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25389-1 Landmark Land 90CITY OF LA QUINTA SUBDIVISION IMPROVEMENT AGREEMENT THIS AGREEMENT, made and_ entered into this day of , 19 , by and between M.J. BROCK & SONS,Inc. AND LANDMARK LAND COMPANY OF CALIFORNIA, INC.hereinafter collectively 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 Subdivider has prepared and filed a final subdivision map of Tract No. 25389-1 in the City of La Quinta, County of Riverside, for approval by the City; and WHEREAS, as a condition precedent to the approval of said map by City, Subdivider 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, City desires to accept the streets and easements shown on said map for public use, and certain other such improvements; 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 of Landscaping, Survey Monumentation, and Traffic Signals and Ar-.2rial Roadway participation; and WHEREAS, the total cost of such improvements has been estimated by the City Engineer to be approximately $690,000.00 Dollars; and 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 other such improvements of earthwork grading, drainage improvements, sewer and water system and monumentation and a separate responsibility of M.J. Brock & Sons, Inc., consiting of additional drainage improvements, if required for collection of runoff from 50th Avenue into the tract retention basins; 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 that perimeter lot landscaping and perimeter walls are constructed to the standards and specifications required by the City' and WHEREAS, the total cost of such improvements has been estimated by the City Engineer to be approximately $1,167,200.00 Dollars; NOW, THEREFORE, IT IS AGREED by and between the parties thereto as follows: i. Subdivider, at iris soie cost ana expense, shall construct and install the street, drainage,landscaping, 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.25389-1"; 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. SUBDIVISION IMPROVEMENT AGREEMENT - Tract 25389-1 Page 2 2. Subdivider shall furnish to City securities satisfactory in form and substance to City Attorney executed by a corporation authorized to transact surety business in the State of California, one class security to be in the aggregate sum of $1,857,200.00 dollars to assure the faithful performance of this Agreement, said security class hereinafter referred to as "Performance Bond(s)", and one security to be in the aggregate sum of $879,200.00dollars to assure the payment of the cost of labor and materials supplied to construct the required improvements, said security class hereinafter referred to as "Payment Bond(s)". All securities furnished pursuant to this Agreement shall be furnished in amounts commensurate with the estimated value of the various improvement items set forth in Exhibit 'A' which is attached hereto and made apart hereof. Subdivider shall furnish a minimum of five (5) separate Performance Bonds and a minimum of three separate Payment Bonds as identified by the respective Bond Groups shown in Exhibit W. 3. DELETED 4. Portions of the improvements required herein for Tract No. 25389-1 may be deferred to later date subject to the approval of the City as hereinafter set forth on the attached Exhibit W. In any event any deferred security shall be furnished to City prior to the approval and recordation of Map for Tract No. 25389-1. 5. Subdivider shall commence the construction and installation of said improvements within ninety (90) days from the approval of such "Improvement Plans" for Tract No. 25389-1 by the City Engineer, and shall complete the construction of said improvements within eighteen (18) months from the date of commencement. Subdivider may at its sole discretion extend the completion period described herein past the eighteen (18) months time period to any future date that Subdivider may select. It is understood, however, that a condition precedent to extending the completion period, Subdivider shall furnish to City securities similar in form and substance to those required by Article 2 herein to cover the extended completion period selected by Subdivider. The value of said securities shall be sufficient to insure the performance of improvement work that remains incomplete at the time of said time extension. The security posting amount shall be determined by the City Engineer. 6. Before final approval of the street improvements, the Subdivider will place survey monuments in accordance with the provisions of the State Subdivision Map Act and the Subdivision Ordinance of the City of La Quinta as shown on the Tract Map. After the monuments are set, Subdivider shall furnish to the City Engineer written notice that the monuments have been set, and written proof that the engineer or surveyor has been paid for setting the monuments, or as otherwise provided in the Subdivision Map Act. 7. 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. SUBDIVISION IMPROVEMENT AGREEMENT - Tract 25389-1 Page 3 8. The City Engineer, or his duly authorized representative, upon written request of Subdivider, shall inspect the Streets herein agreed to be constructed by Subdivider, and determine if said Streets have been constructed in compliance with the standards and specifications required by City for public streets. 