2017 Bond Safeguard Ins Co - TM 31852 Polo Estates - Comp. & Settlement Amend 1AMENDMENT NO. 1
TO
AGREEMENT BETWEEN CITY OF LA QUINTA
AND
BOND SAFEGUARD INSURANCE CO.
This Amendment No. 1 is made as of the,"`g day of November, 2017 (the "Amendment"),
between the City of La Quinta (the "City") and Bond Safeguard Insurance Company (the "Bond
Safeguard").
RECITALS
A. The City and Bond Safeguard entered into an agreement dated on or about
December 31, 2014 concerning the housing subdivision commonly known as Polo Estates Tract
Map 31852 located in La Quinta, California (the "Agreement").
B. The City and Bond Safeguard agree to amend the Agreement as set forth herein.
NOW, THEREFORE, in consideration of the premises, the mutual covenants herein set
forth and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the City and Bond Safeguard agree as set forth below.
1. Definitions. Terms used in the Agreement and not otherwise defined herein are
used herein as so defined.
2. A:mendinent. The.Agreement is hereby amended as follows:
2.1 Revise paragraph 2 of the Agreement as follows:
a. In lieu of performing the Scope of Work set forth in Exhibit "A," Bond
Safeguard shall pay the City the total sum of$517,359.30.
b. Bond Safeguard's obligation to pay for relocation of powerr poles as
set forth in paragraph 2(b) of the Agreement shall be fully satisfied by
payment to the City of the total sum of $23,673.00,
2.2 Revise paragraph 6 of the Agreement as follows:
6. Upon Bond Safeguard's payment to the City of the sum of
$541,032.30 and without any further action being required of Bond
Safeguard, Bond Safeguard is entitled to a full release of the Bonds
and the City hereby releases Bond Safeguard from any and all claims,
causes of action, liabilities and damages, including attorneys' fees,
arising out of or related to the Bonds, the Improvement Agreement, the
Public Improvements and the Subdivision.
3. Exislin � .,Ngrgg!nant. Except as expressly modified by this Amendment, all of the
terms, conditions, and covenants in the Agreement shall remain in full force and effect.
[Signatures appear on next page]
ATTEST:
By: �17a4l,
Susan Mdysels
City Clerk
APPROVED AS TO FORM:
William H. Ibikc
City Attorney
CITY OF LA QU.INTA, a California
municipal corporation
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BOND SAFEGUARD INSURANCE
COMPANY
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.June.20,:2017
Revised July 10,2017
Revised August.22, 2017
ADDENDUM '170 SETTLEMENT AGREEMENT
'Summary of Cash Payments:
Offsite • .Bond 5007404
Per Settlement Agreement— Madison Street $280,900.QO
Power Poles $- 23,673.0.0
Avenue 52 Pavement Taper :$ 1.9,500.00
Avenue 52 Landscape and Irrigation :$107,11.3.00
Avenue 52 Grading and Meandering Walk, '
.Signage, Striping and Stabilization .$ 47,123.00
"Total Cash Offer $477,409.00
Paid 28$ 0,000.00
IotalAue upon approval of Addendum .$197;409.00
Cash 'Payments:
Onsite •- 'Bond :5007405
Cash Offer $343,623.30
Total Due upon :approval of Addendum $343,623:30
Lexon Surety Group 900 S. Frontage Road, Suite'250 Woodridge, IL 60517
Phone.630-495-9330 Fax:630-495-9272 http://www.LexonSurety.com