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:
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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
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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: