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2021 - 33336 Palo Verde 37, LLC - SIA On-Site Assign. & Assump. from Standard Pacific CorpASSIGNMENT AND ASSUMPTION AGREEMENT AND AMENDMENT TO SUBDIVISION IMPROVEMENT AGREEMENT TRACT MAP NO. 33336 ON -SITE IMPROVEMENTS This ASSIGNMENT AND ASSUMPTION AGREEMENT AND AMENDMENT TO SUBDIVISION IMPROVEMENT AGREEMENT ("Assignment & Amendment") is made and entered into as of the J 2.V" day of Qr,�-p)jw , 20,21 , by and among the CITY OF LA QUINTA, a municipal corporation of the State of California ("City"), Standard Pacific Corp, a Delaware Corporation ("Assignor"), and Palo Verde 37, LLC, a California limited liability company ("Assignee"). RECITALS A. City and Assignor entered into that certain Subdivision Improvement Agreement, dated February 18, 2009 ("SIX), pursuant to which Assignor, as the "Subdivider" defined in the SIA, agreed to plan for, install, and construct certain public and/or private improvements on Tract No. 33336 ("Tract"), as more fully described in Exhibit "A" of the SIA ("Improvements"). B. Standard Pacific Corp, as successor to Assignor, sold its interest in the Tract to Assignee. In conjunction with such transfer, Assignor desires to assign the SIA, and all of Assignor's rights and obligations thereunder, to Assignee and Assignee desire to assume Assignor's position with respect to the SIA and of Assignor's rights and obligations under the SIA subject to the terms of this Assignment & Amendment. C. In connection with the foregoing described assignment and assumption, the City and Assignee have agreed to certain modifications to the SIA as set forth herein to be effective upon full execution of this Assignment & Amendment by all the parties hereto. AGREEMENT NOW, THEREFORE, in consideration of the foregoing Recitals and the covenants and promises hereinafter contained, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. Assignment and Assumption. Assignor hereby transfers and assigns to Assignee all of the Assignor's rights, title, and interest in and to, and obligations under, the SIA, and Assignee hereby assumes all rights, title, and interest in and to, and obligations under, the SIA. City hereby consents to the foregoing assignment and assumption. F220 2. Replacement of Improvement Securit . Pursuant to the SIA, Assignor has furnished the City security for the Improvements in the form of: (a) Faithful Performance Bond in the amount of $467,262 for the following improvements: ON -SITE IMPROVEMENTS Performance Security Improvement Description Amount Street $130,930 Storm Drain $54,300 Domestic Water $47,310 Sanitary Sewer $49,345 Dry Utilities $23,376 Basin Landscaping $47,725 Monumentation $1,000 Standard 10% Contingency $35,399 Professional Fees, Design 10% $38,938 Professional Fees, Construction 10% $38,938 TOTALI $467,262 (b) Other (Specify type and amount): 1. Faithful Performance Bond for Fugitive Dust Control = $12.000 2. Cash Deposit for Fugitive Dust Control = $5,070 For purposes of this Assignment & Assumption, such security in the aggregate shall be hereinafter referred to as "Improvement Security." Assignee hereby warrants that within five (5) days of this executed Assignment and Amendment, it shall replace Assignor's Improvement Security with security of its own in an amount equal to the Improvement Security, unless the City otherwise determines at its discretion and in writing that such security can be issued at a lesser amount. Assignee's security shall be in full compliance with the terms and conditions stated in the SIA for such security. The City agrees that upon receipt of evidence that Assignee has obtained such new security in a form satisfactory to the City, the City shall release Assignor's Improvement Security. 3. Solvency. As a material inducement to the City to enter into the Assignment & Assumption, Assignee hereby represents and warrants to City, and City hereby relies on Assignee's representation and warranty, that Assignee is solvent and has the financial capability of fulfilling each and every obligation and duty it takes on by way of the Assignment & Assumption. 4. Incorporation of SIA Provisions. The SIA, and each provision therein, unless otherwise modified in writing, is incorporated in this Assignment & Amendment in its entirety and Assignee agrees and warrants that it assumes and is bound by each obligation found in the SIA in the same manner as Assignor prior 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 JON-MCMILLEN, CITY MANAGER - —City of La Quinta, California ATTEST: MONIKA RADEVA, CITY CV City of La Quinta, California APPROVED AS TO FORM: WILLIAM H. IHRKE, City Attorney City of La Quinta, California Z ZD Z Date ASSIGNOR: Standard Pacific Corp. Address:] Co►ro�a , CA . G2g-i 7 3� 29Z( Its. Date Its: ASSIGNEE: Palo Verde 37, LLC 31932 Calle Caballos T la, CA 92592 It . Its: Date Date F22o -3- CALIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF California COUNTY OF On before me, File No: )SS APN No: , Notary Public, personally appeared who proved to me on the basis of satisfactory evidence to be the petson(s) whose -name(sy-igare subscribed to the within instrument and acknowledged to me that she/they executed the same in �I her/their authorized ca acl (ies), and that by i her/their signature s) on the instrument the erg son(s), or the entity upon Yehalf of which the ep rson(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 o cial seal. z. Signature PATRICIA SATHER COMM. #2356136 Z z Notary Public - Callfomla G Riverside County M Comm. Ex Tres May 27 Zt]26 This area for official notarial seal. OPTIONAL SECTION - NOT PART OF NOTARY ACKNOWLEDGEMENT CAPACITY CLAIMED BY SIGNER Though statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the documents. ❑ INDIVIDUAL CORPORATE OFFICERS) TITLE(S) ,�/L�IJiU R� �y�• 0 PARTNER(S) ❑ LIMITED ❑ GENERAL ATTORNEY -IN -FACT [] TRUSTEE(S) E] GUARDIAN/CONSERVATOR [] OTHER SIGNER IS REPRESENTING: Anx j Name of Person or Entity / Name of Person or Entity OPTIONAL SECTION - NOT PART OF NOTARY ACKNOWLEDGEMENT Though the data requested here is not required by law, it could prevent fraudulent reattachment of this form. THIS CERTIFICATE MUST BE ATTACHED TO THE DOCUMENT DESi RIBED BELOW TITLE OR TYPE OF DOCUMENT: .5 `y- q- Aap 17-e NUMBER OF PAGES DATE OF DOCUMENT z5a ('V/5Or SIGNER(S) OTHER THAN NAMED ABOVE / } ` y ql1#1 .20 Reproduced by First American Title Company 1112007 California All -Purpose Certificate of Acknowledgment CIVIL CODE 1189 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of Ca�oTia ) County of ) [ON personally appeared before me, 7M� who proved to me on the basis of satisfactory evidence to be the persons} whose nameN isla;b, subscribed to the within instrument and acknowledged to me that heASeAt` ey executed the same in hisAh`erVtlfiek authorized capacity), and that by hisllibrltkir signatures on the instrument the person(), or the entity upon behalf of which the personN 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. , o, , . BETH BRULEY Notary Public California Riverside County Commission # 2247751 my Comm. Expires Jul 24, 2022 Signature w_w (Seal) CONSENT CALENDAR ITEM NO. 4 City of La Quints CITY COUNCIL MEETING: October 5, 2021 STAFF REPORT AGENDA TITLE: APPROVE ASSIGNMENT AND ASSUMPTION AGREEMENT AND AMENDMENT TO SUBDIVISION IMPROVEMENT AGREEMENT FOR TRACT MAP NO. 33336, PALO VERDE II, A RESIDENTIAL DEVELOPMENT LOCATED ON THE NORTH SIDE OF AVENUE 58 WEST OF MADISON STREET RECOMMENDATION Approve Assignment and Assumption Agreement and Amendment to Subdivision Improvement Agreement for on -site improvements for Tract Map No. 33336, Palo Verde II, and authorize the City Manager to execute said agreement. EXECUTIVE SUMMARY • Standard Pacific Corp has sold its interest in this tract to Palo Verde 37, LLC (New Developer) and desires to assign the subdivision improvement obligations to the New Developer. • New Developer requests approval of Assignment and Assumption Agreement and Amendment to Subdivision Improvement Agreement (Agreement) for Tract Map No. 33336, Palo Verde II. FISCAL IMPACT There is no fiscal impact to the City. New Developer has submitted replacement securities to guarantee construction of the improvements. BACKGROUNDIANALYSIS Palo Verde II is a residential development located at the north side of Avenue 58 west of Madison Street (Attachment 1). In February 2009, Standard Pacific Corp entered into a Subdivision Improvement Agreement for Palo Verde II. Standard Pacific Corp just recently sold its interest in this tract to New Developer. The City will release Standard Pacific Corp's securities upon executing the Agreement (Attachment 2). ALTERNATIVES Staff does not recommend an alternative. Prepared by: Amy Yu, Associate Engineer Approved by: Bryan McKinney, P.E., Public Works Director / City Engineer Attachments: 1. PA Vicinity Map Assignment ar to Subdivision J Assumption Agreement and Amendment Improvement Agreement 70 ATTACHMENT 1 TM 33336 PALO VERDE II H- 0 0 Avenue 58 4 V) 5 N v v J c O 3 a N o > VICINITY NOT TO SCALE � c ShinnecockJ Hts. v U a MAP 71 ta Q"fra CALIFORNIA - MEMORANDUM Date: October 8, 2021 To: Monika Radeva, City Clerk From: Amy Yu, Associate Engineer Re: Bond Replacement for Tract Map 33336, Palo Verde II Please replace the following bonds held in your file for the above referenced tract. Please release the following bonds: Tract Map No. 33336 Type of Bond Bond No. Performance Amount Dust Control 08832574 $12,000 Performance (on -site) SU5025746 $467,262 Performance (off -site) 08832571 $103,580 Please retain the following attached bonds: Tract Map No. 33336 Type of Bond Bond No. Performance Amount Dust Control 4444994 $12,000 Performance (on -site) 4444997 $467,262 Performance (grading) 4444996 $103,580 Previous Developer: Surety Company Standard Pacific Corp 980 Montecito Dr. #302 Corona, CA 92879 Attn : Geoffrey Smith Arch Insurance Company 2345 Grand Blvd, Ste 900 Kansas City, MO 64108 Surety Company: Fidelity and Deposit Company of Maryland 1299 Zurich Way Schaumburg, IL 60196 OUTSTANDING BOND REPORT Name: Palo Verde 37, LLC (Palo Verde II) *Previously Mirage at La Quinta II (Standard Pacific of Coachella Valley) Tract No. 33336 Date of Contract: February 18, 2009 Required Bond Amounts: Rough Grading $103,580 PM 10 $ 16,000 Streets $130,930 Drainage $ 54,300 Water $ 47,310 Sewer $ 49,345 Utilities $ 23,376 Landscaping $ 47,725 Monumentation $ 1,000 Dates of Bond Reductions: Outstanding Bonds and Bond Company: SureTec Insurance Co / Fidelity & Deposit / Arch Insurance Amount: Bond No. Date Cancelled/Released: $103,580 08832571 Released 10/12/2021 $ 12,000 08832574 Released 10/12/2021 $ 5,070 cash deposit in Finance $467,262 SU5025746 Released 10/12/2021 $103,580 4444996 $ 12,000 4444994 $467,262 4444997 *Note: L&M Bond not required and was returned on 3/10/09 Originals (1) SUBDIVISION IMPROVEMENTS Tract Map No.33336 PERFORMANCE BOND KNOW ALL MEN BY THESE PRESENTS: Bond 4444997 Premium: $9,845.00 ��yy��33��++THAT, the City Council of the City of La Quinta has approved the final map for Tract Map No. J.JJ.3LJ , prior to installation of cerldin 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 Palo Verde 37, LLC hereinafter designated as ("principar') have entered into an agreement whereby principal agree to install and complete certain designated public improvements, which said agreement, dated u J 20 and identified as Tract Map No. 33336 is hereby eferred 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 SureTec Insurance Company as surety, are held and firmly bound unto the City of La Quinta hereinafter called ("City"), in the penal sum of f, * „ DOLLARS ($467 2 2.00 ) lawful money of the United States, for the payment of which sum welt and truly to be made, we bind ourselves, our heirs, successors, executors and administrators, jointly and severaiiy, firmly by these presents. * Four hundred sixty seven thousand two hundred sixty two and 00/100-------------- 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 ail 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 therefore, 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. The surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the agreement or to the work to be performed hereunder or the specifications accompanying the same shall in any manner affect its obligations on this bond, and It does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the agreement or to the work or to the specifications. Bond 4444997 In witness whereof, this instrument has been duly executed by the principal and surety above named, on _ July 14 , 2o21 . Palo Verde 37, LLC Principal (Seal) Sig of P nci Title of Signa o SureTec Insurance Company Sidle (Seal) Signature of Surety Attorney in Fact, Dave B. Roalkvam Title of Signatory 3131 Camino Del Rio North, Suite 1450 San Diego, CA 92108 Address of Surety 619-400-4100 Phone # of Surety Gloria Becerra Contact Person For Surety POA# 4444997 JOINT LIMITED POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS: That SureTec Insurance Company, a Corporation duly organized and existing under the laws of the State of Texas and having its principal office in the County of Harris, Texas and Markel Insurance Company (the "Company"), a corporation duly organized and existing under the laws of the state of Illinois, and having its principal administrative office in Glen Allen, Virginia, does by these presents make, constitute and appoint: Ron H. Ballard, Gloria S. Becerra, Dave B. Roalkvam, David Melman, Arianne Adair, Jessica Donaghe, Ruth Alonso, Amanda Harvey, Evan M. DeBow, Judy Burton Their true and lawful agent(s) and attorney(s)-in-fact, each in their separate capacity if more than one is named above, to make, execute, seal and deliver for and on their own behalf, individually as a surety or jointly, as co -sureties, and as their act and deed any and all bonds and other undertaking in suretyship provided; however, that the penal sum of any one such instrument executed hereunder shall not exceed the sum of: Fifty Million and 00/100 Dollars ($50,000,000.00) This Power of Attorney is granted and is signed and sealed under and by the authority of the following Resolutions adopted by the Board of Directors of SureTec Insurance Company and Markel Insurance Company: "RESOLVED, That the President, Senior Vice President, Vice President, Assistant Vice President, Secretary, Treasurer and each of them hereby is authorized to execute powers of attorney, and such authority can be executed by nse of facsimile signature, which may be attested or acknowledged by any officer or attorney, of the company, qualifying the attorney or attorneys named in the given power of attorney, to execute in behalf of, and acknowledge as the act and deed of the SureTec Insurance Company and Markel Insurance Company, as the case may be, all bond undertakings and contracts of suretyship, and to affix the corporate seal thereto." WITNESS WHEREOF, Markel Insurance Company and SureTec Insurance Company have caused their official seal to be hereunto affixed and these presents to be signed by their duly authorized officers on the ism day of September , 2020 . SureTec Insurance Company �]R 1, By: ^ir' �_ yg 1 f� P r M!chae. K!tYtie, �.rsidtt�t ...... Commonwea!th of Virginia County of Henrico SS: +++5 FC�f�'. Markel Insure ce Company J. SEAL ±_ By: •,�zzz« ...�tssss*+`+ R in Russo, Senior Vice President On this 1em day of September, 2020 A. D., before me, a Notary Public of the Commonwealth of Virginia, in and for the County of Henrico, duly commissioned and qualified. camp THE ABOVE OFFICERS OF THE COMPANIES, to me personally known to be the individuals and officers described in, who executed the preceding Instrument. and they acknowledged :he execution of same, and being by me duly sworn, disposed and said that they are the officers of the said companies aforesaid, and that the seals affNed to the proceeding instrument are the Corporate Seals of said Companies, and the said Corporate Seals and their signatures as officers were duly affixed and subscriba(f to the said instrument by the authority and direction of the said companies, and that Resolutions adopted by the Board of Directors of said Companies referred to in the preceding instrument Is now in force. Rest a a 4)r a r,[," [N TESTIMONY WHEREOF, I have hereunto set my hand, and affixed MA. 4,teaFgt llhc C� tffAf Henrico, the day and year first above written. MY Z • COMMISSION �4 NU11,1gFR Donna Donavant, Notary Public �.7083968 `r. •'�C! My commission expires 1/31/2023 We, the undersigned Officers Df 5ureTec Insurance Company and Marke�lry}sa .g�E�a�ay �q�'ierby certify that the original POWER OF ATTORNEY of which the foregoing is a full, true and correct copy is still in full force and effect and h�sr,gc,q j7 E�yokt'd. IN WITNESS WHEREOF, we have hereunto set our hands, and affixed the Seals of said Companies, on the 14th day of July 2021 Sur eclnsur ce C pan By M. Br t Beaty, Assistant Secrete _ Markel Insurance Company By: Richard R. Grinnan, Vice President an ry Any Instrument Issued in excess of the penalty stated above is totally void and without any validity. For verification of the authority of this Power you may call (713)812-0800 on any business day between 8:30 AM and 5:00 PM CST C`ALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document, to which this certificate is attached, and not the truthfulness, or vaiidlty of that document. State of California County of San Diego On Julv 14.2021 before me, Ruth Alonso - Notary Public personally appeared Dave B. Roalkvam _ who proved to me on the basis of satisfactory evidence to be the persons) whose name(s) is/ffe subscribed to the within instrument and acknowledged to me that he/shehhe} executed the same in hWh "i authorized capacity0es), and that by his'" ii signature(s) on the instrument the person, or the entity upon behalf of which the persons acted, executed the instrument. RI}TH ALOrC�LrFORNiA � TARP pt}BLiG G2275754 �GpMS.41S51a�y�yTY /: ' C) i ., _., � SAfS p1E Q u,srY 19, 2023 •�._? ku+./ MY Comm ExP 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. r �Ctf Signature of Notary OPTIONAL Though the data below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent reattachment of this form. CAPACITY CLAIMED BY SIGNER ❑ INDIVIDUAL ❑ CORPORATE OFFICER ❑ PARTNER(S) ❑ MEMBER of LLC ® ATTORNEY -IN -FACT ❑ TRUSTEE(S) ❑ GUARDIAN/CONSERVATOR OTHER: DESCRIPTION OF ATTACHED DOCUMENT Bond 4444997 - Palo Verde 37, LLC Title or Type of Document Number of Pages July 14, 2021 Date of Document SIGNER IS REPRESENTING: Signer(s) other than named above NAME OF PERSON(S) OR ENTITY(IES) _SureTec Insurance Company CALIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. fi ❑: STATE OF California )SS APN No: COUNTY F 1,W-A irt?_p r_ On 3 r_ 1 before me, c#. G , Notary Public, personally appeared who proved to me on the basis of satisfactory evidence to be th6jgLmq(s) whose name(s)OS are subscribed to the within instrument and acknowledged to me that&i she/they executed the same in 5oer/thei� authorized ca aci (ies), and that by Mer/their signature s) on the instrument the_erson(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 h d an t al seal. PATRICIA SATHER -� a COMM. #2356136 z Signature z Notary Public - California o Riverside County M 1roc—"- Ma 27 2025 This area for official notarial seal. OPTIONAL SECTION - NOT PART OF NOTARY ACKNOWLEDGEMENT CAPACITY CLAIMED BY SIGNER Though statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the documents. ❑1 INDIVIDUAL 71 CORPORATE OFFICER(S) TITLE(S) �❑ PARTNER(S) ❑ LIMITED El ATTORNEY -IN -FACT TRUSTEE(S) Ej GUARDIAN/CONSERVATOR F:�'_ OTHER SIGNER IS REPRESENTING. t Name of PersorVor EntfN ❑ GENERAL P01/0 letl� 37 � Name of Person or Entity OPTIONAL SECTION - NOT PART OF NOTARY ACKNOWLEDGEMENT Though the data requested here is not required by law, it could prevent fraudulent reattachment of this form. THIS CERTIFICATE MUST BE ATTACHED TO THE -DOCUMENT DESCRI TITLE OR TYPE OF DOCUMENT: NUMBER OF PAGES SIGNER(S) OTHER THAN NAMED ABOVE 5 d V (2 i Ir I' i'� >Y, DATE OF DOCUMENT Reproduced by Flrst American TMe Company 11/2007 Originals (1) FAITHFUL PERFORMANCE BOND (LQMC 6.16) Fugitive Dust Control Bond Bond 4444994 Premium: $300.00 WHEREAS, the City of La Quinta, California, is prepared to authorize Palo Verde 37, LLC __ , as Principal, to proceed with certain construction activities pursuant to one, or more permits issued by the City, for various infrastructure improvements and/or structures on, or associated with, privately -owned property generally known to the City and others as -Tract No. 33336 _ ; and WHEREAS, all such construction and demolition activities must be performed in such manner as to conform with La Quinta Municipal Code, Chapter 6.16, entitled Fugitive Dust Controlto reduce fugitive dust and corresponding PM10 emissions; and WHEREAS, said Principal is required to ensure that Fugitive Dust Control Permit # #PM-10, prepared specifically for the subject construction site, is financially secure by furnishing security for the faithful performance of the dust control activities required in the Fugitive Dust Mitigation Plan. NOW therefore, we the Principal and SureTec Insurance Companyas Surety, are held and firmly bound unto the City of La Quinta, as Obligee, in the penal sum of 'Twelve thousand and 00/100---------------------- __ Dollars 1$12,000.00 ) 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 bonded 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 dust control plan 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 Obligee, 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 therefore, there shall be included costs and reasonable expenses and fees, including reasonable attorneys fees, incurred by the Obligee in successfully enforcing such obligation, all to betaxed as costs and included in any judgment rendered. The surety hereby stipulates and agrees that no change, extension of time, alteration oraddition to the terms of the dust control plan or to the work to be performed there under or the specifications accompanying the same shall in anywise affect its obligations on this bond, and it does herebywaive notice of any such change, extension of time, alteration or addition to the terms of the dust control plan or to the work, the specifications, or the conditions of approval of said plan. Page 1 of 2 T Drive/Checklists — Forms & Applications/Standard Dust Control Bond Form Bond 4444994 Fugitive Dust Control Bond Fugitive Dust Control Permit # PM-10 Page 2 of 2 In witness whereof, this instrument has been duly executed by the Principal and Surety above named, on July 14 , 2021 . (Seal) Palo Verde 37, LLC SureTec InsurancK Company 5 re r Signature of Surety Attorney in Fact, Dave B. Roalkvam Title of Signatory 3131 Camino Del Rio North. Suite 1450 San Diego, CA 92108 Address of Surety 619-400-4100 Phone # of Surety Gloria Becerra Contact Person for Surety T Drive/Checklists — Forms & Applications/Standard Dust Control Bond Form City of La Quinta Public Works Department 78-495 Calle Tampico La Quinta, CA 92253 Call Public Works for assistance at (760) 777-7047 Standard Dust Control Bond Forms Pursuant to LQMC 6.16 all Fugitive Dust Control Plans must be financially secure prior to issuance of any permits that authorizes construction or demolition activity that is not exempt from the Fugitive Dust Control Ordinance. The City requires financial security in the amount of $2,000 per acre. The security must be posted in two forms: 25% of the security must be a cash deposit, or an approved equal, such as a Certificate of Deposit, or a Letter of Credit; the remaining 75% of the security may be in the form of a surety bond. The City of La Quinta has prepared a Standard Dust Control Bond Form for use with the Fugitive Dust Control Plans. For easy electronic distribution purposes, the Standard Dust Control Bond Form is available in an interactive form in which you fill in the blanks while viewing the form with the Adobe Acrobat Reader (free software available at www.adobe.com), then print out the completed form, sign it, and seal it as appropriate. Simply forward the Standard Dust Control Bond Form to the bonding company via email and they can determine which completion method works best for their administrative operation. The bonding company must be listed in Circular 570 published by the US Treasury Department. Additionally, the City relies on the A.M. Best Company to evaluate the financial stability of the insurance company issuing the bonds. The City of La Quinta will not accept bonds from any insurance company with an AM Best rating less than "B++ or B+„ Please submit the completed form to Public Works Department for processing. i Drive/Checklists - Forms & Applications/Standard Dust Control Bond Form POA# 4444994 JOINT LIMITED POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS: That SureTec Insurance Company, a Corporation duly organized and existing under the laws of the State of Texas and having its principal office in the County of Harris, Texas and Markel Insurance Company (the "Company"), a corporation duly organized and existing under the laws of the state of Illinois, and having its principal administrative office in Glen Allen, Virginia, does by these presents make, constitute and appoint: Ron H. Ballard, Gloria S. Becerra, Dave B. Roalkvam, David Melman, Arianne Adair, Jessica Donaghe, Ruth Alonso, Amanda Harvey, Evan M. DeBow, Judy Burton Their true and lawful agent(s) and attorneys) -in -fact, each in their separate capacity if more than one is named above, to make, execute, seal and deliver for and on their own behalf, individually as a surety or jointly, as co -sureties, and as their act and deed any and all bonds and other undertaking in suretyship provided, however, that the penal sum of any one such instrument executed hereunder shall not exceed the sum of: Fifty Million and 00/100 Dollars ($50,000,000.00) This Power of Attorney is granted and is signed and sealed under and by the authority of the following Resolutions adopted by the Board of Directors of SureTec Insurance Company and Markel Insurance Company: "RESOLVED, That the President, Senior 'vice President, Vice President, Assistant Vice President, Secretary, Treasurer and each of them hereby is authorized to execute powers of attorney, and such authority can be executed by use of facsimile signature, which may be attested or acknowledged by any officer or attorney, of the company, qualifying the attorney or attorneys named in the given power of attorney, to execute in behalf of, and acknowledge as the act and deed of the SureTec Insurance Company and Markel Insurance Company, as the case may be, all bond undertakings and contracts of suretyship, and to affix the corporate seal thereto." IN WITNESS WHEREOF, Markel Insurance Company and SureTec Insurance Company have caused their official seal to be hereunto affixed and these presents to be signed by their duly authorized officers on the 1eth day of September , 2020 . SureTec Insurance Company XA 9fi ❑ ►/!i �yi W i w n !.h;chZrl C Kei:alg, President Communwe;ilth of Virginia County of Henrico SS: ORMC. te, Markel insur ce Company -Z, .70-- �: SEAL ' i ski'• �� By: R nsso, Senior Vice President ,�22jr+rriiut++s`s On this lath day of September 2020 A. D., before me, a Notary Public of the Commonwealth of Virginia, in and for the County of Henrico, duly commissioned and qualified, came THE ABOVE OFFICERS OF THE COMPANIES, to me personally known to be the individuals and officers described in, who executed the preceding instrument, and they ackn-,wledged the execution of same, and being by me duly sworn, disposed and said that they are the officers of the said companies aforesaid, and that the seals affixed to the ,proceeding instrument are the Corporate Seals of said Companies, and the said Corporate Seals and their signatures as officers were duly affixed and subscribed to the said instrument by the authority and direction of the said companies, and that Resolutions adopted by the Board of Directors of said Companies referred to in the preceding instrument is now in force. %, %h b 6 r r ar rr� % ID IN TESTIMONY WHEREOF, I have hereunto set my hand, and affixed tryrb •' y�Se l- tt V t¢Af Henrico, the day and year first above written. ❑ 2 MY 11 � COMMISSION ' EdUMSER Q _ DGnna Donavant, Notary Public �r •. 7063968 • Q.•� • , �[� My commission expires 1/31/2023 We, the undersigned Officers of SureTec Insurance Company and Marker s Sfi d + yrj+rfi�C�� ys+q Aerb y certify that the original POWER OF ATTORNEY of which the foregoing is a full, true and correct copy is still in full force and effect and ha�"hgtrl�ir� rgyulc�d. IN WITNESS WHEREOF, we have hereunto set our hands, and affixed the Seals of said Companies, on the 14th day of July 2021 Sur eWAssistantSecreta 8y M. B Markel Insurance Company B y: Richard R. Grinnan, Vice President an er1 ary Any Instrument Issued in excess of the penalty stated above is totally void and without any validity. For verification of the authority of this Power you may call (713)812-0800 on any business day between 8:30 AM and 5:00 PM CST CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document, to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of San Diego On July 14, 2021 before me, Ruth Alonso . Notary Public personally appeared Dave B. Holum who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/ere subscribed to the within instrument and acknowledged to me that he/she4hey executed the same in his/herAheir authorized capacity0es), and that by his�her heir signature(s) on the instrument the person(, or the entity upon behalf of which the person(s) acted, executed the instrument. g�4so p� 7.1A -i �pYAFtY 1HGo M1SS1D14 #p55; C aty 0UIEg2023 SAY SQ. 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. Signature of Notary OPTIONAL Though the data below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent reattachment of this form. CAPACITY CLAIMED BY SIGNER ❑ INDIVIDUAL ❑ CORPORATE OFFICER ❑ PARTNER(S) ❑ MEMBER of LLC ® ATTORNEY -IN -FACT ❑ TRUSTEE(S) ❑ GUARDIAN/CONSERVATOR OTHER: SIGNER IS REPRESENTING: NAME OF PERSON(S) OR ENTITY(IES) SureTec Insurance DESCRIPTION OF ATTACHED DOCUMENT Bond 4444994 - Palo Verde 37. LLC Title or Type of Document Number of Pages July 14, 2021 Date of Document Signer(s) other than named above CALIFORNIA ALL—PURPOSE ACKNOWLEDGEMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. File No: STATE OF California )SS APN No: COUNTY OF On 0Z before me, OL otary Public, personally appeared who proved to me on the basis bf satisfactory evidence to ,be the_per5Dn(s) . whose _name(s)(gare subscribed to the within I rument and acknowledged to me that[f 'she/they executed the same is Sher/their authorized Nacity(ies), and that by her/their signature(s) on the instrument the pens or the entity upon behalf of which the Qmaq(s) acted, executed the instrument. I certify under P TY PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my nd an Icial seal. - ATHER Signature oNotary=b 356136 - Callfornleoounty Ma 27 mg This area for official notarial seal. OPTIONAL SECTION - NOT PART OF NOTARY ACKNOWLEDGEMENT CAPACITY CLAIMED BY SIGNER Though statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the documents. 0 INDIVIDUAL ❑ CORPORATE OFFICER(S) TITLE(S) PARTNER(S) ❑ LIMITED 0 ATTORNEY -IN -FACT ❑ TRUSTEE(S) ❑ GUARDIAN/CONSERVATOR OTHER SIGN IS REPRESENTING: z _&9 1 (,.� - Name of Peroa or En ity ❑ GENERAL Z_ Name of Person or Entity OPTIONAL SECTION - NOT PART OF NOTARY ACKNOWLEDGEMENT Though the data requested here is not required by law, it could prevent fraudulent reattachment of this form. THIS CERTIFICATE MUST BE ATTACHED TO T7 DOCU MEN; DESCRIBED TITLE OR TYPE OF DOCUMENT:c NUMBER OF PAGES DATE OF DOCUMENT 7- - SIGNER(S) OTHER THAN NAMED ABOVE Reproduced by FIrstAnterican Title Company 1112007 Originals (1) FAITHFUL PERFORMANCE BOND (LQMC 8.02.01 & CBC 3311) Grading Bond Bond 4444996 Premium: $2,572.00 WHEREAS, the City of La Quinta, California, is prepared to issue Public Works Grading Permit # PM-10 / ,S PPP in accordance with the La Quinta Municipal Code, and the California Building Code which is adopted by reference, to _palQ VU&3 , as Principal, whereby Principal will be authorized to perform certain grading improvements identified in the permit, and asfurther detailed on.the grading plans referenced thereinto privately -awned property generally known to the City and others as Tract Ma No. 33336 ; and WHEREAS, Said Principal is required underthe terms of the permittofurnish a bond for the faithful performance of the grading work in accordance with the approved plans, specifications, and permit requirements; or, if the work is abandoned (not completed as required), Principal shall correct or eliminate any hazardous conditions that may exist. SureTec Insurance Company NOW, therefore, we the Principal and _...__ as Surety, are held and firmly bound unto the City of La Quinta, as Obligee, in the penal sum of " * " Dollars ($103,580.00 ) 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. One hundred three thousand five hundred eighty and 00/100 ---------------- The condition of this obligation is such that if the above bonded 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 permit 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 theirtrue intent and meaning, and shall indemnify and save harmless the Obligee, 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 tine face amount specified therefore, there shall be included costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by the Obligee in successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered. The surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the permit orto the work to be performed there under or the specifications accompanying the same shall in anywise affect its obligations on this bond, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the permit or to the work or to the specifications. Page 1 of 2 Bond 4444996 Grading Bond Public Works Grading Permit # PM-10 / SWPPP Page 2 of 2 in witness whereof, this instrument has been duly executed by the Principal and Surety above named, on July 14 , 20 21 (Seal) Principal Signature of Principal Title of Signatory Palo Verde 37, LLC Surety SureTec Insurance Company (Sea!) Signature of Surety Title of Signatory Attorney in Fact, Dave B. Roalkvam Address of Surety 3131 Camino Del Rio North, Suite 1450 San Diego, CA 92108 Phone # of Surety 619-400-4100 Contact Person For Surety Gloria Becerra PDA# 4444996 JOINT LIMITED POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS: That SureTec Insurance Company, a Corporation duly organized and existing under the laws of the State of Texas and having its principal office in the County of Harris, Texas and Markel Insurance Company (the "Company"), a corporation duly organized and existing under the laws of the state of Illinois, and having its principal administrative office in Glen Allen, Virginia, does by these presents make, constitute and appoint: Ron H. Ballard, Gloria S. Becerra, Dave B. Roalkvam, David Melman, Arianne Adair, Jessica Donaghe, Ruth Alonso, Amanda Harvey, Evan M. DeBow, Judy Burton Their true and lawful agent(s) and attorneys) -in -fact, each in their separate capacity if more than one is named above, to make, execute, seal and deliver for and on their own behalf, individually as a surety or jointly, as co -sureties, and as their act and deed any and all bonds and other undertaking in suretyship provided; however, that the penal sum of any one such instrument executed hereunder shall not exceed the sum of: Fifty Million and 00/100 Dollars ($50,000,000.00) This Power of Attorney is granted and is signed and sealed under and by the authority of the following Resolutions adopted by the Board of Directors of SureTec Insurance Company and Markel Insurance Company: "RESOLVED, That the President, Senior Vice President, Vice Presldent, Assistant Vice President, Secretary, Treasurer arwd each of there hereby is authorized to execute powers of attorney, and such authority can be executed by use of facsimile signature, which. may be attested or acknowledged by any officer or attorney, of the company, qualifying the attorney or attorneys named in the given power of attorney, to execute in behalf of, and acknowledge as the act and deed of the SureTec Insurance Company and Markel Insurance Company, as the case may be, all bond undertakings and contracts of suretyship, and to affix the corporate seal thereto." IN WITNESS WHEREOF, Markel Insurance Company and SureTec Insurance Company have caused their official seal to be hereunto affixed and these presents to be signed by their duly authorized officers on the 15th day of September , 2020 . SureTec Insurance Company suHANC 0 ci f 2 Micheei C. Keimig, President 'r I•.• Commonwealth of Virginia " County of Henrico SS: .3RA Markel Insu to Company ri tin: r _�: SEAL ,a_ B y: Rdbin Russo, Senior Vice President On this isth day of September, 2020 A. D., bafore me, a Notary Public of the Commonwealth of Virginia, in and for the County of Henrico, duly commissioned and qualified, came THE ABOVE OFFICERS OF THE COMPANIES, to me personally known to be the individuals and officers described in, who executed the preceding instrument, and they acknowledged the execution of same, and being by me duly sworn, disposed and said that they are the officers of the said companies aforesaid, and that the seal; aff ixed to the proceeding instrument are the Corporate Seals of said Companies, and the said Corporate Seals and their signatures as officers were duly affixed and subscribed to thy, said instrument by the authority and direction of the said companies, and that Resolutions adopted by the Board of Directors of said Companies referred to in the preceding instrument is now in force. ■%4%e6! "r r1,rg0, IN TESTIMONY WHEREOF, I have hereunto set my hand, and affixed m.,o' o QalFak Henrico, the day and year first above written. . �O MY n; COMMISSION - By, tL = n NUMBER % t 0 Z : Donna Donavant, Notary Public •' 70F53968 C1 My commission expires 1/31/2023 We, the undersigned Officers of SureTec Insurance Company and Marke"lrsiq¢TLC..�I�ctiy !�qIfterby certify that the original POWER OF ATTORNEY of which the foregoing is a full, true and correct copy is still in full force and effect and Oet"mirol+oklad. IN WITNESS WHEREOF, we have hereunto set our hands, and affixed the Seals of said Companies, on the 14th day of_ July 2021 SuroT,ec lnsur ce C pan Markel Insurance Company Ff^ } soy B>)i: I �V M. BrA Beaty, Assistant Secrets Richard R. Grinnan, Vice President an ary Any Instrument Issued in excess of the penalty stated above is totally void and without any validity. For verification of the authority of this Power you may call (713)812-0800 on any business day between 8:30 AM and 5:00 PM CST. CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document, to which this certificate is attached, and not the truthfulness, accuracv. or valld}ty of that document. State of California County of San Diego On July 14.2021 before me, Ruth Alonso Notary Public personally appeared Dave B. R alkvam who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) isAwe subscribed to the within instrument and acknowledged to me that he/shehhey executed the same in hisAwn4heir authorized capacity0es), and that by his"�>�e signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. Ftgf6j AC6CA FORNth NQ7ARY P 2r5754 com issloH 2 N_ry SAK DIeGO Cfl� 19, 2023 tr %: NAY CaromExP Feb guary � . 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. Signature of Notary OPTIONAL Though the data below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent reattachment of this form. CAPACITY CLAIMED BY SIGNER ❑ INDIVIDUAL ❑ CORPORATE OFFICER ❑ PARTNER(S) ❑ MEMBER of LLC ® ATTORNEY -IN -FACT ❑ TRUSTEE(S) ❑ GUARDIAN/CONSERVATOR OTHER: DESCRIPTION OF ATTACHED DOCUMENT Bond 4444996 - Palo Verde 37 LLC Title or Type of Document Number of Pages July 14, 2021 Date of Document SIGNER IS REPRESENTING: Signer(s) other than named above NAME OF PERSON(S) OR ENTITY(IES) SureTec Insurance Company CALIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF California COUNTY OF - I U.er: ,` d On who proved to me on the basi Ostrument and acknowledged to her/their signature(s) on the instrument. before r , Notary Public, personally appeared s of satisfactory evidence to be the person(s) whose names) ( are subscribed to the within me that!fi7o/she/they executed the sa e n <S7'her/thee au horized _caparity(ies), and that by instrument the_prson(s), or the entity upon behalf of which the person(s) acted, executed the I certify under Zaofficial F PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS m hsea'. PATRICIA SATHER g COMM. #2356136 z Signature - Notary Public - California C Riverside County M Comm. Expires ft 27 2025 This area for official notarial seal. OPTIONAL SECTION - NOT PART OF NOTARY ACKNOWLEDGEMENT CAPACITY CLAIMED BY SIGNER Though statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the documents. ❑ INDMDUAL 1_1 CORPORATE OFFICER(S) TITLE(S) [] PARTNER(S) ❑ LIMITED ❑ ATTORNEY -IN -FACT ❑ TRUSTEE(S) ❑ GUARDIAN/CONSERVATOR OTHER SIGNER IS REPRESENTING: 9�. Name of Person of Entity ❑ GENERAL (37 6L(2__ Name of Person or Entity OPTIONAL SECTION - NOT PART OF NOTARY ACKNOWLEDGEMENT Though the data requested here is not required by law, it could prevent fraudulent reattachment of this form. THIS CERTIFICATE MUST BE ATTAC14ED TITLE OR TYPE OF DOCUMENT: jny;.rJ i9 e—Y BELOW NUMBER OF PAGES L' DATE OF DOCUMENT SIGNER(S) OTHER THAN NAMED ABOVE % Af Reproduced by First Amerlmn CONSENT CALENDAR ITEM NO. 4 City of La Quinta CITY COUNCIL MEETING October 5, 2021 STAFF REPORT AGENDA TITLI : APPROVE ASSIGNMENT AND ASSUMPTION AGREEMENT AND AMENDMENT TO SUBDIVISION IMPROVEMENT AGREEMENT FOR TRACT MAP NO. 33336, PALO VERDE II, A RESIDENTIAL DEVELOPMENT LOCATED ON THE NORTH SIDE OF AVENUE 58 WEST OF MADISON STREET RECOMMENDATION Approve Assignment and Assumption Agreement and Amendment to Subdivision Improvement Agreement for on -site improvements for Tract Map No. 33336, Palo Verde II, and authorize the City Manager to execute said agreement. EXECUTIVE SUMMARY • Standard Pacific Corp has sold its interest in this tract to Palo Verde 37, LLC (New Developer) and desires to assign the subdivision improvement obligations to the New Developer. • New Developer requests approval of Assignment and Assumption Agreement and Amendment to Subdivision Improvement Agreement (Agreement) for Tract Map No. 33336, Palo Verde II. FISCAL IMPACT There is no fiscal impact to the City. New Developer has submitted replacement securities to guarantee construction of the improvements. BACKGROUND/ANALYSIS Palo Verde II is a residential development located at the north side of Avenue 58 west of Madison Street (Attachment 1). In February 2009, Standard Pacific Corp entered into a Subdivision Improvement Agreement for Palo Verde II. Standard Pacific Corp just recently sold its interest in this tract to New Developer. The City will release Standard Pacific Corp's securities upon executing the Agreement (Attachment 2). . •j ALTERNATIVE& Staff does not recommend an alternative. Prepared by: Amy Yu, Associate Engineer Approved by: Bryan McKinney, P.E., Public Works Director / City Engineer Attachments: 1. Vicinity Map 2. Assignment and Assumption Agreement and Amendment to Subdivision Improvement Agreement 70 TM 33336 PALO VERDE II VICINITY MAP NOT TO SCALE 71