31681-1 Coral Option I, LLC - OBR & Released BondsOUTSTANDING BOND REPORT
Tract Number:
Development:
Developer/Owner:
31681-1
Andalusia
Coral Option 1, LLC
Bond Company: Harco National Insurance Company Surety
702 Oberlin Road
Raleigh, NC 27605
Attn: Steve Kane
Outstanding / Released Bonds:
Bond Type
Bond No.
Amount:
Date Replaced or Released
Grading
104041328
$1,000,000
Released 09/07/2006
0765417
$136,500
*MOVED THIS BOND TO 31681-3*
104027114
$948,0
Reduced w/rider 11/23/2005
$300,000 rider
Released 12/19/2019
Fugitive
Dust Control
LOC#68001256
$100,000
Replaced w/ LOC#01890285
(PM 10)
06/19/2006
LOC#01890285
$100,000
Expired; Released 12/19/2019
LOC#1308
$135,000
Released when BofA rider received?
104073682
$2,472,190
Released 08/04/2008
Performance
104073685
$2,784,850
Released 08/04/2008
104073684
$20,930
Released 08/04/2008
Labor &
104073681
$2,472,190
Released 11/04/2008
Material
104073683
$2,772,440
Released 11/04/2008
Warranty
104994553
$173,818
Released 09/15/2009
104994554
$154,995
Released 09/15/2009
eca
� .1LIfUli\1:1 --
MEMORANDUM
Date: December 19, 2019
To: Monika Radeva, City Clerk
From: Amy Yu, Associate Engineer f;
Re: PM-10 Bond for Tract Map 31681, Andalusia
Please replace the following dust control bond held in your file for the above referenced
tract. The new dust control bond amount is based on 91 acres ($2,000/acre = $182,000,
75% in bond = $136,500)
Please release the following performance securities:
Tract Map No. 31681
Type of Bond Bond No. Performance Amount
Dust Control 104027114 $300 000 reduced amount
Dust Control LOC 01890285 (expired) $100.000
Please retain the following attached performance security:
Tract Map No. 31681
Type of Bond
Bond No.
Performance
Amount
Dust Control
0765417
$136,500
Previous Developer:
Nolan Sparks
Coral Option 1, LLC
81570 Carboneras
La Quinta, CA 92253
Surety Company: Travelers Casualty and Surety Company of America
(104027114) One Tower Square
Hartford, CT 06183
If you have any questions, please contact me at extension 7047.
Thank You.
ta dgra
CALIFORNIA
December 19, 2019
Nolan Sparks
Coral Option 1, LLC
81570 Carboneras
La Quinta, CA 92253
Re: Tract Map No. 31681 Andalusia
To whom it may concern:
Per authorization from the Design and Development Department, the City
Clerk's office hereby releases Dust Control Bond Nos. 104027114 in the
amount of $300,000, and LOC 01890285 in the amount of $100,000.
If you have any questions, please call me at (760) 777-7092.
Sincerely,
f
Nichole Romane
Deputy City Clerk
c: Brian McKinney, Public Works Director/City Engineer
Travelers Casualty and Surety Company of America
File
12/08/2005 THU 11:15 FAX 205 945 6528 Legal Dept
0003/003
11/23/2005 17:14 FAX 760 771 1841 SPARKS CONSTRUCTION
11/23/2005 WED 13:41 FAI 760 777 7155 City of La Quinta PAR
TO;
FROM:
DATE:
RE:
Twif 4 Sep aumm
MEMORANDUM
Q 002
uoovou
.tune S. Greek, City Clerk
Timothy R. Jonasson, Public Works Director / City Engineer
November 23, 2005
Reduction of Dust Control Security, Tract No. 31681, Coral Mountain
The following Dust Control Security has been approved for reduction by the Public
Works Director for a total secured amount of $49.aDQ. The-ourrent PM10 Bond
#1040271 14 and Letter of Credit (LOC) #1308 rn$y be reduced in any combination
to achieve the amount required, with the exception that the LOC may not be
reduced to less than 2696 of the total secured amount. In this case $100,000 Is to
be in the form of a LOC.
Please forward securities upon receipt of the appropriate replacement securities to:
Sparks Construction, Inc. Attn: Nolan Sparks P.O. Box 1716 La Quinta, CA 92247.
LOC Number
LOC Amount
1308
$13&000=
Bond Number
Bond Amount
104021114
$048X00.100
Total
$i 083,000.00
APPROVED REDUCTION
AMOUNT $400,000.00
Cc: Project File I, Tract No. 31681
1691WA V.= of Dust Cwtml LOC.doo
w
BOND NO.: #104027114
PREMIUM:
TRACT/PARCEL MAP. NO.:
PERFORMANCE BOND
Coral Option I, L.L.C., a Delaware Company, as Principal, and Travelers Casualty &
Surety Company of America, As Surety, are bound unto the City of La Quinta, State of
California, in the penal sum of Nine Hundred Forty -Eight Thousand Dollars and Zero Cents
($948,000.00), for the payment of which sum, we bind ourselves, our heirs, executors, successors
and assigns, jointly and severally, as follows:
The condition of the obligation is that Coral Option I, L.L.C. is the developer of the Coral
Mountain Property (golf course and residential area) between Avenue 58 and Avenue 60; and
Madison Street and Monroe Street.
And Whereas the City of La Quinta, California's Fugitive Dust (PM-10) Mitigation Plan
requires that this bond be filed with the City as a condition precedent to development of said
property.
Now Therefore, if the principal shall fully comply with all requirements of the City of
La Quinta, California's Fugitive Dust (PM-10) Mitigation Plan for the development of said
property, then this obligation shall cease and be void, otherwise it shall remain in full force and
effect. If the principal fails to perform dust abatement pursuant to said Dust Mitigation Plan, the
Surety expressly agrees to pay the City of La Quinta the principal sum of this security, or any
portion thereof demanded, upon ten (10) days notification in writing of said failure to perform
from the City of La Quinta, California. If legal action is required to recover under this bond, the
protection afforded by it shall cover the payment of reasonable attorney fees to City.
I
14%
PALM pNATION
ESERT AL �K October 8, 2003
IRREVOCABLE STANDBY LETTER OF CREDIT NO. 1308
Beneficiary:Amount: $135,000.00
City of La Quinta
78-495 Calle Tampico
La Quinta, Ca. 92253
To Beneficiary:
We hereby establish our irrevocable Standby Letter of Credit in your favor, by order of
Coral Option I, LLC, 530 Beacon Parkway West, Suite 800, Birmingham, AL, 35209.
The amount set forth above will be available to you by submission of your Sight Draft(s),
through proper clearing channels (consult your bank), accompanied by this original
Letter of Credit and Beneficiary's officially -signed statement certifying that:
Coral Option 1, LLC, a Delaware Limited Liability Company, has failed to perform dust
abatement for development of the Coral Mountain property (golf course and residential
area) between; Avenue 58 and Avenue 60, and Madison Street and Monroe Street, and
that Coral Option 1, LLC has been notified in writing of the failure to perform at least ten
(10) days prior to drawing(s).
Each draft must state on its face, "Drawn under Palm Desert National Bank Letter of
Credit No. 1308 dated October 8, 2003".
Drafts may not be presented for purposes which pre -date this Letter or, under any
circumstances, later than the expiration of the Letter on October 3, 2004. This Letter of
Credit is transferable only upon our prior approval and payment of an appropriate
transfer fee.
We hereby agree to duly honor drafts properly drawn on, and in strict compliance with
the terms of, this Letter of Credit, on presentation during normal banking hours to this
bank at 73-745 El Paseo, Palm Desert, CA 92260, ATTN: Note Dept. This Letter of
Credit is subject to law of the State of California, including the Uniform
Commercial Code, and International Chamber of Commerce rules pertaining to
Uniform Customs and Practice for Documentary Credits (ICC Publication #500,
1993 revision).
