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23813 LQ Joint Venture 88CITY OF LA QUINTA SUBDIVISION IMPROVEMENT AGREEMENT THIS AGREEMENT, made and entered into this 10th day of November 19 88 , by and between La Quinta Joint Venture , hereinafter referred to as "SUBDIVIDER", AND CITY OF LA QUINTA, a municipal corporation of the State of California, hereinafter referred to as "CITY". WITNESSETH: WHEREAS, the Subidivider has prepared and filed a final subdivision map of Tract No. 23813 in the City of La Quintal County of Riverside, for approval by the City; _and WHEREAS, as a condition precedent to the approval of said map by Ciyt, Subidivier is required to offer dedication of those parcels of land intended for streets, highways, and other public use, and also to construct and install or agree to construct and install certain improvements on said dedicated parcels; and WHEREAS, Subdivider, by said map, has offered for dedication to City for public use certain streets and easements shown on said map; and WHEREAS, as a condition precedent to the acceptance of the dedication of such streets and easements by City, Subdivider is required to enter into an agreement with the City to construct certain improvements; and WHEREAS, the total cost of such improvements has been estimated by the City Engineer to be approximately 0Dollars, a nd WHEREAS, Subdivider, by said map, has proposed to utilize certain parcels of land for private streets, and also to construct and install or agree to construct and install certain improvements; and WHEREAS, Subdivider, by said map, has not offered for dedication to the City for pubic use the aforementioned private streets; and WHEREAS, even though said private streets shall not be dedicated to City for public use, City desires to insure that said streets are constructed to the same standards and specifications required by City for public streets; and WHEREAS, the total cost of such improvements has been estimated by the City Engineer to be approximately $ 325.,9 1.00 Dollars; NOW, THEREFORE, IT IS AGREED by and between the parties thereto as follows: 1. Subdivider., at his'sole cost and expense, shall construct and install the street, drainage, domestic water, sanitary sewer and other improvements required to be constructed or agreed to be constructed as a condition precedent to the approval of said final map and acceptance of such streets and easements, as shown on the "Improvement Plans for Tract No. 23813 a copy of which is now on file in the office of the City Engineer of the City and which is referred to and incorporated herein as though set forth in full. 2. Subdivider shall furnish to City a security -satisfactory in form and substance to City Attorney executed by a corporation authorized to transact surety business in the State ofCalifornia on forms approved by the City, one security +-r% ; ^ +-bp m,,.m of $325, 991. 00 Dollars to assure the faithful performance of this Agreement, and one security to be in the sum of $162.995.50 Dollars to assure payment of the cost of labor and materials for the improvements required to be constructed or installed hereby. Subdivision Improvement Agreement Page 2. 3. Before final approval of the street improvements, the Subdivider will place survey monuments in accordance with the provi- sions of the State Subdivision Map Act and the Subdivision Ordinance of the City of La Quinta as shown on the Tract Map. The Subdivider, after setting the monuments, shall furnish the City Engineer of the City of La Quinta, written notice of the setting of said monuments and written proof of having paid the engineer or surveyor for the setting of said monuments, nor as provided for in the Subdivision -Map #Xct. 4. In accordance with the terms of said subdivision regulation aforesaid, the Subdivider does hereby agree to furnish a security satisfactory in form and substance to the City Attorney in the amount of $ 10,000.00 Dollars to guarantee payment of the cost of setting monuments as stated in Item No. 3 of this agreement. 5. The City Engineer or his duly authorized representative, upon written request of Subdivider, shall inspect the improvements herein agreed to be constructed and installed by Subdivider, and if determined to be in accordance with the applicable city standards, shall recommend the acceptance of such improvements by the City. 6. Subdivider shall complete such improvement plans including any corrections and revisions thereto necessary to comply with the applicable City standards as determined by the City Engineer, within thirty ( 30) _ days after approval - of the final map.-- 7. Subdivider hereby guarantees such improvements for a period of one year following the completion by Subdivider, and acceptance by City, against any defective work or labor done, or defective materials furnished, in the performance of this Subdivision Improvement Agreement by Subdivider and shall repair or replace any such defective work or materials subsequently discovered. 