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30096-2 Puerta Azul PartnersOUTSTANDING BOND REPORT Name:Puerta Azul Partners Tract No. 30096-2 Date of Contract: August 19, 2004 Required Bond Amounts: Streets Water Sewer Utilities Monumentation 10% Contingency Prof. Fees Design 10% Prof. Fees Const. 10% No Plans Conting. 25% Dates of Bond Reductions: $181,920 performance/labor & materials $ 75,210 same $ 79,290 same $210,000 same $ 10,000 performance only $ 55,642 / $54,642 $ 61,206 / $ 60,106 $ 61,206 / $ 60,106 $153,016 / $150,270 Outstanding Bonds and Bond Company: Developers Surety & Indemnity Amount: Bond No. Date Cancelled/Released: $887,490 556505S Replaced w/warranty 6/22/2009 $ 54,642 same Released 4/19/2011 $871,540 same Released 9/11 /2009 Titf 4 P.O. Box 1504 LA QUINTA, CA 92247-1504 78-495 CALLE TAMPICO LA QUINTA, CA 92247-1504 April 19, 2011 Mr. George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P, Box 430 Las Oswego, OR 97035 Re: Tract Mao 30096-2 Dear Mr. Robertson: 44" OFFICE OF THE CITY CLERK (760) 777-7103 FAX (760) 777-7107 The City's Public Works Department has authorized the release of Maintenance Bond 556505S-1 in the amount of $54,642 for on -site improvements, track 30096-2, Puerta Azul. Enclosed is the original bond issued by Developers Surety and Indemnity Company. If you have any questions, please call me at (760) 777-7123. Sincerely, Susan Ma els Deputy City Clerk cc: Tim Jonasson, Public Works Director/City Engineer Anchor Insurance & Surety, Inc File 4Gm INSCO INSURANCE SERVICES, INC. insc%gip Underwriting Manager for: Developers Surety and Indemnity Company Indemnity Company of California 17780 Fitch, Suite 200 • Irvine, California 92614 • (949) 263-3300 MAINTENANCE BOND BOND NO.: 556505S-1 Premium included in Performance Bond KNOW ALL MEN BY THESE PRESENTS: THAT we, Puerta Azul Partners, LLC , as Principal, and Developers Surety and Indemnity Company a corporation organized and doing business under and by virtue of the laws of the State of 10wa and duly licensed to conduct surety business in the State of California, as Surety, are held and firmly bound unto City of La Quinta 78 495 Callie Tampico La Quinta, CA 92253 as Obligee, in the sum of Fifty Four Thousand Six Hundred Forty Two and No/100--- - - --- ------ (S 04,n4L.UU Dollars, for which payment, well and truly to be made, we bind ourselves, our heirs, executors land 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: Puerta Azul Subdivision Improvements TM 30096-2, On -Site Improvements 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 12th day of June — 2008 YEAR Puerta Azul Partners, LLC Principal ID-1201 (CA) (One Year Term) (REV. 3/01) Developers Surety and Indemnity Company Tamara A. Ringeisen CALIFORNIA ALL-PURPOSE ► CKNOWLEDGM NT State of Oregon County of Multnomah On June 12 2008 before me, Vicki L. Nicholson Notary Public, personally appeared Tamara A. xingeisen.. who 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. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. (seal) Signature U �au- d'. OFFICIAL SEAL = VICKI L NICHOLSON NOTARY PU LIC-ORFGON COMMISSION NO. SM255 MY COMMiISSION DFRES JULY 9, 2008 POWER OF ATTORNEY FOR DEVELOPERS SURETY AND INDEMNITY COMPANY INDEMNITY COMPANY OF CALIFORNIA PO Box 19725, IRVINE, CA 92623 (949) 263-3300 KNOW ALL MEN BY THESE PRESENTS, that as except as expressly limited, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, do each, hereby make, constitute and appoint: ***John D. Klump, Vicki Mather, Philip O. Forker, Gloria Bruning, Richard W. Kowalski, Tamara A. Ringeisen, Colleen A. Bradshaw, Ray M. Paiement, Brent Olson jointly or severally*** as their true and lawful Attomey(s)-in-Fact, to make, execute, deliver and acknowledge, for and on behalf of said corporations, as sureties, bonds, undertakings and contracts of surety- ship giving and granting unto said Attomey(s)-in-Fact full power and authority to do and to perform every act necessary, requisite or proper to be done In connection therewith as each of said corporations could do, but reserving to each of said corporations full power of substitution and revocation, and all of the acts of said Attomey(s}irFFact, pursuant to these presents, are hereby ratified and confirmed. This Power of Attorney is granted and is signed by facsimile under and by authority of the following resolutions adopted by the respective Board of Directors of DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, effective as of January 1st, 2608. RESOLVED, that the chairman of the Board, the President and any Vice President of the corporation be, and that each of them hereby is, authorized to execute Powers of Attorney, qualifying the attomey(s) named in the Powers of Attorney to execute, on behalf of the corporations, bonds, undertakings and contracts of suretyship; and that the Secretary or any Assistant Secretary of the corporations be, Ind each of them hereby is, authorized to attest the execution of any such Power of Attorney; RESOLVED, FURTHER, that the signatures of such officers may be affixed to any such Power of Attorney or to any certificate relating thereto by facsimile, and any such Power of Attorney or certificate bearing such facsimile signatures shall be valid and binding upon the corporations when so affixed and in the future with respect to any bond, undertaking or contract of suretyship to which it is attached. IN WITNESS WHEREOF, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA have severally caused these presents to be signed by their respective Vice President and attested by their respective Assistant Secretary this January 1st, 2008. [�;mwvky By:— a. AND . �� ;,.,.,... W, tiPAN.Y.pfi Stephen T. Pate, Senior Vice President ;fai��D•Fj` k�:,P'f71 U =��Ft _ �q _ OCT. - ` �G � y� 2 .. OCT; 5 By: Charles L. Day, Assistant Secretary d: 11936 v 3 this 1.8t37 3 Y'7�v�i • �N�b�'N L�i� , ��'����� `4 State of California County of Orange On Januarrlst, 2008before me, ChristooherJ. Roach Notary Public Date Here Insert Name and Title of the Officer personally appeared _ Stephen T. Pate and Charles L. Day Name(s) of Signer(s) ��.�� f' •C Wi Place Notary Seal Above who 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 helshe/they executed the same in hislher/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. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and offs ial seal. Signature Ch ' er J. Roach CERTIFICATE The undersigned, as Assistant Secretary, of DEVELOPERS SURETYAND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, does hereby certify that the foregoing Power of Attorney remains in full force and has not been revoked, and furthermore, that the provisions of the resolutions of the respective Boards of Directors of said corporations set forth in the Power of Attorney, are in force as of the date of this Certificate. This Certificate is executed in the City of Irvine, California, the 12 tbay of June . 2008 By: Albert Hillebrand, Assistant ecretary ID-1 380(WeQ(Rev.07107) No. 08505 STATE OF CALIFORNIA DEPARTMENT OF INSURANCE SAN FRANCISCO Amended Certificate of Authority THIS IS TO CERTIFY, That, pursuant to the Insurance Code of the State of California, Developers Surety and Indemnity Company of Iowa, organized under the laws of Iowa, subject to its Articles of Incorporation or other fundamental organizational documents, is hereby authorized to transact within this State, subject to all provisions of this Certificate, the following classes of insurance: Fire, Marine, Surety, Plate Glass, Liability, Boiler and Machinery, Burglary, Sprinkler, Automobile, Legal, and Miscellaneous as such classes are now or may hereafter be defined in the Insurance Laws of the State of California. THIS CERTIFICATE is expressly conditioned upon the holder hereof now and hereafter being in full compliance with all, and not in violation of any, of the applicable laws and lawful requirements made under authority of the laws of the State of California as long as such laws or requirements are in effect and applicable, and as such laws and requirements now are, or may hereafter be changed or amended. IN WITNESS WHEREOF, effective as of the 8th day of February, 2008, I have hereunto set my hand and caused my official seal to be affixed this 8th day of February, 2008. Fee $1287.00 Rec. No. Steve Poizner Insurance Commissioner Filed 3/6/07 By Susan J. Stapp for Jim Richards Chief Deputy Certification I, the undersigned Insurance Commissioner of the State of California, do hereby certify that I have compared the above copy of Certificate of Authority with the duplicate of original now on file in my office, and that the same is a full, true, and correct transcript thereof, and of the whole of said duplicate, and said Certificate of Authority is now in full force and effect. IN WITNESS WHEREOF, I have hereunto set my hand and caused my official seal to be affixed this 18th day of June, 2008. Steve Poizner Insurance Commissioner Pauline D'Andrea Tj,tyl 4 P 0914& MEMORANDUM To: Veronica J. Montecino, CMC, City Clerk r _J From: Ed Wimmer, Development Services Principal Engineer Via: ArnothyR. Jonasson, P.E., Public Works Director /Cit Engineer Y 9 Date: April 13, 2011 Subject: Release of Warranty Security for Tract Map No. 30096-2, Puerta Azul, On -Site Improvements Please release the following warranty security held in your files for the above referenced tract. The onsite improvements were accepted by City Council on May 5, 2009. The warranty amount and the address to the developer and surety company are as follows: TRACT No. 30096-2 WarranV Bond No. Warranty Amount 556505S $54,642 Developer: Mr. George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P Box 430 Lake Oswego, OR 97035 Surety Company: Anchor Insurance & Surety, Inc. 1201 SW 12th Avenue, Suite 500 Portland, OR 97205 Attn: Tammy Ringeisen Cc: Project File I, Tract Map No. 30096-2 TATracts_Parcel Maps_SP\30000-39999\30096-2\Release of Warranty Security memo TM 30096-2 onsite.doc (~on-ipany Profile DEVELOPERS SURETY AND INDEMNITY COMPANY 17780 FITCH, SUITE 200 IRVINE, CA 92613 Agent for Service of Process ALBERT HILLEBRAND, 17780 FITCH SUITE 200 IRVINE, CA 92614 Unable to Locate the Agent for Service of Process? Deference Information NAIC #: NAIC Group #: California Company ID #: Date authorized in California: License Status: Company Type: State of Domicile: 12718 0075 4606-0 August 30, 1999 UNLIMITED -NORMAL Property & Casualty IOWA Lines of Insurance Authorized to Transact The company is authorized to transact business within these lines of insurance. For an explanation of any of these terms, please refer to the giassary. AUTOMOBILE BOILER AND MACHINERY BURGLARY FIRE LEGAL INSURANCE LIABILITY MARINE MISCELLANEOUS PLATE GLASS SPRINKLER SURETY Company Complaint Information http://interactive.web.insurance.ca.gov/webuser/idb_co_prof utl.get_co_prof?p_EID=100170 6/18/2009 I P.O. Box 1504 LA QUINTA, CALIFORNIA 92247-1504 78-495 CALLS 11'AMPICO LA QUINTA, CALIFORNIA 92253 September 15, 2009 Ms. George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P - Box 430 Lake Oswego, OR 97035 Re: Tract Map 30096-2 To Whom It May Concern: (760) 7 7 7 - 7 0 0 0 FAX (760) 777-7101 The purpose of this letter is to correct a letter dated September 11, 2009, which stated the Performance Bond was being released. The letter should have read, "Per authorization from the Public Works Department, the City Clerk's Office hereby releases Labor & Materials Bond No. 556505S in the amount of $871,540." If you have any questions, please call me at (760) 777-7002. Sincerei , VERONICA J. IjdONTECINO, City Clerk City of La Quinta, California cc: Tim Jonasson, Public Works Director/City Engineer Developers Surety & Indemnity Company Anchor Insurance & Surety, Inc. File K's `6.ty/ 4 4 a" P.O. Box 1504 LA QUINTA, CALIFORNIA 92247-1504 78-495 CALLS TAMPICO (760) 7 7 7 - 7 0 0 0 LA QUINTA, CALIFORNIA 92253 FAX (760) 777-7101 September 11, 2009 Ms. George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P — Box 430 Lake Oswego, OR 97035 Re: Tract Map 30096-2 To Whom It May Concern: Per authorization from the Public Works Department, the City Clerk's Office hereby releases Performance Bond No. 556505S in the amount of $871,540. If you have any questions, please call me at (760) 777-7002. Sincerel , VERONICA J. NTECINO, City Clerk City of La Quinta, California cc: Tim Jonasson, Public Works Director/City Engineer Developers Surety & Indemnity Company Anchor Insurance & Surety, Inc. File NO Titit 4 4Q"Arw MEMORANDUM To: Veronica J. Montecino, CMC, City Clerk From: Ed Wimmer, Development Services Principal EngineYity Via: JA imothy R. Jonasson, P.E., Public Works Director /ngineer Date: August 17, 2009 Re: Release of On -Site Labor & Materials Securities for Tract Map No. 30096-1 and 30096-2, Puerta Azul Please release the following Labor & Materials securities held in your files for the above referenced tracts. The on -site improvements were accepted by City Council on May 5, 2009; therefore, the retention of the Labor & Materials 90-day period was completed on August 5, 2009. The Labor & Materials security amount and the address to the developer and Surety Company are as follows: Labor and Materials Tract No. Bond Amount Bond No. 30096-1 553130S $1,481,864.68 30096-2 556505S $871,540.00 Developer: Mr. George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P — Box 430 Lake Oswego, OR 97035 Surety Company: Anchor Insurance & Surety, Inc. 1201 SW 12th Avenue, Suite 500 Portland, OR 97205 Attn: Tammy Ringeisen Cc: Project File I, Tract Map No. 30096-1 and 30096-2 Amy Yu, Assistant Engineer II TATracts_Parcel Maps_SP\30000-39999\30096\Internal Correspondence\Release of L & M Security memo TM 30096-1, -2.doc T-i4 01 ae� Qu4a P.O. Box 1504 LA QUINTA, CALIFORNIA 92247-1504 78-495 CAL.LG TAMPICO - LA QUINTA, CALIFORNIA 92253 June 22, 2009 Ms. George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P — Box 430 Lake Oswego, OR 97035 Re: Tract Map 30096-2 To Whom It May Concern: (760) 7 7 7 - 7 0 0 0 FAX (760) 777-7101 Per authorization from the Public Works Department, the City Clerk's Office has received a warranty bond in the amount of $54,642 and hereby releases Performance Bond No. 556505S in the amount of $887,490. If you have any questions, please call me at (760) 777-7002. Sincere , VERONICA J ONTECINO, City Clerk City of La Quinta, California cc: Tim Jonasson, Public Works Director/City Engineer Developers Surety & Indemnity Company Anchor Insurance & Surety, Inc. File T4&t 4 P 091AS MEMORANDUM To: Veronica J. Montecino, CMC, City Clerk From: Ed Wimmer, Development Services Principal Engineer p�_' Via: 'Timothy R. Jonasson, P.E., Public Works Director / City Engineer Date: June 15, 2009 Re: Retain Warranty Securities and Release Performance Securities for Tract Map No. 30096-1 and 30096-2, Puerta Azul, On -Site Improvements Please retairi the attached Warranty securities for the on -site improvements for the above referenced tract. Tract Map No. We of Bond Bond No. Performance Amount 30096-1 Warranty 55313OS-1 $119,929 30096-2 Warranty 556505S-1 $54,642 Please release the following on -site Performance securities held in your files for the above referenced tract. The on -site improvements were accepted by City Council on May 5, 2009. Tract Map No. Type of Bond Bond No. Performance Amount 30096-1 Performance 553130S $1,481,864.68 30096-2 Performance 556505S $887,490 The address to the developer and the surety company are as follows: Developer: Ms George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P — Box 430 Lake Oswego, OR 97035 T:\Tracts_Parcel Maps_SP\30000-39999\30096\Internal Correspondence\Release of Performance & Retain Warranty memo TM 30096-1.doc Surety Company: Anchor Insurance & Surety, Inc. 1201 SW 12" Avenue, Suite 500 Portland, OR 97205 Attn: Tammy Ringeisen cc: Project File I, Tract Map No. 30096-1 and 30096-2 Amy Yu, Assistant Engineer II TATracts_Parcel Maps_SP\30000-39999\30096\Internal Correspondence\Release of Performance & Retain Warranty memo TM 30096-1.doc WARRANTY SECURITY TM 30096-1 Development Name: Puerta Azul ON -SITE IMPROVEMENTS Performance Security' Improvement Description Labor & Materials2 Performance Amount Proposed Reduction WARRANTY AMOUNT'_ Grading $272,916 $272,916 90% $27,292 Streets & Storm Drain $586,685 $586,685 90% $58,669 Domestic Water $112.687 $112,687 90% $11,269 Sanita Sewer $87,000 $87,000 90% $8,700 Dry Utilities $140,000 $140,000 90% $14,000 Monumentation $10,000 $10,000 100% $0 Standard Contingency 10% $120,929 $120,929 100% $0 Professional Fees Construction, 10%) $133,022 $133,022 100% $0 Professional Fees (Design, 10%) $18,626 $18,626 100% $0 T;taisl $1,481,864 $1,481,865 -- $119,929 WARRANTY SECURITY TM 30096-2 Development Name: Puerta Azul ON -SITE IMPROVEMENTS Performance Security' Improvement Description Labor & Materials2 Performance Amount Proposed Reduction WARRANTY AMOUNT Street Improvements $181,920 $181,920 90% $18,192 Domestic Water $75,210 $75,210 90% $7,521 Sanitary Sewer $79,290 $79,290 90% $7,929 Dry Utilities $210,000 $210,000 90% $21,000 Monumentation - $10,000 100% $0 Standard 10% Contingency $54,642 $55,642 100% $0 Professional Fees, Design 10% $60,106 $61,206 100% $0 Professional Fees, Construction 10% $60,106 $61,206 100% $0 No Plans Contingency, 25% $150,270 $153,016 100% $0 Totals $871,544 $887,490 -- $54,642 TATracts_Parcel Maps_SP\30000-39999\30096\Internal Correspondence\Release of Performance & Retain Warranty memo TM 30096-1.doc (pU vt - v So T-iht 4 4G2" COUNCIL/RDA MEETING DATE: May 5, 2009 ITEM TITLE: Consideration of On -Site Improvements Associated with Tract Map Nos. 30096-1 a 30096-2, Puerta Azul, Puerta Azul Partners, LLC tAa 1'1_� urt RECOMMENDATION: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: 3 Accept on -site improvements associated with Tract Map Nos. 30096-1 and 30096-2, Puerta Azul, Puerta Azul Partners, LLC and authorize staff to release performance securities. Direct staff to release labor and materials securities ninety (90) days after City Council acceptance of the improvements. FISCAL IMPLICATIONS: None. No public improvements will be accepted with this action. CHARTER CITY IMPLICATIONS: None. BACKGROUND AND OVERVIEW: Tract Maps Nos. 30096-1 and 30096-2, Puerta Azul, are located west of Madison Street and north of Avenue 58 (Attachment 1). The improvements include curb and gutter, sidewalk, curb ramps, storm drain, catch basins, signing, striping, and asphalt concrete pavement. Attachment 2 indicates the amount of the warranty securities. Attachment 3 is a letter dated April 17, 2009 from homeowners of Puerta Azul. Attachment 4 is a letter dated April 13, 2009 from homeowners of Puerta Azul. Attachment 5 is a letter from Christina Baine DeJardin, the attorney representing the Puerta Azul, Inc. Homeowners Association. The letter characterizes the City as being 1 PUBLIC WORKS/ENGINEERING DEPARTMENT °r INTEROFFICE MEMORANDUM TO: June Greek, City Clerk FROM: Anthony Colarossi, Assistant Engineer I SUBJECT: Tract Map No. 30096-2, Puerta Azul . DATE: August 17, 2004 June, prior to returning this map to me, would you please verify with our attorney if the signatures found within the SIAs, Final Map, and Notary are adequate. I see too many different names, so I am reluctant to send map for recording prior to attorney's approval. If you have any questions, please contact me at extension 7089. Thank You. 4�LLj 3 .,..a", A�o�K •ems l\ V% o r 40- v� e q u,.•r a. c,. s t 9 r►�� vv��s�t0• Y` O icy . T:\PWDEPT\STAFF\Colarossi\TRANSMITS\City Clerk\puerta azul 30096-2_sign.doc f � PUBLIC WORKS/ENGINEERING DEPARTMENT INTEROFFICE MEMORANDUM TO: June Greek, City Clerk FROM: Anthony Colarossi, Assistant Engineer I SUBJECT: Tract Map No. 30096-2, Puerta Azul DATE: August 17, 2004 The City Council adopted a Resolution granting conditional approval of a Final Map and Subdivision Improvement Agreement (SIA) for Tract No. 30096-2, Puerta Azul. I am transferring to you the Final Map, two (2) SIA's, and bonds for you to perform the following tasks: 1. Sign and return the Tract Map. 2. Have the City Manager, City Attorney, and yourself sign the SIA's. Keep the original and provide a copy for our files. 3. Keep the following original bonds: On Site Performance Bond No. 556505S - $ 887,490.00 On Site Labor & Material Bond No. 556505S - $ 871,540.00 If you have any questions, please contact me at extension 7089. Thank You. T:\PWDEPT\STAFF\Colarossi\TRANSMITS\City Clerk\puerta azul 30096-2.doc P. O. B o x 15 0 4 (92247-1504) 78-495 CALLE TAMPICO LA QUINTA, CALIFORNIA 92253 August 19, 2004 Louis Swart, President PUERTA AZUL PARTNERS LLC 17700 Upper Boones Farm Rd., Ste. 100 Portland, OR 97224 Dear Mr. Swart: (760) 7 7 7 - 7 0 0 0 FAX (760) 777-7101 Please find enclosed a fully executed Subdivision Improvement Agreement for On -site Improvements for Tract 30096-2. Should you have any questions, please contact the Public Works Department (760) 777-7075. Sincerely, �' _ja�' JUNE S. GREEK, CMC City Clerk enclosures c: Tim Jonasson, Public Works Director/City Engineer IN OUTSTANDING BOND REPORT Name: Puerta Azul Partners Tract No. 30096-2 Date of Contract: August 19, 2004 Required Bond Amounts: Streets Water Sewer Utilities Monumentation 10% Contingency Prof. Fees Design 10% Prof. Fees Const. 10% No Plans Conting. 25% Dates of Bond Reductions: $181,920 performance/labor & materials $ 75,210 same $ 79,290 same $ 210,000 same $ 10,000 performance only $ 55,642 / $ 54,642 $ 61,206 / $ 60,106 $ 61,206 / $ 60,106 $153,016 / $150,270 Outstanding Bonds and Bond Company: Amount: $ 887,490 $871,540 Bond No. 556505S same Developers Surety & Indemnity Date Cancelled/Released: Bond No. 556505S SUBDIVISION IMPROVEMENTS Tract Map No. 30096-2 PERFORMANCE BOND KNOW ALL MEN BY THESE PRESENTS: THAT, the City Council of the City of La Quinta has approved the final map for Tract Map No. 30096-2 , prior to installation of certain designated public improvements required by the Conditions of Approval for the subject map, in accordance with the California Map Act (Government Code Section 66462) WHEREAS, the City Council of the City of La Quinta, State of California, and Puerta Azul Partners, LLC hereinafter designated as ("principal") have entered into an agreement whereby principal agrees to install and complete certain designated public improvements, which said agreement, dated , 200_ , and identified as Tract Map No. 30096-02 , is hereby referred to and made a part hereof, and WHEREAS, said principal is required under the terms of said agreement to furnish a bond for the faithful performance of said agreement. NOW, THEREFORE, we, the principal and Developers Surety And Indemnity Company as W�e a heId a d r I bound unto t City of LLa Quinta hereinafter calLeW7(" icy"), in the penal sum of u re gtyity Seven the Four DOLLARS ($ $"' �`� ---- )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, his or 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 said agreement and any alteration thereof made as therein provided, on his or their part, to be kept and performed at the time and in the manner therein specified, and in all respects according to their 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 City in successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered. F201 - Performance Bond Page 1 of 2 Bond No. 556505S SUBDIVISION IMPROVEMENTS Tract Map No. 30096-2 LABOR AND MATERIAL BOND KNOW ALL MEN BY THESE PRESENTS: THAT, the City Council of the City of La Quinta has approved the final map for Tract Map No. 30096-2 , prior to installation of certain designated public improvements required by the Conditions of Approval for the subject map, in accordance with the California Map Act (Government Code Section 66462) WHEREAS, the City Council of the City of La Quinta, State of California, and Puerta Azul Partners. LLC hereinafter designated as "the principal" have entered into an agreement whereby the principal agrees to install and complete certain designated public improvements, which agreement, dated , 200_, and identified as Tract Map No. 30096-2 , is hereby referred to and made a part hereof, and WHEREAS, under the terms of the agreement, the principal is required before entering upon the performance of the work, to file a good and sufficient payment bond with the City of La Quinta 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. NOW, THEREFORE, the principal and the undersigned as corporate surety, are held firmly bound unto the City of La Quinta 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 Eight Hundred Seventy One Thousand Five un red DOLLARS ($ 871, 540.00 --�, for materials furnished or labor thereon of any kind, or for amo nts 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 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. 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. F202 - Labor and Material Bond CITY OF LA QUINTA SUBDIVISION IMPROVEMENT AGREEMENT TRACT MAP NO. 30096-2 ON -SITE IMPROVEMENTS THIS SUBDIVISIOL4 IMPROVEMENT AGREEMENT (the "Agre ment") is made and entered into this t day of a , QO by and between PUERTA AZUL PARTNERS, LL , an OREGAN LIMITED LIABILITY COMP NY hereinafter referred to as "Subdivider," and the City of La Quinta, a municipal corporation o the State of California, hereinafter referred to as "City." RECITALS: A. Subdivider has prepared and filed a final map or Tract 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. 30096-2 (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. TAProject Development Division\Development Projects\Agreements\SIA\SIAs in Progress\Puerta_Azul_30096-2\ONSITE_SIA.doc 1 of 7 B. Improvement security shall conform to 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 Tract 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, Tract map or waiver of Tract 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 TAProject Development Division\Development Projects\Agreements\SIA\SIAs in Progress\Puerta Azul_30096-2\ONSITE_SIA.doc 2of7 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, bonds and letters of credit as described in Paragraphs 2), 3) and 4) of SECTION 3.13., which require the establishment of evidence of the reliability of the surety or financial institution, the administrative fee shall be One Hundred Fifty Dollars ($150.00). 2) For liens on real property as described in Paragraph 5) of SECTION 3.13., 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 receipt 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 /o) 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 TAProject Development Division\Development Projects\Agreements\SIA\SIAs in Progress\Puerta_Azul_30096-2\ONSITE_SIA.doc 3 of 7 security shall be retained until the outstanding requests are satisfied or until Subdivider has made other arrangements satisfactory to the City Engineer. 4. Permits Required. Prior to commencing any phase of work, Subdivider shall obtain all permits required for that phase of work and pay all required fees. Work performed under a permit or permits shall comply with all provisions of the required permits. 5. Off -site Improvements. When the construction of one or more of the Improvements requires or necessitates the acquisition of real property not owned by Subdivider or City, Subdivider shall use its best efforts purchase such real property at a reasonable price. In the event that Subdivider is unsuccessful, despite its best efforts, to acquire such real property at a reasonable price, Subdivider may request in writing that City attempt to acquire such real property. City may, but is not required to, agree to attempt to acquire such real property on behalf of Subdivider. If City so agrees, City and Subdivider shall enter a separate written agreement in a form acceptable to the City Attorney. Said separate agreement shall provide that Subdivider advance to City One Hundred Fifty Percent (150%) of the appraised fair market value of the real property. Any unexpended portion of said advance shall be refunded to Subdivider. Any additional funds required for acquisition of the real property shall be paid by Subdivider to City upon the conveyance of said real property to Subdivider. In no event shall the failure of Subdivider or City to acquire such real property excuse, waive, or otherwise terminate Subdivider's obligation to construct the applicable improvement pursuant to this Agreement or the Conditions of Approval. 6. Completion of Improvements. Subdivider shall begin construction of the Improvements within ninety (90) days and shall complete construction within twelve (12) months after the approval of this Agreement. Portions of the Improvements may be completed at a later date, as determined by the City Engineer or as set forth in Exhibit A. Failure by Subdivider to begin or complete construction of the Improvements within the specified time periods shall constitute cause for City, in its sole discretion and when it deems necessary, to declare Subdivider in default of this agreement, to revise improvement security requirements as necessary to ensure completion of the improvements, and/or to require modifications in the standards or sequencing of the Improvements in response to changes in standards or conditions affecting or affected by the Improvements. Said failure shall not otherwise affect the validity of this agreement or Subdivider's obligations hereunder. 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. TAProject Development Division\Development Projects\Agreements\SIA\SIAs in Progress\Puerta_Azul_30096-2\ONSITE_SIA.doc 4 of 7 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. 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. T:\Project Development Division\Development Projects\Agreements\SIA\SIAs in Progress\Puerta_Azul_30096-2\ONSITE_SIA.doc 5of7 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. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above. CITY: City of La Quinta 78-495 Calle Tampico La Quinta, CA 92253 760/7 7-7075 _Thomas P. genovese, City Manager Dat SUBDIVIDER: Puerta Azul Partners, LLC 17700 S.W. Upper Boones Ferry Rd #100 Portland, OR 97224 (503) 869-2831 BfQ Date Title: By: Title: Date Reviewed and Approved. 3,o4, OciEngine Date Appro ed a7to or y for y Date TAProject Development Division\Development Projects\Agreements\SIA\SIAs in Progress\Puerta_Azul_30096-2\ONSITE_SIA.doc 6 of 7 Exhibit A ON -SITE SECURITY — TRACT MAP NO. 30096-2 Improvements designated as "Participatory" have been or will be constructed by others. Security for Participatory Improvements shall remain in place indefinitely until called upon or released by City. Monumentation security shall guarantee performance of or payment for the work and shall be utilized or released as specified in Chapter 4, Article 9 of the Subdivision Map Act. 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%) of the original amount. 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. Labor & materials security shall remain in place until 90 days after all required tract improvements are complete and accepted by the City Council. Improvement Description Performance Labor & Materials Grading Street Improvements $ $ - 181,920 $ $ 1,210 7 5,0 Domestic Water $ $ 75,210 79,290 $ $ 70,0 Sanitary Sewer $ 210,000 $ 210,00000 Dry Utilities $ 10,000 $ Monumentation Totals $ 556,420 $ $ 546,420 54,642 Standard 10% Contingencey $ $ 55,642 612,062 $ 601,062 Total Construction Cost Professional Fees, Design 10% $ 61,206 $ $ 60,106 60,106 Professional Fees, Const 10% $ 61,206 No Plans Contingency 25% $ 153,016 $ 150,270 Bond Amount $ 887,490 $ 871,540 T:\Project Development Division\Development Projects\Agreements\SIA\SIAs in Progress\Puerta_Azul_30096-2\ONSITE_SIA.doc 7of7 STATE OF , County of I certify that I know and have satisfactory evidence that signed this instrument, on oath stated that he is authorized to execute the instrument and acknowledged it as the CEO of the Managing Member, Pacific Santa Fe Corp. of Puerta Azul Partners, LLC, to be the free and voluntary act of such party for the uses and purposes mentioned. Dated: Ca - lto -Cq Notary Public"A the state of Oregon My appointment expires O0FFICIAL SEAL CAROLYN M. PACE NOTARY PUBLIC-OREGON F COMMISSION NO. 344800 MY COMMISSION EXPIRES APRIL 10, 2005