28457-2 Exchange Group 97CITY OF LA QUINTA
SUBDIVISION IMPROVEMENT AGREEMENT
TRACT 28457-2
THIS SUBDIVISION IMPROVEMENT AGREEMENT (the "Agreement") is made and entered into this
21st day of May , 19 97 , by and between
The Exchange Group, 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 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. 28457-2 (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. However, the City may utilize Monumentation Security for
performance of or payment for the work in accordance with the Subdivision Map Act.
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.
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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 than 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.
D. At the 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).
C:\WP\TRACTS\Agreements\28457-2.sia Page 2 of 6
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 not expire, be reduced or become wholly or partially invalid for any reason, including
non-payment of premiums, modifications of this Agreement and/or expiration of the time for performance stated in
this Agreement, without express authorization from City unless the surety provides City with sixty (60) days written
notice by registered or certified mail, return notice requested.
G. 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.
5) Warranty security not utilized during the warranty period shall be released one year after final
acceptance or approval by the City Council of all Tract Improvements. However, 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
C:\WP\TRACTS\Agreements\28457-2.sia Page 3 of 6
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 Maieure. 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 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.
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," "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.
C:\WP\TRACTS\Agreements\28457-2.sia Page 4 of 6
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 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 intentionally left blank.)
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above.
CITY:
Thomas P. Genovese, City Manager
SUBDIVIDER:
1 Forentina
Rapcho Mirage -
CA 92270
By: ze- J'Oe"ZZ
Title:
By:
Title:
City of La Quinta
78-495 Calle Tampico
La Quinta, CA 92253
760/777-7075
615 �7%
Date
The Exchange Group, Inc.
Pal" ' -Beg 2:23 6--18 88 8
760/�7�--
Date
Date
Reviewed and Approved:
PP G
City Engineer Date
Approved as to Form: c). %3- —"�F-%
City Attorney 0 Date
C:\WP\TRACTS\Agreements\28457-2.sia Page 6 of 6
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
State of California
County of Riverside
On 5 /21 / 97 before me, Gabrielle KAppne-Ver
Date Name and Title of Officer (e.g., "Jane Doe, Notary Public")
personally appeared Roder Snell ri�rcrer
Name(s) of Signer(s)
rsonally known to me
proved to me on the basis of satisfactory evidence
to be the person�vhose nam*S)are subscri ed to the
within instrument and acknowledged to me that he/they
executed the same i hi er/their authorized capacity(i
and that by Re
her/their signaturen the instrumen the
G W person , oentity upon behalf of which the 1TM�'person�p
s' cO"# 11114M acted, executed the instrument.
i may AjAc — Cditr o
RMemk*
te MY COMM B00 Sep ts, 200o WITNESS my hand and official seal.
Signature of NotaryFkblg
OPTIONAL
Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent
fraudulent removal and reattachment of this form to another document.
Description of Attached Document
Title or Type of Document: q,]Wiyi _q;an_ Tiizmrcnrernr_nt-- g;i'eeMent Trar_i- 281157 2
Document Date: 5/21/97 Number of Pages: 7
Signer(s) Other Than Named Above:
Capacity(ies) Claimed by Signer(s)
Signer's Name: Roger Snellenberger
❑ Individual
X] Corporate Officer
Title(s): Presi dent_
❑ Partner — ❑ Limited ❑ General
❑ Attorney -in -Fact
❑ Trustee _
❑ Guardian or Conservator
❑ Other: Top of thumb here
Signer Is Representing:
The Exchange Group Inc.
Signer's Name:
Individual
Corporate Officer
Title(s):
Partner — ❑ Limited ❑ General
Attorney -in -Fact
Trustee
Guardian or Conservator
Other:
Signer Is Representing:
RIGHT THUMBPRINT
OF SIGNER
•• • •
0 1996 National Notary Association - 8236 Remmet Ave., P.O. Box 7184 - Canoga Park, CA 91309-7184 Prod. No. 5907 Reorder: Call Toll -Free 1-800-876-6827
Exhibit A
SECURITY - TRACT 28457-2
Except as otherwise provided herein, Subdivider shall furnish performance security and payment security
prior to agendization of the Map for approval by the City Council.
Monumentation security shall remain in place until City receives certification, by a person authorized to
practice land surveying in the State of California, that monumentation is complete.
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 security 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.
Payment security for Water, Sewer and Electrical improvements is subject to release if authorized by the
appropriate utility authority. Otherwise, all payment security shall remain in place until all required tract
improvements are complete and accepted by the City Council.
Improvement Description Performance Payment
Grading $76,200 $76,200
Streets & Storm Drainage 185,200 185,200
Domestic Water 102, 700 102,700
Sanitary Sewer 60,900 60,900
Electrical (Secured with 28457-1) 0 0
Monumentation 3900 0
Totals: $428,900 $425,000
O
ins;-qblc:o
BOND NO:
439936S
INITIAL PREMIUM: $1,372.00
SUBJECT TO RENEWAL.
SUBDIVISION IMPROVEMENTS
PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS:
That we, Tf� EXCHANGE GROUP , INC. , as Principal,
and DEVELOPERS INSURANCE COMPANY, a corporation organized and doing business under and by virtue of the laws of the State
of California and duly licensed to conduct a general surety business in the State of California as Surety, are held and firmly bound unto
CITY OF LA RUINTA
as Obl e uu �f SEVI;I\TTY SIX THOUSAND TWO HUNDRED DOLLARS AND 00/100
($ �U�' CUR* ) Dollars, for which payment, well and truly to be made, we bind ourselves, our heirs, executors and
successors, jointly and severally firmly by these presents.
THE CONDITION OF THE OBLIGATION IS SUCH THAT:
WHEREAS, the above named Principal, as a condition of the filing of the final subdivision map of (Tract/ Parcel) Map No.
28457-2
said agreement or agreements.
entered into an agreement or agreements with said Obligee to complete the improvements specified in
NOW THEREFORE, the condition of this obligation is such, that if the above Principal shall well and truly perform said agreement or
agreements during the original term thereof or of any extension of said term that may be granted by the Obligee with or without notice
to the Surety, this obligation shall be void, otherwise it shall remain in full force and effect.
IN WITNESS WHEREOF, the seal and signature of said Principal is hereto affixed and the corporate seal and the name of the said
Surety is hereto affixed and attested by its duly authorized Attorney -in -Fact at
California, this 23rd day of May
"PRINCIPAL"
THE EXC ffMGE GROUP , INC.
Palm Desert
,1997
"SURETY"
DEVELOPERS INSURANCE COMPANY
BY:
"Diane M ielsen Attorney -in -Fact
17780 Fitch
Irvine, California 92714
(714) 263-3300
DI 113 Rev. 2/91
MC BOND NO: 439936S
IC�
PREMIUM INCLUDED
GRADING IN PERFORMANCE BOND.
SUBDIVISION IMPROVEMENTS
LABOR AND MATERIAL BOND
KNOW ALL MEN BY THESE PRESENTS:
That we, THE EXCHANGE GROUP, INC.
as Principal,
and DEVELOPERS INSURANCE COMPANY, a corporation organized and doing business under and by virtue of the laws of the State
of California and duly licensed to conduct a general surety business in the State of California as Surety, are held and firmly bound unto
as Obligee, in the sum of SEVENTY SIX THOUSAND TWO HUNDRED DOI,T,ARS AND 00/100
($ 76200-00 ) Dollars, for which payment, well and truly to be made, we bind ourselves, our heirs, executors and
successors, jointly and severally firmly by these presents.
THE CONDITION OF THE OBLIGATION IS SUCH THAT:
WHEREAS, the above named Principal, has entered into an agreement or agreements which are made a part of this bond, with the
CITY OF LA OUINTA
as Obligee for the improvements in the
subdivision designated as (Tract/ Parcel) Map No. Tract #28457-2 , as required
by the Government Code of California.
NOW THEREFORE, the condition of this obligation is such, that if the above Principal fails to make payment to any contractor, his
subcontractors, or to persons renting equipment or furnishing labor and materials to them for the improvement required by said
agreement or agreements, the Surety on this bond will pay the same, in an amount not exceeding the sum specified in this bond.
This bond is executed and filed to comply with Section 66499 through and including Section 66499.10 of the Government Code of
California as improvement security, and shall inure to the benefit of any and all contractors, their subcontractors and persons renting
equipment or furnishing labor or materials to them for the improvement. Notice of extension of time for completion is waived by the
Surety.
IN WITNESS WHEREOF, the seal and signature of said Principal is hereto affixed and the corporate seal and the name of the said
Surety is hereto affixed and attested by its duly authorized Attorney -in -Fact at
California, this 23rd day of may
"PRINCIPAL"
7HE EXCHANGE GR(A1P, INC.
Palm Desert
,19
"SURETY"
DEVELOPERS INSURANCE COMPANY
B .
Diane M Nielsen Attorney -in -Fact
17780 Fitch
Irvine, CA 92714
(714) 263-3300
FORM DI 112 (Rev. 5/92)
�o
insc=%1-1co
STREETS & STORM DRAINAGE
BOND NO: 439937S
INITIAL PREMIUM:
SUBJECT TO RENEWAL
SUBDIVISION IMPROVEMENTS
PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS:
$3,334.00
That we, THE EXCHANGE GROUP) INC.
as Principal,
and DEVELOPERS INSURANCE COMPANY, a corporation organized and doing business under and by virtue of the laws of the State
of California and duly licensed to conduct a general surety business in the State of California as Surety, are held and firmly bound unto
CITY OF IA QUINTA
as Obli e8 n he u �0o ONE HUNDRED EIGHTY FIVE THOUSAND TWO HUNDRED DOLLARS AND 00/100
N "
($ ) Dollars, for which payment, well and truly to be made, we bind ourselves, our heirs, executors and
successors, jointly and severally firmly by these presents.
THE CONDITION OF THE OBLIGATION IS SUCH THAT:
WHEREAS, the above named Principal, as a condition of the filing of the final subdivision map of (Tract/Parcel) Map No
28457-2
said agreement or agreements.
entered into an agreement or agreements with said Obligee to complete the improvements specified in
NOW THEREFORE, the condition of this obligation is such, that if the above Principal shall well and truly perform said agreement or
agreements during the original term thereof or of any extension of said term that may be granted by the Obligee with or without notice
to the Surety, this obligation shall be void, otherwise it shall remain in full force and effect.
IN WITNESS WHEREOF, the seal and signature of said Principal is hereto affixed and the corporate seal and the name of the said
Surety is hereto affixed and attested by its duly authorized Attorney -in -Fact at Palm Desert
California, this
23rd
"PRINCIPAL"
day of May , 19 97
7HE EX(IiANGE GROUP, INC.
"SURETY"
DEVELOPERS INSURANCE-COMPA�NY
BY:
'-,- L&Itq )22 tAaXo,^-
Diane M Niel se Attorney -in -Fact
17780 Fitch
Irvine, California 92714
(714) 263-3300
DI 113 Rev. 2/91
BOND NO:
439937S
PREMIUM INCLUDED
STREETS & ST 01 DRAINAGE IN PERFORMANCE BOND.
SUBDIVISION IMPROVEMENTS
LABOR AND MATERIAL BOND
KNOW ALL MEN BY THESE PRESENTS:
That we, THE EXCHANGE GROUP, INC.
as Principal,
and DEVELOPERS INSURANCE COMPANY, a corporation organized and doing business under and by virtue of the laws of the State
of California and duly licensed to conduct a general surety business in the State of California as Surety, are held and firmly bound unto
CITY OF LA OUINTA
as Obligee, in the sum of CNE HUNDRED EIGHTY FIVE THOUSAND TWO HUNDRED DOLLARS AND 00/100
($ 185.200.00**** ) Dollars, for which payment, well and truly to be made, we bind ourselves, our heirs, executors and
successors, jointly and severally firmly by these presents.
THE CONDITION OF THE OBLIGATION IS SUCH THAT:
WHEREAS, the above named Principal, has entered into an agreement or agreements which are made a part of this bond, with the
a• I'y i Jr• i A J ..2U i iv-1 A as Obligee for the improvements in the
subdivision designated as (Tract/ Parcel) Map No. Tract ##28457-2 , as required
by the Government Code of California.
NOW THEREFORE, the condition of this obligation is such, that if the above Principal fails to make payment to any contractor, his
subcontractors, or to persons renting equipment or furnishing labor and materials to them for the improvement required by said
agreement or agreements, the Surety on this bond will pay the same, in an amount not exceeding the sum specified in this bond.
This bond is executed and filed to comply with Section 66499 through and including Section 66499.10 of the Government Code of
California as improvement security, and shall inure to the benefit of any and all contractors, their subcontractors and persons renting
equipment or furnishing labor or materials to them for the improvement. Notice of extension of time for completion is waived by the
Surety.
IN WITNESS WHEREOF, the seal and signature of said Principal is hereto affixed and the corporate seal and the name of the said
Surety is hereto affixed and attested by its duly authorized Attorney -in -Fact at Palm Desert
California, this
23rd 97
day of]a
, 19
"PRINCIPAL"
THE EXCHANGE GROUP,
"SURETY"
DEVELOPERS INSUIRANCE COMPANY
BY:`
*IaLne*714SX-UYV:!��
Attorney -in -Fact
17780 Fitch
Irvine, CA 92714
(714) 263-3300
FORM DI 112 (Rev. 5/92)
insc. 1C0
DG,=I C WATER
BOND NO: 439938S
INITIAL PREMIUM: $1,849.00
SUBJECT TO RENEWAL.
SUBDIVISION IMPROVEMENTS
PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS:
That we, EXCHIANGE GROUP, INC. , as Principal,
and DEVELOPERS INSURANCE COMPANY, a corporation organized and doing business under and by virtue of the laws of the State
of California and duly licensed to conduct a general surety business in the State of California as Surety, are held and firmly bound unto
CITY OF LA QUINTA
as Obli irub s CTE HUNDRED TWO THOUSAND SEVEN HUNDRED DONS AND 00/100
($ ) Dollars, for which payment, well and truly to be made, we bind ourselves, our heirs, executors and
successors, jointly and severally firmly by these presents.
THE CONDITION OF THE OBLIGATION IS SUCH THAT:
WHEREAS, the above named Principal, as a condition of the filing of the final subdivision map of (Tract/Parcel) Map No
28457-2
said agreement or agreements.
entered into an agreement or agreements with said Obligee to complete the improvements specified in
NOW THEREFORE, the condition of this obligation is such, that if the above Principal shall well and truly perform said agreement or
agreements during the original term thereof or of any extension of said term that may be granted by the Obligee with or without notice
to the Surety, this obligation shall be void, otherwise it shall remain in full force and effect.
IN WITNESS WHEREOF, the seal and signature of said Principal is hereto affixed and the corporate seal and the name of the said
Surety is hereto affixed and attested by its duly authorized Attorney -in -Fact at
California, this 23rd
"PRINCIPAL"
day of
'lIE EXCHANGE GROUP, INC.
May
Palm Desert
, 19 97
"SURETY"
DEVELOPERS INSURANCE COMPANY
BY.
lane M Nielsen Attorney -in -Fact
17780 Fitch
Irvine, California 92714
(714) 263-3300
01 113 Rev. 2/91
BOND NO: 439938S
9FG� Mp PREMIUM INCLUDED
DCiV1ESTIC WATER IN PERFORMANCE BOND.
SUBDIVISION IMPROVEMENTS
LABOR AND MATERIAL BOND
KNOW ALL MEN BY THESE PRESENTS:
That we, WE EXCHANGE GROUP INC. , as Principal,
and DEVELOPERS INSURANCE COMPANY, a corporation organized and doing business under and by virtue of the laws of the State
of California and duly licensed to conduct a general surety business in the State of California as Surety, are held and firmly bound unto
as Obligee, in the sum of ONE MWRED TWO THOUSAND SEVEN HUNDRED DOLLARS AND 00/100
($ 1�2, 700.00*** ) Dollars, for which payment,
successors, jointly and severally firmly by these presents.
well and truly to be made, we bind ourselves, our heirs, executors and
THE CONDITION OF THE OBLIGATION IS SUCH THAT:
WHEREAS, the above named Principal, has entered into an agreement or agreements which are made a part of this bond, with the
CITY OF LA QUINTA as Obligee for the improvements in the
subdivision designated as (Tract/ Parcel) Map No.
by the Government Code of California.
28457-2
as required
NOW THEREFORE, the condition of this obligation is such, that if the above Principal fails to make payment to any contractor, his
subcontractors, or to persons renting equipment or furnishing labor and materials to them for the improvement required by said
agreement or agreements, the Surety on this bond will pay the same, in an amount not exceeding the sum specified in this bond.
This bond is executed and filed to comply with Section 66499 through and including Section 66499.10 of the Government Code of
California as improvement security, and shall inure to the benefit of any and all contractors, their subcontractors and persons renting
equipment or furnishing labor or materials to them for the improvement. Notice of extension of time for completion is waived by the
Surety.
IN WITNESS WHEREOF, the seal and signature of said Principal is hereto affixed and the corporate seal and the name of the said
Surety is hereto affixed and attested by its duly authorized Attorney -in -Fact at
Palm Desert
California, this 23rr3 day of MTV , 19 97
"PRINCIPAL"
THE EXCHANGE GR M, INC.
"SURETY"
DEVELOPERS INSURANCEXOMPANY
Y:
Attorney -in -Fact
17780 Fitch
Irvine, CA 92714
(714) 263-3300
FORM 01 112 (Rev. 5/92)
in- qblco
BOND NO:
439939S
INITIAL PREMIUM: $3096-0l;L_,
SANITARY SEIVEER SUBJECT TO RENEWAL.
SUBDIVISION IMPROVEMENTS
PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS:
That we, THE EXCEIANGE Gam, INC. , as Principal,
and DEVELOPERS INSURANCE COMPANY, a corporation organized and doing business under and by virtue of the laws of the State
of California and duly licensed to conduct a general surety business in the State of California as Surety, are held and firmly bound unto
CITY OF LA QUINTA
as Obligee, in the sum f SIXTY THOUSAND NINE HUNDRED DOLLARS AND 00/100
($ UU) 900.00**** ) Dollars, for which payment, well and truly to be made, we bind ourselves, our heirs, executors and
successors, jointly and severally firmly by these presents.
THE CONDITION OF THE OBLIGATION IS SUCH THAT:
WHEREAS, the above named Principal, as a condition of the filing of the final subdivision map of (Tract/ Parcel) Map No. ,
28457-2
said agreement or agreements.
entered into an agreement or agreements with said Obligee to complete the improvements specified in
NOW THEREFORE, the condition of this obligation is such, that if the above Principal shall well and truly perform said agreement or
agreements during the original term thereof or of any extension of said term that may be granted by the Obligee with or without notice
to the Surety, this obligation shall be void, otherwise it shall remain in full force and effect.
IN WITNESS WHEREOF, the seal and signature of said Principal is hereto affixed and the corporate seal and the name of the said
Surety is hereto affixed and attested by its duly authorized Attorney -in -Fact at
California, this
23rd
"PRINCIPAL"
'fNF' EXCHANGE GROUP, INC
100,A:7.
Palm Desert
day of May , 19
97
"SURETY"
DEVELOPERS INSURANCE COMPANY
BY:-(�
Diane M Nielsen Attorney -in -Fact
17780 Fitch
Irvine, California 92714
(714) 263-3300
DI 113 Rev. 2191
9D �M[�H)
SANI TARY SEt' M
BOND NO:
439939S
PREMIUM INCLUDED
IN PERFORMANCE BOND.
SUBDIVISION IMPROVEMENTS
LABOR AND MATERIAL BOND
KNOW ALL MEN BY THESE PRESENTS:
That we, 7W, EXCRANCIR CTRf JP _ INC.
as Principal,
and DEVELOPERS INSURANCE COMPANY, a corporation organized and doing business under and by virtue of the laws of the State
of California and duly licensed to conduct a general surety business in the State of California as Surety, are held and firmly bound unto
CITY OF LA QUINTA
as Oblj�g�e �he f SIXTY THOUSAND NINE HUNDRED D011" AND 00/100
($ ) Dollars, for which payment, well and truly to be made, we bind ourselves, our heirs, executors and
successors, jointly and severally firmly by these presents.
THE CONDITION OF THE OBLIGATION IS SUCH THAT:
WHEREAS, the above named Principal, has entered into an agreement or agreements which are made a part of this bond, with the
CITY OF LA QUINTA
subdivision designated as (Tract/ Parcel) Map No.
by the Government Code of California.
Tract #28457-2
as Obligee for the improvements in the
, as required
NOW THEREFORE, the condition of this obligation is such, that if the above Principal fails to make payment to any contractor, his
subcontractors, or to persons renting equipment or furnishing labor and materials to them for the improvement required by said
agreement or agreements, the Surety on this bond will pay the same, in an amount not exceeding the sum specified in this bond.
This bond is executed and filed to comply with Section 66499 through and including Section 66499.10 of the Government Code of
California as improvement security, and shall inure to the benefit of any and all contractors, their subcontractors and persons renting
equipment or furnishing labor or materials to them for the improvement. Notice of extension of time for completion is waived by the
Surety.
IN WITNESS WHEREOF, the seal and signature of said Principal is hereto affixed and the corporate seal and the name of the said
Surety is hereto affixed and attested by its duly authorized Attorney -in -Fact at Palm Desert
California, this 23rd day of MaY , 19 97
"PRINCIPAL"
THE EXCHANGE GROUP, INC.
fo,
"SURETY"
DEVELOPERS INSURANCK COMPANY
B
Attorney -in -Fact
17780 Fitch
Irvine, CA 92714
(714) 263-3300
FORM DI 112 (Rev. 5/92)
BOND NO. 439940S
PREMIUM $70.00
MONUMENTING BOND
FOR SUBDIVISIONS
KNOW ALL MEN BY THESE PRESENTS, THAT WHEREAS, M EXCHANGE GROUP INC
hereinafter called SUeDIVID R is the developer of that certain subdivision
known ajVELLA VISTA, TRACT 8457-2 ; and WHEREAS, all monuments
have not yet been set in the positions noted in the proposed Final Subdivision
Map for said subdivision,
NOW, THEREFORE, we the subdivider as Principal, and theDEVEMPEM INSURANCE CCMPANY,
17780 Fitch, Irvine, CA 92714
(Legal Title and Address of Surety)
as Surety, are held and firmly bound unto the CITY CF LA QUINTA
in the mum of
Tffl F'F UUJjS AM NINE MUM DO ,T ,A R,,9 A + 004100 (i 3 ; 900.0- 0
lawful money of the United States. for the payment of which sum well and truly
to be made, we bind ourselves, our heirs, executors, adainistraLorsj successors,
or assigns, or any or all or either of thee, shall fail to fray any engineer or
surveyor for setting monuments in the positions noted in the proposed Final
Subdivision Map for said subdivision in accordance with the provisions or
Government Code Sec. 66495 et.aeq., then said Surety will pay the same In an
amouiat slut CAceeding the amount hereinabove act forth, and wlao is came suit
is brought upon thij bond, will pay a reasonable attorney's 1'eo to be awarded
and Cursed by the Court, and to be taxed as costs and to be included in the
Judgement therein rendered.
1T IS HEAny EXPRESSLY STIPULATED AND AGREED that this bond shall insure to the
benefit or any and all persons, companies,, and corporations entitled to file
claLms against it.
Should the condition of this Bond be fully performed, then this obligation
shall become null and void, otherwiaes it shall be and remain in full force
and effect.
And the said Surety, for value received, hereby stipulates and agrees that
no change, extension,or time, alteration or addition to the terms of the
Agreceent or Contricl., or to the Mork to be
perfurmed
any way aft'ect' its obligations on the Bond, and It does hhereby ewaive anotice
of any much change, extension of time, alteration or addition to the term
or the agreement or Contract.
IN WITNESS wuRBOF this Instrument has been duly executed by the Principal
and Surety above named on MAv 23 , 1 q 97
"Surety
"Principal"
DEVELOPERS INSUR!NCE COMPANY THE EXCHANGE G , INC.
Diane MNielsen — Attorney in Fact -
OUTSTANDING BOND REPORT
Name: The Exchange Group, Inc.
Tract No. 28457-2
Date of Contract: May 21, 1997
Required Bond Amounts:
Grading
- $ 76,200
Streets/Drainage
- $185,200
Water
- $102,700
Sewer
- $ 60,900
Electrical
- $ 0
performance/labor materials
(same)
(same)
(same)
Monumentation - $ 3,900 performance only
Dates of Bond Reductions: On 9/7/99, performance was reduced to warranty of
$42,500; payment to be released on 12/7/99; warranty to be released on 9/7/2000.
Outstanding Bonds:
Insurance Company: Insco / Dico Group
Amount: Bond No.
$ 76,200 439936S
$ 76 200 same
$185,200
$185,200
$102,700
$102,700
$ 60,900
$ 60,900
$ 3,900
439937S
same
439938S
same
439939S
same
439940S
Date Cancelled/Released:
Released 11 /8/02
Released 11 /8/02
Released 11 /8/02
Released 11 /8/02
Released 11 /8/02
Released 11 /8/02
Released 11 /8/02
Released 11 /8/02
Released 11 /8/02