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30023-2 Shea La Quinta OUTSTANDING BOND REPORT Name: Shea La Quinta, LLC (Trilogy at La Quinta) Tract No. 30023-2 Date of Contract: NO SIA Required Bond Amounts: (The County retained the original bonds for Phases 1 and 2 - the City will retain the warranty bonds.) Dates of Bond Reductions: Outstanding Bonds and Bond Company: St. Paul Fire and Marine Insurance Amount: Bond No. Date Cancelled/Released: $204.300 SX0394-A To: From: Via: I Date: Re: ~ 0{ 4fJ.tdIttt MEMORANDUM Veronica Montecino, City Clerk "rlt Wimmer, Development Services Principal Engineer~ 0/ llimothy R. Jonasson, Public Works Director / City Engineer May 3, 2007 Retain Warranty Securities for Tract Map No. 30023-2, Trilogy, Final Acceptance of On-site Improvements Please retain the attached Warranty Securities for Tract Map No. 30023-2, Trilogy, for on-site improvements. Final Acceptance of the on-site improvements is scheduled for City Council consideration on May 15, 2007. The warranty securities are as follows: Tract No. Warranty Bond No. Warranty Amount 30023-2 SX0394-A $204,300.00 Cc: Project File I, Tract Map No. 30023-2 Amy Yu, Assistant Engineer II ~I::ite.: -P~~_ I t d-. ~ a.rf'^~ ~ .-{-t.ll_ ~t\ ~ --\{'d ~ nAOMt~ 4..... P~ertI\.l.O-1A~ ~ ~~~ ..4,~J4.. ~ w.s!l- ~~ ~Cl.M..""""~\ o{+~ 0 ~"~ft..Jl ~ ~~ T:\Tracts\300QO-39999\30023 (1-7)\lntemal Corr~spondence\TM 30023-2 Clerk Hold Warranty Security Memo.doc Bond No.: SX0394-A Premium: Included in charge for Performance Bond Warranty Bond KNOW ALL MEN BY THESE PRESENTS: That Shea La Ouinta LLC ,as Principal, hereinafter called Principal, and St Paul Fire and Marine Insurance Company as Surety, hereinafter called Surety, are firmly bound unto City of La Ouinta hereinafter called Obligee, in the sum of Two Hundred Four Thousand Three Hundred and NO/tOO DOLLARS ($204,300.00) lawful money of the United States of America, to be paid to the said Obligee or its successors or its successors or assigns to the payment of which sum well and truly to be made, we do bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. WHEREAS, Principal entered into a contract with the said Obligee dated for Parcel Map 30023-2 - Trilogy at La Quinta WHEREAS, said contract provides that the Principal will furnish a bond conditioned to guarantee for the period of ONE YEAR after final acceptance, by the owner, against all defects in workmanship and materials which may become apparent during said period. NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the Princjp;li shall indemnify the Obligee for all loss that the Obligee may sustain by reason of any defecQ.ve, materials or workmanship which become apparent during the aforesaid period, then this obligatIon shall be void; otherwise to remain in full force and effect. . . , . I,', Signed and sealed this 2nd day of Mav, 2007 : " Shea La Quinta LLC, a California Limited Liability Company By: Shea Homes, Inc., a Delaware corporation Its Sole Member By: Its: Authorized Agent By: Its: Authorized Agent , ..1 .( St Paul Fire and Marine Insurance Company Name of Surety \;.,.: ,I' By: