2015 - 31910 Capistrano Lots LP - Assignment & Assumption & Amended Dev. Improv. AgrmtASSIGNMENT AND ASSUMPTION AGREEMENT
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TRACT MAP NO.31910 ON -SITE IMPROVEMENTS
This ASSIGNMENT AND ASSUMPTION AGREEMENT AND AMENDMENT TO
SUBDIVISION IMPROVEMENT AGREEMENT ("Assignment & Amendment") is made and
entered into as of the 9th day of Orua UP, , 20 (5 , by and among the CITY OF LA
QUINTA, a municipal corporation of the State of California ("City"), La Quinta 57
Estates, Inc., a California corporation ("Assignor"), and Capistrano Lots, LP, a California
limited partnership ("Assignee").
RECITALS
A. City and Assignor entered into that certain Subdivision Improvement
Agreement, dated December 6, 2006 ("SIA"), 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. 31910 ("Tract"), as more fully described in
Exhibit "A" of the SIA ("Improvements").
B. 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 Security. 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 $1,254,277 for the following
improvements:
ON -SITE IMPROVEMENTS
Performance Security
Improvement Description
Original
Amount
1" Partial
Reduction
(Percent)
15t Partial
Reduction
Amount
Grading
$286,226
75%
$71,557
Street
$797,543
20%
$638,034
Domestic Water
$69,785
70%
$20,936
Storm Drain
$46,648
70%
$13,994
Dry Utilities
$362,970
70%
$108,891
Sewer
$59,469
70%
$17,841
Monumentation
$20,000
0%
$20,000
Standard 10% Contingency
$164,264
0%
$164,264
Professional Fees, Design 10%
$180,691
90%
$18,069
Professional Fees, Construction 10%
$180,691
0%
$180;691
TOTALI
$2,168,287
$1,25.4,277
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
Digitally signed by Frank).Spevacek
� DNaerialNumber=1n615nh01202cvmj,
/' -US, st=Califomia, l=La Quinta, o=Frank
.),Spevacek cn=Frank J. Spevacek
Date: 2015.10.0815:06:49 -07'00'
FRANK J. SPEVACEK Date
City Manager, City of La Quinta
ATTEST: APPROVED AS To FORM:
Digitally signed try Cltyaf la Quinta
DN: s lty s[ umd by Cimhzhdh .i.t.n, -US,
—Calffmnia,"Qulnta,—City of La Quinta, T'-cn=Cityaf to Quinta
Date: 2015.10.08151U"7'00'
SUSAN MAYSELS William R. Ihrke, City Attorney
City Clerk, City of La Quinta
ASSIGNOR: La Quinta 57 Estates, Inc., a California corporation
78401 Highway 111, Suite X
La Quinta, CA 92253
John edalino
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 4'----j
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Its: <e",U- VIts:
F220 -3-
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
SIGNED IN COUNTERPART
FRANK J. SPEVACEK
City Manager, City of La Quinta
ATTEST:
SIGNED IN COUNTERPART
SUSAN MAYSELS
City Clerk, City of La Quinta
Date
APPROVED AS TO FORM:
SIGNED IN COUNTERPART
William H. Ihrke, City Attorney
ASSIGNOR: La Quints 57 Estates, Inc., a California corporation
78401 Highway 111, Suite X
La Quinta, CA 92253
V�
John , edalino
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
10'
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Scots �C�
Its: ,;v- VIPA, m-Its:
F220 -3-
Bond No. 82380249 Premium: $115.00
FAITHFUL PERFORMANCE BOND
(LQMC 6.16)
Fugitive Dust Control Bond
WHEREAS, the City of La Quinta, California, is prepared to authorize D.R. Horton Los
Angeles Holding Company. Inc. , as Principal, to proceed with certain construction activities
pursuant to one, or more permits issued by the City, for various infrastructure improvements and/or
structures on, or associated with, privately -owned property generally known to the City and others as
The Enclave at Capistrano - TR 31910 :and
WHEREAS, all such construction and demolition activities must be performed in such
manner as to conform with La Quinta Municipal Code, Chaper 6.16, entitled Fugitive Dust Conti -of to
reduce fugitive dust and corresponding PM10 emissions; and
WHEREAS, said Principal is required by LQMC 6.16.050(A)(4) to ensure that Fugitive
Dust Control Plan # , prepared specifically for the subject construction site, is financially
secure by furnishing security for the faithful performance of the dust control activitities required in the
Fugitive Dust Mitigation Plan.
NOW, therefore, we the Principal and Federal Insurance Com an
as Surety, are held and firmly bound unto the City of La Quinta, as Obligee, in the penal
sum of Forty Five Thousand Dollars and 00/100
Dollars ($ 45,000.00 ) 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 obligaton secured hereby and in addition to the face amount specified therefor, 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
judgement rendered.
The surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the
terms of the dust control plan or to the work to be performed thereunder 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 dust control plan or
to the work, the specifications, or the conditions of approval of said plan.
Page 1 of 2
F211
Fugitive Dust Control Bond
Fugitive Dust Control Plan #
Page 2 of 2
In witness whereof, this instrument has been duly executed by the Principal and Surety above named, on
November 18, 2021.
D.R. Horton Los Angeles Holding Company, Inc.
r ci al i
(Seal) By:
Signature of POncipal
Title of Signatory
S�taar�c Federal Insurance Company
x � i Surety
-
u- Y Signature of Surety
Bryan M Caneschi Attorney -in -Fact
Title of Signatory
202B Hall's Mill Road
Whitehouse Station, NJ 08889
Address of Surety
908-903-3485
Phone # of Surety
Surety Claims _
Contact Person For Surety
F211
Bond No.: 0608280
Premium: $23,831.00
SUBDIVISION IMPROVEMENTS
Parcel Map No. 31910
PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS:
THAT, the City Council of the City of La Quinta has approved the final map for Parcel Map No.
31 S10 , prior to installation of certain designated public improvements required by the Conditions of
Approval for the subject map, in accordance with the California Map Act (Government Code Section 66462)
WHEREAS, the City Council of the City of La Quinta. State of Cali€ornia, and
Capistrano Lots, LP, a California limited partnership hereinafter designated as ("principal")
have entered into an agreement whereby principal agrees to install and complete certain designated public
improvements, which said agreement. dated 2015 and identified as
Parcel Map No. _ 31910 , is hereby referred to and made a part hereof; and
WHEREAS, said principal is required under the terms of said agreement to furnish a bond for the
faithful performance of said agreement.
NOW, THEREFORE, we, the principal and International Fidelity Insurance Company as
surety, are held and firmly bound unto the City of La Quinta hereinafter called ("City"), in the penal sum of
One MiMon Two Hundred Fifty Four Thousand Two Hundred Seventy seven and nb11 Ccs DOLLARS ($ 1, 254,277.00.."'"' ) 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 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 mannertherein specified,
and in all 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.
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In witness whereof, this instrument has been duly executed by the principal and surety above named,
on September 28 .20 15
Capistrano Lots, LP, a California limited partnership
Principal
8q . Y P1 2Qaq Inc. i'i 092174r..J� �t r+wr
(Seal);
Signature 6f Principal John a . t-b
Title of Signatory
IntemaVonal Fidelity Insurance Company
Surety
(Seal) [
Sigrfatur' of Surety
Kathleen Beck, Attorney -in -Fact
Title of Signatory
2999 Oak Road, Suite 820
Walnut Creek, CA 94597
Address of Surety
925-658-9262
Phone # of Surety
Julie L. Nickels-5chau
Contact Person For Surety
T Drive/Checklists — Forms & Applications/Standard Bond Form -Performance Bond -Labor & Materials Bond for Parcel Map