdivider shall pay the entire cost of such performance by City including costs of suit
and reasonable attorney's fees incurred by City in enforcing such obligation. In cases of emergency or
compelling public interest, as determined by the City Engineer, the requirement for written notice of default
and/or the passage of sixty (60) days shall be deemed waived and all other provisions of this Article shall
remain in effect.
15. Indemnification. Subdivider hereby binds itself, its officers, employees, agents, representatives,
executors, administrators, guarantors, heirs, and assigns, and agrees to indemnify, defend and hold City
and its officers, employees, agents, representatives, and assigns harmless from and against any losses,
claims, demands, actions, or causes of action of any nature whatsoever, arising out of or in any way
connected with Subdivider's performance hereinunder, including costs of suit and reasonable attorneys'
fees.
16. No Modification of Conditions. This Agreement shall in no respect act to modify or amend any
provision of the Tentative Tract Map Conditions of Approval for the Tract. In the event that any
requirement or condition of this Agreement is inconsistent with or fails to include conditions of the Tentative
Tract Map Conditions of Approval for the Tract, which document is incorporated herein by reference, the
provisions in the Tentative Tract Map Conditions of Approval shall remain in effect and shall control.
17. Severability. In the event that any provision or provisions of this Agreement are held
unenforceable, all provisions not so held shall remain in full force and effect.
18. General Provisions
A. All notices pursuant to this Agreement shall be in writing and shall be personally delivered
or sent by registered or certified mail, return receipt requested, to the parties at their respective addresses
indicated below their respective signatures. Notices personally delivered shall be effective upon delivery.
Notices mailed as provided herein and sent postage prepaid shall be effective upon the date of delivery or
refusal indicated on the return receipt. Either party may change its address for notices hereunder by notice
to the other given in the manner provided in this subparagraph.
B. The terms, conditions, covenants, and agreements set forth herein shall apply to and bind
the heirs, executors, administrators, assigns, and successors of the parties hereto.
C. Neither party to this Agreement relies upon any warranty or representation not contained in
this Agreement.
D. This Agreement shall be governed by and interpreted with respect to the laws of the State
of California.
E. In the event of any dispute between the parties with respect to this Agreement, the prevailing
party shall be entitled to prompt payment of its reasonable attorneys' fees from the non -prevailing party.
F. Any failure or delay by either party in asserting any of its rights and remedies as to any
default shall not operate as a waiver of any default or of any such rights or remedies provided for hereunder.
Subdivision Improvement Agreement - Tract 27728 Page 3 of 4
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
written above.
CITY OF LA QUINTA:
Tom Genovese
City Manager
SUBDIVID R: La Quinta Golf Properti Inc. ADDRESS:
By:
�.�
Approved as to Form:
Cit y Date
Reviewed and Approved: ep ' , 0,
City Engineer Date
Subdivision Improvement Agreement - Tract 27728 Page 4 of 4
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
Nn .r,9(17
r
On6.199v before me,
' •
DATE
A NAME, TITLE OF OFFI ER E.G., "JANE DOE, NOTARY PUBLIC"
personally appeared Laj,-&,O�
NAME(S) OF SIGNER(S)
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 to the within instrument and ac-
knowledged to me that he/she/they executed
�.. .�. KATHERINE 1. CAIN
4 COMM.# 1. 8460 !� the same in his/her/their authorized
Notary Public-Califomia a
RIVERSIDE COUNTY o capacity(ies), and that by his/her/their
My Commission Expires ►-+
February 21, 1998 signature(s) on the instrument the person(s),
or the entity upon behalf of which the
person(s) acted, executed the instrument.
WITNESS my hand and official seal.
r
OPTIONAL
Though the data below is not required by law, it may prove valuable to persons relying on the document and could prevent
fraudulent reattachment of this form.
CAPACITY CLAIMED BY SIGNER
❑ INDIVIDUAL
�CO ORATE OFFICER
TITLE(S)
❑ PARTNER(S) ❑ LIMITED
❑ GENERAL
❑ ATTORNEY -IN -FACT
❑ TRUSTEE(S)
❑ GUARDIAN/CONSERVATOR
❑ OTHER:
SIGNER IS REPRESENTING:
NAM F PER ON(S) OR ENTITY(IES)at
1 �1
4C
DESCRIPTION OF ATTACHED DOCUMENT
J"iZi 4,0-u��
TITLE OR TYPE OF DO UMENT
NUMBER OF PAGES
DATE OF DOCUMENT
SIGNER(S) OTHER THAN NAMED ABOVE
01993 NATIONAL NOTARY ASSOCIATION • 8236 Remmet Ave., P.O. Box 7184 • Canoga Park, CA 91309-7184
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
No. 5907
State of California
County of Riverside
On May 27, 1994
DATE
before me, Katherine J. Cain, a notary public
NAME, TITLE OF OFFICER - E.G., "JANE DOE, NOTARY PUBLIC'
personally appeared Henry Burdick,.
NAME(S) OF SIGNER(S)
❑ 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 to the within instrument and ac-
knowledged to me that he/she/they executed
" ' the same in his/her/their authorized
--. .'' •-•` '' E I. CAIh
�? KATHERINCOMM- #10 i 8460 !�. capacity(ies), and that by his/her/their
_ . a Notary Public -California q
r RyyfVERSIDECOUNTY o signature(s) on the instrument the person(s),
•'MCommission ary2l i 998
or the entity upon behalf of which the
person(s) acted, executed the instrument.
WITNESS my hand and official seal.
0 11 r - j N
#F_, OTARY
OPTIONAL
Though the data below is not required by law, it may prove valuable to persons relying on the document and could prevent
fraudulent reattachment of this form.
CAPACITY CLAIMED BY SIGNER DESCRIPTION OF ATTACHED DOCUMENT
❑ INDIVIDUAL
�COR E OFFICER
TITLE OR TYPE OF DOCU ENT
TITLE(S)
❑ PARTNER(S) ❑ LIMITED
❑ GENERAL
❑ ATTORNEY -IN -FACT
❑ TRUSTEE(S)
❑ GUARDIAN/CONSERVATOR
❑ OTHER:
SIGNER IS REPRESENTING:
NAME OF PERSON(S) OR ENTITY(IES)
X 0, (� ulen�� WjU PAW15,t�,
NUMBER OF PAGES
DATE OF DOCUMENT
SIGNER(S) OTHER THAN NAMED ABOVE
01993 NATIONAL NOTARY ASSOCIATION • 8236 Remmet Ave., P.O. Box 7184 • Canoga Park, CA 91309-7184
Exhibit A
LIST OF IMPROVEMENTS AND SECURITY AMOUNTS
Except as otherwise provided herein, Subdivider shall furnish performance security and payment
security prior to City Council approval of the final map.
Improvements designated as "deferred" will be constructed by others at a later date as determined by
City. Security shall remain in place until such later date to guarantee Subdivider's payment for the cost
of the deferred improvements.
As elements of the work are completed, Subdivider may request a maximum of three partial releases
of performance security. Requested releases will be evaluated and may be granted, in whole or in part,
by the City Engineer. 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.
Improvement Description Performance Payment
Grading * $36,000 . $180,000
Domestic Water * 133,150 266,300
Sanitary Sewer r 82,450 - 164,900
Underground Electric Improvements 174,000 • 87,000
Storm Drainage ` 317,000 • 211,500
Street Improvements ' 450,000 ' 337,800
Landscaping 123,800 61,900
Perimeter Wall + 100,000 • 189,900
Survey Monumentation 20,000 N/A
Totals: $1,436,400 1,499,300
Performance security for these items is reduced due to partial completion of improvements prior to the SIA.
Bank of America
International Trade Banking Division
Trade Operations Center #2621
333 South Beaudry Avenue, 19th Floor
Los Angeles, California 90017 June 3, 1994
City of La Quinta
78-495 Calle Tampico
La Quinta, Ca 92253
Attn: Fred Bouma
Amount: USD $361,000.00 (Thirty Six Thousand and 00/100 U.S.
Dollars)
Expiry Date: June 7, 1995 at this office
We are informed that this is a performance Letter of Credit for
Grading Improvement.
We hereby establish our Irrevocable Standby Letter of Credit No.
LASB-220351 in your favor for the account of La Quinta Golf
Properties, Inc., 2835 Townsgate Road #104, Westlake Village, Ca
91367 available for payment by your draft(s) at sight drawn on Bank
of America NT & SA, 333 S. Beaudry Ave, 19th Floor, Los Angeles,
CA 90017.
Partial payments are permitted.
This Letter of Credit must accompany any drawing hereunder for
endorsement of the drawing and will be returned to the Beneficiary
unless it is fully uti l i ,A
Sierra,` LOHTES, SEN
MIT COUNTERSIGNATURE AUTHORIZED SIGNATURE
PROVISIONS APPLICABLE T THIS CREDIT: This Credit is Subiect to the l Jnifnrm rj ic+.,.,,e nMa Drn,.a:,.,.
.70J 1wvjwul1, international c:namber of Commerce Publication No. 400. ----------- ""' LJIJVUlIMIItaly Vrtiums,
Please examine this instrument carefully. If you are unable to comply with the terms or conditions, please communicate with your
buyer to arrange for an amendment. This procedure will facilitate prompt handling when documents are presented.
FX-1313 11.85 (Reprint 7-90)
® Bank of America
u
International Trade Banking Division
Trade Operations Center #2621
333 South Beaudry Avenue, 19th Floor
Los Angeles, California 90017 June 3, 1994
City of La Quinta
78-495 Calle Tampico
La Quinta, Ca 92253
Attn: Fred Bouma
Amount: USD $133,150.00 (One Hundred Thirty Three Thousand
One Hundred Fifty and 00`100 U.S. Dollars)
Expiry Date: June 7, 1995 at this office
We are informed that this is a performance Letter of Credit for
Domestic Water Improvement.
We hereby establish our Irrevocable Standby Letter of Credit No.
LASB-220347 in your favor for the account of La Quinta Golf
Properties, Inc., 2835 Townsgate Road #104 Westlake Village, Ca
91367 available for payment by your draft (s) at sight drawn on Bank
of America NT.& SA, 333 S. Beaudry Ave, 19th Floor, Los Angeles,
CA 90017.
Partial paymer
This Letter o
endorsement of
unless it is f
We hereby agre,
in compliance
honored upon p
We hereby issu
The number and
bank must be g
This Letter o
Practice for
Chamber of Comm
PROVISIONS APPLICABLE
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must accompany any drawing he
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AUTHORIZED COUNTERSIGNATURE
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AUTHORIZED SIGNATURE
1983 _ _ _._ _. __...--J-- < ' &„w vuatuliizi driu rrracuce Tor UOCumentary Credits,
revision, International Chamber of Commerce Publication No. 400.
Please examine this instrument carefully. If you are unable to comply with the terms or conditions, please communicate with your
buyer to arrange for an amendment. This procedure will facilitate prompt handling when documents are presented.
FX-1313 11.85 (Reprint 7-90)
"I
Bank of America
International Trade Banking Division
Trade Operations Center #2621
333 South Beaudry Avenue, 19th Floor
Los Angeles, California 90017 June 3, 1994
City of La Quinta
78-495 Calle Tampico
La Quinta, Ca 92253
Attn: Fred Bouma
Amount: USD $82,450.00 (Eighty Two Thousand Four Hundred Fifty
and 00/100 U.S. Dollars)
Expiry Date: June 7, 1995 at this office
We are informed that this is a performance Letter of Credit for
Sanitary Sewer Improvements.
We hereby establish our Irrevocable Standby Letter of Credit No.
LASB-220352 in your favor for the account of La Quinta Golf
Properties, Inc., 2835 Townsgate Road #104 Westlake Village, Ca
91367 available for payment by your draft (s) at sight drawn on Bank
of America NT & SA, 333 S. Beaudry Ave, 19th Floor, Los Angeles,
CA 90017.
Partial payments are permitted.
Sierra
AUTHORIZED COUNTERSIGNATURE AUTHORIZED SIGNATURE
PROVISIONS APPLICAB TO THIS CREDIT: This credit is subject to the Uniform Customs and Practice for Documentary Credits,
1983 revision, Internation I Chamber of Commerce Publication No. 400.
Please examine this instrument carefully. If you are unable to comply with the terms or conditions, please communicate with your
buyer to arrange for an amendment. This procedure will facilitate prompt handling when documents are presented.
FX-1313 11.85 (Reprint 7-90)
Iffl.
Bank of America
International Trade Banking Division
Trade Operations Center #2621
333 South Beaudry Avenue, 19th Floor
Los Angeles, California 90017
June 3, 1994
City of La Quinta
78-495 Calle Tampico
La Quinta, Ca 92253
Attn: Fred Bouma,
Amount: USD $174,000.00 (One Hundred Seventy Four
Thousand and 00/100 U.S. Dollars)
Expiry Date: June 7, 1995 at this office
We are informed that this is a performance Letter of Credit for
Underground Electric.