9. Subdivider shall complete such improvements 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. 10. 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. 11. The labor -and material security required by Article 2 herein shall be retained to secure payment to the contractor, his subcontractors and to persons renting equipment or furnishing labor and materials for six (6) months after completion and approval of the work required by Article 1 herein. 12. Ten percent (10%) of the performance security required by Article 2 herein shall be retained by the City for one (1) year to support the guarantee of the improvements required herein. 13. In the event that the Subdivider fails to perform any obligation hereunder within sixty (60) days after the City has mailed written Notice of Default to the Subdivider at the address given below, the Subdivider authorizes City to perform such obligation and agrees to pay the entire cost of such performance by City. 14. In the event that Subdivider fails to perform any obligation hereunder, Subdivider agrees to pay all costs and expenses incurred by City in securing performance of such obligations, including costs of suit and reasonable attorney's fees. In the event that Subdivider is unable to perform within the time limits herein due to causes beyond his control, such as strikes, acts of God, etc., all time limits will be extended by the same amount of time as caused by such delay. 15. Subdivider hereby binds itself, its executors, administrators and assigns, and agrees to indemnify, defend and hold the City harmless of any losses, claims, demands, actions or causes of action of any nature whatsoever, arising out of or in any way connected with Subdivider's performance hereinunder in the construction of the improvements agreed to be constructed and installed hereunder by the Subdivider, including costs of suit and reasonable attorney's fees. 16. Notwithstanding the above language, Landmark shall be solely responsible for all obligations pursuant to this Agreement with respect to those improvements referred to in Exhibit "A" as Bond Groups 4 and 5 (the "Landmark Improvements"),, including the construction and installation of the Landmark Improvements, the provision of securities to assure the performance of the Landmark Improvements, the placement df survey monuments in connection with the Landmark Improvements, the guaranty of the Landmark Improvements, the authorization of the City to perform the Landmark Improvements at Landmark's cost, and the indemnification of the City for any losses arising out of the Landmark Improvements (collectively the "Landmark Obligations"). Notwithstanding the above language, Brock shall be solely responsible for all obligations pursuant to this Agreement with respect to those improvements referred to in Attachment "A" as Bond Groups 1, 2, and 3 (the "Brock Improvements"), including the construction and installation of the Brock Improvements, the SUBDIVISION IMPROVEMENT AGREEMENT— TRACT 25389-1 Page 4 provision of securities to assure the performance of the Brock Improvements, the placement of survey monuments in connection with the Brock Improvements, the guaranty of the Brock Improvements, the authorization of the City to perform the Brock Improvements at Brock's cost, and the indemnification of the City for any losses arising out of the Brock Improvements (collectively the "Brock Obligations"). Landmark shall have no liability, cost or expense arising from the Brock Obligations, and Brock shall have no liability, cost or expense arising out of the Landmark Obligations. SUBDIVISION IMPROVEMENT AGREEMENT-- Tract 25389-1 Page 5 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 r ATTEST: City Clerk SUBDIVIDER: M.J. Brock & Sons Inc. By: Address: Z S 0 G- �i 1►7 C U ►'� S -e a o a By: DrA k, e V ct U. a4i-n o C) rz) C' ylc� Pre-slrlo_r4 Landmark Land Company of California, By: Inc. Subscribed and Sworn to before me this 19� . Address: 4). Ate/ i 9 day of U� �a� Seal of Notary & �-CaNfb� COWMIY R JUM 11. Arm REVIEWED AND APPROVE iCity Engineer 2- ate SUBDIVISION IMPROVEMENT AGREEMENT - Tract 25389-1 Page 6 EXHIBIT 'A' The following improvements are designated by Bond Groups to permit the phasing of the required improvements together with the required securities: Bond Groups No. 1, No.2 , and No.3_; M.J. Brock & Sons, Inc., shall provide Performance Bonds and Payment Bonds prior to the approval and recordation of Map for Tract No. 25389-1 Improvements are to be accomplished solely at the expense of M.J. Brock & Sons Inc. and to be completed within eighteen (18) months as herein provided in this Agreement. Bond Group No. 4; Landmark Land Company of California, Inc. shall provide Performance Bond and Payment Bonds prior to the approval and recordation of Map for Tract No. 25389-1. Improvements are to be completed by Landmark Land Company of California, Inc., within eighteen (18) months as herein provided in this Agreement. Bond Group No. 5; Landmark Land Companyof California, Inc., shall provide Performance Bonds prior to the approval and recordation of the Map for Tract No. 25839-1. Improvements are deferred for future construction by the City and/or by means of a cooperative agreement with others which is subject to the approval of the City. Construction shall be on an as needed basis as determined by the City. Traffic Signals: The Landmark Land Company of California, Inc., shall bear twenty-five (25%) percent of the cost of traffic signals at the intersection of Avenue 50 and Adams Street including incidentals. Upon written demand of the City the Subdivider shall deposit his share of the estimated cost of traffic signal improvements with the City. Median Islands: Landmark Land Company of California, Inc. shall bear fifty (50%) percent of the cost of constructing the median traffic island(s) along the Subdivision frontage of Avenue 50 complete with curbs/gutters, landscaping and irrigation system(s). Upon written demand of the City the Subdivider shall deposit his share of the estimated cost of the median island improvements with the City. SUBDIVISION IMPROVEMENT AGREEMENT-25389-1 Page 7 BOND IMPROVEMENT DESCRIPTION - - PERFORMANCE PAYMENT GROUP BOND BOND (o ei e ase_ R - 1 Subdivision Grading $ 70,000 Q1 35,000 On -site streets and Drainage 535, 000 '� #267, 500 Improvements 2 Sanitary sewer facilities 226,800 '� �' 113,400- Domestic water facilities 325,600'' 162,800 3 Survey monuments 9,800 ✓� -0- 4 Perimeter lots landscaping 227,000 �c`� 113,500 Perimeter streets and Drainage 374,000 187,000 Improvements 5 Traffic Signals at Avenue 50 and Park Street Avenue 50 Median traffic island (1/2 width improved with landscaping & irrigation) 25,000 -0- �O_L-G�a�a� 0 s �- � 64 , 000 �� del �ace � P Each improvement item listed hereon may be bonded individually, or bonded collectively with other improvements with a single bond, provided however, that improvements which are grouped together and bonded with a single bond are correspondingly identified in the 'Bond Group' column as being of the same group. Performance Payment Bond Bond Bond Group 1 - Totals = $ 605,000 Bond Group 2 - Totals = 552,400 Bond Group 3 - Totals = 9,800- Bond Group 4 - Totals = 601,000 Bond Group 5 - Totals = 89,000 GRAND TOTALS = $ 11857,200 $ 302,500 276,200 -0- 300,500 -0- $ 879,200 OUTSTANDING BOND REPORT Name: M J Brock & Sons, Inc. & Landmark Land Co. Tract No. 25389-1 Date of Contract: July, 1990 Required Bond Amounts: $ 70,000 - $ 35,000 $535,000 - $267,500 $226,800 - $113,400 $325,600 - $162,800 $ 9,800 - $227,000 - $113,500 $374,000 - $187,000 $ 25,000 $ 64,000 - grading - labor - on -site streets/drainage - labor - sewer - labor - water - labor - monuments - perimeter landscaping - labor - perimeter streets/drainage - labor - signals - Avenue 50 median Bond Group 1 = $ 605,000 $302,500 Bond Group 2 = $ 552,400 $276,200 Bond Group 3 = $ 9,800 Bond Group 4 = $ 601,000 $300,500 Bond Group 5 = 89,000 Totals = $1,857,200 $879,200 Dates of Bond Reductions: Riders in file to reduce three of the bonds, but no back-up in file. (?) Outstanding Bonds: Amount: Bond No. Date Cancelled/Released: $ 535,000 BD 7900 533401 (Rider reduces to $294,250) $ 267,500 BD 7900 533401 �-X-5pdy $ 226,800 BD 7900 533405 (Rider reduces to $34,020) $ 113,400 BD 7900 533405 /fir e � �e� $ 325,600 BD 7900 533404 (Rider reduces to $48,840) $ 162,800 BD 7900 533404 -x-? $ 9,800 BD 7900 533406 $ 227,000 LOC 3990 $ 374,000 LOC 1190 _ A� $ 5,920 BD 7900 535552 r $ 64,000 LOC 4090 _(Z R $ 64,000 LOC 2183/94/80085 t " t $ 70,000 BD 7900 532477 F $ 25,000 LOC 4190 Releaseu $ 157,000 LOC 0987 Released on 4/4/94 NOTE: Why Reduction Riders in file without CC action noted OUTSTANDING BOND REPORT Name: M J Brock & Sons, Inc. & Landmark Land Co. Tract No. 25389-1 Date of Contract: July, 1990 Required Bond Amounts: $ 70,000 - $ 35,000 $535,000 - $267,500 $226,800 - $113,400 $325,600 - $162,800 $ 9,800 - $227,000 - $113,500 $374,000 - $187,000 $ 25,000 $ 64,000 - grading - labor - on -site streets/drainage - labor - sewer - labor - water - labor - monuments - perimeter landscaping - labor - perimeter streets/drainage - labor - signals - Avenue 50 median Bond Group 1 = $ 605,000 $302,500 Bond Group 2 = $ 552,400 $276,200 Bond Group 3 = $ 9,800 Bond Group 4 = $ 601,000 $300,500 Bond Group 5 = 89,000 Totals = $1,857,200 $879,200 Dates of Bond Reductions: Riders in file to reduce three of the bonds, but no back-up in file. Q) Outstanding Bonds: Amount: Bond No. Date Cancelled/Released: $ 535,000 BD 7900 533401 (Rider reduces to $294,250) $ 267,500 BD 7900 533401 9r -�-��j $ 226,800 BD 7900 533405 (Rider reduces to $34,020) $ 113,400 BD 7900 533405 $ 325,600 BD 7900 533404 (Rider reduces to $48,840) $ 162,800 BD 7900 533404 l'-"ef-2 $ 9,800 BD 7900 533406 ��(- q41 $ 227,000 LOC 3990 $ 374,000 LOC 1190 4 9/ $ 5,920 BD 7900 535552 eo14l $ 64,000 LOC 4090 Replaced by LOC#2183 $ 64,000 LOC 2183/94/80085 $ 70,000 BD 7900 532477 Released on 9/6/90 $ 25,000 LOC 4190 Released on 4/4/94 $ 157,000 LOC 0987 Released on 4/4/94 NOTE: Why Reduction Riders in file without CC action noted.