8. Subdivider shall commence the construction and installation of such improvements within ninety (90) days from the approval of such "Improvement Plans" for Tract No. 23813 by the City Engineer, and shall complete such construction and installations within eighteen (18) months from such date of commencement. 9. The labor and material security required herein at Item No. 2 herein shall be retained by the City for one (1) year to support the guarantee of the improvements by the Subdivider as required by Item No. 7 herein. 10. Ten percent (10%) of the performance security required by Item No. 2 herein shall be retained by the City for one (1) year to support the guarantee of the improvements by the Subdivider as required by Item No. 7 herein. 11. Subdivider also agrees, at his sole cost and expense, to construct and install to the standards and specifications required by the City, the Private Streets as shown on the aforementioned "Improvement Plans" for Tract No. 23813 . 12. Subdivider shall furnish to city a security satisfactory in form and substance to the City Attorney executed by a corporation authorized to transact surety' business in the State of California on forms approved by the City, one security to be in the sum of $ 189, 241. 00 Dollars to assure the faithful performance of this Agreement with respect to said Private Streets, and one security to be in the sum of $ 94,620.50 Dollars to assure payment of the cost of labor and materials for the Private Streets required to be constructed hereby. 13. The City Engineer or his duly authorized representative, upon written request of Subdivider, shall inspect the Private Streets herein agreed to be constructed by Subdivider, and determine if said Private Streets have been constructed in compliance with the standards and specifications required by City for public streets. Subdivision Improvement Agreunnt Page 3. 14. Subdivider hereby guarantees said Private Streets for a period of one year following the completion by Subdivider, and approval by City Engineer, against any defective work or labor done, or defective materials furnished, in the performance of this Subdivision Improvement Agreement by Subdivider and shall repair or replace any such defective work or materials subsequently discovered. 25. Subdivider shall commence the construction and installation of said Private Streets within ninety (90) days from the approval of su ch "Improvement Plans��for Tract No. _23813 by Y Engineer, and shall complete such construct on and installations within eighteen (18) months from such date of commencement; provided, however, that Subdivider shall have the option at its sole discretion to extend the completion period described herein past Subdivider the eighteen (18) months time period to any future date as andition precedent said uco may select. It is understood, however, to extending the aforementioned completion period, Subdivider shall furnish the City the securities described in Item No. 12 herein b covering any extended completion period selected y pursuant to this paragraph. The amount of said securities to be furnished to City pursuant to this paragraph shall be sufficient to insure the performance of additional work to complete, after taking into account work already performed, the aforementionedsharivate Streets. Said securities amount to insure completion ll be determined by City's engineer. 16. The labor and material security required herein at Item No. 12 shall be retained to secure payment -to the contractor, his subcontractors, and to persons renting equipment or furnishing labor or materials for six (6) months after completion and approval o f the work provided at Item No. 11 herein by the City Engineer. 17. Ten percent (10%) of the performance security required e u red by to Item No. 12 herein shall be retained by the City forY support the guarantee of the improvements by the Subdivider as required by Item No. 15 herein. 28. In the event that Subdivider failsto� any oblsuch igation hereunder, Subdivider authorisers City toper sixty ( 60 ) days after mailing written Notice of Default to Subdividerr at the address given below, and agrees to pay the entire c ososuch performance by City. 1 9. In the event that Subdivider fails to perform any obligation hereunder, Subdivider agrees to pay all costs and expenses incurred including costs by City in securing performance of such obliIn �heievennt that Subdivider of suit and reasonable attorney'sfeei�its herein due to causes is unable to perform within the time beyon d his control, such as strikes, acts of God, etc.• all timesuch limits will be extended by the sane amount of time as caused delay. 20. Subdivider hereby binds itself, its executors, defend and hold administrators and assigns, and agrees to ind�nasYpactions or causes the city harmless from any losses, claims, lout of,or in any way of action of any nature whatsoever, dito be constructed and connected with the improvements agree b the Subdivider, including costs of quit and installed hereunderY, reasonable atto ney's '• am44 21. Subdivider shall furnish the City a separate and additional urit satisfactory in form and substance to the City AttohneStatecofed sec Y by a corporation authorized to transact surety stonbe in the sum California on forms approved by the City, one of $ 8,000.00 Dollars to assure faithful performance of this Agreement with respect to the removal of temporary parking and of appurtenances related to the model complex and sales facilities; and,it respect to i the restoration of landscaping and other appurtenances other improvements required within the Subdivision. Subdivision Improvement Agreement page 4. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above. CITY OF LA QUINTA BY: Ronald L. Kiedrowski City Manager ATTEST: 40z�� City Clerk SUBDIVIDER: - LA QUINTA JOINT VENTURE, a Joint Venture BY: LA QUINTA INVESTMENT COMPANY, an Ohio Limited Partnership BY: CITLZENS IM1E ENT -COMPANY, its Managing Partner BY: E uel D. Paradeses, President By • R. Gravo, Treasurer STATE F OHIO ) COUNTY OF STARK ) Subscribed and Sworn to before me this 10t hday Of N_oyf-mhP r - 01 19 a .. Seal of Notaryc� OLM McENTEE NO" iliC. State of Ot-, 0 MY CO 111MIMA Expires Feb 19, 1993 REVIEWED AND APPROVED 11/86 � � �� �1 1 i�1 1 i! /�1 !11 IIIIIit • iinsco The Insco/Dico GroupDW Rollo' MAINTENANCE BOND BOND NO: 970463S PREMIUM: $ NIL INCLUDED IN PERFORMANCE BOND KNOW ALL MEN BY THESE PRESENTS: THAT we, LA QUINTA JOINT VENTURE , 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 surety business in the State of California, as Surety, are held and firmly bound unto CITY OF LA QUINTA as Obligee, in the sum of FORTY—TWO THOUSAND FIVE HUNDRED NINETEEN***($ 42, 519, 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 entered into an agreement or agreements with said Obligee to: STREETS, DRAINAGE, WATER & SEWER FOR TRACT NO. 23813 WHEREAS, said agreement provided that Principal shall guarantee replacement and repair of improvements as described therein for a period of one year following final acceptance of said improvements; NOW, THEREFORE, if the above Principal shall indemnify the Obligee for all loss that Obligee may sustain by reason of any defective materials or workmanship which become apparent during the period of one year from and after acceptance of the said improvements by Obligee, then this obligation shall be void, otherwise to 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 this 29TH day of JANUARY , 19 92 LA QUINTA JOINT VE TURE /J Principal DEVELOPERS INSURANCE COMPANY BY: SUSAN C . MONTEON, Attorney -in -Fact 3:33 Wilshire Ave. Anaheim. CA 92801 +T14) 999-1471 FORM DI 127 REV 11/85 Olt n4c0 ■011i.. The Insco/Dico Group DI00 BOND NO: 970463S PREMIUM INCLUDED IN PERFORMANCE BOND. SUBDIVISION IMPROVEMENTS LABOR AND MATERIAL BOND KNOW ALL MEN BY THESE PRESENTS: That we, LA QUINTA JOINT VENTURE. , 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 HUNDRED FIFTY SEVEN THOTREMM NINE HI1NT)REiI NINETY SIX -AND NO'1DO ($ 157, 996.00 ) 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 QUINTA as Obligee for the improvements in the subdivision designated as (Tract/ Parcel) Map No, by the Government Code of California. 23813 , 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 California, this M "PRINCIPAL" ANAHEIM day of DECEMBER , 19 _88 . LA QUINTA JOINT VENTURF, a Joint Venture BY: LA QUINTA INVESTMENT COMPANY, an Ohio Limited Partnership BY: ',, f'TIZENS INVESTMENT COMPANY, its Managing Partner BY: Em uel Paradeses, President "SURETY" DEVELOPERS INSURANCE COMPANY BY: ktl ell M. OS y Attorney -in -Fact 333 Wilshire Ave. Anaheim, CA 92801 (714) 999-1471 FORMIDI "AN4 Gravo', Treasurer OUTSTANDING BOND REPORT Name: La Quinta Joint Venture Tract No. 23813 Date of Contract: 11 /10/88 Required Bond Amounts: $325,991.00 - Performance/street/drainage/water/sewer $162,995.50 - Labor/Materials $ 10,000.00 - Monument $189,241.00 - Performance/private streets (no bonds in file) $ 94,620.50 - Labor/Materials (no bonds in file) $ 8,000.00 - Sales office removal Dates of Bond Reductions: $325,991 reduced to $42,519 on 12/24/91 Outstanding Bonds: Amount: Bond No. $ 42,519.00 #970463S $157,996.00 #970463S $315,991.00 #970463S $ 8,000.00 Cert.of Deposit $ 10,000.00 #970464S Released 1/7/92 Released 1/7/92 Released 1/7/92 NOTE: No bond amount matches the labor warranty of $162,995.50, but there is a bond for $157,996. Staff report says that labor warranty should be released on February 16, 1994, but no record of a release.