We hereby establish our Irrevocable Standby Letter of Credit No.
LASB-220346 in your favor for the account of La
inta Golf
Properties, Inc., 2835 Townsgate Road #104, Westlake Villa e, Ca
91367 available for payment by your draft (s) at sight drawn on Ban
of America NT & SA, 333 S. Beaudry Ave, 19th Floor, Los Angeles
CA 90017. ,
Partial payments
This Letter o:
endorsement of
unless it is f
We hereby agree
in compliance i
honored upon p:
We hereby issue
The number and
bank must be qt
This Letter o
Practice for I
Chamber of Conz
Permitted.
it must accompany any drawing hei
awing and will be returned to the
Gilized.
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Letter of C
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draft
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the draf
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AUTHORIZED COUNTERSIGNATURE AUTHORIZED SIGNATURE
PROVISIONS APPLICAB E TO THIS rRl`niT• Thic• ...�,ua :,.....�:__� ._ .� . .
1983 �• ��•• IMAM)ULA Lu Ll1C urtnvrm customs and Practice for Documentary Credits,
revision, International Chamber of Commerce Publication No. 400.
Please examine this instrument carefully. If you are unable to comply with the terms or conditions, please communicate with your
buyer to arrange for an amendment. This procedure will facilitate prompt handling when documents are presented.
FX-1313 11.85 (Reprint 7-90)
Bank of America
International Trade Banking Division
Trade Operations Center #2621
333 South Beaudry Avenue, 19th Floor
Los Angeles, California 90017 June 3, 1994
City of La Quinta
78-495 Calle Tampico
La Quinta, Ca 92253
Attn: Fred Bouma
Amount: USD $317,000.00 (Three Hundred Seventeen Thousand
and 00/100 U.S. Dollars)
Expiry Date: June 7, 1995 at this office
We are informed that this is a performance Letter of Credit for
Storm Drainage Improvements.
We hereby establish our Irrevocable Standby Letter of Credit No.
LASB-220348 in your favor for the account of La Quinta Golf
Properties, Inc., 2835 Townsgate Road #104, Westlake Village, Ca
91367 available for payment by your draft (s) at sight drawn on Bank
of America NT & SA, 333 S. Beaudry Ave, 19th Floor, Los Angeles,
CA 90017.
Partial payments are term
This Letter o
endorsement of
unless it is f
We hereby agre,
in compliance
honored upon p
We hereby issu
The number and
bank must be
This Letter c
Practice for
Chamber of Comp
lust accc
ng and wi
zed.
benefici
erms of 1
)n, as s
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the Lett4
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Sierra, C�'b At,,
AUTHORIZED COUNTERSIGNATURE
PROVISIONS APPLICARI F Tn Tuic r onnrr.
urned
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DES, BEN
AUTHORIZED SIGNATURE
�• W OUR 1b suojeCt to ine unitorm Customs and Practice for Documentary Credits,
1983 revision, International Chamber of Commerce Publication No. 400.
Please examine this instrument carefully. If you are unable to comply with the terms or conditions, please communicate with your
buyer to arrange for an amendment. This procedure will facilitate prompt handling when documents are presented.
FX-1313 11.85 (Reprint 7-90)
Bank of America
u
International Trade Banking Division
Trade Operations Center #2621
333 South Beaudry Avenue, 19th Floor
Los Angeles, California 90017
June 3, 1994
City of La Quinta
78-495 Calle Tampico
La Quinta, Ca 92253
Attn: Fred Bouma
Amount: USD $450,000.00 (Four Hundred Fifty Thousand and 00 100
U.S. Dollars) f
Expiry Date: June 7, 1995 at this office
We are informed that this is a performance Letter of Credit for
Street Improvements.
We hereby establish our Irrevocable Standby Letter of Credit No
LASB-220353 in your favor for the account of La Quinta Gol
Properties, Inc., 2835 Townsgate Road #104, Westlake Village, Ca
91367 available for payment by your draft (s) at sight drawn on Ban
of America NT & SA, 333 S. Beaudry Ave, 19th Floor, Los An k
eles
CA 90017. g ,
We hereby agre,
in compliance
honored upon p
We hereby issu
The number and
bank must be q
This Letter o
Practice for
Chamber of Comic
beneficiary that
+s , cL4;p
ter of t
the Letter of Cre
he draft realu i 1io-^4
is sub j e
r Credits
cation N
„ _.:y
' AUTHORIZED COUNTERSIGNATURE
PROVISIONS APPLICABLE° O THIS CRFniT• Thic n- t.:,.,.A ._ I
he draf
r of Cr
,rein.
he bern
lit and
e Unif
tevisio:
ender for
lenef iciary
i under and
,11 be duly
Y's favor.
9 of our
as and
tional
�,��RTES, BEN
AUTHORIZED SIGNATURE
1953 -•• revision, International Chamber of Com.,..5-fj I <V ulniurtn Lousioms ana Practice for Documentary Credits,
merce Publication No. 400.
Please examine this instrument carefully. If you are unable to comply with the terms or conditions, please communicate with your
buyer to arrange for an amendment. This procedure will facilitate prompt handling when documents are presented.
FX-1313 11.85 (Reprint 7-90)
Bank of America
17J
International Trade Banking Division
Trade Operations Center #2621
333 South Beaudry Avenue, 19th Floor
Los Angeles, California 90017 June 3 1994
City of La Quinta
78-495 Calle Tampico
La Quinta, Ca 92253
Attn: Fred Bouma
Amount: USD $123,800.00 (One Hundred Twenty Three Thousand
Eight Hundred and 00/100 U.S. Dollars)
Expiry Date: June 7, 1995 at this office
We are informed that this is a performance Letter of Credit for
Landscaping Improvements.
We hereby establish our Irrevocable Standby Letter of Credit No.
LASB-220349 in your favor for the account of La
Properties, Inc., 2835 Townsgate Road #104, Westlake Villa e, Cf
91367 available for payment by your draft (s) at sight drawn on Bank
of America NT & SA, 333 S. Beaudry Ave, 19th Floor, Los Angeles
CA 90017. ,
Partial payments are permitted.
This Letter of Credit must accompany ,any drawl
ng endorsement of the drawing and will be returned to heed
unless it is fully utilized.
It the draj
tter of Cr
I herein.
.n the bens
,relit and
ed .
the Un i i
3_ _ tevisio:
AUTHORIZED COUNTERSIGNATURE
PROVISIONS APPLICABL TO THIS rRg:niT- This.
sunder for
Dneficiary
under and
. be duly
s favor.
of our
is and
tional
....TES, BERG
AUTHORIZED SIGNATURE
1983 -- ���� ,-�j%7L< W LIIt% Vnlform customs and Practice for Documentary Credits,
revision, International Chamber of Commerce Publication No. 400.
Please examine this instrument carefully. If you are unable to comply with the terms or conditions, please communicate with your
buyer to arrange for an amendment. This procedure will facilitate prompt handling when documents are presented.
FX-1313 11.85 (Reprint 7-90)
s
Bank of America
International Trade Banking Division
Trade Operations Center #2321
333 South Beaudry Avenue, 19th Floor
Los Angeles, California 90017 June 3, 1994
City of La Quinta
78-495 Calle Tampico
La Quinta, Ca 92253
Attn: Fred Bouma
Amount: USD $100,000.00 (One Hundred Thousand and 00/100
U.S. Dollars)
Expiry Date: June 7, 1995 at this office
We are informed that this is a performance Letter of Credit for
Perimeter Wall.
We hereby establish our Irrevocable Standby Letter of Credit No.
LASB-220354 in your favor for the account of La Quinta Golf
Properties, Inc., 2835 Townsgate Road #104, Westlake Village, Ca
91367 available for payment by your draft (s) at sight drawn on Bank
of America NT & SA, 333 S. Beaudry Ave, 19th Floor, Los Angeles,
CA 90017.
Partial payments are permitted.
This Letter of CPAA4+ m„.+
U
Sierra, C}rm—
PROVISIONS APPLICABLE TO THIR MIMIT• Thies ,..^a:.:
RT Ems; BEN
AUTHORIZED SIGNATURE
1983 �• ��•• �...,,v%,t <V lI ors ul mc�rm customs and Practice for Documentary Credits,
revision, International Chamber of Commerce Publication No. 400.
Please examine this instrument carefully. If you are unable to comply with the terms or conditions, please communicate with your
buyer to arrange for an amendment. This procedure will facilitate prompt handling when documents are presented.
FX-1313 11.85 (Reprint 7-90)
® Bank of America
International Trade Banking Division
Trade Operations Center #2621
333 South Beaudry Avenue, 19th Floor
Los Angeles, California 90017 June 3, 1994
City of La Quinta
78-495 Calle Tampico
La Quinta, Ca 92253
Attn: Fred Bouma
Amount: USD $20,000.00 (Twenty Thousand and 00/100 U.S. Dollars)
Expiry Date: June 7, 1995 at this office
We are informed that this is a performance Letter of Credit for
Survey Monumentation.
We hereby establish our Irrevocable Standby Letter of Credit No.
LASB-220350 in your favor for the account of La Quinta Golf
Properties, Inc., 2835 Townsgate Road #104 Westlake Village, Ca
91367 available for payment by your draft (s) at sight drawn on Bank
of America NT & SA, 333 S. Beaudry Ave, 19th Floor, Los Angeles,
CA 90017.
Partial payments are permitted.
We hereby i
The number a
bank must be
This Letter
Practice for
Chamber of Cc
,ter of Cr
the Lette
,he draft
is subje
y Creditj
ication N
r * * * *
�)'Crr a, Cybele~
dit and
he Unif
evisio;
*
AUTHORIZED CO-U-RTERSrGNATURE
PROVISIONS APPLICABL (TO THIS rRF=nIT- Thies
)under for
sneficiary
under and
11 be duly
r's favor.
Me of our
,is and
tional
AUTHORIZED SIGNATURE
1983 _ .,. �%NLOJ�... <� L„C �,,,,U,,,, i.usiums and Practice for Documentary Credits,
revision, International Chamber of Commerce Publication No. 400.
Please examine this instrument carefully. If you are unable to comply with the terms or conditions, please communicate with your
buyer to arrange for an amendment. This procedure will facilitate prompt handling when documents are presented.
FX-1313 11.85 (Reprint 7-90)
C� OF LA QMNTA
® Bank of America
J v N - 31994
PUBLI
International Trade Banking Division
Trade Operations Center #2621
333 South Beaudry Avenue, 19th Floor
Los Angeles, California 90017 June 3, 1994
City of La Quinta
78-495 Calle Tampico
La Quinta, Ca 92253
Attn: Fred Bouma
Amount: USD $1,499,300.00 (One Million Four Hundred Ninety Nine
Thousand Three Hundred and 00,/100 U.S. Dollars)
Expiry Date: June 7, 1995 at this office
We are informed that this is a payment guarantee.
We hereby establish our Irrevocable Standby Letter of Credit No.
LASB-220355 in your favor for the account of La Quinta Golf
Properties, Inc., 2835 Townsgate Road #104, Westlake Village, Ca
91367 available for payment by your draft(s) at sight drawn on Bank
of America NT & SA, 333 S. Beaudry Ave, 19th Floor, Los Angeles,
CA 90017.
.� +LS r`erra, Cybele'
-�0RTE5, BE '
UTHORIZED COUNTERSIGNATURE AUTHORIZED SIGNATURE
PROVISIONS APPLIC BLE TO THIS CREDIT: This credit is subject to the Uniform Customs and Practice for Documentary Credits,
1983 revision, International Chamber of Commerce Publication No. 400.
Please examine this instrument carefully. If you are unable to comply with the terms or conditions, please communicate with your
buyer to arrange for an amendment. This procedure will facilitate prompt handling when documents are presented.
FX-1313 11.85 (Reprint 7-90)
ff]
OUTSTANDING BOND REPORT
Name: La Quinta Golf Properties, Inc.
Tract No. 27728
Date of Contract: June 7, 1994
Required Bond Amounts:
$1,436,400 -
$1,499,300 -
Dates of Bond Reductions:
Outstanding Bonds:
Amount:
$ 36,000
$133,150
$ 82,450
$174,000
$317,000
$450,000
$123,800
$100,000
$ 20,000
$1,499,300
Performance
Payment
Bond No.
LOC #LASB-220351
LOC #LASB-220347
LOC #LASB-220352
LOC #LASB-220346
LOC #LASB-220348
LOC #LASB-220353
LOC #LASB-220349
LOC #LASB-220354
LOC #LASB-220350
LOC #LASB-220355
Date Cancelled/Released: