28340-1 KSL Land�/
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
Tract No. 28340-1 is located within'PGA West, which lies west of Madison Street,
south of Avenue 54, and north of Avenue 58 (Attachment 1): All improvements are
now complete and all obligations of the Subdivision Improvement Agreement have
been satisfied. Attachment 2 is a Table of Values indicating securities to be released
after the City receives the warranty_ securities.
S:\CityMgr\STAFF REPORTS ONLY\4-6-04\C 21 28340-t.doc
OUTSTANDING BOND REPORT
Name: KSL Land Corporation
Tract No. 28340-1
Date of Contract: July 3, 1996
Required Bond Amounts:
Grading
- $79,281
Water
- $18,810
Sewer
- $62,800
Electric
- $98,932
On -site Streets
- $ 28,896
Monumentation
- $ 8,400
Dates of Bond Reductions:
performance/labor materials
(same)
(same)
(same)
(same)
performance only
Outstanding Bonds:
Insurance Company: HRH Insurance & Gulf Insurance
Amount: Bond No. Date Cancelled/Released:
$ 297,119 BE2617136 Replaced w/warranty 4/ 14/04
$ 28,872 BE2617136 Released 6/24/05
$288,719 (L&M) BE2617136 Released 8/6/04
P.O. Box 1504
78-495 CALLE TAMPICO
LA QUINTA, CALIFORNIA 92253
April 14, 2004
KSL Land Corporation
Cindy Zamorez
50-905 Avenida Bermudas
La Quinta, CA. 92253
Re: Tract Nos. 28259-1, 28341-1, 28340-1
Dear Cindy:
(760) 777-7p00
FAX (760) 777-7 101
Per authorization from the Public Works Department, the City Clerk's Office has
received warranty bonds on the above tracts and hereby releases the following:
Performance Bond BE2617146 in the amount of $145,033 for Tract 28259-1
Performance Bond BE2617148 in the amount of $120,813 for Tract 28341-1
Performance Bond BE2617136 in the amount of $297,1 19 for Tract 28340-1
If you have any questions, please call me at (760) 777-7010.
Sincerely,
(::R kLw) J-V-
PHYLLIS MANLEY, Deputy City Clerk
City of La Quinta, California
cc: HRH Insurance Services of Coachella Valley
Raoul Martinez, Assistant Engineer II
File
P.U. Box 1504
LA QUINTA, CALIFORNIA 92247-1504
78-495 CALLS TANIPICO (760) 7 7 7 - 7 0 0 0
LA QUINTA, CALIFORNIA 92253 FAX (760) 777-7101
June 24 2005
KSL Land Corporation
Leslie Salmans
50-905 Avenida Bermudas
La Quinta, CA. 92253
RE: Tract Nos. 29349-2, 29421, 28341-1, 28340-1, 28838-1
Dear Ms. Salmans,
Per authorization from the Public Works Department, the City Clerk's Office hereby
releases warranty bonds as follows:
Bond No. 814952S in the amount of $103,050 for Tract 29349-2
Bond No. 816515S in the amount of $10,732 for Tract 29421
Bond No. BE2617149 in the amount of $1 1,613 for Tract 28341-1
Bond No. BE2617136 in the amount of $28,872 for Tract 28340-1
Bond No. 816200S in the amount of $375 for Tract 30327
Bond No. 513565S, 513566S, 513567S, 513568S, 513569S, and 513570S
in "one" amount of $426,477 for Tract 28838-1
If you have any questions, please call the City Clerk's Office at (760) 777-7025.
Sincerely,
JUNE S. GREEK, City Clerk
City of La Quinta, California
cc: Gulf Insurance Company
INSCO DICO Group/Developers Surety & Indemnity Company
Raoul Martinez, Assistant Engineer II
File
1
f
Ego, i -PI'm to if,
N
P.O. Box 1504
78-495 CALLE TAMPICO
LA QUINTA, CALIFORNIA 92253
August 6, 2004
KSL Land Corporation
Cindy Zamorez
50-905 Avenida Bermudas
La Quinta, CA. 92253
(760) 7 7 7 - 7 0 0 0
FAX (760) 777-7101
Re: Tract Maps 24890-5, 28149, 28150, 28259-1, 28340-1, 28341-1, 28838-1,
29421, and 30327
Dear Cindy:
Per authorization from the Public Works Department, the City Clerk's Office hereby
releases the following bonds:
Maintenance Bond 827937S in the amount of $47,340 -
Labor/Materials Bond 3908-FP in the amount of $418,840 -
Labor/Materials Bond BE2617145 in the amount of $31,460 -
Labor/Materials Bond BE2617146 in the amount of $140,953 -
Labor/Materials Bond BE2617136 in the amount of $288,719 -
Labor/Materials Bond BE2617149 in the amount of $1 16,133 -
Labor/Materials Bond 513565S in the amount of $285,523 -
Labor/Materials Bond 513566S in the amount of $1,544,755 -
Labor/Materials Bond 513567S in the amount of $1,212,820 -
Labor/Materials Bond 513568S in the amount of $183,195 -
Labor/Materials Bond 513569S in the amount of $61 1,469 -
Labor/Materials Bond 513570S in the amount of $427,000 -
Labor/Materials Bond 816515S in the amount of $1 12,198 -
Labor/Materials Bond 816200S in the amount of $3,750 -
If you have any questions, please call me at (760) 777-7010.
Sincerely,
PHYLLIS MANLEY, Deputy City Clerk
City of La Quinta, California
Tract 24890-5
Tract 28149
Tract 28150
Tract 28259-1
Tract 28340-1
Tract 28341-1
Tract 28838-1
Tract 28838-1
Tract 28838-1
Tract 28838-1
Tract 28838-1
Tract 28838-1
Tract 29421
Tract 30327
cc: HRH Insurance Services
INSCO Insurance Services, Inc./Indemnity Company of California
Raoul Martinez, Assistant Engineer II
File
l� .
CITY OF LA QUINTA
SUBDIVISION IMPROVEMENT AGREEMENT
THIS SUBDIVISION IMPROVEMENT AGREEMENT (the "Agreement") is made and entered into this
,15AD day of t"4 19 , by and between
KSL Land Corporation, a Delaware 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 or parcel map (the "Map") of a unit of land in the City
of La Quinta, County of Riverside, which unit of land is known as Tract No. 28340-1 (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 Map, Subdivider is required to install or agree to install certain public and
private improvements (the "Improvements")
C. The 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. Improvement Plans. Prior to submittal of the Map for approval by the City Council, Subdivider shall
furnish original improvement 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 in Exhibit "A", 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. One class of security to be provided by Subdivider, hereinafter referred to as "performance
security," shall assure the faithful performance of this Agreement including construction of the
Improvements, payment of Subdivider's fair share of Improvements which have been or will be constructed
by others ("Participatory Improvements"), and payment of 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 "warranty 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. Subdivider shall furnish performance and payment security prior to and
as a condition of City Council approval of the Map. Subdivider shall provide warranty security after
Improvements are complete and accepted by the City Council and prior to or concurrently with the final
release of performance security. Warranty security shall not be required for monumentation or Participatory
Improvements.
As part of the obligation secured by each of the performance security, payment security and
warranty 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 City in successfully enforcing the obligations thereby secured.
Subdivision Improvement Agreement - Tract 28340-1 Page 1 of 7
B. Improvement security shall conform with Section 66499 of the California Government Code and
one or more of the following:
1) A cash deposit with City or a responsible escrow agent or trust company, at City's option.
2) Surety bonds, of the form specified in subsection 66499.2 of the California Government
Code, issued by a surety or sureties listed in the U.S. Department of Treasury Circular 570
(latest version).
3) Certificates of deposit, in City's name, from one or more financial institutions subject to
regulation by the state or federal government and having a financial quality rating of "A" or
better and a commitment reliability rating of "R-2" or better on the Investment Data
Exchange (of the Los Angeles County Treasurer's office).
4) Irrevocable letters of credit, issued by one or more financial institutions meeting the
requirements of Paragraph (3), pledging that the funds necessary to carry out the completion
of the Improvements 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
City. Letters of credit shall guarantee that all or any portion of the funds available pursuant
to the letters of credit will be paid upon the written demand of City and that such written
demand need not present documentation of any type as a condition of payment, including
proof of loss. The duration of any such letter of credit shall be for a period of not less than
one year from the execution of the agreement with which it is provided and shall state, on
its face, that the letter of credit will be automatically renewed until such time that City
authorizes its expiration or until sixty (60) days after City receives notice from the financial
institution of intent to allow expiration of the letter of credit.
5) A lien upon the subdivided property, 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 recordation
of the final map or parcel map for which the Improvements are required. The lien shall
provide a collateral value of three (3) times the estimated cost of the Improvements and shall
include the power of sale of the real property, all buildings and improvements thereon, or
that may be erected upon or made thereto, together with all hereditaments and
appurtenances thereunto belonging, or in any wise appertaining, and the reservations,
remainders, rents, issues, and profits thereof. The collateral value of the property shall be
established at Subdivider's expense through an appraisal approved by City.
6) 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.
7) When Subdivider is a non-profit organization, security may be negotiable bonds, of the kind
approved for securing deposits of public moneys with City or in favor of City, as specified
in Section 16430 of the California Government Code, deposited, at City's option, with City
or a responsible escrow agent or trust company.
C. All securities shall be furnished in accordance with the provisions of Exhibit A. 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. The amount of Payment security shall equal the
amount of the amount of performance security, except as otherwise set forth in Exhibit A, and shall be
furnished as a separate security. Warranty security shall equal Ten Percent (10%) of the amount of
performance security except as otherwise set forth in Exhibit A.
Subdivision Improvement Agreement - Tract 28340-1 Page 2 of 7
D. At time of submittal of security, Subdivider shall pay to City administrative fees applicable to the
form of security provided. Administrative fees shall apply to the subdivision (final map, parcel map or
waiver of parcel map) rather than to individual security instruments. The fees shall be paid separately for
each different form and/or source (surety or financial institution) of security initially submitted and for
substitution of securities but shall not be required for submittal of warranty security if the warranty security
is of the same form and from the same source as the performance security it replaces. Administrative fees
for security shall be as follows:
1) For certificates of deposit and letters of credit as described in Paragraphs 3) and 4) of
SECTION 3.13., for which establishment of evidence of reliability of the financial institution
requires City's membership in the Investment Data Exchange, the administrative fee shall be
One Hundred Fifty Dollars ($150.00).,
2) For liens on real property as described in Paragraph 5) of SECTION 3.B., for which City will
prepare lien agreements and subordination agreements, administer valuation of the real
property and administer the agreements over the life of the lien, all of which require legal
assistance and financial advice, Subdivider shall pay to City an administration fee of One Half
of One Percent (0.5%) of the estimated cost of the improvements secured but not less than
Five Hundred Dollars ($500.00) nor more than Five Thousand Dollars ($5,000.00).
3) For other forms of security listed in Section 3 B, above, there will be no administrative fee.
E. Participatory Improvements, if any, are identified in Exhibit A. Security for Participatory
Improvements shall remain in place until the Participatory Improvements are constructed and actual costs
are known and paid by Subdivider, or until Subdivider pays to City the estimated cost of the Participatory
Improvements, and shall guarantee the reimbursement by Subdivider of Subdivider's share of the cost of
the Participatory Improvements. Payment security and warranty security shall not be required for
Participatory Improvements.
Upon written demand from City, Subdivider shall deposit cash with City in lieu of or in replacement of
security guaranteeing Participatory Improvements. If Subdivider fails to deposit said cash within 30 days
of the date of the written demand from City, City may present a written demand to Subdivider's Surety for
payment of said cash and Subdivider's Surety shall pay to City the lesser of: 1) the amount demanded, or
2) the amount of the security.
F. Security shall be released in the following manner:
1) Performance security shall be released upon the final completion and acceptance or approval,
by the City Council of the Improvements subject to the provisions of paragraph B.
2) The City Engineer may authorize partial reduction of performance security as work
progresses, upon application by Subdivider. However, no such reduction shall be for an
amount less than Ten Percent (10%) of the total performance security provided for the
faithful performance of the act or work. In no event shall security be reduced below that
required to guarantee the completion of the act or work or obligation secured, plus Ten
Percent (10%). The City Engineer shall not allow more than two partial reductions of
security furnished for any improvement agreement.
3) Participatory Improvement security shall be released upon payment by Subdivider of
Subdivider's share of the cost or estimated cost of the Participatory Improvements.
4) If City receives no notice of recorded claims of lien, labor and materials security shall be
released in full 90 days after final acceptance and/or approval by the City Council, of the
Improvements. If City receives notice of any recorded lien, the provisions of the Subdivision
Map Act shall apply.
Subdivision Improvement Agreement - Tract 28340-1 Page 3 of 7
5) Warranty security not utilized during the warranty period shall be released one year after final
acceptance or approval by the City Council of the Improvements provided, however, that if
at the end of the one-year warranty period, there are one or more outstanding requests by
City for performance of work or provision of materials under the terms of the warranty,
warranty security shall be retained until the outstanding requests are satisfied or until
Subdivider has made other arrangements satisfactory to the City Engineer.
4. Permits Required. 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 requires or
necessitates the acquisition of real property not owned by Subdivider or City, Subdivider shall use its best
efforts 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 in a form acceptable to the City Attorney. Said separate agreement shall
provide that Subdivider advance to City One Hundred Fifty Percent (150%) of the appraised fair market
value of the real property. Any unexpended portion of said advance shall be refunded to Subdivider. Any
additional funds required for acquisition of the real property shall be paid by Subdivider to City upon the
conveyance of said 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 of Approval.
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 or 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 securities, similar in form and substance
to those required in SECTION 3 hereinabove, to cover the period of extension. The value of the securities
shall be sufficient to ensure the performance of and payment for Improvements that remain incomplete at
the time of the extension, and to provide warranty 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
of the La Quinta Municipal Code. Subdivider shall provide the City Engineer written proof that the
monuments have been set, evidence of payment and receipt thereof by the engineer or surveyor setting the
monuments, and intersection monument tie -outs for monuments set in public streets.
10. Final Acceptance of Improvements. At the completion of construction and prior to acceptance
of the Improvements by City, Subdivider shall submit a request for final approval by City. The request shall
be accompanied by any required certifications from Subdivider's engineers or surveyors, approval letters
from other agencies having jurisdiction over and approval authority for improvements required by this
Subdivision .improvement Agreement - Tract 28340-1 Page 4 of 7
Agreement or the Conditions of Approval, and any required construction quality documentation not
previously submitted.
Upon receipt of said request, the City Engineer or a duly -authorized representative will review the
required 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, obligations required
by the Conditions of Approval and this Agreement have been satisfied, and Subdivider has provided revised
plans as required in Paragraph 11, hereinafter, the City Engineer shall recommend acceptance of the
Improvements by the City Council.
1 1 . 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," "As -Constructed," or "Record Drawing," 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 shall be resubmitted to the City Engineer.
12. Improvement Warranty. Subdivider hereby guarantees the Improvements to City for a period of
one (1) year, beginning on the date of final acceptance of the 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 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 herein under, 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 Conditions of Approval. In the event that any requirement or condition of this Agreement
is inconsistent with or fails to include one or more provisions of the Conditions of Approval, which
document(s) is (are) incorporated herein by reference, the provisions in the 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
Subdivision Improvement Agreement - Tract 28340-1 Page 5 of 7
hereon. 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.
(This space left intentionally blank.)
Subdivision Improvement Agreement - Tract 28340-1 Page 6 of 7
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
ATTEST:
l� U City Clerk
SUBDIVIDER: KSL Land Corporation
f
By:
Title:
By:
Title:
ADDRESS:
ADDRESS:
78-495 Calle Tampico
La Quinta, CA 92253
56-140 PGA Blvd.
La Quinta, CA 92253
Reviewed and Approved:
City Engineer Date
Approved as to Form:
City Attorney Date
Subdivision Improvement Agreement - Tract 28340-1 Page 7 of 7
STATE OF CALIFORNIA
ss
COUNTY OF RIVERSIDE )
On -�>, 1996, before me, BARBARA T. LARSH, a Notary
Public in and for said State, personally appeared LARRY E.
LICHLITER, —JP"personally known to me, -or- ❑ proved to me on the
basis of satisfactory evidence, to be the person whose name is
subscribed to the within instrument and acknowledged to me that he
executed the same in his authorized capacity, and that by his
signature on the instrument the person, or the entity upon behalf of
which the person acted, executed the instrument.
WITNESS my hand and official seal.
otary Public in and for Said State
OPTIONAL INFORMATION:
TITLE OF DOCUMENT2"1Sj;-N
NUMBER OF PAGES_ SIGNERS) OTHER THAN NAMED ABOVE
FOR NOTARY SEAL OR STAMP
BARBARA T. LhRSH
COMM. 0978S68
Notary Public -California Z
=� = RIVERSIDE COUNTY p
My Commission E fires
Novernher 22, 1g96
DATE OF DOCUMENT -7 ^3 —1 b
Exhibit A
LIST OF IMPROVEMENTS AND SECURITY AMOUNTS - TRACT 28340-1
Except as otherwise provided herein, Subdivider shall furnish performance security and payment security
prior to City Council approval of the Map.
As elements of the work are completed, Subdivider may request a maximum of two partial releases of
performance security. Partial releases shall be for not less than Ten Percent (10%) of the total performance
security for the tract and shall not reduce total performance held below the amount necessary to complete
the Improvements plus Ten Percent (10%). Partial releases of performance security 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
Grading
Domestic Water
Sanitary Sewer
Underground Electric
On -Site Streets
Monumentation
Performance
Payment
$79,281
$79,281
18,810
18,810
62,800
62,800
98,932
98,932
28,896
28,896
8.400
0
Totals: $297,1 19
$288,719
Alb
SUBDIVISION IMPROVEMENT
BOND LABOR AND MATERIAL
(CALIFORNIA)
Bond #3925-FP
KNOW ALL BY THESE PRRSI3M, That KSL LAND CORPORATION
56-140 PGA Boulevard, LaQuinta , California 92253 as Principal, end t e
FRONTIER PACIFIC INSURANCE COMPANY i i o , r e Corporation organized and existing
under the laws of the State of California and authorized to transact surety business in the State
of California, as Surety, are held -and-firmly bound unto City of LaQuinta, California
78-495 Calle Tampico, La Quinta, CA 922
or the use a e it of any and all persons entitled to file claim under Title 15 commencing ant tion 3 82 of art 4
of Division 3 of the Civil Code of the State of California, in the sum of Two Hundred Eighty -Eight
Thousand, Seven Hundred Nineteen and No/100-------------------2883,719.00
for the payment whereof, well and truly to be made, said rincipal and Surety bind themselves, thew heirs. administrators,
successors and assigns. jointly and severally, firmly by these presents.
THE CONDITION OF THUS OBLIGATION IS SUCH, That WHERELkS, the Principal entered into a certain Agreement or
Contract with the Obligee, dated on or of ter the 2nd day of July 19 96 wherein the
Principal has agreed to complete the foliowsng improvements: Grading, Domestic Water, Sanitary Sewer,
as more fully set forth in said agreement_ Underground Electric, On -Site Streets
Tract No. 28340-1, La Quinta, California
NOW THBREPORB, if tho Principal shall pay all contractors, subcontractors, laborers, materialmen and other persons
deployed in the performance of thv Agreement, for materials furnished or labor thereon of any kind, or for amounts doe
under the Unemployment Insurance Act with respect to such work or labor, then this obligation shall be null and void:
otherwise, to remain in full force and effect. provided, however:
(1) That said Surety will pay the same in an amount not exceeding the amount hereinafter set forth, and also in case
suit is brought upon this bond, will pay, in addition to the face amount thereof, costa and rmonable expenses and
fees, including attorney's fees, incurred by County (or 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 judgment therein rendered;
(2) That the Surety hereby ctipulates 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 manner affect its obligations on this
bond, and it does hereby waive notice of any such change, extension, alteration or addition.
(3) That the time for filing suit on this bond shall bo limited to six (6) months from data of complotion of said
improvements as "completion" is defined under applicable sections of the Civil Code of The State of California.
Signed and sealed this
KSL LAND CORPORATION
AMA
19th June
day of _ _.
19 96
FRONTIER PACIFIC INSURANCE COMPANY
Surety
By •
B-ettrown Attorney -in -Pact
6404 Wilshire Boulevard
Los Angeles, California 90048-5510
Address
Agent's Address: Willis Corroon Corporation of Tenne
Nashville Office
26 Century Boulevard (37214)
P.O. Box 305025
Nashville, Tennessee 37230-5025
SG-4221EP 12192 PRINTED IN U.S.A.
ee
SUBDIVISION IMPROVEMENT BOND
FAITHFUL PERFORMANCE
(CAUFORN1A)
Bond #3925-FP
fnitlel Promlum S 49,457.00
KNOW ALL BY THHSB PR]BSBNTS, That KSL LAND CORPORATION
56-140 PGA Boulevard, LaQuinta, Calitornia 9ZZ53as Princilmd and tltc
FRONTIER PACIFIC INSURANCE COMPANY 6404 Wilshire Blvd., Los Angeles, CA 90048 a Corporation
organized and existing under the laws of the State of California and authoriz to transact surety
business in the State of California. as Surety, are held and firmly bound unto City of LaOuinta, CA
78-495 Calle Tampico, La Quinta, CA 92253 , as Obligee,
in the sum of Two Hundred Ninety —Seven and One Hundred teen and No 100
(S 297 m l]2. 00� or the payment whereof, well and truly to be made, said prsncipe and
Surety bind themselves, their heirs, administrators, successors and assigns, jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION IS SUCH, That W14MAS, the Principal on or of ter July 2 ,
19 96 entered into a certain Agreement or Contract with the Obligee wherein the Principal agreed to complete the
following improvements. Grading, Domestic -Water, Sanitary Sewer
Underground Electric, On —Site Streets and
Monumentation, Tract No. 28340-1
City of La Quinta, County of Riverside, California
as more fully set forth in said Agreement.
NOW, THBRBPORB, if the Principal shall well and truly perform and fulfill all of the covenants, terms and conditions of
the said Agreement, then, this obligation shall be null and void: otherwise to remain in full force end effect. Provided however:
(1) That as a part of the obligation sccurcd hereby and in addition to the fact amount specified therefore,
there shall be included costs and reasonable expenses and foes, including reasonable attorney's fees,
incurred by Obligee in successfully enforcing such obligation, all to be taxed as costs and included
in any judgment rendered:
(2) That 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 specificetionR 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
spccifications;
(3) That no right of action shall accrue hereunder to or for the benefit of any person, firm or corporation other than the
Obligee named herein.
Signed, sealed and dated June 19,
KSL LAND CORPORATION
MA _-
5G-ter i ttr tuev
.1996 .
FR NTIER PACIFIC INSURANCE COMPANY
By
Betty B own, Attorney -in -Pact
6404 Wilshire Boulevard
Los Angeles, California 90048-5510
Address
Agent's Address: Willis Corroon Corporation of Tennesse
Nashville Office
26 Century Boulevard (37214)
P.O. Box 305025
Nashville, Tennessee 37230-5025
Printed in USA
OUTSTANDING BOND REPORT
Name: KSL Land Corporation
Tract No. 28340-1
Date of Contract: July 3, 1996
Required Bond Amounts:
Grading
- $79,281
Water
- $18,810
Sewer
- $62,800
Electric
- $98,932
On -site Streets
- $28,896
Monumentation
- $ 8,400
Dates of Bond Reductions:
Outstanding Bonds:
Amount:
$ 297,119
$288,719
:• • 10•
3925-FP
3925-FP
performance/labor materials
(same)
(same)
(same)
(same)
performance only
Date Cancelled/Released: