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29147-2 CRV Golf West, LP 02AGENDA CATEGORY: COUNCIL/RDA MEETING DATE: June 5, 2007 BUSINESS SESSION: ITEM TITLE: Acceptance of On -site and Off -site Improvements Associated with Tract Map No. 29147-2, CONSENT CALENDAR: PGA West - Pasadera STUDY SESSION: PUBLIC HEARING: RECOMMENDATION: Accept on -site and off -site improvements associated with Tract Map No. 29147-2, PGA West - Pasadera and authorize staff to release performance securities upon receipt of warranty securities. Direct staff to release labor & materials securities 90 days after City Council acceptance of the improvements. FISCAL IMPLICATIONS: None. No additional maintenance costs are anticipated. CHARTER CITY IMPLICATIONS: None. BACKGROUND AND OVERVIEW: Tract Map No. 29147-2, PGA West - Pasadera, is located on the east side of Madison Street and north of Avenue 58 (Attachment 1). The improvements include curb & gutter, sidewalk, curb ramps, storm drain, landscaping, signing, striping, and asphalt concrete pavement. All obligations of the Subdivision Improvement Agreement (SIA) and the Conditions of Approval have been satisfied. Attachment 2 indicates the amount of the warranty security. 01 ATTACHMENT - 1 TM 29147-2 - P G_ A WEST - PASAD ERA U AN701A Ns:000lO $E 01.111A W 19a6 AS W.SI W R N0. DIST. OF.___ _ _ \ Y15 `�y1 � QFAS41rt141 . I PANIC VONIPS N OS. 73 6 AKIL 7M. O OIS3xX.3, R2COROEO s OCRBFR 5. ISM AS O4sxtx4Eh7 NOS. 1!]356 AVO Bh]59, O.K QUSUMYI sOR PLWX USIMS N FAMIS W' li7M iBB'f1 K CWFAW 6 CUSN9M1� 4 A COM9PAINM, RB`ANIFB 4rNCN A ISO AS N6FAWN14s ISO. 7672a. OF. y I 5 F18M. FORMCD AS UWM W Z. PPE W. M UDI R 1921 44 49Z I IUIOi ,D N'VI-'(N i I rtd} 067PK1. IPC0.90FD 4RN[IEIIi ; 1999 A$ INS7RXIB41 N0. 1990-4924N7, 0.R Sx l4 t9ZW7 \m/y,' �Y CURVE TABLE QACr?CEL rL 6 I b OLLIA 61Nus NX 1m TAN b NLIA MAIOB AEC 1L7 TAN L �. DO— ?86 1 (92TY haw M24 631r1 u 90MW an H,9e aar 2 ( I -IT ]4aQ AN R 9342r 3703r IA* SUV r 3 (ITBW 174A0•' nXor Ic4TY> I] wVW t4ar 445R ]L9' Z� �(rWW 190—W 2AW A') 14 3-Mr MW 2729 MW S (Srzw MISS1Y9•' IaZ90'1 p N'KW lY.lt 1242r 62.T' 6 <)MW MIS` 14LU IUi> N N•SYW 141W 413W MV 1 (2rGM l2]m Z?%W 14hM 17 *TO' BW 2117Y 0161' 2D \ IT I142X•3a' PW Mar TLWI IS ormy M7P' 31.62' 23& '•1 9 [MII'4' rilXr I2aN' 614'1 19 2'JP16' 6WE' V..M' UR' sx 1IlWNvi�' N N'Yf'A' 24Sr 3XW 2L4T 26 M'7 r 9aW U72C BS9X' At 4YC116 � AMENDED TR ND. 28038-1SMUE MS. 286/61-57 ,!A (X V I S TROON °xiflI nx?c, ' 1 WAY IL'°" °' L -I J -t� ' ' GOLF COURSE SEE S*rf NO. s �- 61 - `a •� I 95 r49 E 0a71• LOT N Iu� 39v nTr� rT 1- 4 l 5 g. 0 -65 I I � Is r i776 %�°?�L �- 63-1� \'2 71 7J y �''4Ai �� � k ; \ 42 \ 24 �. 2 ( r45 4_1?"I'll \41 \26 � N I ( �� Is AD 1 47 Ial=1i 30 — ` 60 151 71 32 -i GOLF COURSE I 52 ' 76 75 I I Itlo 33-I I 62 _ \ 63® 74 73 l ftl r35 I I �4 �2 .36 I �/ x zr4omc ufix 70 �\ � 69 .- 17. I j I SCALE 1•-z0W 53 67 + ° Q <I RR M 38 I / W&4E 66 I RAC 60 NNrNfn 4 I} 30 , LOT U N �� K 61 63 27 SFE SEIEET NO. 6 47 GOLF COURSE 4a 93 49 2os]o ItA¢ 50 51 52 54 SEE SSIM NO. 7 SET!. N0. a 5 5 9- ..94- 6 B 6 r 96 M 632�J ! ��-� i1i 95 Opt 9LC M. 7.N3, AIE, sar a ._. AVENUE_ 8 ... ;.. � VICINITY MAP NOT TO SCALE CITY COUNCIL MEETING: June 5, 2007 ITEM TITLE: Acceptance of On -site and Off -site Improvements Associated with Tract Map 29147-2, PGA West - Pasadera APPLICANT: Mr. Dave Twedt, Ashbrook Communities 03 ATTACHMENT - 2 TM 29147-2 PGA West - PASADERA IMPROVEMENTS Performance Security' Improvement Description Labor & Materials2 Current Amount Proposed Reduction WARRANTY AMOUNT Grading $61,250 $18,375 90% $6,125 Street & Drainage $371,211 $111,363 90% $37,121 Domestic Water $355,670 $106,701 90% $35,567 Electrical $230,000 $69,000 90% $23,000 Monumentation $0 $15,400 100% $0 Totals $1,018,131 $320,839 — $101,813 1. Performance Security shall be released immediately upon receipt of warranty security and City Council acceptance. 2. Labor & Materials Security to remain in place for 90 days after City Council acceptance of improvements. CITY COUNCIL MEETING: June 5, 2007 I. ITEM TITLE: Acceptance of On -site and Off -site Improvements Associated with Tract fir' ` Map No. 29147-2, PGA West - Pasadera APPLICANT: Mr. Dave Twedt — Ashbrook Communities 05 OUTSTANDING BOND REPORT Name: CRV Golf West (assumed from KSL) Tract No. 29147-2 Date of Contract: September 25, 2002 / Council approved on 12/3/02 Required Bond Amounts: Grading $ 18,375 performance Grading $ 61,250 labor & materials Streets & Drainage $ 111,363 performance Streets & Drainage $ 371,211 labor & materials Water $ 106,701 performance Water $ 355,670 labor & materials Electrical $ 69,000 performance Electrical $ 230,000 labor & materials Monumentation $ 15,400 performance only Dates of Bond Reductions: See KSL file for prior reductions. Outstanding Bonds: Insurance Company: Gulf Insurance Amount: Bond No. Date Cancelled/Released: $ 305,439 (P) B34227357 Released 7/03/07 $ 101,813 (W) same Released 10/29/08 $1,018,131 (L&M) same Released 9/18/07 $ 15,400 B34227358 Released 7/03/07 ASSIGNMENT AND ASSUMPTION AGREEMENT AND AMENDMENT TO SUBDIVISION IMPROVEMENT AGREEMENT This ASSIGNMENT AND ASSUMPTION AGREEMENT AND AMENDMENT TO SUBDIVISION IMPROVEMENT AGREEMENT ("Assignment & Amendment") is made and entered into as of the4b 'day of be+^ , 2002, by and among the CITY OF LA QUINTA, a municipal corporation of the State of California ("City"), KSL Land Corporation, a Delaware corporation ("Assignor"), and CRV Golf West, LP, a California limited partnership ("Assignee"). RECITALS A. City and Assignor entered into that certain Subdivision Improvement Agreement, dated December 9, 1999 ("SIA"), pursuant to which Assignor, as the "Subdivider" defined in the SIA, agreed to plan for, install, and construct certain public and/or private improvements on Tract No. 29147-2 ("Tract"), as more fully described in Exhibit "A" of the SIA ("Improvements"). B. Assignor has transferred its interest in the Tract to Assignee. In conjunction with such transfer, Assignor desires to assign the SIA, and all of Assignor's rights and obligations thereunder, to Assignee and Assignee desires to assume Assignor's position with respect to the SIA and of Assignor's rights and obligations under the SIA subject to the terms of this Assignment & Amendment. C. In connection with the foregoing described assignment and assumption, the City and Assignee have agreed to certain modifications to the SIA as set forth herein to be effective upon full execution of this Assignment & Amendment by all the parties hereto. AGREEMENT NOW, THEREFORE, in consideration of the foregoing Recitals and the covenants and promises hereinafter contained, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. Assignment and Assumption. Assignor hereby transfers and assigns to Assignee all of the Assignor's rights, title, and interest in and to, and obligations under, the SIA, and Assignee hereby assumes all rights, title, and interest in and to, and obligations under, the SIA. City hereby consents to the foregoing assignment and assumption. 2. Replacement of Improvement Security. Pursuant to the SIA, Assignor has furnished the City security for the Improvements in the form of: (a) Faithful Performance Bond in the amount of $206,706.00 for the following improvements: Engineering & Plans (b) Faithful Performance Bond in the amount of $230,000.00 for the following improvements: Electrical 975/015610-0002 312135.02 AM02 (c) Faithful Performance Bond in the amount of $355,670.00 for the following improvements: Domestic Waters (d) Faithful Performance Bond in the amount of $371,211.00 for the following improvements: Street & Storm Drainage (e) Faithful Performance Bond in the amount of $61,250.00 for the following improvements: Grading (f) Faithful Performance Bond in the amount of $15,400.00 for the following improvements: Monumentation (g) Faithful Performance Bond in the amount of $310,059.00 for the following improvements: No Plans Contingency (h) Labor and Material Bond(s) in the amount of $230,000.00 for the following improvements: Electrical (i) Labor and Material Bond(s) in the amount of $355,670.00 for the following improvements: Domestic Water 0) Labor and Material Bond(s) in the amount of $371,211.00 for the following improvements: Streets & Storm Drainage (k) Labor and Material Bond(s) in the amount of $61,250.00 for the following improvements: Grading For purposes of this Assignment & Assumption, collectively, such security shall hereinafter be referred to as "Improvement Security." Assignee hereby warrants that within five (5) days of this executed Assignment and Amendment it shall replace Assignor's Improvement Security with security of its own in an amount equal to the Improvement Security, unless the City otherwise determines at its discretion and in writing that such security can be issued at a lesser amount. Assignee's security shall be in full compliance with the terms and conditions stated in the SIA for such security. The City agrees that upon receipt of evidence that Assignee has obtained such new security in a form satisfactory to the City, the City shall release Assignor's Improvement Security and, upon such release, Assignor shall be deemed released by the City from any and all obligations under the SIA. 3. Incorporation of SIA Provisions. The SIA, and each provision therein, unless otherwise modified in writing, are incorporated in this Assignment & Amendment in their entirety and Assignee agrees and warrants that it assumes and is bound by each obligation found in the SIA in the same manner as Assignor prior to this assignment. [Signatures On Following Page] 975/015610-0002 312135.02 AM02 IN WITNESS WHEREOF, the parties hereto have executed this Assignment & Amendment on _ day of , 2002. CITY: CITY OF LA QUINTA Its: ATTEST: City ASSIGNOR: KSL LAND CORPORATION ASSIGNEE: CRV GOLF WEST, LP a6l-' Its: CRV GOLF WEST, LP, a California limited partnership By: Capstone Residential Venture I (GP) LLC, a Delaware limited liability company, Its General Partner By: Capstone Residential Venture I LLC, a Delaware limited liability company, Its Sole Member By: Capstone Realty Advisors, LLC, a Delaware limited liability company, Its Operating Member OY , X It'a _ At-eX -2t kw15, +3 6-4, n e p,,-e 975/015610-0002 312135.02 AM02 -3 _ City of La Quinta 78-495 Calle Tampico La Quinta, CA 92253 (760) 777-7075 l'�L- Date Date I' P 0% .C..IM... A Ali _oi inoncE ecKNAWLEDGMENT State of California ss. County of �� �erc.r� On ) o- o 1- o i- before me, --Vu K,. k A/ ie, I& I I K A/O 1 &eV T u bI I � Date Name and Title of Officer (e.g., "Jane Doe, Notary Public") personally appeared r E 1 1 +e v Name(s) of Signer(s) JUDITH A. MC NALLY Commission #121320& Notary Public - Catifcrn7CO2 Z Miverside County Caryf` , EV es Apr 11, 2003 Place Notary Seal Above Y personally known to me ❑ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. C� •rn� Signature of Notary Public 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 Sc4Document /► Title or Type of Document: A5A-I fn e A/ t C" A5 S u m JAP%tA)d)nt,vT-"o suhd,utsr-A-1 Document Date: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer Signer's Name: ❑ Individual ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: flO 7 Cetireeme�v! 9� ►n p✓a v m e ov(1-1 e e f na etil� Number of Pages: © 1997 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 • Uhatswonn, cH a -io , a-cvuc —1 .., RIGHT THUMBPRINT OF SIGNER •• of thumb here CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California ss. County of &n �'1 eon On 3nyknober d6, 9003i , before me, t1nnQ L f&l NAiA RkbIiL Date ame and Title of Officer (e.g., "Jane Do , Notary Public") personally appeared Names) of Signer(s) AMY L. WARD COMM. #1264325 m W tg�r Notary Public -California N + SAN DIEGO COUNTY My Comm. Exp. May 19, 2004 Place Place Notary Seal Above ® personally known to me ❑ proved to me on the basis of satisfactory evidence to be the person(s.), whose name(s-)- is/at e- subscribed to the within instrument and acknowledged to me that he//theq" executed the same in his4hepi(thsir- authorized capacity0e) and that by his/h�f signature{s)-on the instrument the personfe)-, or the entity upon behalf of which the persons}-" acted, executed the instrument. ............. WITf�E�SS my han n offic seal - � 1 � I Signature of Notary Public 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: Ass►Glnmeof k Asswmy+ion +[) bt cliv isian 11vivrove.rnevl+ Document Date: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer Signer's Name: ❑ Individual ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: to ment- f e eime nt er of Pages: n+- RIGHT THUMBPRINT OF SIGNER © 1997 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 - Chatsworth, CA 91313-2402 Prod, No. 5907 Reorder: Call Toll -Free 1-800-876-6827 SEE EXHIBIT "A" Bond #: B34227357 Premium: Included in Performance SUBDIVISION BOND LABOR AND MATERIAL BOND -PUBLIC WORK Whereas, the City of La Quinta, State of California ("City"), and KSL Land Corporation ("Original Subdivider") entered into a Subdivision Improvement Agreement ("SIA") dated December 9, 1999, whereby Original Subdivider agreed to install and complete certain designated improvements on Tract 29147-2, described more fully in Exhibit "A" of the SIA ("Improvements"); and Whereas, under the terms of the SIA, the Original Subdivider was required to file and maintain a good and sufficient payment bond with the City to secure the claims to which reference is made in Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code of the State of California ("Labor and Material Bond"); and Whereas, said Original Subdivider has assigned its rights and obligations under the SIA to CRV Golf West LP ("Principal"); and Whereas, the City, Original Subdivider, and Principal have entered into that "Assignment and Assumption Agreement and Amendment to Subdivision Improvement Agreement" dated 2002, which requires Principal to replace Original Subdivider's Labor and aJ aterial Bond securing said Improvements. Both Principal and Gulf Insurance Company ("Surety") acknowledge that the Principal has purchased this bond to replace the Labor and Material Bond the Original Subdivider obtained under the SIA. Now, therefore, the Principal and Surety, are held firmly bound unto the City and all contractors, subcontractors, laborers, materialmen, and other persons employed in the performance of the agreement and referred to in Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code in the sum of one -million -eighteen -thousand -one -hundred - thirty -one and 00/100 dollars ($1,018,131.00) for materials furnished or labor thereon of any kind, or for amounts due under the Unemployment Insurance Act with respect to this work or labor, that the Surety will pay the same in an amount not exceeding the amount hereinabove set forth, and also in case suit is brought upon this bond, will pay, in addition to the face amount thereof, costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by the City in successfully enforcing this obligation, to be awarded and fixed by the court, and to be taxed as costs and to be included in the judgment therein rendered. It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of any and all persons, companies, and corporations entitled to file claims under Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code, so as to give a right of action to them or their assigns in any suit brought upon this bond. 975/015610-0002 312617.01 PM02 Should the condition of this bond be fully performed, then this obligation shall become null and void, otherwise it shall be and remain in full force and effect. Surety hereby stipulates and agrees that no change, extension of time, alteration, or addition to the terms of the 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. In witness whereof, this instrument has been duly executed by the Principal and Surety above named, on Sept. 2 0 th , 2002. CRV Golf West LP ("Principal"), a California limited partnership By: Capstone Residential Venture I (GP) LLC, a Delaware limited liability company, By: Its: r Gulf Insurance Com y ("Surety") By. cus Green Its* Attorney -in -Fact Agent's Address: Woodmarc Insurance Services 31805 Highway 79 South, Suite 205 Temecula, CA 92592 Its General Partner By: Capstone Residential Venture I LLC, a Delaware limited liability company, Its Sole Member By: Capstone Realty Advisors, LLC, a Delaware limited liability company, Its Operating Member 975/015610-0002 _2_ 312617.01 PM02 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of San lipcV ss. OnS"mbe✓ 025: 3te0a before me, l6mo L WIvOL mciw PILb I )o Dale Name and Title of Officer (e.g., "Jane oe, otary Public") personally appeared A I N Z,y-& lL.t S , Name(s) of Signer(s) .. AMY L. WARD COMM. #1264325 m W g �� a Notary Public -California N SAN DIEGO COUNTY .+ ..,� My Comm. Exp. May 19, 2004 Place Notary Seal Above Impersonally known to me ❑ proved to me on the basis of satisfactory evidence to be the person(s� whose names} islaxe-- subscribed to the within instrument and acknowledged to me that he%4e/1-;&y executed the same in his/ei- authorized capacity(-iee•}, and that by his/4e,,�r, 4eT;- signature(&) -on the instrument the person(&); or the entity upon behalf of which the person(4 acted, executed the instru ent. WITN,FSS my 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 "". 4-� I 1 Title or Type of Document: �t bdiy iSl n Bond- L& CJU)' f M a f c 1 o � & nd - R t64(. Document Date: &04f M ly r ,40 , bona Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer Signer's Name: ❑ Individual Top of thumb here ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: © 1997 National Notary Association - 9350 De Soto Ave., P.O. Box 2402 - Chatsworth, CA 91313-2402 Prod. No. 5907 Reorder: Call Toll -Free 1-800-876-6827 EXHIBIT "A" The attached [Faithful Performance Bond OR Labor and Material Bond] secures the following Improvements required by the Subdivision Improvement Agreement ("SIA"). Such Improvement do not constitute the entire obligations under the SIA for these Improvements. Prior to the issuance of this bond, the City has agreed to reduce the security required for these Improvements in light of the fact that such Improvements, in whole or in party, have been completed. In recognition of such work, this bond secures only the following Improvements: IMPROVEMENT 1. Grading 2. Streets & Storm Drainage 3. Domestic Water 4. Electrical TOTAL AMOUNT IMPROVEMENTS LABOR & MATERIAL AMOUNT $ 61,250.00 $ 371,211.00 $ 355,670.00 $ 230,000.00 1.018.131.00 975/015610-0002 313574.01 AM02 GULF INSURANCE COMPANY HARTFORD, CONNECTICUT POWER OF ATTORNEY ORIGINALS OF THIS POWER OF ATTORNEY ARE PRINTED ON BLUE SAFETY PAPER WITH TEAL INK. KNOW ALL MEN BY THESE PRESENTS: That the Gulf Insurance Company, a corporation duly organizea under the laws of the State of Connecticut, having its principal office in the city of Irving, Texas, pursuant to the following resolution, adopted by the Finance & Executive Committee of the Board of Directors of the said Company on the 10th day of August, 1993, to wit. - "RESOLVED, that the President, Executive Vice President or any Senior Vice President of the Company shall have authority to make, execute and deliver a Power of Attorney constituting as Attorney -in -Fact, such persons, firms, or corporations as may be selected from time to time; and any such Attorney -in -Fact may be removed and the authority granted him revoked by the President, or any Executive Vice President, or any Senior Vice President, or by the Board of Directors or by the Finance and Executive Committee of the Board of Directors. RESOLVED, that nothing in this Power of Attorney shall be construed as a grant of authority to the attorney(s)-in-fact to sign, execute, acknowledge, deliver or otherwise issue a policy or policies of insurance on behalf of Gulf Insurance Company. RESOLVED, that the signature of the President, Executive Vice President or any Senior Vice President, and the Seal of the Company may be affixed to any such Power of Attorney or any certificate relating thereto by facsimile, and any such powers so executed and certified by facsimile signature and facsimile seal shall be valid and binding upon the Company in the future with respect to any bond and documents relating to such bonds to which they are attached." Gulf Insurance Company does hereby make, constitute and appoint Marcus E. Green its true and lawful attorney(s)-in-fact, with full power and authority hereby conferred in its name, place and stead, to sign, execute, acknowledge and deliver in its behalf, as surety, any and all bonds and undertakings of suretyship, and to bind Gulf Insurance Company thereby as fully and to the same extent as if any bonds, undertakings and documents relating to such bonds and/or undertakings were signed by the duly authorized officer of the Gulf Insurance Company and all the acts of said attorneys) -in -fact, pursuant to the authority herein given, are hereby ratified and confirmed. The obligation of the Company shall not exceed five million (5,000,000) dollars. IN WITNESS WHEREOF, the Gulf Insurance Company has caused these presents to be signed by any officer of the Company and its Corporate Seal to be hereto affixed. �\�SUFtANCEC��A GULF INSURANCE COMPANY V�PP01?4 yG SEAL P ��J~ STATE OF NEW YORK SS �NECG COUNTY OF NEW YORK Lawrence P. Miniter Executive Vice President On this 1st day of October, AD 2001, before me came Lawrence P. Miniter, known to me personally who being by me duly sworn, did depose and say: that he resides in the County of Bergen, State of New Jersey; that he is the Executive Vice President of the Gulf Insurance Company, the corporation described in and which executed the above instrument; that he knows the seal of said corporation; that the seal affixed to the said instruments is such corporate seal; that it was so affixed by order of the Board of Directors of said corporation and that he signed his name, thereto by like order. T � Y STATE OF NEW YORK SS 7�."OUB���'�°� COUNTY OF NEW YORK J °F N ANGIE MAHABIR-BEGAZO Notary Public, State of New York No. OIMA6019988 Qualified in Kings County Commission Expires February 16, 2003 I, the undersigned, Senior Vice President of the Gulf Insurance Company, a Connecticut Corporation, DO HEREBY CERTIFY that the foregoing and attached POWER OF ATTORNEY remains in full force. \NSUFiANCf C� Dated the 2 0 th day of Sept • 200 2 Signed and Sealed at the City of New York. 2�0 cJ V�PP �lF �L SEAL f > r �0'yNECS��J George Biancardi Senior Vice President CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of 10 ZAS T Ae, ss. On _ �.ru,� & (. t, before me, \JLA 1 z"+ �+�'C PLIC�J�C Date Name and Title of Officer (e.g., 'Vane Doe, Notary/ otary Public") personally appeared i� �r Cu S _ �r en Name(s) of Signer(s) JULtA DBBERUT Commission # 1253573 zNotary Public - California is Fdversme County �rsonally known to me ❑ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. " n, -4 ,_� Place Notary Seal Above Signature of Notary Public 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: Document Date: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer Signer's Name: ❑ Individual ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: Number of Pages: RIGHT THUMBPRINT OF SIGNER .p of thumb here 0 1999 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 • Chatsworth, CA 91313-2402 • www.nationatnotary.org Prod. No. 5907 Reorder: Call Toll -Free 1-800-876-6827 SEE EXHIBIT "A" Bond #: B34227357 Premium: $ 30, 697.00 SUBDIVISION BOND FAITHFUL PERFORMANCE -PUBLIC WORK Whereas, the City of La Quinta, State of California ("City"), and KSL Land Corporation ("Original Subdivider") entered into a Subdivision Improvement Agreement ("SIA") dated December 9, 1999, whereby Original Subdivider agreed to install and complete certain designated improvements on Tract 29147-2, as described more fully in Exhibit "A" of the SIA ("Improvements"); and Whereas, under the terms of the SIA, the Original Subdivider was required to furnish and maintain a bond for the faithful performance of said agreement; and Whereas said Original Subdivider has assigned its rights and obligations under the SIA to CRV Golf West LP ("Principal"); and Whereas, the City, Original Subdivider, and Principal have entered into that "Assignment and Assumption Agreement and Amendment to Subdivision Improvement Agreement" dated St* 2002, which requires Principal to replace Original Subdivider's Faithful Performance Bond securing said Improvements. Both Principal and Gulf Insurance Company ("Surety") acknowledge that the Principal has purchased this bond to replace the Faithful Performance Bond the Original Subdivider obtained under the SIA. Now, therefore, we, the Principal and Surety are held and firmly bound unto the City, in the penal sum of three -hundred -five -thousand -four -hundred -thirty-nine and 00/100 dollars ($305,439.00) lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly by these presents. The condition of this obligation is such that if the above bounded Principal, its heirs, executors, administrators, successors or assigns, shall in all things stand to and abide by, and well and truly keep and perform the covenants, conditions and, provisions in the SIA and any alteration thereof, on its part, to be kept and performed at the time and in the manner therein specified, and in all respects according to its true intent and meaning, and shall indemnify and save harmless the City, its officers, agents and employees, as therein stipulated, then this obligation shall become null and void; otherwise it shall be and remain in full force and effect. As a part of the obligation secured hereby and in addition to the face amount specified therefor, there shall be included costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by the City in successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered. 975/015610-0002 312619.01 PM02 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 specifications 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 specifications. In witness whereof, this instrument has been duly executed by the Principal and Surety above named, on Sept. 2 0 th 2002. CRV Golf West LP ("Principal") , a California limited partnership By: Capstone Residential Venture I (GP) LLC, a Delaware limited liability company, By: Its General Partner Its: By: Capstone Residential Venture I LLC, a Delaware limited liability company, Its Sole Member OJZ'� By: Capstone Realty Advisors, LLC, a Delaware limited liability company, Gulf Insurance Com y ("Surety") Its Operating Member By. arcus Green It. Attorney -in -Fact Agent's Address: Woodmarc Insurance Services 31805 Highway 79 South, Suite 205 Temecula, CA 92592 975/015610-0002 _2_ 312619.01 PM02 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California ss. County of c '(, n TMC) On &QkM bey (b2before me, Am tg L. W i -4 , N afa a PIS b I L Date Name and Title of Officer (e.g., "Jany D , Notary Public") personally appeared AlX L LA -Us Name(s) of Signer(s) AMY L. WARD r- o• T fay: COMM. #1264325 m N } �Notary Public -California N LU SAN DIEGO COUNTY « My Cornet. Exp. May 19, 2004 Place Notary Seal Above 9 personally known to me ❑ proved to me on the basis of satisfactory evidence to be the personW whose name(&) is/afe subscribed to the within instrument and acknowledged to me that he/ey executed the same in his44e4t4eif authorized capacity#o&), and that by his'"^''n,a 4theif signature(&) -on the instrument the person{} or the entity upon behalf of which the person(.s4 acted, executed the instrument. my hod #d 6?ftv�ial seal. of Notary Public 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 AttachedP ocu-finent L�� Title or Type of Document: OUtUdiyi3ion Lx1Yld-- i Fh �ul v tn�t��eQ- Publlc Document Date: c WCAf"mbe V ow agoo2, Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer 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 .. © 1997 National Notary Association - 9350 De Soto Ave., P.O. Box 2402 • Chatsworth, CA 91313-2402 Prod. No. 5907 Reorder: Call Toll -Free 1-800-876-6827 EXHIBIT "A" The attached [Faithful Performance Bond OR Labor and Material Bond] secures the following Improvements required by the Subdivision Improvement Agreement ("SIA"). Such Improvement do not constitute the entire obligations under the SIA for these Improvements. Prior to the issuance of this bond, the City has agreed to reduce the security required for these Improvements in light of the fact that such Improvements, in whole or in party, have been completed. In recognition of such work, this bond secures only the following Improvements: IMPROVEMENT 1. Grading 2. Streets & Storm Drainage 3. Domestic Water 4. Electrical TOTAL AMOUNT IMPROVEMENTS PERFORMANCE AMOUNT $ 18,375.00 $ 111,363.00 $ 106,701.00 $ 69,000.00 S 305,439.00 975/015610-0002 313574.01 AM02 GULF INSURANCE COMPANY HARTFORD, CONNECTICUT POWER OF ATTORNEY ORIGINALS OF THIS POWER OF ATTORNEY ARE PRINTED ON BLUE SAFETY PAPER WITH TEAL INK. KNOW ALL MEN BY THESE PRESENTS: That the Gulf Insurance Company, a corporation duly organized under the laws of the State of Connecticut, having its principal office in the city of Irving, Texas, pursuant to the following resolution, adopted by the Finance & Executive Committee of the Board of Directors of the said Company on the 10th day of August, 1993, to wit: "RESOLVED, that the President, Executive Vice President or any Senior Vice President of the Company shall have authority to make, execute and deliver a Power of Attorney constituting as Attorney -in -Fact, such persons, firms, or corporations as may be selected from time to time; and any such Attorney -in -Fact may be removed and the authority granted him revoked by the President, or any Executive Vice President, or any Senior Vice President, or by the Board of Directors or by the Finance and Executive Committee of the Board of Directors. RESOLVED, that nothing in this Power of Attorney shall be construed as a grant of authority to the attorney(s)-in-fact to sign, execute, acknowledge, deliver or otherwise issue a policy or policies of insurance on behalf of Gulf Insurance Company. RESOLVED, that the signature of the President, Executive Vice President or any Senior Vice President, and the Seal of the Company may be affixed to any such Power of Attorney or any certificate relating thereto by facsimile, and any such powers so executed and certified by facsimile signature and facsimile seal shall be valid and binding upon the Company in the future with respect to any bond and documents relating to such bonds to which they are attached." Gulf Insurance Company does hereby make, constitute and appoint Marcus E. Green its true and lawful attorney(s)-in-fact, with full power and authority hereby conferred in its name, place and stead, to sign, execute, acknowledge and deliver in its behalf, as surety, any and all bonds and undertakings of suretyship, and to bind Gulf Insurance Company thereby as fully and to the same extent as if any bonds, undertakings and documents relating to such bonds and/or undertakings were signed by the duly authorized officer of the Gulf Insurance Company and all the acts of said attorney(s)-in-fact, pursuant to the authority herein given, are hereby ratified and confirmed. The obligation of the Company shall not exceed five million (5,000,000) dollars. IN WITNESS WHEREOF, the Gulf Insurance Company has caused these presents to be signed by any officer of the Company and its Corporate Seal to be hereto affixed. GULF INSURANCE COMPANY �\�SV{�ANC f CO hi 0114 . SEAL P STATE OF NEW YORK SS °'l/vECI Lawrence P. Miniter COUNTY OF NEW YORK Executive Vice President On this 1st day of October, AD 2001, before me came Lawrence P. Miniter, known to me personally who being by me duly sworn, did depose and say: that he resides in the County of Bergen, State of New Jersey; that he is the Executive Vice President of the Gulf Insurance Company, the corporation described in and which executed the above instrument; that he knows the seal of said corporation; that the seal affixed to the said instruments is such corporate seal; that it was so affixed by order of the Board of Directors of said corporation and that he signed his name, thereto by like order. �,,pHAB/q 6 �O � Y STATE OF NEW YORK SS 7,OUl3XG�o� COUNTY OF NEW YORK J OF N ANGIE MAHABIR-BEGAZO Notary Public, State of New York No. 0IMA6019988 Qualified in Kings County Commission Expires February 16, 2003 I, the undersigned, Senior Vice President of the Gulf Insurance Company, a Connecticut Corporation, DO HEREBY CERTIFY that the foregoing and attached POWER OF ATTORNEY remains in full force. S�RgNCfC Dated the 20th dayof Sept. 2P 2 Signed and Sealed at the City of New York. ��\�oPPofj4 A� SEAL �C'YNECNGJ George Biancardi Senior Vice President f%A1 ICnOMIA ALL.PURPOSE ACKNOWLEDGMENT State of California ss. County of tU Q�S !��-2. On3S_ _2U22-, before me, iQ C{ lU Date n�1 Name and Title of Officer (e.g., "Jane Doe, Notary P blic'") personally appeared t r` a r Cy-6 bra' A Name(s) of Signer(s) personally known to me ❑ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed JUllA DEIBERT the same in his/her/their authorized e Cornrrf ion# 1253573 Z Notary Public -California capacity(ies), and that by his/her/their Z ,� fdversiae County signature(s) on the instrument the person(s), or My Comm. BpiresFeb 14,2004 the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal Place Notary Seal Above —7— Signature of Notary Public 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: Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer Signer's Name: ❑ Individual Top of thumb here ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: 0 1999 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 • Chatsworth, CA 91313-2402 • www.nationalnotary.org Prod. No. 59u1 neoraer u- --ncc -o�� Monumentation Bond #: B34227358 Premium: $ 3 0 8.0 0 SUBDIVISION BOND FAITHFUL PERFORMANCE -PUBLIC WORK Whereas, the City of La Quinta, State of California ("City"), and KSL Land Corporation ("Original Subdivider") entered into a Subdivision Improvement Agreement ("SIA") dated December 9, 1999, whereby Original Subdivider agreed to install and complete certain designated improvements on Tract 29147-2, as described more fully in Exhibit "A" of the SIA ("Improvements"); and Whereas, under the terms of the SIA, the Original Subdivider was required to furnish and maintain a bond for the faithful performance of said agreement; and Whereas said Original Subdivider has assigned its rights and obligations under the SIA to CRV Golf West LP ("Principal"); and Whereas, the City, Original Subdivider, and Principal have entered into that "Assignment d Assumption Agreement and Amendment to Subdivision Improvement Agreement" dated V �S 2002, which requires Principal to replace Original Subdivider's Faithful erformance Bond securing said Improvements. Both Principal and Gulf Insurance Company ("Surety") acknowledge that the Principal has purchased this bond to replace the Faithful Performance Bond the Original Subdivider obtained under the SIA. Now, therefore, we, the Principal and Surety are held and firmly bound unto the City, in the penal sum of fifteen thousand, four hundred and 00/100 dollars ($15,400.00) lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly by these presents. The condition of this obligation is such that if the above bounded Principal, its heirs, executors, administrators, successors or assigns, shall in all things stand to and abide by, and well and truly keep and perform the covenants, conditions and, provisions in the SIA and any alteration thereof, on its part, to be kept and performed at the time and in the manner therein specified, and in all respects according to its true intent and meaning, and shall indemnify and save harmless the City, its officers, agents and employees, as therein stipulated, then this obligation shall become null and void; otherwise it shall be and remain in full force and effect. As a part of the obligation secured hereby and in addition to the face amount specified therefor, there shall be included costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by the City in successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered. 975/015610-0002 312621.01 PM02 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 specifications 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 specifications. In witness whereof, this instrument has been duly executed by the Principal and Surety above named, on Sept. 2 9 2002. CRV Golf West LP ("Principal") , a California limited partnership By: Capstone Residential Venture I (GP) LLC, a Delaware limited liability company, By: Its General Partner Its: It y-- By: Capstone Residential Venture I LLC, a Delaware limited liability company, Its Sole Member By: Capstone Realty Advisors, LLC, a Delaware limited liability company, Gulf Insurance Comp y ("Surety") Its Operating Member By: c s E. Green Its: ttornev-in-Fact Agent's Address: Woodmarc Insurance Services 31805 Highway 79 South, Suite 205 Temecula, CA 92592 975/015610-0002 _2_ 312621.01 PM02 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California ss. County of Ban Dim On Sa�embey �5, ab0 before me, A al h L. \ RYA 1 ala-11A b � � Date ' N me and Title of Officer (e. ot Alex "Jane Doe, NPublic personally appeared Alex 7n�yiS , Names) of Signer(s) AMY L. WARD r. COMM. #1264325 Notary Public -California N W SAN DIEGO COUNTY .+ My Comm. Exp. May 19, 2004 .VWw rw Place Notary Seal Above OP "UNAL 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. X-personally known to me ❑ proved to me on the basis of satisfactory evidence to be the personal whose name( is/are subscribed to the within instrument and acknowledged to me that he/executed the same in hi^'h�re;,= authorized capacityfiesj, and that by his eir-- signature(c}-on the instrument the person(sj, or the entity upon behalf of which the personaaj acted, executed the instrument. Description of AttachedDocNment T� ( (�,y 1� Title or Type of Document:Sub 10i )Ic` n iX nii — Fa 1� V111,1 l RAY"Lou — pu b� IL w Document Date: ( jo o2889, Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer Signer's Name: ❑ Individual i Corporate Officer — Title(s): Partner — ❑ Limited ❑ General Attorney in Fact Trustee Guardian or Conservator ❑ Other: Signer Is Representing: RIGHT THUMBPRINT OF SIGNER © 1997 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 - Chatsworth, CA 91313-2402 Prod. No. 5907 Reorder: Call Toll -Free 1-800-876-6827 GULF INSURANCE COMPANY HARTFORD, CONNECTICUT POWER OF ATTORNEY ORIGINALS OF THIS POWER OF ATTORNEY ARE PRINTED ON BLUE SAFETY PAPER WITH TEAL INK. KNOW ALL MEN BY THESE PRESENTS: That the Gulf Insurance Company, a corporation duly organized under the laws of the State of Connecticut, having its principal office in the city of Irving, Texas, pursuant to the following resolution, adopted by the Finance & Executive Committee of the Board of Directors of the said Company on the 10th day of August, 1993, to wit: "RESOLVED, that the President, Executive Vice President or any Senior Vice President of the Company shall have authority to make, execute and deliver a Power of Attorney constituting as Attorney -in -Fact, such persons, firms, or corporations as may be selected from time to time; and any such Attorney - in -Fact may be removed and the authority grant- ed him revoked by the President, or any Executive Vice President, or any Senior Vice President, or by the Board of Directors or by the Finance and Executive Committee of the Board of Directors. RESOLVED, that nothing in this Power of Attorney shall be construed as a grant of authority to the attorney(s)-in-fact to sign, execute, acknowledge, deliver or otherwise issue a policy or policies of insurance on behalf of Gulf Insurance Company. RESOLVED, that the signature of the President, Executive Vice President or any Senior Vice President, and the Seal of the Company may be affixed to any such Power of Attorney or any certificate relating thereto by facsimile, and any such powers so executed and certified by facsimile signature and facsimile seal shall be valid and binding upon the Company in the future with respect to any bond and documents relating to such bonds to which they are attached." Gulf Insurance Company does hereby make, constitute and appoint MARCUS E. GREEN its true and lawful attorney(s)-in-fact, with full power and authority hereby conferred in its name, place and stead, to sign, execute, acknowledge and deliver in its behalf, as surety, any and all bonds and undertakings of suretyship, and to bind Gulf Insurance Company thereby as fully and to the same extent as if any bonds, undertakings and documents relating to such bonds and/or undertakings were signed by the duly authorized officer of the Gulf Insurance Company and all the acts of said attorney(s)-in-fact, pursuant to the authority herein given, are hereby ratified and confirmed. The obligation of the Company shall not exceed five million (5,000,000) dollars. IN WITNESS WHEREOF, the Gulf Insurance Company has caused these presents to be signed by any officer of the Company and its Corporate Seal to be hereto affixed. SUPANCF GULF INSURANCE COMPANY C J�`a GOPP�R9l O�4 c` 9 " SEAL P. STATE OF NEW YORK l SS 0 0NNect�° COUNTY OF NEW YORK f Lawrence P. Miniter Executive Vice President On this 1st day of October, A.D. 2001, before me came Lawrence P. Miniter, known to me personally who being by me duly sworn, did depose and say: that he resides in the County of Bergen, State of New Jersey; that he is the Executive Vice President of the Gulf Insurance Company, the corporation described in and which executed the above instrument; that he knows the seal of said corporation; that the seal affixed to the said instruments is such corporate seal; that it was so affixed by order of the Board of Directors of said corporation and that he signed his name, thereto by like order. Pv1D ✓,qA OaOTAq.9 t Y STATE OF NEW YORK y�A�L�G �0 COUNTY OF NEW YORK j SS OF NE`tt David Jaffa Notary Public, State of New York No, 02JA4958634 Qualified in Kings County Commission Expires December 30, 2001 I, the undersigned, Senior Vice President of the Gulf Insurance Company, a Connecticut Corporation, DO HEREBY CERTIFY that the foregoing and attached POWER OF ATTORNEY remains in full force. Signed and Sealed at the City of New York. ��soaANCF CO Dated the 2 0 th day of Sept. 200 2 J� �,OFtP Oq,9l 41. `� SEAL Z` George Biancardi Senior Vice President CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California ss. County of r , 0 ex- I l On a,A �v� V3tA_ 1.'2WZ , before me, `,JL i i t, -&-i 10e,L+ ��� P. 6b C-, , Date Name and Title of Officer ( .g., "Jane Doe, Not2V Public) personally appeared 1 t a V C LAS Cyr -e-e i\ , Name(s) of Signer(s) Apersonally known to me ❑ proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. Place Notary Seal Above Signature of Notary Public 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: Document Date: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer Signer's Name: ❑ Individual ❑ Corporate Officer— Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: Number of Pages: RIGHT THUMBPRINT OF SIGNER .p of thumb here 0 1999 National Notary Association - 9350 De Soto Ave., P.O. Box 2402 -Chatsworth, CA 91313-2402 - www.nationalnotary.org Prod. No. 5907 Reorder: Call Toll -Free 1-800-876-6827 OUTSTANDING BOND REPORT Name: CRV Golf West (assumed from KSL) Tract No. 29147-2 Date of Contract: September 25, 2002 / Council approved on 12/3/02 Required Bond Amounts: Grading $ 18,375 performance Grading $ 61,250 labor & materials Streets & Drainage $ 111,363 performance Streets & Drainage $ 371,211 labor & materials Water $ 106,701 performance Water $ 355,670 labor & materials Electrical $ 69,000 performance Electrical $ 230,000 labor & materials Monumentation $ 15,400 performance only Dates of Bond Reductions: See KSL file for prior reductions. Outstanding Bonds: Insurance Company: Gulf Insurance Amount: $ 305,439 $1,018,131 Bond No. Date Cancelled/Released: B34227357 same $ 15,400 B34227358