LQ 57 Estates - Assignment and Assumption Agr (2015-0077)_AGR2015-0077ASSIGNMENT AND ASSUMPTION AGREEMENT
AND
AMENDMENT TO SUBDIVISION IMPROVEMENT AGREEMENT
TRACT MAP NO. 31910 ON -SITE IMPROVEMENTS
This ASSIGNMENT AND ASSUMPTION AGREEMENT AND AMENDMENT TO
SUBDIVISIONT ("Assignment & Amendment")is made and
enteredinto as of t , 20 I the CITY OF LA
municipal cr ri of California ("City"), La i
Estates, Inc., a Californiacorporation ("Assignor"), and Capistrano ts, LP, a California
limited rt rs i ("Assignee").
RECITALS
A.
City and Assignor entered into that certain SubdivisiImprovement
Agreement, dated December 6, 2006 (" " ), pursuant to whichAssignor, as the
"Subdivider" ` in the SIA, agreedl , install, and construct certain public
and/or private improvements on Tract1 ("Tract"), as more fully cri i
Exhibit "A" of the SIA ("Improvements").
B. Assignor desires to assignSIA, and all of Assignor's rights and
obligations thereunder, ssiAssignee desire to assumeAssignor's position
with respect the SIA and of Assignor's rights and obligations under the SIA subject
to the terms of this Assignment
C. In
_ connection i - the foregoing _ scri_ assignment_ assumption,
the City Assignee have agreed to certain modific i I s set forth
herein ci execution is Assignment & Amendment by all the
parties hereto.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing Recit is and
_ - covenants
and promises hereinafter contained, r good and valuable _consideration,
receipt and suffici c ish are hereby acknowledged, the parties hereto agree as
1. Assignment and Assump1im Assignor hereby transfers and assigns to
Assignee all of the Assignor's rights, title, interest in and to, and obligations under,
e S, and Assigneeassumes l rights, title,interest in and to, and
obligations r, the SIA. Cityhereby consents re i assignment and
assumption.
F220
. Replacement of Improvement Security. Pursuant to the SIA, Assignor
s furnished the City security r the Improvements in the form
() Faithful Performance_Bond in the amount of $1,254,277 for the following
improvements:
r ••rPerformance Securit)j
Original
Reduction
I Reduction
Improvement /
"Amount
GradinM'.
i
Domestic Water
-Storm Drain ::,. . •
/ t. �
. •
Dry Utilities
�.r
IV 1 it
IMonumentation
f'«
f 11
Standard 1% Contin �enc } i�
GI 1 •I I
♦ r
rule
Trofessional Fees, Design
II
■
y
i •
y
T L 2,168,287 �t''k=f.'',',.';r', ,277
For purposes of this Assignment &c Assumption, such security in the aggregate shall be
hereinafterreferred as "Improvement ec rit . Assignee hereby warrantsthat
within i 5) days -of this executed Assignmentn n , it shall replace
Assignor's Improvement Securityi security of its own in an amount equal to the
Improvement c riy, unless the City otherwise deter i s at its discretion and i
writing t such security can be issued r amount. Assignee's security shall
be in full compliance wit r conditions t in the SIA for such security.
The City rees that upon receipt f evidence that Assignee has obtained such
security in a formi c r the City, the Cityl release Assi is
Improvement Sec it .
3. Solvency., As_ material inducement o City r into the
Assignment Assumption,ssi ee hereby represents rr is to City, and City
hereby relies on Assignee'si rr , that Assignee issolvent
has the financial capability of fulfillingc every i don and duty it takes on
by way of the Assignment & Assumption.
4. c r _ r visi s.The SIA, and _each r visi _r i ,
unless otherwise modifiedin writing, is incorporated in thisAssignment e e t
in its entirety and Assigneer n warrants that it assumes and is boundeach
obligationo in the SIA in the same manner as Assignorprior to this assignment.
F220 -2-
IN WITNESS WHEREOF, the parties hereto have executed this Assignment &
Amendment on day of .20
CITY: City of La Quinta
78-495 Calle Tampico
La Quinta, CA 92253
(760) 777-7075
Digitally signed by Frank J. Spevacek
DN: sartalNumber=1 n615nh01202cvmj,
C_US' st-California, I -La Quinta, o-Frank
J. Spevacek, cb-Frank J. Spevacek
Date: 2015.10.08 15:06:49 -07'00'
FRANK J. SPEVACEK
City Manager, City of La Quinta
ATTEST:
Digitally ligned by City of L. Wirt.
DN; !IIN,,I,,=Ilmhhdhfj,93c,,c=US,
st=C,Iifor,i,, =1-a Quinta, o—City of La Quirta,
—Cily of La Q.mt.
Date: 2015.10,08 15:18:28 -07100r
SUSAN MAYSELS
City Clerk, City of La Quinta
M.
William H. 1hrke; City Attorney
ASSIGNOR: La Quinta 57 Estates, Inc., a California corporation
78401 Highway 111, Suite X
La Quinta, CA 12251
John J'. ino
Its: President Its:
ASSIGNEE: Capistrano Lots, LP, a California limited partnership
940 Emmett Avenue, Suite 200
Belmont, CA 94002
By: VPI 2004, Inc., a California corporation
Its: General Partner
Its: <'O' -, "- V i V- - �
Its:
F220 -3-
M 0 0 #* * I ,
It
I:J:-4 V161
MI REM
NIWINIiNiiliillolllil,w- WIRROWN .1 VOIN W11,11a
1631 PRON15-511m;W-Ift I I 15031=g I ori F-511111 I Ing VIC010951 III I I I ii M �IWAIttz-1--i-A #I teg-Ir-471
its officers, agents and employees, as therein stipulated, hen this obligation shall become null and void;
othe,wise it s4all be 97�-m-ff.ait ho full forcewid eTect.
S G #
miVA11*40LOgram-trilym.
�IUMMQMO WOE a MI-4611ror11111
lwlliwwNlliw�.Ilwiliblill4illo�ifill6 oil
55me MR In anj Mariner RiTect its MA
change, extension of time, alteration or addition to the terms of the agreement or to the work or to the
specifications.
of Signatory
4,
a� a , r • « +� _..� _.
• ; . � � m ,,
e , �� �;
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
A notary public or other officer completing this certificate verifies only the identity oft individual who signed the
STATE OF CALIFORNIA
County of Contra Costa
On e o er 2 01 fore me, Jane Arrundal Walker Notary Public,
Date Insert Name of Notary exactly as it appears on the official seal
personally appeared Kathleen Beck
Name(s) of Signeqs)
- --------------- - -------- -
who proved to me on the basis of satisfactory evidence to
be the person(s)whose name(s) islare subscribed to the
within instrument and acknowledged to me that helshe/they
executed the same In his/her/their authorized capacity(les),
and that by is/ signature(s) on the instrument the
JANE ARRUNDAL WALKER person(s), or the entity upon behalf of is the person(s)
Commission # 2109783 acted, executed the instrument.
Notary Public - California
trseta County I certify under PENALTY OF PERJURY under the laws of
z Cona C
M Comm, EX trss Ma 2. 2019 the State of California that the foregoing paragraph is true
and correct.
Witness my h d a4ndcial seal
Signature I JAJ A
Place Notary Seal Above $19 t Of VM Public
OPTIONAL
Though the information below is not required by law it may rove valuable to persons relying on the document
and could prevent fraudulent removal and regment oft form to another document.
Description of Attached Document
Title or Type of Document: Labor and Material and
Document Date: _Se2Dt!eqMmbggrA2�82015 Number of Pages: 2
Signer(s) Other Than Named Above:
=I,-. -13-1a =-,
Signer's Name: Kathleen Beck
[] Individual
E] Corporate officer —Title(s).
D Partner El Limited El General
9 Attorney in Fact
E] Trustee
E] Guardian or Conservator
0 Other:
Signer is Representing:
I a iii
Mug 1111 immmomlcd��
Signer's Namw
El Individual
E] Corporate Officer —Title(s):
El Partner El Limited 0 General
El Attorney in Fact
[-] Trustee
E] Guardian or Conservator Top of thumb h re
■Other:
A
TO: gFVnk J. Spevacek, City Manager
FROM: i othy R. Jonasson, P.E., Public Works Director/ City Engineer
Bryan McKinney, P.E., Development Services Principal Engineer/W
IATE: October 7, 2015
711, E: Assignment and Assumption Agreement for the Capistrano Residentim
Development On -Site Improvements, Tract Map No. 31910 1
Attached for your signature is the agreement with La Quinta 57 Estates, Inc. an
Capistrano Lots, LP for project referenced above. I
Reviews and signatures are being conducted electronically via the TRAKiT system.
Please provide your electronic signature and advise the City Clerk once you have done
c,o. The City Clerk will continue with full execution and final distribution of this
tgreement.
Requesting department shall check and attach the items below as appropriate:
Contract payments will be charged to account number,
A Conflict of Interest Form 700 Statement of Economic Interests from Consultant(s) is attached with
- no reportable interests in LQ or reportable interests
X A Conflict of Interest Form 700 Statement of Economic Interests is not required because this Consultant does
not meet the definition in FPPC regulation 18701 (2).
Authority, to execute this agreement is based upon:
X Approved by the City Council on )date) -,_October 6, 2015
City Manager's signature authority provided under Resolution No. 2010-075
City Manager's signature authority provided under Resolution No. 2005-095
Public Works projects for $30,000 or less.
City Manager's signature authority provided under Resolution No. 2005-096
Service agreements for $30,000 or less.
City Manager's signature authority provided under Contract Change Order Policy
Contracts under $100,000= 10% max, contracts over $100,000= $25,000 max
The following required documents are attached to the agreement:
Insurance certificates as required by the agreement (approved by Risk Manager)
X Performance bonds as required by the agreement (originals) -,Sae; attached memo to City Clerk
N/A City of La Quints Business License (copy or note number & expiration date here