TO BE VALID, THIS LETTER OF CREDIT MUST BE SIGNED BY TWO OF THIS
BANK'S CORPORATE OFFICERS.
PALM DESERT NATIONAL BANK
By: By:
Lozan Step n Christian
Senior Vice President Senior Vice President
73-745 E4 Paseo, Palm Desert, CA 92260 • 70-390 Highway 111, Rancho Mirage, CA 92270 • 47000 Washington Street, La Quinta, CA 92253
(760) 340-1145 • WWW.PDNB.COM
T4ht 4 4 Q"
MEMORANDUM
To: Veronica J. Montecino, CMC, City Clerk
From: Sp�Ed immer, Development Services Principal Engineer
Via: T othy R. Jonasson, P.E., Public Works Director / City Engineer
Date: September 4, 2009
Re: Release of Warranty Securities for Tract Map No. 31681-1,
Andalusia, On -Site and Off -Site Improvements
Please release the following warranty securities held in your files for the above
referenced tract. The improvements were accepted by City Council on July 1,
2008.
The warranty amounts and the address to the developer and Surety Company are
as follows:
TRACT No. 31681-1
Warranty Bond No.
Warranty Amount
104994554 offsite
$154,995
104994553 (onsite)
$173.818
Developer: Mr. Nolan Sparks
Coral Option 1, LLC
P.O. Box 1716
La Quinta, CA 92247
Surety Company: Travelers Casualty & Surety of America
One Tower Square
Hartford, CT 06183
Cc: Project File I, Tract Map No. 31681-1
TATracts_Parcel Maps_SP\30000-39999\31681-1\internal correspond ence\Release of Warranty Security memo TM 31681-1.doc
P.O. Box 1504
LA QUINTA, CALIFORNIA 92247-1504
78-495 CALLS TAMPICO
LA QUINTA, CALIFORNIA 92253
September 15, 2009
Nolan Sparks
Coral Option 1, LLC
P. O. Box 1716
La Quinta, CA. 92247
Re: Tract Map 31681-1
To Whom It May Concern:
(760) 7 7 7 - 7 0 0 0
FAX (760) 777-7101
Per authorization from the Public Works Department, the City Clerk's Office hereby
releases Warranty Bond Nos. 104994553 and 104994554 in the amounts of
$173,818 and $154,995 respectively.
If you have any questions, please call me at (760) 777-7002.
Y
;
VERONICA J. NTECINO, City Clerk
City of La Q nta, California
CC' Tim Jonasson, Public Works Director/City Engineer
Travelers Casualty & Surety
File
T4hf 4 4a"
MEMORANDUM
To: Veronica J. Montecino, CMC, City Clerk
From: Ed Wimmer, Development Services Principal Engineer
Via: eimothy R. Jonasson, Public Works Director / City Engineer
Date: October 31, 2008
Re: Release of On -Site and Off -Site Labor & Materials Security for Tract
Map No. 31681-1, Andalusia
Please release the following Labor & Materials security held in your files for the
above referenced tract. The on -site and off -site improvements were accepted by
City Council on July 1, 2008; therefore, the retention of the Labor & Materials 90-
day period was completed on October 1, 2008.
The Labor & Materials security amount and the address to the developer and
Surety Company are as follows:
TRACT No. 31681-1
Bond No.
Bond Amount
104073683 (onsite)
$2,772,440
104073681 (offsite)
$2,472,190
Developer: Mr. Nolan Sparks
Coral Option 1, LLC
P.O. Box 1716
La Quinta, CA 92247
Surety Company: Travelers Casualty & Surety of America
One Tower Square
Hartford, CT 06183
Cc: Project File I, Tract Map No. 31681-1
Amy Yu, Assistant Engineer II
TATracts_Parcel Maps_SP\30000-39999\31681-1\internal correspondence\Release of L & M Security memo TM 31681-1.doc
P.O. Box 1504
LA QUINTA, CALIFORNIA 92247-1504
78-495 CALLS TAMPICO (760) 7 7 7 - 7 0 0 0
LA QUIN-rA, CALIFORNIA 92253 FAX (760) 777-7101
November 4, 2008
Nolan Sparks
Coral Option 1, LLC
P. 0. Box 1716
La Quinta, CA. 92247
Re: Tract Map 31681-1
To Whom It May Concern:
Per authorization from the Public Works Department, the City Clerk's Office hereby
releases Labor & Materials Bond Nos. 104073681, and 104073683 in the amounts of
$2,472,190 and $2,772,440 respectively.
If you have any questions, please call me at (760) 777-7002.
Sincerely,
-�
VERONICA J. MONTECINO, City Clerk
City of La Quinta, California
cc: Tim Jonasson, Public Works Director/City Engineer
Travelers Casualty & Surety
File
LABOR AND MATERIALS BOND
BOND NO. #104073681
WHEREAS the City of La Quinta, State of California, and Coral Option I, LLC, a
Delaware Limited Liability Company (hereinafter designated as "principal") have entered into an
agreement whereby Principal agrees to install and complete certain designated public
improvements, which said Agreement, dated 28th day of September 2004, and identified as
Subdivision Improvement Agreement Tract Map #31681-1 (On Site Improvements; Avenue
58
j is hereby referred to and made a part hereof; and
WHEREAS, under the terms of said agreement, F ntering
upon the performance of the work, to file a good and suffici a, ae City
of La Quinta to secure the claims to which reference is Lg with
2 of Part 4 of Division 3 of the Civil Code of thi
Section 308)
NOW, THEREFORE, the Principal and the under, re held
and firmly bound unto the City of La Quinta and all contractors, suocontraciors, aaborers,
material men and other persons employed in the performance of the aforesaid agreement and
referred to in the aforesaid Code of Civil Procedures in the sum of Two Million Four Hundred
Seventy -Two Thousand One Hundred Ninety and No/100 Dollars ($2,472,190.00) for materials
furnished or labor thereon of any kind, or for amounts due under the Unemployment Insurance
Act with respect to such work or labor, that said surety will pay the same in an amount not
exceeding the amount hereinabove set forth, and also in case suit is brought upon this bond, will
pay, in addition, to the fact amount thereof, costs and reasonable expenses and fees, including
reasonable attorney's fees, incurred by the City in successfully enforcing such obligation, to be
awarded and fixed by the court, and to be taxed as costs and to be included in the judgment
therein rendered.
It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of any
and all persons, companies and corporations entitled to file claims under Title 15 (commencing
with Section 3082) of Part 4 of Division 3 of the Civil Code, so as to give a right of action to
them or their assigns in any suit brought upon this bond.
Should the condition of this bond be fully performed, then this obligation shall become
null and void, otherwise it shall be and remain in full force and effect.
The surety hereby stipulates and agrees that no change, extension of time, alteration or
addition to the terms of said agreement 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, alteration or addition.
LABOR AND MATERIALS BOND
BOND NO. #104073683
WHEREAS the City of La Quinta, State of California, and Coral Option I, LLC, a
Delaware Limited Liability Company (hereinafter designated as "principal") have entered into an
agreement whereby Principal agrees to install and complete certain designated public
improvements, which said Agreement, dated 28th day of September 2004, and identified as
Subdivision Improvement Agreement Tract Map #31681-1 (On Site Improvements) is hereby
referred to and made a part hereof; and
WHEREAS, under the terms of said agreement, Principal is required before entering
upon the performance of the work, to file a good and sufficient payment and bond with the City
of La Quinta to secure the claims to which reference is made in Title 15 (commencing with
Section 3082) of Part 4 of Division 3 of the Civil Code of the State of California.
NOW, THEREFORE, the Principal and the undersigned as corporate surety, are held
and firmly bound unto the City of La Quinta and all contractors, subcontractors, laborers,
material men and other persons employed in the performance of the aforesaid agreement and
referred to in the aforesaid Code of Civil Procedures in the sum of Two Million Seven Hundred
Seventy -Two Thousand Four Hundred Folly and No/100 Dollars ($2,772,440.00) for materials
furnished or labor thereon of any kind, or for amounts due under the Unemployment Insurance
Act with respect to such work or labor, that said surety will pay the same in an amount not
exceeding the amount hereinabove set forth, and also in case suit is brought upon this bond, will
pay, in addition, to the fact amount thereof, costs and reasonable expenses and fees, including
reasonable attorney's fees, incurred by the City in successfully enforcing such obligation, to be
awarded and fixed by the court, and to be taxed as costs and to be included in the judgment
therein rendered.
It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of any
and all persons, companies and corporations entitled to file claims under Title 15 (commencing
with Section 3082) of Part 4 of Division 3 of the Civil Code, so as to give a right of action to
them or their assigns in any suit brought upon this bond.
Should the condition of this bond be fully performed, then this obligation shall become
null and void, otherwise it shall be and remain in full force and effect.
The surety hereby stipulates and agrees that no change, extension of time, alteration or
addition to the terms of said agreement 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, alteration or addition.
Titf 4 4 Q"
MEMORANDUM
To: Veronica J. Montecino, CMC, City Clerk
From: Ed Wimmer, Development Services Principal Engineer
Via: �4_nothyR. Jonasson, Public Works Director / City Engineer
Y 9
Date: July 31, 2008
Re: Release of Performance Securities for Tract Map No. 31681-1,
Andalusia, On -Site and Off -Site Improvements
Please release the following on -site and off -site Performance securities held in your
files for the above referenced tract. The on -site and off -site improvements were
accepted by City Council on July 1, 2008.
The security amounts and the address to the surety company are as follows:
TRACT No. 31681-1
Performance Bond No.
Performance Amount
104073682 (off -site)
$2,472,190
104073684 (on -site)
$20,930
104073685 (on -site)
$2,784,850
Developer: Mr. Nolan Sparks
Coral Option 1, LLC
P.O. Box 1716
La Quinta, CA 92247
Surety Company: Travelers Casualty & Surety of America
One Tower Square
Hartford, CT 06183
cc: Project File I, Tract Map No. 31681-1
Amy Yu, Assistant Engineer II
T:\Tracts_Parcel Maps_SP\30000-39999\31681-Unternal correspond ence\Release of Performance memo TM 31681-1.doc
P.O. Box 1504
LA QUINTA, CALIFORNIA 92247-1504
78-495 CALLS TAMPICO (760) 7 7 7 - 7 0 0 0
LA QUINTA, CALIFORNIA 92253 FAX (760) 777-7101
August 4, 2008
Nolan Sparks
Coral Option 1, LLC
P. O. Box 1716
La Quinta, CA. 92247
Re: Tract Map 31681-1
To Whom It May Concern:
Per authorization from the Public Works Department, the City Clerk's Office hereby
releases Performance Bond Nos. 104073682, 104073685, and 104073684 in the
amounts of $2,472,190, $2,784,850, and $20,930 respectively.
If you have any questions, please call me at (760) 777-7002.
Sincerely r
VERONICA J. 1OONTECINO, City Clerk
City of La Quinta, California
cc: Tim Jonasson, Public Works Director/City Engineer
Travelers Casualty & Surety
File
PERFORMANCE BOND
BOND NO. #104073682
WHEREAS, the City of La Quinta, State of California (hereafter referred to as the
"City"), and Coral Option I, LLC., a Delaware Limited Liability Company (hereinafter referred
to as "Principal"), have entered into an agreement whereby Principal agrees to install and
complete certain designated improvements, which said agreement, dated September 28, 2004,
and identified as Subdivision Improvement for Tract #31681-1 (On -Site Improvements) is
hereby referred to and made a part hereof; and r
WHEREAS, said Principal is required under the terry. C k4 01 Sy, 3h a
bond for the faithful performance of said agreement. 1
NOW THEREFORE, we the Principal and Travelers: .y of
America, as Surety, are held and firmly bound unto the city [lion
Four Hundred Seventy -Two Thousand One Hundred Ninety a wful
money of the United States, for the payment of which sum well and truly to be made, we bind
ourselves, our heirs, successors, and 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 manner therein 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 the 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 thereunder of the
specifications accompanying the same shall in any way 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 specifications.
PERFORMANCE BOND
BOND NO. #104073685
WHEREAS, the City of La Quinta, State of California (hereafter referred to as the
"City"), and Coral Option I, LLC., a Delaware Limited Liability Company (hereinafter referred
to as "Principal"), have entered into an agreement whereby Principal agrees to install and
complete certain designated improvements, which said agreement, dated SeRtember 28, 2004,
and identified as Subdivision Improvement for Tract #31681-1 (On -Site Improvements) 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 Travelers Casualty and Surety Company of
America, as Surety, are held and firmly bound unto the city in the penal sum of Two Million
Seven Hundred Eighty -Four Thousand Eight Hundred Fifty and No/100 ($2,784,850.00) lawful
money of the United States, for the payment of which sum well and truly to be made, we bind
ourselves, our heirs, successors, and 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 manner therein 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 the 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 thereunder of the
specifications accompanying the same shall in any way 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 specifications.
P.O. Box 1504
LA QUINTA, CALIFORNIA 92247-1504
78-495 CALLE TAMPICO
LA QUINTA, CALIFORNIA 92253
September 7, 2006
Sparks Construction Inc.
P. 0. Box 1716
La Quinta, CA. 92247
Re: Tract Map 31681
To Whom It May Concern:
(760) 777-7000
FAX (760) 777-7101
Per authorization from the Public Works Department, the City Clerk's Office hereby
releases Performance Bond 104041328 for grading in the amount of $1,000,000.
If you have any questions, please call me at (760) 777-7002.
Sincerely,
DEBBIE H. POWELL, Interim City Clerk
City of La Quinta, California
cc: Ed Wimmer, Principal Engineer
Travelers Insurance Co.
File
FAITHFUL PERFORMANCE BOND
(LQMC 8.02.01 & CBC 3311)
Bond #104041328
Grading Bond
WHEREAS, the City of La Quinta, California, is prepared to issue E PAoadMent Permit
# 4_03_ in a with the La Quinta Municipal Code, and the California Building Code which is
adopted by reference, to Cora 1 Out i on 1.1 L LC . as Principal,
whereby Principal will be authorized to perform certain grading improvements identified in the permit, and
as further detailed on the grading plans referenced therein, to privately -owned property gully known
to the City and others as Coral Mountain ; and
WHEREAS, Said Principal is required under the terns of the permit to famish 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 (rot completed as required), Principal shall correct or
eliminate any hazardous conditions that may exist.
NOW, therefore, we the Principal and Travelers Casualty & Surety Co. of
America , as Surety, are held and fimnly bound unto the City of La Quinta, as Obligee, in the penal
sum of ..
Dollars ( 1, 000 , 0) money dr nited es, 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 Pr'undipal, 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 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 permit 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 permit or to the work or to the
specifications.
_— Page 1 of 2
FM
N
P.O. Box 1504
LA QUINTA, CALIFORNIA 92247-1504
78-495 CALLE TAMPICO (760) 7 7 7 - 7 0 0 0
LA QUINTA, CALIFORNIA 92253 FAX (760) 777-7101
June 19, 2006
Nolan Sparks
Coral Option I, LLC
P. 0. Box 1716
La Quinta, CA. 92247-1716
Re: Tract Map 31681-1
To Whom It May Concern:
On June 19, 2006, the City Clerk's Office received Letter of Credit No. 01890285
(BNP Paribas, San Francisco Branch) in the amount of $100,000, as a replacement for
Letter of Credit No. 68001256 (Bank of America) in the amount of $100,000. Letter
of Credit No. 68001256 is hereby released.
If you have any questions, please call me at (760) 777-7002.
Sincerely,
JUNE S. GREEK, City Clerk
City of La Quinta, California
cc: Ed Wimmer, Construction Manager
File
Received by: Date: ejr<1(`4 �p
WO
BNP PARIBAS
BNP PARIBAS SAN FRANCISCO BRANCH'
ONE FRONT STREET
3RD FLOOR
SAN FRANCISCO, CA '. 4111--532
FOR BNP PARIBAS REFERENCE ONLY:
LC NUMBER: 01890285 USD AMOUNT: 100,000.00
EXPIRY DATE: DECEMBE:R 11., 2006
JUNE 1.4, 2006
IRREVOCABLE STANDBY LETTER OF CREDIT NO.: 01890285
AMOUNT: US$100,000.00 (UNITED STATES DOLLARS ONE HUNDRED THOUSAND AND
00/ 100)
DATE AND PLACE OF EXPIRY: DECEMBER 11, 2006 AT OUR COUNTERS
BENEFICIARY:
C I IN OF LA QU I NTA
78- 495 CALLS TAMPICO
LA OU I NTA, CA 92 253
WE HEREBY ISSUE OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 01890285
IN YOUR FAVOR BY ORDER OF CORAL OPTIONS I, LLC, 79285 RANCHO LA QUINTA
DRIVE::, LA QUINTA, CA 922n3. LETTER OF CREDIT IS AVAILABLE AT SIGHT IN
ONE OR MORE DRAWINGS FOR UP TO US$100,000.00 (UNITED STATES DOLLARS ONE
HUNDRED THOUSAND AND 00/100) UPON PRESENTATION OF YOUR DRAFTS DRAWN AT
SIGHT ON US AND MARKED "DRAWN UNDER BNP PARIBAS SAN FRANCISCO
IRREVOCABLE LETTER OF CREDIT NO. 01890285 AND ACCOMPANIED BY YOUR
WRITTEN STATEMENT ON YOUR LETTERHEAD PURPORTEDLY SIGNED BY YOUR
AUTHORIZED OFFICE OR REPRESENTATIVE READING AS FOLLOWS:
"CORAL OPTIONS I, LLC, A DELAWARE LIMITED LIABILITY COMPANY, HAS FAILED
TO PERFORM DUST ABATEMENT FOR DEVELOPMENT OF THEN CORAL_ MOUNTAIN
PROPERTY (GOLF COURSE AND RESIDENTIAL_. ARE) BETWEEN AVENUE 58 AND AVENUE
60, AND MADISON STREET AND MONROE STREET, AND THAT CORAL OPTION I, LLC
HAS BEEN NOTIFIED IN WRITING OF THEIR FAILURE TO PERFORM AT LEAST TEN
(10) DAYS PRIOR TO DRAWING(S)"
DRAFTS AND DOCUMENTS ARE TO BE PRESENTED AT OUR OFFICE LOCATED AT BNP
PARIBAS, ONE FRONT STREET, 25TH FLOOR, SAN FRANCISCO, CA 94111--03E:,`_5.
THIS LETTER OF CREDIT EXPIRES AT OUR COUNTERS WITH OUR CLOSE OF
BUSINESS ON DE:.CEMBER 11, 2006.
WE HEREBY ENGAGE WITH YOU THAT DRAFTS DRAWN AND DOCUMENTS PRESENTED
UNDER AND IN COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS LETTER OF
CREDIT WILL BE DULY HONORED BY US.
THIS LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE
FOR DOCUMENTARY CREDITS 11993 REVISION), INTERNATIONAL CHAMBER OF
COMMERCE PUBLICATION NO. 500,. 1
BN P PARI BAS
HORIZED SIGNATU
PAGE c
DATED: JUNE 14, POOG
OUR REF: 01890285
s R
Bankof America 400-
BANK OF AMERICA - CONFIDENTIAL
DATE: DECEMBER 22, 2005
IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 68001256
APPLICANT REFERENCE NUMBER: G86S-OLDPD1308
BENEFICIARY
CITY OF LA QUINTA
78-495 CALLE TAMPICO
LA QUINTA CA 92253
PAGE: 1
APPLICANT
CORAL OPTIONS 1, LLC
79285 RANCHO LA QUITA DRIVE
LA QUINTA, CA 92253
ISSUING BANK
BANK OF AMERICA, N.A.
1 FLEET WAY
PA6-580-02-30
SCRANTON, PA 18507-1999
AMOUNT
NOT EXCEEDING USD 100,000.00
NOT EXCEEDING ONE HUNDRED THOUSAND
AND 00/100'S US DOLLARS
EXPIRATION
DECEMBER 18, 2006 AT OUR COUNTERS
WE HEREBY OPEN OUR IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER
68001256 IN YOUR FAVOR.
CREDIT AVAILABLE WITH BANK OF AMERICA, N.A. BY PAYMENT OF
BENEFICIARY'S DRAFT(S) AT SIGHT DRAWN ON BANK OF AMERICA, N.A.
DRAFTS MUST BE ACCOMPANIED BY:
1. THE ORIGINAL LETTER OF CREDIT AND ALL AMENDMENTS, IF ANY
2. A DATED STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED OFFICER OF
THE BENEFICIARY ON BENEFICIARY'S LETTERHEAD READING AS FOLLOWS:
QUOTE
CORAL OPTION I, LLC, A DELAWARE LIMITED LIABILITY COMPANY, HAS FAILED
TO PERFORM DUST ABATEMENT FOR DEVELOPMENT OF THE CORAL MOUNTAIN
PROPERTY (GOLF COURSE AND RESIDENTIAL AREA) BETWEEN: AVENUE 58 AND
AVENUE 60, AND MADISON STREET AND MONROE STREET, AND THAT CORAL
OPTION I, LLC HAS BEEN NOTIFIED IN WRITING OF THE FAILURE TO PERFORM
AT LEAST (10 ) DAYS PRIOR TO DRAWING (S) .
UNQUOTE
PARTIAL DRAWINGS ARE PERMITTED.
DRAFT(S) AND DOCUMENTS MAY BE PRESENTED AT OUR OFFICES AT BANK OF
ORIGINAL
Bank of America, N.A. Trade Operations
Mail Code: PA6-580-02-30
1 Fleet Way, 2nd Floor, Scranton, PA 18507
00-35-0201NSB 6-2000
_dnkofAmerica 4;
BANK OF AMERICA CONFIDENTIAL PAGE: 2
THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: 68001256
AMERICA, N.A., L.A. DATA CENTER BUILDING, 1000 WESTTEMPLE STREET
SUITE -LEVEL 7, LOS ANGELES, CA 90012-1514 MAILCODE: CA9-705-07-05 OR
TO BANK OF AMERICA, N.A., ONE FLEET WAY, SCRANTON, PA 18507.
COMMUNICATIONS WITH RESPECT TO THIS LETTER OF CREDIT SHALL BE IN
WRITING AND SHALL BE ADDRESSED TO US AT, ONE FLEET WAY, SCRANTON PA
18507, ATTN: TRADE SERVICES DEPARTMENT -STANDBY UNIT, PHONE:
1-800-370-7519, SPECIFICALLY REFERRING TO THE NUMBER OF THIS LETTER
OF CREDIT.
EXCEPT AS OTHERWISE EXPRESSLY STATED HEREIN, THIS CREDIT IS ISSUED
SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES (ISP98), INTERNATIONAL
CHAMBER OF COMMERCE PUBLICATION NO. 590.
IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS
TRANSACTION, PLEASE CALL 800-370-7519 .
THORI D SIGNATURE
THIS DOCUMENT CONSISTS OF 2 PAGE(S).
ORIGINAL
Bank of America, N.A. Trade Operations
Mail Code: PA6-580-02-30
1 Fleet Way, 2nd Floor, Scranton, PA 18507
00-35-0201NSB 6-2000