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30096-1 Puerta AzulOUTSTANDING BOND REPORT Name: Puerta Azul Partners Tract No. 30096-1 Date of Contract: May 8, 2004 Required Bond Amounts: Onsite Grading Streets/Drainage Water Sewer Utilities Monumentation 10% Contingency Prof. Fees Design 10% Prof. Fees Const. 10% Off site Streets Water Sewer Traffic Signal 10% Contingency $272,916 performance/labor & materials $586,685 same $112,687 same $ 87,000 same $140,000 same $ 10,000 performance only $120,928.80 / $120,928.80 $ 18,626.20 / $ 18,626.20 $133,021,68 / $133,021.68 $121,893.77 performance/labor & materials $ 49,608.00 same $ 11,760.00 same $ 75,000.00 same $ 25,826.18 same Outstanding Bonds and Bond Company: Developers Surety & Indemnity Amount: Bond No. Date Cancelled/Released: $1,481,864.68 $ 119,939.00 $1,481,864.68 $ 284,087.95 $ 62,000 18,326 $ 284,087.95 $ 23,166 (restoration) 6,200. 553130S Replaced w/warranty 6/22/2009 same Released 4/19/201 1 same Released 9/1 1 /2009 553131 S Reduced w/rider 9/24/2010 same Released 5/24/201 1 553131 S-1 Replaced w/warranty 5/24/2011 Released May 15, 15 same Released May 24, 2011 (mistake) approved to release August 17, 11 552783C Released 5/24/201 1 553131 S-2 Replaced w/warranty 5/24/1 1 Released May 15, 15 OUTSTANDING BOND REPORT III- T _ ---- Name: Puerta Azul Partners Tract No. 30096-1 Date of Contract: May 8, 2004 Required Bond Amounts: Onsite Grading Streets/Drainage Water Sewer Utilities Monumentation 10% Contingency Prof. Fees Design 10% Prof. Fees Const. 10% Offsite Streets Water Sewer Traffic Signal 10% Contingency $272,916 performance/labor & materials $586,685 same $112,687 same $ 87,000 same $140,000 same $ 10,000 performance only $120,928.80 / $120,928.80 $ 18,626.20 / $ 18,626.20 $133,021,68 / $133,021 .68 $121 ,893.77 performance/labor & materials $ 49,608.00 same $ 11,760.00 same $ 75,000.00 same $ 25,826.18 same Outstanding Bonds and Bond Company: Developers Surety & Indemnity Amount: Bond No. Date Cancelled/Released: $1,481,864.68 $ 119,939.00 $1,481,864.68 $ 284,087.95 $ 62,000 18,326 $ 284,087.95 $ 2 3, 166 (restoration) 6,200. 553130S Replaced w/warranty 6/22/2009 same Released 4/19/201 1 same Released 9/1 1 /2009 553131 S Reduced w/rider 9/24/2010 same Released 5/24/2011 553131 S-1 Replaced w/warranty 5/24/201 1 same Released Mav 24, 2011 (mistake) approved to release August 17, 11 552783C Released 5/24/201 1 553131 S-2 Replaced w/warranty 5/24/1 1 OUTSTANDING BOND REPORT Name: Puerta Azul Partners Tract No. 30096-1 Date of Contract: May 8, 2004 Required Bond Amounts: Onsite Grading Streets/Drainage Water Sewer Utilities Monumentation 10% Contingency Prof. Fees Design 10% Prof. Fees Const. 10% nffsitP Streets Water Sewer Traffic Signal 10% Contingency $272,916 performance/labor & materials $586,685 same $1 12,687 same $ 87,000 same $140,000 same $ 10,000 performance only $120,928.80 / $120,928.80 $ 18,626.20 / $ 18,626.20 $133,021,68 / $133,021 .68 $121,893.77 perfor ance/labor & materials $ 49,608.00 IC $ 11,760.00 e $ 75,000.00 :ram e $ 25,826.18 ?same Outstanding Bonds and Bond Company: Developers. Surety & Indemnity Amount: Bond No. Date Cancelled/Released: $1,481,864.68 $ 119,939.00 $1,481,864.68 $ 284,087.95 $ 62,000 18,326 $ 284,087.95 $ 2 3, 166 (restoration) 6,200. 553130S Replaced w/warranty 6/22/2009 same Released 4/19/201 1 same Released 9/1 1 /2009 55313 1 S Reduced w/rider 9/24/2010 same Released 5/24/201 1 553131 S-1 Replaced w/warranty 5/24/201 1 same 552783C Released 5/24/2011 553131 S-2 Replaced w/warranty 5/24/1 1 vjt C (4V �4 OF To: Susan Maysels, City Clerk From: ryan McKinney, P.E., Development Services Principal Engineer Via: i othy R. Jonasson, P.E., Public Works Director /City Engineer Date: May 13, 2015 Subject: Release of Warranty Securities for Tract Map No. 30096-1, Puerta Azul Please release the following securities held in your files for the above referenced tract. The City Council accepted the offsite improvements on May 17, 2011. The security amounts and the address to the developer and Surety Company are as follows: TRACT No. 30096-1 Bond No. Warranty Amount 553131 S-1 $18,326 553131 S-2 $6,200 Developer: Mr. George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P — Box 430 Lake Oswego, OR 97035 Surety Company: Developers Surety and Indemnity Company 3517 Camino Del Rio South, Suite 200 San Diego, CA 92108 Cc: Project File I, Tract Map No. 30096-1 OF rk� May 15, 2015 Mr. George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P — Box 430 Lake Oswego, OR 97035 Re: Tract Map 30096-1 Dear Mr. Robertson: Per authorization from the Public Works Department, the City Clerk's office hereby releases the following bonds: y Bond # 553131 S-1 in the amount of $18,326 Bond # 553131 S-2 in the amount of $6,200 If you have any questions, please call me at (760) 777-7103. Sincerely, �r- Pam Nieto Administrative Technician C: Tim Jonasson, Public Works Director/City Engineer Developers Surety and Indemnity Company File 78-495 Calle Tampico I La Quinta I California 92253 1 760.777.7000 1 www,La- uinta.er2 4mC INSCO INSURANCE SERVICES, INC. insc%11=© Underwriting Manager for: �QD�p Developers Surety and Indemnity Company Indemnity Company of California 17780 Fitch, Suite 200 • Irvine, California 92614 • (949) 263-3300 MAINTENANCE BOND BOND NO.: 553131S-1 Premium included in Performance Bond KNOW ALL MEN BY THESE PRESENTS: THAT we, Puerta Azul Partners, LLC as Principal, and Developers Surety and Indemnity Company a corporation organized and doing business under and by virtue of the laws of the State of Iowa and duly licensed to conduct surety business in the State of California, as Surety, are held and firmly bound unto City of La Quinta 78 495 Callie Tampico La Quinta, CA 92253 as Obligee, in the sum of Eighteen Thousand Three Hundred Twenty Six and No/100 --------------------------------------------------- ($ 18,326.00 ) Dollars, for which payment, well and truly to be made, we bind ourselves, our heirs, executors and successors, jointly and severally firmly by these presents. THE CONDITION OF THE OBLIGATION IS SUCH THAT: WHEREAS, the above named Principal entered into an agreement or agreements with said Obligee to: Puerta Azul Subdivision Improvements TM 30096-1, Off -Site Improvements WHEREAS, said agreement provided that Principal shall guarantee replacement and repair of improvements as described therein for a period of one year following final acceptance of said improvements; NOW, THEREFORE, if the above Principal shall indemnify the Obligee for all loss that Obligee may sustain by reason of any defective materials or workmanship which become apparent during the period of one year from and after acceptance of the said improvements by Obligee, then this obligation shall be void; otherwise to remain in full force and effect. IN WITNESS WHEREOF, the seal and signature of said Principal is hereto affixed and the corporate seal and the name of the said Surety is hereto affixed and attested by its duly authorized Attorney -in -Fact this 12th day of June 2008 YEAR Puerta Azul Partners, LLC Principal ID-1201 (CA) (One Year Term) (REV. 3101) Developers Surety and Indemnity Company Tamara A. Ringeisen k I l \ Armra cy-in-Fact CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of Oregon County 0f Multnomah On June 12 2008 before me, Vicki L. Nicholson Notary Public, personally appeared Tamara A. Ringeisen _ who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized .capacity(ies), and that by his/her/their signature(s) on the instrument the person(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 hand and official seal. (seal) Signature N �&- J, 77FICIAL EAL VICKI L t4j-C OLSON NoTTARY FUSUC-GREGON COMMISS0 NO.382256 MY COMMISSION DTIRES JELLY 9, 2008 POWER OF ATTORNEY FOR DEVELOPERS SURETYAND INDEMNITY COMPANY INDEMNITY COMPANY OF CALIFORNIA PO Box 19725, IRVINE, CA 92623 (949) 263-3300 KNOWALL MEN BY THESE PRESENTS, that as except as expressly limited, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA. do each, hereby make, constitute and appoint ***John D. Klump, Vicki Mather, Philip 0. Forker, Gloria Bruning, Richard W. Kowalski, Tamara A. Ringeisen, Colleen A. Bradshaw, Ray M. Paiement, Brent Olson jointly or severally*** as their true and lawful Aftomey(s)-in-Fact, to make, execute, deliver and acknowledge, for and on behalf of said corporations, as sureties, bonds, undertakings and contracts of surety- ship giving and granting unto said Attomey(s)-in-Fact full power and authority to do and to perform every act necessary, requisite or proper to be done in connection therewith as each of said corporations could do, but reserving to each of said corporations full power of substitution and revocation, and all of the acts of said Attorney(s)4n-Fact, pursuant to these presents, are hereby ratified and confirmed. This Power of Attorney is granted and is signed by facsimile under and by authority of the following resolutions adopted by the respective Board of Directors of DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, effective as of January 1st, 2608. RESOLVED, that the chairman of the Board, the President and any Vice President of the corporation be, and that each of them hereby is, authorized to execute Powers of Attorney, qualifying the attomey(s) named in the Powers of Attorney to execute, on behalf of the corporations, bonds, undertakings and contracts of suretyship; and that the Secretary or any Assistant Secretary of the corporations be, and each of them hereby is, authorized to attest the execution of any such Power of Attorney; RESOLVED, FURTHER, that the signatures of such officers may be affixed to any such Power of Attorney or to any certificate relating thereto by facsimile, and any such Power of Attorney or certificate bearing such facsimile signatures shall be valid and binding upon the corporations when so affixed and in the future with respect to any bond, undertaking or contract of suretyship to which it is attached. IN WITNESS WHEREOF, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA have severally caused these presents to be signed by their respective Vice President and attested by their respective Assistant Secretary this January 1st, 2008. By: _ �r j� ANa..�y 4 PA:JV Y Stephen T. Pate, Senior Vice President r'`1Q . $ Ci vf P(y 0�6 �a;ro. � ti p.0 Hy T ap tS» C] oc By:19.36 e Charles L. Day, Assistant Secretary s, �; a Q;.- C State of California"• ,,n � *��� �' *:: .. County of Orange On - January I st, 2008 before me, Christopher J. Roach Nota Public Date Here Insert Name and Title of the Officer personally appeared Stephen T. Pate and Charles L. Da Name(s) of Signer(s) C:i-iRIMPHER J. ROAC14 Nar•ARY PUBLIC CAUFORNI ORANGE COUNTY MY to 5 - ......1+tey 19, $D11 Place Notary Seal Above who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that helshe/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and offi -at seal. Signature Chriat6jiffer J. Roach CERTIFICATE The undersigned, as Assistant Secretary, of DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, does hereby cerdfy that the foregoing Power of Attorney remains in full force and has not been revoked, and furthermore, that the provisions of the resolutions of the respective Boards of Directors of said corporations set forth in the.Power of Attorney, are in force as of the date of this Certificate. This Certificate is executed in the City, of Irvine, California, the 12 tkw of June, 20Q8 By: Albert Hillebrand, Assistant recTetary ID-1380(Wet)(Rev.07/07) 4Dag INSCO INSURANCE SERVICES, INC. 1r1SC%JC0 Underwriting Manager for: flip Developers Surety and Indemnity Company Indemnity Company of California 17780 Fitch, Suite 200 • Irvine, California 92614 • (949) 263-3300 MAINTENANCE BOND BOND NO.: 553131 S-2 Premium included in Performance Bond KNOW ALL MEN BY THESE PRESENTS: THAT we, PUERTA AZUL PARTNERS, LLC as Principal, and DEVELOPERS SURETY AND INDEMNITY COMPANY a corporation organized and doing business under and by virtue of the laws of the State of IOWA and duly licensed to conduct surety business in the State of California, as Surety, are held and firmly bound unto CITY OF LA QUINTA, CALIFORNIA as Obligee, in the sum of SIX THOUSAND TWO HUNDRED AND NO/100-------------------- —-------------- ---------------- �$ b,Zuu.--------------- ) Dollars, for which payment, well and truly to be made, we bind ourselves, our heirs, executors and successors, jointly and severally firmly by these presents. THE CONDITION OF THE OBLIGATION IS SUCH THAT: WHEREAS, the above named Principal entered into an agreement or agreements with said Obligee to: CONSTRUCT MEDIAN ON MADISON STREET - TRACT MAP NO. 30096-1 PUERTA AZUL WHEREAS, said agreement provided that Principal shall guarantee replacement and repair of improvements as described therein for a period of one year following final acceptance of said improvements; NOW, THEREFORE, if the above Principal shall indemnify the Obligee for all loss that Obligee may sustain by reason of any defective materials or workmanship which become apparent during the period of one year from and after acceptance of the said improvements by Obligee, then this obligation shall be void; otherwise to remain in full force and effect. IN WITNESS WHEREOF, the seal and signature of said Principal is hereto affixed and the corporate seal and the name of the said Surety is hereto affixed and attested by its duly authorized Attorney -in -Fact this 2ND day of MAY PUERTA AZUL PARTNERS, LLC Principal ID-1201 (CA) (One Year Term) (REV. 3/01) 2011 YEAR DEVELOPERS SURETY AND INDEMNITY COMPANY BY: GE ' /• r �i'U't URNETT Attomey-in-Fact POWER OF ATTORNEY FOR DEVELOPERS SURETY AND INDEMNITY COMPANY INDEMNITY COMPANY OF CALIFORNIA PO Box 19725, IRVINE, CA 92623 (949) 263-3300 }WOW ALL BY THESE PRESENTS that except as expressly limited, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, do each hereby make, constitute and appoint: ***Blaine D. Williamson, Geri M. Burnett, Morag A. Corey, Sean Flinn, Eric Englund, Lisa McClellan, Matt Skelton, jointly or severally*** as their true and lawful Attomey(s)-In-Fact, to make, execute, deliver and acknowledge, for and on behalf of said corporations, as sureties, bonds, undertakings and contracts of sureip- ship giving and granting unto said Attornsy(s)An- Fact toll power and authority to do and to perform every act necessary, requisite or proper to be done In connection therewith as each of said corporations could do, but reserving to each of said corporations full power Of substitution and revocation, and all of the acts of said Attom ey(s)-I n-Fact, pursuant to these prose nis, are hereby ratified and confirmed_ This Power ofAttomey Is granted and Is signed by facslmife under and by authority of the following resolutions adopted by the respective Boards of Directors of DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, affective as of January 1st, 2008. RESOLVED, that a comhination of any two of the Chairman of the Board, the President, Executive. Vice -President, Senior Vice -President or any Vice President of the corporations be, and that each of them hereby Is, authorized to execute this Power of Attorney, qualifying doe Womey(s) named In the Power of Attorney to execute, on behalf of the corporations, bonds, urnderfakfngs and contracts of suretyship; and that tha Secretary or any Assistant Secretary of either of the corporations be, and each of them hereby Is. authorized Io attest the execution of any such Power of Attomay; RESOLVED, FURTHER, that the signatures of such officers may be affixed to any such Power of Attorney or to any certificate relating thereto by facsimile, and any such Power of Attorney or certificate bearing such facsimile signatures shall ba valid and binding upon the corporations when so affixed and in the future with respect to any bond, undertaking or contract of suretyship to which it is attached. IN WITNESS WHEREOF, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA have severally caused these piesents to be signed by their respective officers and attested by their respective Secretary or Assistant Secretary this January 1st, 2008. By M1 r ' Daniel Young, Vice -President By: a Stephen T Pate, Senior Vice -President State of California County of Orange t� Ab[01 PANY t^ SPOR4Ki �+ OpPOq LU Q10T ice _ � ?� OCT. 5 j'; S 8 3 fi or ups 1967 On August 13th, 2008 before me, Jenn TT hlguyen, Notary Public _ Date Here Insert Name and Title of the Officer personally appeared Daniel Youn and Ste hen T P to Name(s) of Slgner(s) who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) istare subscribed to the within instrument and acknowledged to me that he/she/they executed the same in hismedtheir authorized NW rT NGU capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of CO MM. M. * f 78J which the person(s) acted, executed the instrument. PUBLIC I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is RANGE CAltrue and correct. G)Ores f'eb WITNESS my hand and official seal. Place Notary Seal Above Signature _ J TT Ng n, Lary Public CERTIFICATE The underAnod, as Secretary or Assistant Secretary of DEVELOPERS SURETY AND INDEMNITY COMPANY or INDEMNITY COMPANY OF CALIFORNIA, does hereby certify that the foregoing Power of Attorney ramans In full force and has not been revoked and, furdrermQ(e; that the provislons of the resolutions of the respective Boards of Directors of said corporations set forth in the Power of Affomey are In force as of the date of this Cediil te. d 7bls Certificate is executed in the City of Irvine, Catiforn€e, lh !day of By. /� � • �-.�I regg OkOAfst3rit Secretary ID-1380(Rev.11109) T4,4f 4 a P QUMM MEMORANDUM To: Veronica J. Montecino, ,CMC, City Clerk From: Ed Wimmer, P.F., Development Services Principal Engineer Via: �71mothy R. Jaonasson, P.E., Public Works Director 1 City Engineer Date: May 18, 2011 Subject: Release of Performance Securities and Retain Warranty Securities for Tract Map No. 30096-1, Puerta Azul, Off -Site Improvements Please release th a following off -site Performance security held in your file for the above referenced tract. The off -:site improvements were accepted by City Council on May 17., 2011. The performance security amounts are as follows: TRACT No. 30096-1 Type of .Bond Bond .No. Performance Amount Performance (off -site) 553131 S $62,000 Performance (Permit 3873) 552783C $23,166 Please retain the attached Warranty securities. The warranty security amounts are as follows: TRACT No. 30096-1 Type of Bond Bond No. Performance Amount Warranty (off -site) 553131S-1 $18,326 Warranty (median) 553131 S-2 $6,200 Developer: Mr. George Robertson Puerta Azu'I Partners, LLC 3 Monroe Parkway Suite P — iBox 430 Lake Oswego, OR 97035 Surety Company: Developers Surety and Indemnity Company 17780 Fitch, Suite 200 Irvine, CA 92614 cc: Project File I, Tract Map No. 30096-1 Page 1 of 2 T4hf 4 e(p QUMAU P.O. Box 1504 LA QUINTA, CA 92247-1504 78-495 CALLE TAMPICO LA QUINTA, CA 92247-1504 May 24, 2011 Mr. George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P — Box 430 Lake Oswego, OR 97035 Re: Tract Map •30096-1 To Whom It May Concern: OFFICE OF THE CITY CLERK (760) 777-7103 FAX (760) 777-7107 Per authorization from the Public Works Department, the City Clerk's Office hereby releases Bond No 553131 S in the amount of 62,000. and 552783C in the amount of 23,166. We have in return accepted the Warranty Securities as follows: 553131 S-1 for 18,326. and 553131 S-2 for 6,200. If you have any questions, please call me at (760) 777-7002. Sincerely Veronica Montecino, City Clerk City of La Quinta cc: Tim Jonasson, Public Works Director/City Engineer Insurance Company of the West File m (;Caif 4 aep Qum& 13,0. BON 15 0 -1 LA QVIN IA, CALIF-OHNIA 9224 7- 150.1 78--195 C:ALLE -1 AMPICO (760) 777-7000 LA QUIN 1A, C m.IrURT1.1 9 22.: a FA\ (760) 777-71 U 1 April 22, 2010 George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P Box 430 Lake Oswego, OR 97035 Re: Tract Map No. 30096-1, Puerta Azul Bond No. 553131 S Dear Mr, Robertson: Per your request, the City has verified that Bond No. 553131 S posted for Puerta Azul's off -site improvements was reduced to $62,000 on May 5, 2009. If you have any questions regarding this matter, please feel free to contact Ed Wimmer, Development Services Principal Engineer, at (760) 777-7088. Sincerely, moth . J sso n P. E. Public rk irector/City Engineer TRJ/AY cc: Project File, Tract Map No. 30096-1, File I BOND RIDER DEVELOPERS SURETY AND INDEMNITY COMPANY 17780 FITCH SUITE 200, IRVINE CA 92614. DATE OF NOTICE BOND NUMBER TYPE OF BOND LICENSE # 4/27/2610 553131S 3UBDIV.IMPROVEMENT Nothing herein contained shall be held to vary, waive, alter, or extend any of the terms, conditions agreements, or warranties of the above mentioned bond, other than stated below. OBLIGEE CITY OF LA QUINTA 78 495 CALLE TAMPICO LA QUINTA CA 92253 Gentlemen: This Rider is to be attached to and forrn a part of the above captioned bond effective 05/1312:008 This Rider is on behalf of Puerta Azul Partners LLC understood and agreed, effective from above date, that: Amend Bond and Contract amount to read: $62, 000.00 Provided, however, that the liability of the company under the attached bond as changed by this order shall not be cumulative. Signed this 27 day of April, 201AN� By RP PRODUCER: Gina L. Garner, Attorney-In-FLW m 7 DIRECT FINANCE COLLECTIONS PO BOX 19725 IRVINE CA 92623 POWER OF ATTORNEY FOR DEVELOPERS SURETY AND INDEMNITY COMPANY INDEMNITY COMPANY OF CALIFORNIA PO Box 19725, IRVINE, CA 92623 (949) 263-3300 KNOW ALL BY THESE PRESENTS that except as expressly limited, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, do each hereby make, constitute and appoint: *** Antonio Alvarado, Mary J. Thomas, Gina L. Garner, Jenny T. T. Nguyen, jointly or severally*** as their true and lawful Adomey(s)-in-Fact, to make, execute, deliver and acknowledge, for and on behalf of said corporations, as sureties, bonds, undertakings and contracts of surety- ship giving and granting unto said Attomey(s)-in-Fact full power and authority to do and to perform every act necessary, requisite or proper to be done in connection therewith as each of said corporations could do, but reserving to each of said corporations full power of substitution and revocation, and all of the acts of said Attomey(s)-in-Fact, pursuant to these presents, are hereby ratified and confirmed. This Power of Attorney Is granted and is signed by facsimile under and by authority of the following resolutions adopted by the respective Boards of Directors of DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, effective as of January 1st, 2008. RESOLVED, that a combination of any two of the Chairman of the Board, the President, Executive Vice -President, Senior Vice -President or any Vice President of the corporations be, and that each of them hereby is, authorized to execute this Power of Attorney, qualifying the attomey(s) named in the Power of Attorney to execute, on behalf of the corporations, bonds, undertakings and contracts of suretyship; and that the Secretary or any Assistant Secretary of either of the corporations be, and each of them hereby is, authorized to attest the execution of any such Power of Attorney; RESOLVED, FURTHER, that the signatures of such officers may be affixed to any such Power of Attomey or to any certificate relating thereto by facsimile, and any such Power of Attorney or certificate bearing such facsimile signatures shall be valid and binding upon the corporations when so affixed and in the future with respect to any bond, undertaking or contract of suretyship to which it is attached. IN WITNESS WHEREOF, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA have severally caused these presents to be signed by their respective officers and attested by their respective Secretary or Assistant Secretary this January 1st, 2008 By: Danfel Young, Vice -President 8y: Stephen T. Pate, Senior Vice -President State of California County of Orange On August 13th, 2008 before me, Date personally appeared 1 Place Notary Seal Above occ'..,,AND �4:y ��PANYO ;.'yJ..•o�PiaRgr•.FsS.: G �Cr �pPORR � a ' OCT. w 10 z OCT. 5 rt Qjy 1936 ry 19fi7 ,Z s'9, •,sa . avr •��, y,rp•., _b _ Jenny TT N u en, Notary Public Here Insert Name and Title of the Officer Daniel Young and Stephen T. Pate Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that helshelthey executed the same in hislherltheir authorized capacity(ies), and that by hismerltheir signature(s) on the instrument the person(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 hand and official seal. Signature Je n Ng n,try Public CERTIFICATE (1 The undersigned, as Secretary or Assistant Secretary of DEVELOPERS SURETY AND INDEMNITY COMPANY or INDEMNITY COMPANY OF CALIFORNIA, does hereby certify that the foregoing Power of Attorney remains in full force and has not been revoked and, furthermore, that the provisions of the resolutions of the respective Boards of Directors of said corporations set forth in the Power of Attorney are in force as of the date of this Certificate This Certificate is executed in the City of Irvine, California, this Z: day of �', Z C)r) By' )/, A�� regg Oku W istant Secretary ID-1380(Rev.11109) SUBDIVISION IMPROVEMENTS #5531315 Tract Map No. 30096 ERi'O Ri i�N I E B OFvD KNOW ALL MEN BY THESE PRESENTS: THAT, the City Council of the City of Le Quinta has approved the final map for Tract No30096 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 California, and Puerta Azul Partners LLC hereinafter designated as ("principal") have entered into an agreement whereby principal agrees to install and complete certaln designated public improvements, which said agreement, dated , 200, and identified as Tract Map No. 30096 , 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 Developers Surety and Indemnity Company, as surety, are held and firmly bound unto the City of La Quints hereinafter called ("City"), in the penal sum of Two hundred eighty-four thousand * DOLLARS ($ 284,087.95------ ) 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. *eighty-seven and 95/100------------------------------------- The condition of this obligation is such that if the above bounded principal, his or its heirs, executors, administrators, successors or assigns, $hail 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 offiirers, 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 therefor, there shall be Included costs and reasonable expenses and fees, including reassonable attorney's fees, incurred by City In successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered. F201 - Performance Bond Page 1 of 2 The surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the agreement or to the wont to be performed thereunder 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, exterislon of tide, alteration or addition to the terms of the agreement or to the work or to the specifications, In witness whereof, this instrument has been duly executed by the principal and surety above named, on May 1`2003. Puerta Azul Partners, LLC Principal (Seal)�� Signature of i'rinofpal COV _ 'lu 1r�F c-:V— Title of Signatory Developers Surety aM Indemnity Company Surety (Seal) Signattir� o#Surety r Geri M. Burnett, Attorney -in -fact Title of Signatory Five Center ointe, Suite 530 Address of Surety Lake Oswego, OR 97035 Phone # of Surety Brent Olson Contact Person For Surety F201 - Performance Bond Page 2 of 2 ***DUPLICATE ORIGINAL*** FAITHFUL PERFORMANCE BOND (LQMC 14.16.180) Restoration Bond BOND #552783C WHEREAS, the City of La Quinta, California, is prepared to issue Encroachment Permit # 3873 in accordance with the La Quinta Municipal Code, to Puerta Azul Partners, LLC as Principal, whereby Principal will be authorized to construct certain improvements in the public right of way as identified in the permit, and further detailed on the improvement plans referenced therein; and WHEREAS, Said Principal is required to furnish a surety bond in accordance with La Quinta Municipal Code Section 14.16.180 to faithfully perform and construct the permitted improvements, or restore the right of way to its former condition in the event the proposed improvements are not completed in accordance with the approved plans, specifications, and permit requirements to the satisfaction of the Public Works Director; or, if the work is abandoned (not completed as required), Principal shall complete the improvements, or restore the right of way to its former condition, whichever is the less expensive alternative of these two alternatives to perform. NOW, therefore, we the Principal and Developers Surety and Indemnity Company as Surety, are held and firmly bound unto the City of La Quinta, as Obligee, in the penal sum of Twenty -Three Thousand One Hundred Sixtv Six and Noll 00 Dollars ($ 23,166.00 ) 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 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 obiigaton 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 F212 Restoration Bond Encroachment Permit # 3873 Page 2 of 2 In witness whereof, this instrument has been duly executed by the Principal and Surety above named, on May 30 , 200 6 Puerta Azul Partners, LLC Principal (Seal) Signature of Principal Title of Signatory Developers Surety and Indemnity Company Surety 1 (Seal)■ Signature of Surety+ I Attorney -In -Fact Title of Signatory 17780 Fitch #200, Irvine, CA 92614 Address of Surety 800-782-1546 Phone # of Surety Contact PC I-SOFI For Surety F212 POWER OF ATTORNEY FOR DEVELOPERS SURETY AND INDEMNITY COMPANY INDEMNITY COMPANY OF CALIFORNIA PO BOX 19725, IRVINE, CA 92623 (949) 263-3300 KNOW ALL MEN BY THESE. PRESENTS, that except as expressly limited, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, do each, hereby make, constitute and appoint ***Gina L. Garner, Pauline M. McLean, Antonio Alvarado, Mary J. Thomas, jointly or severally*** as their true and lawful Attomey(s)-in-Fact, to make, execute, deliver and acknowledge, for and on behalf of said corporations, as sureties, bonds, undertakings and contracts of suretyship giving and granting unto said Attorncy(s)-in-Fact full power and authority to do and to perform every act necessary, requisite or proper to be done in connection therewith as each of said corporations could do, but reserving to each of said corporations full power of substitution and revocation, and all of the acts of said Attorneys) -in -Fact, pursuant to these presents, are hereby ratified and confirmed. This Power of Attorney is granted and is signed by facsimile under and by authority of the following resolutions adopted by the respective Board of Directors of DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA. effective as of November 1, 2000: RESOLVED, that the Chairman of the Board, the President and any Vice President of the corporation be, and that each of them hereby is, authorized to execute Powers of Attorney, qualifying the attorney(s) named in the Powers of Attorney to execute, on behalf of the corporations, bonds, undertakings and contracts of suretyship; and that the Secretary or any Assistant Secretary of the eorporadions be, and each of them hereby is, authorised to attest the execution of any such Power of Attorney; RESOLVED, FURTHER, that the signatures of such officers may be affixed to any such Power of Attorney or to any certificate relating thereto by facsimile, and any such Power of Attorney or certificate bearing such facsimile signatures shall be valid and binding upon the corporation when so affixed and in the frrture with respect to any bond, undertaking or contract of suretyship to which it is attached. IN WITNESS WHEREOF, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA have severally caused these presents to be signed by their respective Executive Vice President and attested by their respective Secretary this Ist day of December, 2005. By: 10 David H. Rhodes, Executive Vice -President ';¢�.............. .....AN... , � . RPO, F,•4 � Q -a La OCT.�� 5;e" _a' 10 en, By- ^� 1936 0 Walter A. Crowell, Secretary ;= •° .i a STATE OF CALIFORNIA COUNTY OF ORANGE On December I, 2005 before me, Gina L. Gamer, (here insert name and title of the officer), personally appeared David H. Rhodes and Walter A. Crowell, personally known to me (or proved to on the basis of satisfactory evidence) to be the person(s) whose name(s) is lard subscribed to the within instrument and acknowledged to me that be/shc/they executed the same in his/her/their authorized capacity(ies), and that by hislhar/tlicir signatures) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. Signature 69-?" GINA L. GARNER COMM. # 1569561 (SEAL) 3 NOTARY PUBLIC CALIFORNIA ORANGE COUNTY MY cornet expires Ntay 13, 2oos CERTIFICATE The undersigned, as Assistant Secretary, of DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, does hereby certify that the foregoing Power of Attorney remains in full force and has not been revoked, and furthermore, that the provisions of the resolutions of the respective Boards of Directors of said corporations set forth in the Power of Attorney, are in force as of the date of this Certificate. This Certificate is executed in the City of Irvine, California, the By Albert Hillebrand, Assistant Secretary w day of } it `• [ a ,L ` \` �i: ID-1380 (Rev. 12/05) c% 4 CP Qu&rcu MEMORANDUM To: Veronica J. Montecino, CMC, City Clerk From: Ed Wimmer, Development Services Principal EngineerEngineer Via: Amothy R. Jonasson, P.E., Public Works Director/ Ci Date: August 17, 2011 Subject: Release of Off -Site Labor & Materials Security for Tract Map No. 30096-1, Puerta Azul Please release the following Labor & Materials security held in your files for the above referenced tract. The off -site improvements were accepted by City Council on May 17, 201 1; therefore, the retention of the Labor & Materials 90-day period was completed. The Labor & Materials security amount and the address to the developer and Surety Company are as follows: TRACT No. 30096-1 Bond No. Bond Amount 553131 S $284,087.95 Developer: Mr. George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P — Box 430 Lake Oswego, OR 97035 Surety Company: Developers Surety and Indemnity Company 17780 Fitch, Suite 200 Irvine, CA 92614 Cc: Project File I, Tract Map No. 30096-1 Page 1 of 1 T4hf 4 SepaUIArw P.O. Box 1504 LA QUINTA, CA 92247-1504 78-495 CALLE TAMPICO LA QUINTA, CA 92247-1504 August 24, 2011 Mr. George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P — Box 430 Lake Oswego, OR 97035 Re: Tract Map 30096-1 To Whom It May Concern: OFFICE OF THE CITY CLERK (760) 777-7103 FAX (760) 777-7107 The City Clerk's Office received authorization from the Public Works Department to release Labor & Materials Bond No. 5531 31 S in the amount of $284,087.95. In reviewing the file it seems that the above mentioned original Labor & Material Bond was mistakenly included into a letter to George Robertson dated May 24, 2011 (attached) releasing several other bonds and should have been received at that time. If you have any questions, please call me at (760) 777-7002. Sinc erely, eMont Ino, City Cleric Cita Q to cc: Tim Jonasson, Public Works Director/City Engineer Developers Surety and Indemnity Company File Attch: Letter dated May 24, 2011 SUBDIVISION IMPROVEMENTS ff553131S Tract Map NO. 30096 LABOR AND MATERIAL BOND KNOW ALL MEN BY THESE PRESENTS: THAT, the City Council of the City of La Quinta has approved the final reap for Tract No. 30096 Prior to installation of certain designated public improvements required by the Conditions of Approval for the subject map, in accordance with the Califomia Map Act (Government Code Section 66462) WHEREAS, the City Council of the City of La Quinta, State of California, and Puerta Azul Partners LLC hereinafter designated as "the principal" have entered into an agreement whereby the principal agrees t4 Install and complete certain designated public Improvements, which agreement, dated , 200, and identified as Tract Map No. 30096 is hereby referred to and made a part hereof and WHEREAS, under the terms of the agreement, the principal is required before entering upon the performance of the work, to file a good and sufficient payment bond with the City of La Quinta to secure the clainns to which reference is made in Title 15 (commencing with Sect -on 2082) 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 firmly bound unto the City of La Quinta and all contractors, subcontractors, laborers, materialmen, and other persons employed in the performance of the agreement and referred to in Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code in the sum of Two hundred eighty-four thousaTid eighty-seven 95/100--DOLLARS ($ 284,087.95-----), for materials furnished or labor thereon of any kind, or for amounts due under the Li nempioymen t Insurance Act with respect to this work or labor, that the surety wilt 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 face amount thereof, costs and reasonable expenses and fees, including reasonable attorney' !% fees, incurred by city In sucresskilly enforcing this 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 charge, extension of time, alteration, or addition to the terms of the agraerneint 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. F202 - Labor and Material Bond Page 1 of 2 In witness whereof, this instrument has been duly executed by the principal and surety above named, on May 13 ,200 3 Puerta Azul Partners, LLC Principal (Seal) Signature of Principal Title of 8ignatory - - -- Deve Surety and emnity Company Sure " (Seal) Signatr of Surety Geri M. Burnett, Attorney -in -fact Title of Signatory Five Centerpointe, Suite 530 Address of Surety Lake Oswego, OR 97035 503-684-9606 Phone # of Surety Brent Olson Contact Person For Surety F202 - Labor and Material Bond Page 2 of 2 POWER OF ATTORNEY FOR DEVELOPERS SURETY AND INDEMNITY COMPANY INDEMNITY COMPANY OF CALIFORNIA PO BOX 19725, IRVINE, CA 92623 • (949) 263-3300 KNOW ALL MEN BY THESE PRESENTS, that except as expressly limited, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, do each, hereby make, constitute and appoint: ***Blaine D. Williamson, Geri M. Burnett, Brent Olson, Morag A. Corey, jointly or severally*** as Iheir true and lawful AItorney(s)-in-Fact, to -1ke, execute, deliver and acknowledge, For and on he half of said corporations, as sureties, bonds, undertakings and Lon Imet s of suretyship giving and granting unto said Alto; ey(s)-in-Fact full power and authority to do and to perform every act nerecsary, requisite or proper to be done in connection therewith as each of said corporations could do, but reserving to cach of said corporations full power of substitution and revocation. and all of the acts of said Attorneys) -in -Fart, pursuant to these presents, are hereby ratified and confirmed. This Power of Attorney is granted and is signed by facsimile under and by authority of the following resolutions adopted by the respective Board of Directors of DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, effective as of November 1, 2000: RESOLVED, that the Chairman of the Board, the President and any Vice President of the corporation be, and that each of them hereby is, authorized to execute Powers of Attorney, qualifying the attorney(s) named in the Powers of Attorney to execute, on behalf of the corporations, bonds, undertakings and contracts of suretyship; and that the Secretary or any Assistant Secretary of the corporations be, and each of them hereby is, authorized to attest the execution of any such Power of Attorney; RESOLVED, FURTHER, that the signatures of such officers may be affixed to any such Power of Attorney or to any certificate relating thercla by Facsimile, and any such Power of Attorney or certificate bearing such Facsimile signatures shall be valid and binding upon the corporation when so affixed and in the future with respect to any bond, undertaking or contract of suretyship to which it is attached. IN WITNESS WHEREOF, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA have severally caused these presents to be signed by their respective Executive Vice President and attested by their respective Secretary this 8"' day of January, 2002. By: ,.,ci4 AND I.yo'•., �PANYn- 4-lc David H. Rhodes, Executive Vice President By: AA4 Walter A. Crowell, Secretary STATE OF CALIFORNIA ) )SS. COUNTY OF ORANGE ) a�tPt)Ipq� pFFOR, OCT. 10 :ran OCT. 5 v'. %1936 1967 '•,�3� ..IaYO P,..• �a �S �i N IFOCiS On January 8, 2002, before me, Antonio Alvarado, personally appeared David H. Rhodes and Walter A. Crowell, personally known to me (or proved to me on the basis of satisfactory evidence) to be the persons whose names are subscribed to the within instrument and acknowledged to me that they executed the same in their authorized capacities, and that by their signatures on the instrument the entity upon behalf of which the nersons acted. executed the instrument WITNESS my hand and official seal. Si«nature CERTIFICATE r- ANTONIO ALVARADO ORANGE COUNTY p � `' COMM. # 1300303 Notary Public - California r My Comm Expires APRIL 10, 2005 The undersigned, as Chief Operating Officer of DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, does hereby certify that the foregoing Power of Attorney remains in full force and has not been revoked, and furthermore, that the provisions of the resolutions of the respective Boards of Directors of said corporations set forth in the Power of Ail ncy, are in Fo a %a�of the date of this Certificate. a This Certificate is executed in the City of Irvine, Cafifornia, the day of By David G. Lane, Chief Operating Officer ID- 1380 (01/02) 00�mn Insc%1CO b p DISCLOSURE RIDER Terrorism Risk Insurance Act of 2002 The Terrorism Risk Insurance Act of 2002 created a three-year program under which the Federal Government will share in the payment of covered losses caused by certain events of international terrorism. The Act requires that we notify you of certain components of the Act, and the effect, if any, the Act will have on the premium charged for this bond. Under this program, the Federal Government will cover 90% of the amount of covered losses caused by certified acts of terrorism, as defined by the Act. The coverage is available only when aggregate losses resulting from a certified act of terrorism exceed $5,000,000.00. Insurance carriers must also meet a variable deductible established by the Act. The Act also establishes a cap of $1,000,000,000.00 for which the Federal Government or an insurer can be responsible. Participation in the program is mandatory for specified lines of property and casualty insurance, including surety insurance. The Act does not, however, create coverage in excess of the amount of the bond, nor does it provide coverage for any losses that are otherwise excluded by the terms of the bond, or by operation of law. No additional premium has been charged for the terrorism coverage required by the Act. Developers Surety and Indemnity Company Indemnity Company of California 17780 Fitch Irvine, CA 92614 (949) 263 3300 www.inscodico.com Twyl 4 SepGZukrw P.O. Box 1504 LA QUINTA, CA 92247-1504 78-495 CALLE TAMPICO LA QUINTA, CA 92247-1504 May 24, 2011 Mr. George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P — Box 430 Lake Oswego, OR 97035 Re: Tract Map 30096-1 To Whom It May Concern: OFFICE OF THE CITY CLERK (760) 777-7103 FAX (760) 777-7107 Per authorization from the Public Works Department, the City Clerk's Office hereby releases Bond No 553131 S in the amount of 62,000. and 552783C in the amount of 23,166. We have in return accepted the Warranty Securities as follows: 553131 S-1 for 18,326. and 553131 S-2 for 6,200. If you have any questions, please call me at (760) 777-7002. Sincerely eronica Montecino, City Clerk City of La Quinta cc: Tim Jonasson, Public Works Director/City Engineer Insurance Company of the West File BOND RIDER DEVELOPERS SURETY AND INDEMNITY COMPANY 17780 FITCH SUITE 200, IRVINE CA 92614 DATE OF NOTICE BOND NUMBER TYPE OF BOND LICENSE # 4/27/2010 1 553131S 3UBDIV.IMPROVEMENT Nothing herein contained shall be held to vary, waive, alter, or extend any of the terms, conditions agreements, or warranties of the above mentioned bond, other than stated below. OBLIGEE. CITY OF LA QUINTA 78 495 CALLE TAMPICO LA QUINTA CA 92253 Gentlemen: This Rider is to be attached to and form a part of the above captioned bond effective 05/13/2008 This Rider is on behalf of Puerta Azul Partners LLC understood and agreed, effective from above date, that: Amend Bond and Contract amount to read: $62, 000.00 PRODUCER: Provided, however, that the liability of the company under the attached bond as changed by this order shall not be cumulative. Signed this 27 day of April, 201 AIV, �RRa na L. Garner, Attorney -In- "4 O^J m DIRECT FINANCE COLLECTIONS `C PO BOX 19725 n IRVINE CA 92623 �. POWER OF ATTORNEY FOR DEVELOPERS SURETY AND INDEMNITY COMPANY INDEMNITY COMPANY OF CALIFORNIA PO Box 19725, IRVINE, CA 92623 (949) 263-3300 KNOW ALL BY THESE PRESENTS that except as expressly limited, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, do each hereby make, constitute and appoint: *** Antonio Alvarado, Mary J. Thomas, Gina L. Garner, Jenny T. T. Nguyen, jointly or severally*** as their true and lawful Attomey(s)-in-Fact, to make, execute, deliver and acknowledge, for and on behalf of said corporations, as sureties, bonds, undertakings and contracts of surety- ship giving and granting unto said Attomey(s)-in-Fact full power and authority to do and to perform every act necessary, requisite or proper to be done in connection therewith as each of said corporations could do, but reserving to each of said corporations full power of substitution and revocation, and all of the acts of said Attomey(s)-in-Fact, pursuant to these presents, are hereby ratified and confirmed. This Power of Attorney is granted and is signed by facsimile under and by authority of the following resolutions adopted by the respective Boards of Directors of DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, effective as of January 1st, 2008, RESOLVED, that a combination of any two of the Chairman of the Board, the President, Executive Vice -President, Senior Vice -President or any Vice President of the corporations be, and that each of them hereby is, authorized to execute this Power of Attorney, qualifying the attomey(s) named in the Power of Attorney to execute, on behalf of the corporations, bonds, undertakings and contracts of suretyship; and that the Secretary or any Assistant Secretary of either of the corporations be, and each of them hereby is, authorized to attest the execution of any such Power of Attorney; RESOLVED, FURTHER, that the signatures of such officers may be affixed to any such Power of Attorney or to any certificate relating thereto by facsimile, and any such Power of Attorney or certificate bearing such facsimile signatures shall be valid and binding upon the corporations when so affixed and in the future with respect to any bond, undertaking or contract of suretyship to which it is attached. IN WITNESS WHEREOF, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA have severally caused these presents to be signed by their respective officers and attested by their respective Secretary or Assistant Secretary this January 1st, 2008. Daniel Young, Vice -President By: Stephen T. Pate, Senior Vice -President State of California County of Orange ANa •9p?0Rq �+f+''s i yS j' 4 F °x c �C, as+�oR� OCT. 10 =n: OCT. 5 iQ :ti 1 S 3 ti�a; 1967 �94IFOFit ,JowA' .0,,h Z- �F y'....r* On August 13th, 2008 before me, Jenny TT N u en, Notary Public Date Here Insert Name and Title of the Officer personally appeared C Place Notary Seal Above Daniel Young_and Stephen T. Pate Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(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 hand and official seal. Signature i Je(iT Ng n. tary Publicy CERTIFICATE The undersigned, as Secretary or Assistant Secretary of DEVELOPERS SURETY AND INDEMNITY COMPANY or INDEMNITY COMPANY OF CALIFORNIA, does hereby certify that the foregoing Power of Attorney remains in full force and has not been revoked and, furthermore, that the provisions of the resolutions of the respective Boards of Directors of said corporations set forth in the Power of Attorney are in force as of the date of this Certificate This Certificate is executed in the City of Irvine. California, this 2 -day of �', Z bK) By: ) ! 1 regg Oku61 , istant Secretary ID-1380(Rev.11109) 1504 QUINIA,�r 92247-150-1 78---195 G,►LLE - ANIPIC(I (760) 777-7000 1.:% QUINIA, 92253 FAX (760) 777-7101 April 22, 2010 George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P Box 430 Lake Oswego, OR 97035 Re: Tract Map No. 30096-1, Puerta Azul Bond No. 553131 S Dear Mr. Robertson: i Per your request, the City has verified that Bond No. 553131 S posted for Puerta Azul's off -site improvements was reduced to $62,000 on May 5, 2009. If you have any questions regarding this matter, please feel free to contact Ed Wimmer, Development Services Principal Engineer, at (760) 777-7088. Sincerely, on „�-a.--- moth . J sso n P.E. Public rk irector/City Engineer TRJ/AY cc: Project File, Tract Map No. 30096-1, File I �*� SUBDIVISION IMPROVEMENTS #553131S Tract Map No. 30096 F%I�P%V%A aOryD KNOW ALL MEN BY THESE PRESENTS: THAT, the City Council of the City of La Quinta has approved the final map for Tract No30096 prior to installation of certain designated public improvements required by the Conditions of Approval for the subject map, in accordance with the California Map Act (Government Code Section 66462) WHEREAS, the City Council of the City of La Quinta, State of California, and Puerta Azu1 Partners LLC hereinafter designated as ("principal") have entered into an agreement whereby principal agrees to Install and complete certain designated public Improvements, which said agreement, dated , 200_, and Identified as Tract Map No. 30096 , is hereby referred to and made a part hereof; and WHEREAS, said principal is required under the terms of said agreement to furnish a bond for the faithful performance of said agreement. NOW, THEREFORE, we, the principal and Developers Surety and Indemnity Company, as surety, are held and firmly bound unto the City of La Quinta hereinafter called ("City"), in the penal sum of Two hundred eighty-four thousand * DOLLARS ($ 284,087.95------ ) 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. *eighty-seven and 95/100----------------------------------- 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 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 therefor, 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. F201 - Perrormance Bond Page 1 of 2 The surety hereby stipulates and agrees that no change, extension of time, alteration ar addition to the terms of the agreement or to the work to be performed thereunder 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 oil time, alteration or addition to the terms of the agreement or to the work or to the specifications. In witness whereof, this instrument has been duly executed by the principal and surety above named, on Ma` � 13 , 2003_ Puerta Azul Partners, LLC Principal (Seal) Signature of nclpal 4r IMdG9 ?Innnf� Title of ignatory Developers Surety aq� Indemnity Company Surety 1 (Seal) SignatU of Surety Geri M. Burnett, Attorney -in -fact Title ofi Signatory Five Centerpointe, Suite 530 Address of Surety Lake Oswego, OR 97035 Phone of surety Brent Olson Contact Person For Surety F201 - Performance Bond Page 2 of 2 SUBDIVISION IMPROVEMENTS #553131S Tract Map NO. 30096 LABOR AND MATERIAL BOND KNOW ALL MEN BY THESE PRESENTS: THAT, the City Council of the City of La Quinta has approved the final map for Tract No. 30096 prior to installation of certain designated public improvements required by the Conditions of Approval for the subject reap, in accordance with the Califomia Map Act (Government Code Section 66462) WHEREAS, the City Council of the City of La Quinta, State of California, and Puerta Azul Partners LLC hereinafter designated as "the principal' have entered into an agreement whereby the principal agrees to Install and complete certain designated public Improvements, which agreement, dated , 200_, and identified as Tract Map No. 30096 , is hereby referred to and made a part hereof, and WHEREAS, under the terms of the agreement, the principal is required before entering upon the Performance of the work, to file a good and suf bent payment bond with the City of La Quinta to secure the claims to which reference is trade 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 firmly bound unto the City of La Quinta and all contractors, subcontractors, laborers, materialmen, and other persons employed in the performance of the agreement and referred to in Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code in the sum of Two hundred eighty-four thousand eighty-seven 95/100--DOLLARS ($ 284, 087.95-----), for materials furnished or labor thereon of any klnd, or for amounts due under the Unemployment Insurance Act with respect to this work or labor, that the 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 face amount thereof, costs and reasonable expenses and fees, including reasonable attorney' s fees, incurred by city In successfully enforcing this 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 aright 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 the 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, F202 - Labor and Material Bond Page 1 of 2 In witness whereof, this instrument has been duly executed by the principal and surety above named, on May 13 ,200 3 Puerta Azul Partners, LLC Principal (Seal) Signature of Principal Title of SignatM Deve Surety and emnity Company Sure (Seal) Signatu a of Surety Geri M. Burnett, Attorney —in —fact Title of Signatory Five Centerpointe, Suite 530 Address of Surety Lake Oswego, OR 97035 503-684-9606 Phone # of Surety Brent Olson Contact Person For Surety F202 - Labor and Material Bond Page 2 of 2 POWER OF ATTORNEY FOR DEVELOPERS SURETY AND INDEMNITY COMPANY INDEMNITY COMPANY OF CALIFORNIA PO BOX 19725, IRVINE, CA 92623 • (949) 263-3300 KNOW ALL MEN BY THESE PRESENTS, that except as expressly limited, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, do each, hereby make, constitute and appoint: ***Blaine D. Williamson, Geri M. Burnett, Brent Olson, Morag A. Corey, jointly or severally*** as their true and lawful Attorney(s)-in-Fact, to make, execute, deliver and acknowledge, for and on behalf of said corporations, as sureties, bonds, undertakings and contracts of suretyship giving and granting unto said Altorney(s)-in-Fact full power and authority to do and to perform every act necessary, requisite or proper to be done in connection therewith as each of said corporations could do, but reserving to each of said corporations full power of substitution and revocation, and all of the acts of said Attorney(s)-in-Fact, pursuant to these presents, are hereby ratified and confirmed. This Power of Attorney is granted and is signed by facsimile under and by authority of the following resolutions adopted by the respective Board of Directors of DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, effective as of November 1, 2000: RESOLVED, that the Chairman of the Board, the President and any Vice President of the corporation be, and that each of them hereby is, authorized to execute Powers of Attorney, qualifying the attorney(s) named in the Powers of Attorney to execute, on behalf of the corporations, bonds, undertakings and contracts of suretyship; and that the Secretary or any Assistant Secretary of the corporations be, and each of them hereby is, authorized to attest the execution of any such Power of Attorney; RESOLVED, FURTHER, that the signatures of such officers may be affixed to any such Power of Attorney or to any certificate relating thereto by facsimile, and any such Power of Attorney or certificate bearing such facsimile signatures shall be valid and binding upon the corporation when so affixed and in the future with respect to any bond, undertaking or contract of suretyship to which it is attached. IN WITNESS WHEREOF, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA have severally caused these presents to be signed by their respective Executive Vice President and attested by their respective Secretary this 8ih day of January, 2002. By; • ,. A..... o M?ANY O David H. Rhodes, Executive Vice President RJR: OT $y': i�° pfl k pQOR 4�:�� h� Hq� Cl OCT 5 j=: 1 9 3 6 ;?w 1967 By: k. ❑ C P 2 Walter A. Crowell, Secretary ?�0•.�a1NP.,••;.d.•' `�CIFpr�t�� a STATE OF CALIFORNIA ) )SS. COUNTY OF ORANGE ) On January 8, 2002, before me, Antonio Alvarado, personally appeared David H. Rhodes and Walter A. Crowell, personally known to me (or proved to me on the basis of satisfactory evidence) to be the,persons whose names are subscribed to the within instrument and acknowledged to me that they executed the same in their authorized capacities, and that by their signatures on the instrument the entity upon behalf of which the persons acted_ executed the instnument. WITNESS my hand and official seal. q�Si -nature CERTIFICATE ANTONIO ALVARADO _ r COMW # 1300303 Notary Public - California e ORANGE COUNTY My Comm Expires APRIL 10, 2005 The undersigned, as Chief Operating Officer of DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, does hereby certify that the foregoing Power of Attorney remains in full force and has not been revoked, and furthermore, that the provisions of the resolutions of the respective Boards of Directors of said corporations set forth in the Power of Alt nev, are in fo s of the date of this Certificate. This Certificate is executed in the City of Irvine, California, (heday of �L�%�. r WI By r David G. Lane, Chief Operating Officer ID-1380 (01/02) insc%1co DISCLOSURE RIDER Terrorism Risk Insurance Act of 2002 The Terrorism Risk Insurance Act of 2002 created a three-year program under which the Federal Government will share in the payment of covered losses caused by certain events of international terrorism. The Act requires that we notify you of certain components of the Act, and the effect, if any, the Act will have on the premium charged for this bond. Under this program, the Federal Government will cover 90% of the amount of covered losses caused by certified acts of terrorism, as defined by the Act. The coverage is available only when aggregate losses resulting from a certified act of terrorism exceed $5,000,000.00. Insurance carriers must also meet a variable deductible established by the Act. The Act also establishes a cap of $1,000,000,000.00 for which the Federal Government or an insurer can be responsible. Participation in the program is mandatory for specified lines of property and casualty insurance, including surety insurance. The Act does not, however, create coverage in excess of the amount of the bond, nor does it provide coverage for any losses that are otherwise excluded by the terms of the bond, or by operation of law. No additional premium has been charged for the terrorism coverage required by the Act. Developers Surety and Indemnity Company Indemnity Company of California 17780 Fitch Irvine, CA 92614 (949) 263 3300 www.inscodico.com ***DUPLICATE ORIGINAL*** FAITHFUL PERFORMANCE BOND (LQMC 14.16.180) Restoration Bond BOND #552783C WHEREAS, the City of La Quinta, California, is prepared to issue Encroachment Permit# 3873 in accordance with the La Quinta Municipal Code, to Puerta Azul Partners, LLC as Principal, whereby Principal will be authorized to construct certain improvements in the public right of way as identified in the permit, and further detailed on the improvement plans referenced therein; and WHEREAS, Said Principal is required to furnish a surety bond in accordance with La Quinta Municipal Code Section 14.16.180 to faithfully perform and construct the permitted improvements, or restore the right of way to its former condition in the event the proposed improvements are not completed in accordance with the approved plans, specifications, and permit requirements to the satisfaction of the Public Works Director; or, if the work is abandoned (not completed as required), Principal shall complete the improvements, or restore the right of way to its former condition, whichever is the less expensive alternative of these two alternatives to perform. NOW, therefore, we the Principal and Developers Surety and Indemnity Company as Surety, are held and firmly bound unto the City of La Quinta, as Obligee, in the penal sum of Twentv-Three Thousand One Hundred Sixtv Six and Na1100 Dollars ($ 23,166.00 ) 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 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 F212 Restoration Bond Encroachment Permit # 3873 Page 2 of 2 In witness whereof, this instrument has been duly executed by the Principal and Surety above named, on May 30 12006 (Seal) Puerta Azul Partners, LLC Principal Signature of Principal Title of Signatory Developers Surety and Indemnity Company Surety I (Seal) �� Y du Signature of Sur ty Attorney -In -Fact Title of Signatory 17780 Fitch #200, Irvine, CA 92614 Address of Surety 800-782-1546 Phone # of Surety Contact Person For Surety F212 POWER OF ATTORNEY FOR DEVELOPERS SURETY AND INDEMNITY COMPANY INDEMNITY COMPANY OF CALIFORNIA PO BOX 19725, IRVINE, CA 92623 (949) 263-3300 KNOW ALL MEN BY THESE PRESENTS, that except as expressly limited, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, do each, hereby make, constitute and appoint: ***Gina L. Garner, Pauline M. McLean, Antonio Alvarado, Mary J. Thomas, jointly or severally*** as their true and lawful Attomey(s)-in-Fact, to make, execute, deliver and acknowledge, for and on behalf of said corporations, as sureties, bonds, undertakings and contracts of suretyship giving and granting unto said Attomey(s)-in-Fact full power and authority to do and to perform every act necessary, requisite or proper to be done in connection therewith as each of said corporations could do, but reserving to each of said corporations full power of substitution and revocation, and all of the acts of said Attomey(s)-in-Fact, pursuant to these presents, are hereby ratified and confirmed. This Power of Attorney is granted and is signed by facsimile under and by authority of the following resolutions adopted by the respective Board of Directors of DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, effective as of November 1, 2000: RESOLVED, that the Chairman of the Board, the President and any Vice President of the corporation be, and that each of them hereby is, authorized to execute Powers of Attorney, qualifying the attomey(s) named in the Powers of Attorney to execute, on behalf of the corporations, bonds, undertakings and contracts of suretyship; and that the Secretary or any Assistant Secretary of the corporations be, and each of them hereby is, authorized to attest the execution of any such Power of Attorney; RESOLVED, FURTHER, that the signatures of such officers may be affixed to any such Power of Attorney or to any certificate relating thereto by facsimile, and any such Power of Attorney or certificate bearing such facsimile signatures shall be valid and binding upon the corporation when so affixed and in the future with respect to any bond, undertaking or contract of suretyship to which it is attached. IN WITNESS WHEREOF, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA have severally caused these presents to be signed by their respective Executive Vice President and attested by their respective Secretary this 1st day of December, 2005. �...„N"'..„ BY: .,•''y AND i:•.'••.. ....t,FANYn. David H. Rhodes, Executive Vice -President OCT. 5 1967 Walter A. Crowell, Secretary STATE OF CALIFORNIA COUNTY OF ORANGE On December 1, 2005 before me, Gina L. Gamer, (here insert name and title of the officer), personally appeared David H. Rhodes and Walter A. Crowell, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. Signature WITNESS my hand and official seal. 672a, ?/ A"_n� GINA L. GARNER COMM. # 1569561 '�E (SEAL) NOTARY PUBLIC CALIFORNIA j ORANGE COUNTY My Comm. expires May 13, 2t109 CERTIFICATE The undersigned, as Assistant Secretary, of DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, does hereby certify that the foregoing Power of Attorney remains in full force and has not been revoked, and furthermore, that the provisions of the resolutions of the respective Boards of Directors of said corporations set forth in the Power of Attorney, are in force as of the date of this Certificate. This Certificate is executed in the City of Irvine, California, the day of By Albert Hillebrand, Assistant Secretary ID-1380 (Rev. 12/05) Tw�y 4 4Q" P.O. Box 1504 LA QUINTA, CA 92247-1504 78-495 CALLE TAMPICO LA QUINTA, CA 92247-1504 April 19, 2011 Mr. George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P, Box 430 Las Oswego, OR 97035 Re: Tract Mao 30096-1 Dear Mr. Robertson: OFFICE OF THE CITY CLERK (760) 777-7103 FAX (760) 777-7107 The City's Public Works Department has authorized the release of Maintenance Bond 55313OS-1 in the amount of $1 19,939 for on -site improvements, track 30096-1, Puerta Azul. Enclosed is the original bond issued by Developers Surety and Indemnity Company. If you have any questions, please call me at (760) 777-7123. Sincerely, 1 Susan Maysels Deputy City Clerk cc: Tim Jonasson, Public Works Director/City Engineer Anchor Insurance & Surety, Inc wI File V� INSCO INSURANCE SERVICES, INC. Insc%rq Underwriting Manager for: p Developers Surety and Indemnity Company Indemnity Company of California 17780 Fitch, Suite 200 • Irvine, California 92614 • (949) 263-3300 MAINTENANCE BOND BOND NO.: 55313OS-1 Premium included in Performance Bond KNOW ALL MEN BY THESE PRESENTS: THAT we, Puerta Azul Partners, LLC , as Principal, and Developers Surety and Indemnity Company , a corporation organized and doing business under and by virtue of the laws of the State of Iowa and duly licensed to conduct surety business in the State of California, as Surety, are held and firmly bound unto City of La Quinta 78 495 Callie Tampico La Quinta, CA 92253 as Obligee, in the sum of One Hundred Nineteen Thousand Nine Hundred Twenty Nine and No/100 ------------------------------- ($ 119,929.00 Dollars, for which payment, well and truly to be made, we bind ourselves, our heirs, executors and successors, jointly and severally firmly by these presents. THE CONDITION OF THE OBLIGATION IS SUCH THAT: WHEREAS, the above named Principal entered into an agreement or agreements with said Obligee to: Puerta Azul Subdivision Improvements TM 30096-1, On -Site Improvements WHEREAS, said agreement provided that Principal shall guarantee replacement and repair of improvements as described therein for a period of one year following final acceptance of said improvements; NOW, THEREFORE, if the above Principal shall indemnify the Obligee for all loss that Obligee may sustain by reason of any defective materials or workmanship which become apparent during the period of one year from and after acceptance of the said improvements by Obligee, then this obligation shall be void; otherwise to remain in full force and effect. IN WITNESS WHEREOF, the seal and signature of said Principal is hereto affixed and the corporate seal and the name of the said Surety is hereto affixed and attested by its duly authorized Attorney -in -Fact this 12th Puerta Azul Partners, LLC ID-1201 (CA) (One Year Term) (REV. 3/01) day of June 2008 YEAR Principal Developers Surety and Indemnity Company Tamara A. Ringeisen A /I Attorney -in -Fact LCW'FORNIAALL-PURPOSE ACKNQUULEDGNIENT State of Oregon County Of Multnomah On June 12 2008 before me, Vicki L. Nicholson Nota Public, personally appeared Tamar. A. Ringeisen who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized-capacity(ies), and that by his/her/their signature(s) on the instrument the person(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 hand and official seal. (seal) Signature V �&- J, OFFICIAL SEAL VICKi L NICHOLSON NOTARY FLI6LIGOREG0N COMMISSION NO. SM56 MY COMMISSION EMPIRES JULY9, 2008 POWER OF ATTORNEY FOR DEVELOPERS SURETY AND INDEMNITY COMPANY INDEMNITY COMPANY OF CALIFORNIA PO Box 19725, IRVINE, CA 92623 (949) 263-3300 KNOWALL MEN BY THESE PRESENTS, that as except as expressly limited, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, do each, hereby make, constitute and appoint ***John D. Klump, Vicki Mather, Philip 0. Forker, Gloria Bruning, Richard W. Kowalski, Tamara A. Ringeisen, Colleen A. Bradshaw, Ray M. Paiement, Brent Olson jointly or severally*** as their true and lawful Adomey(s)-in-Fact, to make, execute, deliver and acknowledge, for and on behalf of said corporations, as sureties, bonds, undertakings and contracts of surety- ship giving and granting unto said Attomey(s)-in-Fact full power and authority to do and to perform every act necessary, requisite or proper to be done In connection therewith as each of said corporations could do, but reserving to each of said corporations full power of substitution and revocation, and all of the acts of said Attomey(s)-in-Fact, pursuant to these presents, are hereby ratified and confirmed. This Power of Attorney is granted and is signed by facsimile under and by authority of the following resolutions adopted by the respective Board of Directors of DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, effective as of January 1st, 2008. RESOLVED, that the chairman of the Board, the President and any Vice President of the corporation be, and that each of them hereby is, authorized to execute Powers of Attorney, qualifying the attomey(s) named In the Powers of Attorney to execute, on behalf of the corporations, bonds, undertakings and contracts of suretyship; and that the Secretary or any Assistant Secretary of the corporations be, and each of them hereby is, authorized to attest the execution of any such Power of Attorney; RESOLVED, FURTHER, that the signatures of such officers may be affixed to any such Power of Attorney or to any certificate relating thereto by facsimile, and any such Power of Attorney or certificate bearing such facsimile signatures shall be valid and binding upon the corporations when so affixed and in the future with respect to any bond, undertaking or contract of suretyship to which it is attached. IN WITNESS WHEREOF, DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA have severally caused these presents to be signed by their respective Vice President and attested by their respective Assistant Secretary this January 1st, 2008, By:� °.�yo`4AN.Y n Stephen T Pate, Senior Vice Presiden s �,� ��pO44T F� s �A OpPU By' = d' 19 3 ti o i �r� '•.7�'�. IOW1,'.�`Y v}. 19$7 {+. *PCIFOF1a� Charles L. Day, Assistant Secretary` State of California County of Orange On January ist, 2008 before me, Christo herJ. Roa❑h Notary Public Date Here Insert Name and Tifle of the Officer personally appeared Place Notary Seal Above T. Pate and Charles L. Da Name(s) of Slgner(s) who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) Ware subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(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 hand and offs Signature Ch er J. Roach CERTIFICATE The undersigned, as Assistant Secretary, of DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA, does hereby certify that the foregoing Power of Attorney remains in full force and has not been revoked, and furthermore, that the provisions of the resolutions of the respective Boards of Directors of said corporations set forth in the Power of Attorney, are in force as of the date of this Certificate. This Certificate is executed in the City of Irvine, California, the 12 thay of June , 200.8 By: Albert Hillebrand, Assistant ecretary I D-1 380(Wet)(Rev. 07/07) NO. UUOU5 STATE OF CALIFORNIA DEPARTMENT OF INSURANCE SAN FRANCISCO Amended Certificate of Authority THIS IS TO CERTIFY, That, pursuant to the Insurance Code of the State of California, Developers Surety and Indemnity Company of Iowa, organized under the laws of Iowa, subject to its Articles of Incorporation or other fundamental organizational documents, is hereby authorized to transact within this State, subject to allprovisions of this Certificate, the following classes of insurance: Fire, Marine, Surety, Plate Glass, Liability, Boiler and Machinery, Burglary, Sprinkler, Automobile, Legal, and Miscellaneous as such classes are now or may hereafter be defined in the Insurance Laws of the State of California. THIS CERTIFICATE is expressly conditioned upon the holder hereof now and hereafter being in full compliance with all, and not in violation of any, of the applicable laws and lawful requirements made under authority of the laws of the State of California as long as such laws or requirements are in effect and applicable, and as such laws and requirements now are, or may hereafter be changed or amended. Fee $1287.00 Rec. No. IN WITNESS WHEREOF, effective as of the 8th day of February, 2008, I have hereunto set my hand and caused my official seal to be affixed this 8th day of February, 2008. Steve Poizner Insurance Commissioner Filed 3/6/07 By Susan J. Stapp for Jim Richards Chief Deputy Certification I, the undersigned Insurance Commissioner of the State of California, do hereby certify that I have compared the above copy of Certificate of Authority with the duplicate of original now on f le in my office, and that the same is a full, true, and correct transcript thereof, and of the whole of said duplicate, and said Certificate of Authority is now in full force and effect. IN WITNESS WHEREOF, I have hereunto set my hand and caused my official seal to be affixed this 18th day of June, 2008. Steve Poizner Insurance Commissioner By Pauline D'Andrea Company Profile DEVELOPERS SURETY AND INDEMNITY COMPANY 17780 FITCH, SUITE 200 IRVINE, CA 92613 Agent for Service of Process ALBERT HILLEBRAND, 17780 FITCH SUITE 200 IRVINE, CA 92614 Unable to Locate _t le Agent for Service of Process? Reference Information NAIC #: 12718 NAIC Group #: 0075 California Company ID #: 4606-0 Date authorized in California: August 30, 1999 License Status: UNLIMITED -NORMAL Company Type: State of Domicile: Property & Casualty IOWA Lines of Insurance Authorized to 'Transact The company is authorized to transact business within these lines of insurance. For an explanation of any of these terms, please refer to the loss ry. AUTOMOBILE BOILER AND MACHINERY BURGLARY FIRE LEGAL INSURANCE LIABILITY MARINE MISCELLANEOUS PLATE GLASS SPRINKLER SURETY Company Complaint Information http://interactive.web.insurance.ca.gov/webuser/idb_co_prof utl.get_co_prof?p_EID=100170 6/18/2009 Tiht 4 sCwQ91Krw MEMORANDUM To: Veronica J. Montecino, CMC, City Clerk From: Ed Wimmer, Development Services Principal Engineer Via: AM-0thy R. Jonasson, P.E., Public Works Director /CitY Engineer ineer Date: April 13, 2011 Subject: Release of Warranty Security for Tract Map No. 30096-1, Puerta Azul, On -Site Improvements Please release the following warranty security held in your files for the above referenced tract. The onsite improvements were accepted by City Council on May 5, 2009. The warranty amount and the address to the developer and surety company are as follows: TRACT No. 30096-1 Warranty Bond No. Warranty Amount 553130S $119,939 Developer: Mr. George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P Box 430 Lake Oswego, OR 97035 Surety Company: Anchor Insurance & Surety, Inc. 1201 SW 12th Avenue, Suite 500 Portland, OR 97205 Attn: Tammy Ringeisen Cc: Project File I, Tract Map No. 30096-1 TATracts_Parcel Maps_SP\30000-39999\30096\Internal Correspondence\Release of Warranty Security memo TM 30096- 1 onsite.doc Tihf 4 4 a" P.O. Box 1504 LA QUINTA, CA 92247-1504 78-495 CALLE TAMPICO LA QUINTA, CA 92247-1504 September 24, 2010 George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P — Box 430 Lake Oswego, OR 97035 Re: Tract Map 30096-1 To Whom It May Concern: OFFICE OF THE CITY CLERK (760) 777-7103 FAX (760) 777-7107 Per authorization from the Public Works Department, the City Clerk's Office has received and filed a reduction bond rider in the amount of $62,000 for above - mentioned tract. If you have any questions, please call me at (760) 777-7002. Sincerely, i - PHYLLIS MANLEY, Deputy City Clerk City of La Quinta cc: Tim Jonasson, Public Works Director/City Engineer Developers Surety & Indemnity Company File T41tt 4 4aaumrw MEMORANDUM To: Veronica J. Montecino, CMC, City Clerk From: E0 Wimmer, Development Services Principal Engineer Via: VTliothy R. Jonasson, Public Works Director / City Engineer Date: September 16, 2010 Re: Reduction Bond Rider to Performance Security for Puerta Azul, Tract Map No. 30096-1 Please attach the new reduction bond rider to the existing Performance security bond for TM 30096-1, off -site improvements. Please find enclosed the new reduction bond rider (reduced amount) which, will secure the completion of the remaining off -site improvements. A copy of Developers Surety and Indemnity Company's profile from the Department of Insurance website is attached. The amounts and addresses to the developer and the surety company are as follows: TRACT No. 30096-1 Bond Number Performance Reduced Performance Securi Amount 553131 S $284,087.95 $62,000 Developer: Mr. George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P Box 430 Lake Oswego, OR 97035 Surety Company: Developers Surety and Indemnity Company 17780 Fitch, Suite 200 Irvine, CA 92614 Cc: Project File I, Tract Map No. 30096-1 T'�4 4 4 Qu4trai P.O. Box 1504 LA QUINTA, CALIFORNIA 92247-1504 78-495 CALLS TAMPICO (760) 777-7000 LA QUINTA, CALIFORNIA 92253 FAX (760) 777-7101 April 22, 2010 George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P Box 430 Lake Oswego, OR 97035 Re: Tract Map No. 30096-1, Puerta Azul Bond No. 553131 S Dear Mr. Robertson: Per your request, the City has verified that Bond No. 553131 S posted for Puerta Azul's off -site improvements was reduced to $62,000 on May 5, 2009. If you have any questions regarding this matter, please feel free to contact Ed Wimmer, Development Services Principal Engineer, at (760) 777-7088. Sincerely, moth . J sson P.E. Public rk irector/City Engineer TRJ/AY cc: Project File, Tract Map No. 30096-1, File I Company Profile DEVELOPERS SURETY AND INDEMNITY COMPANY 17780 FITCH, SUITE 200 IRVINE, CA 92613 Agent for Service of Process SUSAN M. MOORE, 11780 FITCH SUITE 200 IRVINE, CA 92614 Unable to Locate the Agent for Service of Process? Reference Information NAIC #: NAIC Group #: California Company ID #: Date authorized in California: License Status: Company Type: State of Domicile: 12718 0075 4606-0 August 30, 1999 UNLIMITED -NORMAL Property & Casualty IOWA Lines of Insurance Authorized to Transact The company is authorized to transact business within these lines of insurance. For an explanation of any of these terms, please refer to the gloss ary. AUTOMOBILE BOILER AND MACHINERY BURGLARY FIRE LEGAL INSURANCE LIABILITY MARINE MISCELLANEOUS PLATE GLASS SPRINKLER SURETY http://interactive.web.insurance.ca.gov/webuser/idb_co_prof utl.get_co_prof?p_EID=100170 9/3/2010 fib P.O. Box 1504 LA QUINTA, CALIFORNIA 92247-1504 78-495 CALLF TAMPICO (760) 777-7000 LA QUINTA, CALIFORNIA 92253 FAX (760) 777-7101 September 11, 2009 Ms. George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P — Box 430 Lake Oswego, OR 97035 Re: Tract Map 30096-1 To Whom It May Concern: Per authorization from the Public Works Department, the City Clerk's Office hereby releases Labor & Materials Bond No. 553130S in the amount of $1,481,864.68. If you have any questions, please call me at (760) 777-7002. Sincerely VERONICA J . ONTECINO, City Clerk City of La Quinta, California cc: Tim Jonasson, Public Works Director/City Engineer Developers Surety & Indemnity Company Anchor Insurance & Surety, Inc. File T-ity 4 P Qa!A& MEMORANDUM To: Veronica J. Montecino, CMC, City Clerk From: Ed Wimmer, Development Services Principal Engineer Via: rl mothy R. Jonasson, P.E., Public Works Director / tty Engineer Date: August 17, 2009 Re: Release of On -Site Labor & Materials Securities for Tract Map No. 30096-1 and 30096-2, Puerta Azul Please release the following Labor & Materials securities held in your files for the above referenced tracts. The on -site improvements were accepted by City Council on May 5, 2009; therefore, the retention of the Labor & Materials 90-day period was completed on August 5, 2009. The Labor & Materials security amount and the address to the developer and Surety Company are as follows: Labor and Materials Tract No. Bond Amount Bond No. 30096-1 553130S $1,481,864.68 30096-2 556505S $871,540.00 Developer: Mr. George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P — Box 430 Lake Oswego, OR 97035 Surety Company: Anchor Insurance & Surety, Inc. 1201 SW 12th Avenue, Suite 500 Portland, OR 97205 Attn: Tammy Ringeisen Cc: Project File I, Tract Map No. 30096-1 and 30096-2 Amy Yu, Assistant Engineer II TATracts_Parcel Maps_SP\30000-39999\30096\Internal Correspondence\Release of L & M Security memo TM 30096-1, -2.doc T4ht 4 P Q" MEMORANDUM To: Veronica J. Montecino, CMC, City Clerk From: Ed Wimmer, Development Services Principal Engineer Via: eimothy R. Jonasson, P.E., Public Works Director / City Engineer g eer Date: June 15, 2009 Re: Retain Warranty Securities and Release Performance Securities for Tract Map No. 30096-1 and 30096-2, Puerta Azul, On -Site Improvements Please retain the attached Warranty securities for the on -site improvements for the above referenced tract. Tract Map No. Type of Bond F Bond No. Performance Amount 30096-1 Warranty 553130S-1 $1 19, 929 30096-2 Warranty 556505S-1 $54,642 Please release the following on -site Performance securities held in your files for the above referenced tract. The on -site improvements were accepted by City Council on May 5, 2009. Tract Map No. Type of Bond Bond No. Performance Amount 30096-1 Performance 553130S $1,481,864.68 30096-2 Performance 556505S $887,490 The address to the developer and the surety company are as follows: Developer: Ms George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P — Box 430 Lake Oswego, OR 97035 TATracts_Parcel Maps_SP\30000-39999\30096\Internal Correspondence\Release of Performance & Retain Warranty memo TM 30096-1.doc Surety Company: Anchor Insurance & Surety, Inc. 1201 SW 121h Avenue, Suite 500 Portland, OR 97205 Attn: Tammy Ringeisen cc: Project File I, Tract Map No. 30096-1 and 30096-2 Amy Yu, Assistant Engineer II TATracts_Parcel Maps_SP\30000-39999\30096\Internal Correspondence\Release of Performance & Retain Warranty memo TM 30096-1.doc WARRANTY SECURITY TM 30096-1 Development Name: Puerta Azul ON -SITE IMPROVEMENTS Performance Security' Improvement Description Labor & Materials2 Performance Amount Proposed Reduction WARRANTY AMOUNT Grading $272,916 $272,916 90% $27,292 Streets & Storm Drain $586,685 $586,685 90% $58,669 Domestic Water $112,687 $112,687 90% $11,269 Sanitary Sewer $87,000 $87,000 90% $8,700 Dry Utilities $140,000 $140,000 90% $14,000 Monumentation $10,000 $10,000 100% $0 Standard Contingency 10%) $120,929 $120.929 100% $0 Professional Fees Construction, 10% $133,022 $133,022 100% $0 Professional Fees (Design, 10%) $18,626 $18,626 100% $0 Totals $1,481,864 $1,481,865 -- $119,929 WARRANTY SECURITY TM 30096-2 Development Name: Puerta Azul ON -SITE IMPROVEMENTS Performance Security' Improvement Description Labor & Materials2 Performance Amount Proposed Reduction WARRANTY AMOUNT Street Improvements $181.920 $181,920 90% $18.192 Domestic Water $75,210 $75,210 90% $7.521 Sanitary Sewer $79,290 $79,290 90% $7,929 Dry Utilities $210,000 $210.000 90% $21,000 Monumentation - $10,000 100% $0 Standard 10% Contingency $54,642 $55,642 100% $0 Professional Fees, Design 10% $60,106 $61,206 100% $0 Professional Fees, Construction 10% $60,106 $61,206 100% $0 No Plans Contingency, 25% $150,270 $153,016 100% $0 Totals $871,544 $887,490 -- $54,642 TATracts_Parcel Maps_SP\30000-39999\30096\Internal Correspondence\Release of Performance & Retain Warranty memo TM 30096-1.doc T-i 4 4 4 P.O. Box 1504 LA QUINTA, CALIFORNIA 92247-1504 78-495 CALLC TAMPICO (760) 7 7 7 - 7 0 0 0 LA QUINTA, CALIFORNIA 92253 FAX (760) 777-7101 June 22, 2009 Ms. George Robertson Puerta Azul Partners, LLC 3 Monroe Parkway Suite P — Box 430 Lake Oswego, OR 97035 Re: Tract Map 30096-1 To Whom It May Concern: Per authorization from the Public Works Department, the City Clerk's Office has received a warranty bond in the amount of $1 19,929 and hereby releases Performance Bond No. 553130S in the amount of $1,481,864.68. If you have any questions, please call me at (760) 777-7002. Sincerel VERONICA J.. MONTECINO, City Clerk City of La Quinta, California cc: Tim Jonasson, Public Works Director/City Engineer Developers Surety & Indemnity Company Anchor Insurance & Surety, Inc. File RESOLUTION NO. 2009 - 037 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA QUINTA, CALIFORNIA, AMENDING THE SUBDIVISION IMPROVEMENT AGREEMENT FOR THE OFF -SITE IMPROVEMENTS AND ACCEPTING THE OFF - SITE IMPROVEMENTS FOR PUERTA AZUL (TRACT 30096) WHEREAS, the City Council approved the Subdivision Improvement Agreement (SIA) for Off- Site Improvements for Tract Map No. 30096, Puerta Azul, on June 3, 2003; and WHEREAS, the City currently holds a developer bond which includes the 2003 estimated cost ($75,000) to construct one-half of the anticipated traffic signal on Madison Street at the southernmost Puerta Azul access; and WHEREAS, the traffic signal on Madison Street at the southernmost Puerta Azul Access is not required to support the Traffic and Circulation Element in the City's General Plan; and WHEREAS, the City Traffic Engineer recommends that if a traffic signal were not constructed on Madison Street at the Puerta Azul southernmost access, that the developer instead be obligated to install a raised median on Madison Street to prevent left turns out of both the Puerta Azul and The Legends developments; and WHEREAS, all of the remaining off -site improvements associated with the SIA including curb & gutter, sidewalk, curb ramps, storm drain, catch basins, water and sewer improvements, landscaping, signing, striping, and asphalt concrete pavement have been satisfactorily completed; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of La Quinta, California, as follows: 1. Amend the SIA for the Off -Site Improvements to: 1) remove the Developer Obligation for 50% of a Traffic Signal on Madison Street at the southernmost Puerta Azul Access and 2) add a Developer Obligation to construct a raised median on Madison Street that prohibits left turns out of both the southernmost Puerta Azul access and the PGA West Legends Way access 2. Accept the Off -Site Improvements for Puerta Azul (Trbct 30096) conditional upon receipt of a cash deposit from the developer for I futur� raised median on Madison Street at the southernmost Puerta Azul access. 444-4 PUBLIC WORKS/ENGINEERING DEPARTMENT INTEROFFICE MEMORANDUM TO: Veronica J. Montecino, CMC, City Clerk FROM: Amy Yu, Assistant Engineer II lt� VIA: Ai mothy R. Jonasson, Public Works Director/City Engineer DATE: May 3, 2007 RE: Restoration Bond for Tract Map 30096-1, Puerta Azul Please retain the attached Restoration Security for Tract Map No. 30096-1, Puerta Azul. Please find the following enclosed: 1. Restoration Bond for Tract No. 30096, Puerta Azul Performance = $ 23,166.00 Bond No 552783C Surety: Developers Surety and Indemnity Company If you have any questions, please contact me at extension 7047. Thank You. T:\Tracts\30000-39999\30096\Internal Correspondence\Restoraton Bond memo - TR 30096.doc CITY OF LA QUINTA PUBLIC WORKS DEPARTMENT INTEROFFICE MEMORANDUM TO: JUNE GREEK, CITY CLERK FROM: JESSE G. JIMENEZ, COUNTER TECHNICIAN SUBJECT: SUBDIVISION IMPROVEMENT AGREEMENTS AND BONDS FOR TRACT 30096-1 DATE: AUGUST 18, 2003 The following documents have been attached for your review: • (2) Signed Original Subdivision Improvement Agreement for Tract 30096-1 (Off -Site) (2) Signed Original Subdivision Improvement Agreement for Tract 30096-1 (On -Site) • (2) Performance Bonds (On -Site & Off -Site) (Previously given to June Greek on 8/18/2003 to be filed and processed) (2) Labor and Material Bonds (On -Site & Off -Site) (Previously given to June Greek on 8/18/2003 to be filed and processed) If you have any questions or need.additional information please call extension 7089. Thank you i9i r rd oyl - SAC -t- T� Sc rJ l v e ID� CITY OF LA QUINTA PUBLIC WORKS DEPARTMENT INTEROFFICE MEMORANDUM TO: TIM JONASSON, DIRECTOR OF PUBLIC WORKS FROM: JESSE G. JIMENEZ, COUNTER TECHNICIAN aC� SUBJECT: SUBDIVISION IMPROVEMENT AGREEMENT (TRACT 30096-1) DATE: AUGUST 18, 2003 Please sign the attached subdivision improvement agreements. I have attached a copy of the recorded tract map for your convenience. Your signature will allow the City Clerk the opportunity to process the subdivision improvement agreements and the bonds. If you have any questions or need additional information please call me at extension 7089. Thank you 1g1 mz ° D c➢ - N u0 z z O z� rn p m z �g LA. a n v \ z q0 � i I m 4z m 0 w � 22 N ? mA o "z D 9m m �s N o z R Ln Ny €g o � o$ 0 i° mao y C �ZjR Am goy r R^" Wq ' o^ z a g off 4 y VA qo ;n c�'� '� __ _"' �a�= a RN gig= zv.". z.>. 106 o4R m< oy"g ;?C9 mgg i Y m ; $ mN"�' '�^� b'•'^o om 4'm Rg rirn 8o N=;" a�7 S, I >22 "so >� > �$ » rg 9aP -c . oei A: 6M _1 '5' '�jm oy 2 n r'� pi p1g= �i 514m, �g x2 "> Zr y"Ngym $~]pp~pyp >r pA �� N2; n� 3Z Zp NO 21�,1� LNL11A 1S£nOC O� , z rg� np YOlb m OC u o m '"> �� oo $s: >g A mom Nr ����" om 4' o o o. z> 4 m s i z a z m A VI IA v z 0 z m Vt D m z ; D a,x o ?l . mo a' y f �R o gg $91 o o r 4> . VI �n „ y u C�: D ,`��g m m PH 4i ��� n n ZI y� r ; �ii 2a D ncm ^ - y $ F z HA irk is'"1" :� RA g f R o n 1 �tiA $ a "1!4�m�y g� IFk R C Cl O n �m m Z MY g" _ D m mN y C7 c CD i 3' PSIO 5 Om CN 11 [] i° AZ D �V! - > Ao OF H COD A'� Z zo� > D CD D Y Zooo AC ZO � Ozi OND O m r A u00 n 2 (n Z=� m �m m � O0 C mp m C> O O N n I0 N z°c Q> A a mA A � J� D D z VI zl O o= D 1 wit(f 4 aCP PUBLIC WORKS/ENGINEERING DEPARTMENT INTEROFFICE MEMORANDUM TO: June Greek, City Clerk FROM: Anthony Colarossi, Assistant Engineer I SUBJECT: Tract Map No. 30096-1, Puerta Azul DATE: July 14, 2004 This memo is in response to a letter sent on September 12, 2003 to Puerta Azul Partners, LLC regarding Subdivision Improvement Agreement Securities for Tract Map No. 30096-1 (please see attached). The letter requested supplemental bonds for Professional Fees (Construction) for off -site improvements required at the time. However, as of 7/14/04, the offsite improvements have been nearly completed, and the need for such bonding for Professional fees (Construction) is no longer needed. Therefore, we request that the SIA process be completed and all bonding and the agreement signed. If you have any questions, please contact me at extension 7089. Thank You. T:\PWDEPT\Tracts\30096\Interna1 Correspond ence\puerta azul bond.doc P.O. Box 1504 78-495 CALLE TAMPICO LA QUINTA, CALIFORNIA 92253 September 12, 2003 Louis Swart, President Puerta Azul Partners LLC 17700 Upper Boones Farm Road Suite 100 Portland Or 97224 PUBLIC WORKS DEPARTMENT (760) 777-7075 FAX (760) 777-7155 Re: Puerta Azul Tract 30096-1:Off-Site Subdivision Improvement Agreement Exhibit A Securities (page 7 of 7) Dear Mr. Swart: It has come to our attention that the above mentioned document has been changed without prior authorization. It no longer reflects the correct bond amounts required for the off site improvements specific to your project. In order for the City to enter into an agreement with your corporation the following must be received: • Supplemental bond for Professional Fees (Construction) in the amount of $28,408.79 for Performance. • Supplemental bond for Professional Fees (Construction) in the amount of $28,408.79 for Labor and Materials. • Signed and notarized Off -Site Subdivision Improvement Agreement with a corrected Exhibit A page reflecting the correct bond amounts. If you have any questions or need additional information please call Jesse Jimenez, Counter Technician at (760)777-7089. Sincerely, Sfeveeer Assistan'tVy Engineer SS/jgj P.O. Box 1504 78-495 CALLE TAMPICO LA QUINTA, CALIFORNIA 92253 July 16, 2004 Louis Swart, President PUERTA AZUL PARTNERS LLC 17700 Upper Boones Farm Rd., Ste. 100 Portland, OR 97224 Dear Mr. Swart: (760) 7 7 7 - 7 0 0 0 FAX (760) 777-7101 Please find enclosed fully executed Subdivision Improvement Agreements for On -site and Off -site Improvements for Tract 30096-1. Should you have any questions, please contact the Public Works Department (760) 777-7075. Sincerely, JUNE S. GREEK, CMC City Clerk enclosures c: Tim Jonasson, Public Works Director/City Engineer OUTSTANDING BOND REPORT Name: Puerta Azul Partners Tract No. 30096-1 Date of Contract: May 8, 2004 Required Bond Amounts: Onsite Grading Streets/Drainage Water Sewer Utilities Monumentation 10% Contingency Prof. Fees Design 10% Prof. Fees Const. 10% Offsite Streets Water Sewer Traffic Signal 10% Contingency Dates of Bond Reductions: $272,916 performance/labor & materials $586,685 same $112,687 same $ 87,000 same $140,000 same $ 10,000 performance only $120,928.80 / $120,928.80 $ 18,626.20 / $ 18,626.20 $133,021,68 / $133,021.68 $121,893.77 performance/labor & materials $ 49,608.00 same $ 11,760.00 same $ 75,000.00 same $ 25,826.18 same Outstanding Bonds and Bond Company: Amount: Bond No. $1,481,864.68 553130S $1,481,864.68 same $ 284,087.95 553131 S $ 284,087.95 same Developers Surety & Indemnity Date Cancelled/Released: CITY OF LA QUINTA SUBDIVISION IMPROVEMENT AGREEMENT TRACT No. 300% ON SITE IMPROVEMENTS THIS SUBDIVISION IMPROVEMENT AGREEMENT (the "Agreement") is made and entered into this 344% day of M6jr , 20 03 , by and between Puerta Azul Partners, LLC, , a Oregon Corporation hereinafter referred to as "Subdivider," and the City of La Quinta, a municipal corporation of the State of California, hereinafter referred to as "City." RECITALS: A. Subdivider has prepared and filed a final map or parcel map (the "Map") of a unit of land in the City of La Quinta, County of Riverside, which unit of land is known as Tract No. 30096 (the "Tract") pursuant to the provisions of Section 66410, et sec. of the California Government Code (the "Subdivision Map Act"). B. Prior to approval of the Map, Subdivider is required to install or agree to install certain public and private improvements (the "Improvements"). C. The Improvements have not been installed and accepted at this time. D. It is therefore necessary that Subdivider and City enter into an agreement for the installation of the Improvements as provided in Section 66462 of the Subdivision Map Act. NOW, THEREFORE, it is agreed by and between the parties hereto as follows: 1. Improvement Plans. Prior to submittal of the Map for approval by the City Council, Subdivider shall furnish original improvement plans meeting the requirements of the City Engineer. 2. Improvements. Subdivider shall construct the public and private street, drainage, utility, landscaping, and other improvements required to be constructed or agreed to be constructed under this Agreement as listed in Exhibit "A", and shall bear the full cost thereof. The methods, standards, specifications, sequence, and scheduling of construction shall be as approved by the City Engineer. 3. Improvement Security. A. One class of security to be provided by Subdivider, hereinafter referred to as "performance security," shall assure the faithful performance of this Agreement including construction of the Improvements, payment of Subdivider's fair share of Improvements which have been or will be constructed by others ("Participatory Improvements"), and payment of plan check and permit fees. A second class of security to be provided by Subdivider, hereinafter referred to as "payment security," shall assure the payment of the cost of labor, equipment and materials supplied to construct the Improvements. A third class of security to be provided by Subdivider, hereinafter referred to as "warranty security," shall serve as a guarantee and warranty of the Improvements for a period of one year following the completion and acceptance of the Improvements. Subdivider shall furnish performance and payment security prior to and as a condition of City Council approval of the Map. Subdivider shall provide warranty security after Improvements are complete and accepted by the City Council and prior to or concurrently with the final release of performance security. Warranty security shall not be required for Monumentation or Participatory Improvements. However, the City may utilize Monumentation Security for performance of or payment for the work in accordance with the Subdivision Map Act. As part of the obligation secured by each of the performance security, payment security and warranty security, and in addition to the face amount of each such security, each such security shall include and assure the payment of costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by City in successfully enforcing the obligations thereby secured. B. Improvement security shall conform with Section 66499 of the California Government Code and one or more of'the following: 1) A cash deposit with City or a responsible escrow agent or trust company, at City's option. T:\PWDEPT\Devdiv I Agreements\30096 onsite sia.doc Page 1 of 6 2) Surety bonds, of the form specified in subsection 66499.2 of the California Government Code, issued by a surety or sureties listed in the U.S. Department of Treasury Circular 570 (latest version). 3) Certificates of deposit, in City's name, from one or more financial institutions subject to regulation by the state or federal government and having a financial quality rating of "A" or better and a commitment reliability rating of "R-2" or better on the Investment Data Exchange (of the Los Angeles County Treasurer's office). 4) Irrevocable letters of credit, issued by one or more financial institutions meeting the requirements of Paragraph (3), pledging that the funds necessary to carry out the completion of the Improvements are on deposit, guaranteed for payment, and constitute a trust fund which is not subject to levy or attachment by any creditor of the depositor until released by City. Letters of credit shall guarantee that all or any portion of the funds available pursuant to the letters of credit will be paid upon the written demand of City and that such written demand need not present documentation of any type as a condition of payment, including proof of loss. The duration of any such letter of credit shall be for a period of not less than one year from the execution of the agreement with which it is provided and shall state, on its face, that the letter of credit will be automatically renewed until such time that City authorizes its expiration or until sixty (60) days after City receives notice from the financial institution of intent to allow expiration of the letter of credit. 5) A lien upon the subdivided property, if City finds that it would not be in the public interest to require the installation of the Improvements sooner than two (2) years after recordation of the final map or parcel map for which the Improvements are required. The lien shall provide a collateral value of three (3) times the estimated cost of the Improvements and shall include the power of sale of the real property, all buildings and improvements thereon, or that may be erected upon or made thereto, together with all hereditaments and appurtenances thereunto belonging, or in any wise appertaining, and the reservations, remainders, rents, issues, and profits thereof. The collateral value of the property shall be established at Subdivider's expense through an appraisal approved by City. 6) An instrument of credit from an agency of the state, federal or local government, when any agency of the state, federal, or local government provides at least Twenty Percent (20%) of the financing for the Improvements. 7) When Subdivider is a non-profit organization, security may be negotiable bonds, of the kind approved for securing deposits of public moneys with City or in favor of City, as specified in Section 16430 of the California Government Code, deposited, at City's option, with City or a responsible escrow agent or trust company. C. All securities shall be furnished in accordance with the provisions of Exhibit A. The amount of the performance security shall equal One Hundred Percent (100%) of the estimated cost of constructing the Improvements, including payment of plan check and permit fees, as estimated by the City Engineer or a duly authorized representative of the City Engineer. The amount of Payment security shall equal the amount of the amount of performance security, except as otherwise set forth in Exhibit A, and shall be furnished as a separate security. Warranty security shall equal Ten Percent (10%) of the amount of performance security except as otherwise set forth . in Exhibit A. D. At the time of submittal of security, Subdivider shall pay to City administrative fees applicable to the form of security provided. Administrative fees shall apply to the subdivision (final map, parcel map or waiver of parcel map) rather than to individual security instruments. The fees shall be paid separately for each different form and/or source (surety or financial institution) of security initially submitted and for substitution of securities but shall not be required for submittal of warranty security if the warranty security is of the same form and from the same source as the performance security it replaces. Administrative fees for security shall be as follows: 1) For certificates of deposit, bonds and letters of credit as described in Paragraphs 2), 3) and 4) of SECTION 3.B., which require the establishment of evidence of the reliability of the surety or financial institution, the administrative fee shall be One Hundred Fifty Dollars ($150.00). 2) For liens on real property as described in Paragraph 5) of SECTION 3.B., for which City will prepare lien agreements and subordination agreements, administer valuation of the real property and administer the agreements over the life of the lien, all of which require legal assistance and financial advice, Subdivider shall pay to City an administration fee of One Half of One Percent (0.5%) of the estimated cost of the improvements secured but not less than Five Hundred Dollars ($500.00) nor more than Five Thousand Dollars ($5,000.00). 3) For other forms of security listed in Section 3 B, above, there will be no administrative fee. T:\PWDFPT\DevdivIAgreements\30096 onsite sia.doc Page 2 of 6 E. Participatory Improvements, if any, are identified in Exhibit A. Security for Participatory Improvements shall remain in place until the Participatory Improvements are constructed and actual costs are known and paid by Subdivider, or until Subdivider pays to City the estimated cost of the Participatory Improvements, and shall guarantee the reimbursement by Subdivider of Subdivider's share of the cost of the Participatory Improvements. Payment security and warranty security shall not be required for Participatory Improvements. Upon written demand from City, Subdivider shall deposit cash with City in lieu of or. in replacement of security guaranteeing Participatory Improvements. If Subdivider fails to deposit said cash within 30 daysof the date of the written demand from City, City may present a written demand to Subdivider's Surety for payment of. said cash and Subdivider's Surety shall pay to City the lesser of: 1) the amount demanded, or 2) the amount of the security. F. Security shall not expire, be reduced or become wholly or partially invalid for any reason, including non- payment of premiums, modifications of this Agreement and/or expiration of the time for performance stated in this Agreement, without express authorization from City unless the surety provides City with sixty (60) days written notice by registered or certified mail, return receipt requested. G. Security shall be released in the following manner: 1) Performance security shall be released upon the final completion and acceptance or approval, by the City Council of the Improvements subject to the provisions of paragraph B. 2) The City Engineer may authorize partial reduction of performance security as work progresses, upon application by Subdivider. However, no such reduction shall be for an amount less than Ten Percent (10%) of the total performance security provided for the faithful performance of the act or work. In no event shall security be reduced below that required to guarantee the completion of the act or work or obligation secured, plus Ten Percent (10%). The City Engineer shall not allow .more than two partial reductions of security furnished for any improvement agreement. 3) Participatory Improvement security shall be released upon payment by Subdivider of Subdivider's share of the cost or estimated cost of the Participatory Improvements. 4) If City receives no notice of recorded claims of lien, labor and materials security shall, be released in full 90 days after final acceptance and/or approval by the City Council, of the Improvements. If City receives notice of any recorded lien, the provisions of the Subdivision Map Act shall apply. 5) Warranty security not utilized during the warranty period shall be released one year after final acceptance or approval, by the City Council of all Tract Improvements. However, if at the end of the one-year warranty period, there are one or more outstanding requests by City for performance of work or provision of materials under the terms of the warranty, warranty security shall be retained until the outstanding requests are sati fied or until Subdivider has made other arrangements satisfactory to the City Engineer. 4. Permits Required. Prior to commencing any phase of work, Subdivider shall obtain all permits required for that phase of work and pay all required fees. Work performed under a permit, or permits, shall comply with all provisions of the required permits. 5. Off -site Improvements. When the construction of one or more of the Improvements r the acquisition of real property not owned by Subdivider or City, Subdivider shall use its best eff property at a reasonable price. In the event that Subdivider is unsuccessful, despite its best 1 real property at a reasonable price, Subdivider may request in writing that City attempt to acgf City may, but is not required to, agree to attempt to acquire such real property on behalf of agrees, City and Subdivider shall enter a separate written agreement in a form acceptable to separate agreement shall provide that Subdivider advance to City One Hundred Fifty Percent fair market value of the real property. Any unexpended portion of said advance shall be refun additional funds required for acquisition of the real property shall be paid by Subdivider to City i said real property to Subdivider. In no event shall the failure of Subdivider or City to acquire su4 waive, or otherwise terminate Subdivider's obligation to construct the applicable improve Agreement or the Conditions of Approval. .quires or necessitates arts purchase such real Efforts, to acquire such fire such real property. Subdivider. If City so ;he City Attorney. Said 150%) of the appraised led to Subdivider. Any ipon the conveyance of :h real property excuse, ment pursuant to this T:\PWOEPT\Devdiv I Agreements\30096 onsite sia.doc Page 3 of 6 6. Completion of Improvements. Subdivider shall begin construction of the Improvements within ninety (90) days and shall complete construction within twelve (12) months after the approval of this Agreement. Portions of the Improvements may be completed at a later date, as determined by the City Engineer or as set forth in Exhibit A. Failure by Subdivider to begin or complete construction of the Improvements within the specified time periods shall constitute cause for City, in its sole discretion and when it deems necessary, to declare Subdivider in default of this agreement, to revise improvement security requirements as necessary to ensure completion of the improvements, and/or to require modifications in the standards or sequencing of the Improvements in response to changes in standards or conditions affecting or affected by the Improvements. Said failure shall not otherwise affect the validity of this agreement or Subdivider's obligations hereunder. 7. Force Majeure. In the event that Subdivider is unable to perform within the time limits herein due to strikes, act of God, or other events beyond Subdivider's control, the time limits for obligations affected by such events will be extended by the period of such events. 8. Time Extension. Subdivider may make application in writing to the City Council for an extension of time for completion of the Improvements. The City Council, in its sole and absolute discretion, may approve or deny the request or conditionally approve the extension with additions or revisions to the terms and conditions of this Agreement. As a condition of the time extension, Subdivider shall furnish securities, similar in form and substance to those required in SECTION 3 hereinabove, to cover the period of extension. The value of the securities shall be sufficient to ensure the performance of and payment for Improvements that remain incomplete at the time of the extension, and to provide warranty security on completed Improvements. 9. Survey Monuments. Before final approval of street improvements, Subdivider shall place survey monuments in accordance with the provisions of Sections 66495, et sec. of the Subdivision Map Act and of the La Quinta Municipal Code. Subdivider shall provide the City Engineer written proof that the monuments have been set, evidence of payment and receipt thereof by the engineer or surveyor setting the monuments, and intersection monument tie -outs for monuments set in public streets. 10. Final Acceptance of Improvements. At the completion of construction and prior to acceptance of the Improvements by City, Subdivider shall submit a request for final approval by City. The request shall be accompanied by any required certifications from Subdivider's engineers or surveyors, approval letters from other agencies having jurisdiction over and approval authority for improvements required by this Agreement or the Conditions of Approval, and any required construction quality documentation not previously submitted. Upon receipt of said request, the City Engineer or a duly -authorized representative will review the required documentation and will inspect the Improvements. If the Improvements are determined to be in accordance with applicable City standards and specifications, and as provided herein, obligations required by the Conditions of Approval and this Agreement have been satisfied, and Subdivider has provided revised plans as required in Paragraph 1.1, hereinafter, the City Engineer shall recommend acceptance of the Improvements by the City Council. 11. Revisions to Plans. When the Improvements have been inspected and approved by the City Engineer, Subdivider shall make any necessary revisions to the original plans held by City so the plans depict the actual Improvements constructed. When necessary revisions have been made, each separate sheet of the plans shall be clearly marked with the words As -Built, As -Constructed, or Record Drawing, the marking shall be stamped by an engineer or surveyor, as appropriate for the improvements thereon, who is licensed to practice in California, and the plans shall be resubmitted to the City Engineer. 12. Improvement Warranty. Subdivider hereby guarantees the Improvements to City for a period of one (1) year, beginning on the date of final acceptance of the Improvements by the City Council, against any defective work or labor done, or defective materials furnished, and shall repair or replace such defective work or materials. 13. Release of Security. City shall retain and release securities in accordance with the provisions of Section 3 of this agreement. Prior to the release of payment security, the City Engineer may require Subdivider to provide a title report or other evidence sufficient to show claims of lien, if any, that may affect the amount of payment security released. 14. City Right to Cure. If Subdivider fails to perform any obligation hereunder and such obligation has not been performed within sixty (60) days after written notice of default from City, then City may perform the obligation, and T:\PWOEPT\DevdivIAgreements\30096 onsite sia.doc Page 4 of 6 Subdivider shall pay the entire cost of such performance by City including costs of suit and reasonable attorney's fees incurred by City in enforcing such obligation. In cases of emergency or compelling public interest, as determined by the City Engineer, the requirement for written notice of default and/or the passage of sixty (60) days shall be deemed waived and all other provisions of this Article shall remain in effect. 15. Indemnification. Subdivider hereby binds itself, its officers, employees, agents, representatives, executors, administrators, guarantors, heirs, and assigns, and agrees to indemnify, defend and hold City and its officers, employees, agents, representatives, and assigns harmless from and against any losses, claims, demands, actions, or causes of action of any nature whatsoever, arising out of or in any way connected with Subdivider's performance herein under, including costs of suit and reasonable attorneys' fees. 16. No Modification of Conditions. This Agreement shall in no respect act to modify or amend any provision of the Conditions of Approval. In the event that any requirement or condition of this Agreement is inconsistent with or fails to include one or more provisions of the Conditions of Approval, which document(s) is (are) incorporated herein by reference, the provisions in the Conditions of Approval shall remain in -effect and shall control. 17. Severability. In the event that any provision or provisions of this Agreement are held unenforceable, all provisions not so held shall remain in full force and effect. 18. General Provisions A. All notices pursuant to this Agreement shall be in writing and shall be personally delivered or sent by registered or certified mail, return receipt requested, to the parties at their respective addresses indicated hereon. Notices personally delivered shall be effective upon delivery. Notices mailed as provided herein and sent postage prepaid shall be effective upon the date of delivery or refusal indicated on the return receipt. Either party may change its address for notices hereunder by notice to the other given in the manner provided in this subparagraph. B. The terms, conditions, covenants, and agreements set forth herein shall apply to and bind the heirs, executors, administrators, assigns, and successors of the parties hereto. C. Neither party to this Agreement relies upon any warranty or representation not contained in this Agreement. D. This Agreement shall be governed by and interpreted with respect to the laws of the State of California. E. In the event of any dispute between the parties with respect to this Agreement, the prevailing party shall be entitled to prompt payment of its reasonable attorneys' fees from the non -prevailing party. F. Any failure or delay by either party in asserting any of its rights and remedies as to any default shall not operate as a waiver of any default or of any such rights or remedies provided for hereunder. T:\PWDEPT\DevdivIAgreements\30096 onsite sia.doc Page 5 of 6 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above. CITY: City of La Quinta 1 Thomas P. Genovese, City Manager ATTEST: SUBDIVIDER: Title: o es,. AmoL., 78-495 Calle Tampico La Quinta, CA 92253 760/777-7075 -11,1;5LO-f -- 01 Date Puerta Azul Partners, LLC 17700 Upper Boones Fans Road #100 Portland Or 97224 (714)936-5853 Date By: Date Title: Or - k Reviewed and Approved: T' othy R. Jo a so E. ublic Works ' ecto City Engineer Date Approved as to Form: 9 3 D 3 ity Attorney -V Date T:\PWDEPT\DevdivIAgreements\30096 onsite sia.doc Page 6 of 6 Exhibit A SECURITY — TRACT NO 30096 ON -SITE IMPROVEMENTS Except as otherwise provided herein, Subdivider shall furnish performance security and labor & materials security prior to agendization of the Map for approval by the City Council. Improvements designated as "Participatory" have been or will be constructed by others. Security for Participatory Improvements shall remain in place indefinitely until called upon or released by City. Monumentation security shall guarantee performance of or payment for the work and shall be utilized or released as specified in Chapter 4, Article 9 of the Subdivision Map Act. As elements of the work are completed, Subdivider may request a maximum of two partial releases of performance security. Partial releases shall be for not less than ten percent (10%) of the total performance security for the tract and shall not reduce total performance security below the amount necessary to complete the Improvements plus ten percent (10%) of the original amount. Partial releases of performance security will be evaluated and may be granted, in whole or in part, by the City Engineer. Requests for partial releases, setting forth in detail the amount of work completed and the value thereof, shall be made in writing to the City Engineer. Labor & materials security shall remain in place until 90 days after all required tract improvements are complete and accepted by the City Council. Improvement Description Performance Labor & Materials Grading $ 272,916.00 $ 272,916.00 Streets & Storm Drainage $ 586,685.00 $ 586,685.00 Domestic Water $ 112,687.00 $ 112,687.00 Sanitary Sewer $ 87,000.00 $ 87,000.00 Dry Utilities $ 140,000.00 $ 140,000.00 Monumentation $ 10,000.00 $ 10,000.00 Cost of Improvements $ 1,209,288.00 $ 1,209,288.00 Standard Contingency (10%) $ 120,928.80 $ 120,928.80 Total Improvement Costs $ 1,330,216.80 $ 1,330,216.80 Professional Fess (Construction) $. 133,021.68 $ 133,021.68 (io% of all improvements) Professional Fess (Design) $ 18,626.20 $ 18,626.20. (10% of revisions cost of $186, 262. 00 for incomplete plans) Total Bond Amount $ 1,4819864.68 $ 194819864.68 STATE OF do , County of-Cc�c�� I certify that I know and have satisfactory evidence that Signed this instrument, on oath stated that he is authorized to execute the instrument And acknowledged it as the CEO of the Managing Member, Puerta Azul Partners, LLC, to be the free and voluntary act of such party for the uses and purposes mentioned. F OFFICIAL SEAL CAROLYN M. PACE NOTARY PUBLIC-OREGON Dated: '�b -4; --03 6 COtvlmISSION N& 344800 MY COMMISSION EXPIRES APRIL 10, 2005 Notary Publk4 the state of ©A5� pc% , residing at 1- Swe; . My appointment expires CITY OF LA QUINTA SUBDIVISION IMPROVEMENT AGREEMENT TRAcT No. 30096 OFF -SITE 1WROVEMENTS THIS SUBDIVISION IMPR V €MENT AGREEMENT (the "Agreement") is made and entered into this $�, day of 14AI 20 03 , by and between Puerta Azul Partners, LLC, , a Oregon Corporate n hereinafter referred to as "Subdivider," and the City of La Quinta, a municipal corporation of the State of California, hereinafter referred to as "City." RECITALS: A. Subdivider has prepared and filed a final map or parcel map (the "Map") of a unit of land in the City of La Quinta, County of Riverside, which unit of land is known as Tract No. 30096 (the "Tract") pursuant to the provisions of Section 66410, et sec. of the California Government Code (the "Subdivision Map Act"). B. Prior to approval of the Map, Subdivider is required to install or agree to install certain public and private improvements (the "Improvements"). C. The Improvements have not been installed and accepted at this time. D. It is therefore necessary that Subdivider and City enter into an agreement for the installation of the Improvements as provided in Section 66462 of the Subdivision Map Act. NOW, THEREFORE, it is agreed by and between the parties hereto as follows: 1. Improvement Plans. Prior to submittal of the Map for approval by the City Council, Subdivider shall furnish original improvement plans meeting the requirements of the City Engineer. 2. Improvements. Subdivider shall construct the public and private street, drainage, utility, landscaping, and other improvements required to be constructed or agreed to be constructed under this Agreement as listed in Exhibit "A", and shall bear the full cost thereof. The methods, standards, specifications, sequence, and scheduling of construction shall be as approved by the City Engineer. 3. Improvement Security. A. One class of security to be provided by Subdivider, hereinafter referred to as "performance security," shall assure the faithful performance of this Agreement including construction of the Improvements, payment of Subdivider's fair share of Improvements which have been or will be constructed by others ("Participatory Improvements"), and payment of plan check and permit fees. A second class of security to be provided by Subdivider, hereinafter referred to as payment security,"shall assure the payment of the cost of labor, equipment and materials supplied to construct the Improvements. A third class of security to be provided by Subdivider, hereinafter referred to as "warranty security," shall serve as a guarantee and warranty of the Improvements for a period of one year following the completion and acceptance of the Improvements. Subdivider shall furnish performance and payment security prior to and as a condition of City Council approval of the Map. Subdivider shall provide warranty security after Improvements are complete and accepted by the City Council and prior to or concurrently with the final release of performance security. Warranty security shall not be required for Monumentation or Participatory Improvements. However, the City may utilize Monumentation Security for performance of or payment for the work in accordance with the Subdivision Map Act. As part of the obligation secured by each of the performance security, payment security and warranty security, and in addition to the face amount of each such security, each such security shall include and assure the payment of costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by City in successfully enforcing the obligations thereby secured. B. Improvement security shall conform with Section 66499 of the California Government Code and one or more of the following: 1) A cash deposit with City or a responsible escrow agent or trust company, at City's option. T:\PWDEPT\DevdivlAgreements\30096 offsite sia.doc Page 1 of 6 2) Surety bonds, of the form specified in subsection 66499.2 of the California Government Code, issued by a surety or sureties listed in the U.S. Department of Treasury Circular 570 (latest version). 3) Certificates of deposit, in City's name, from one or more financial institutions subject to regulation by the state or federal government and having a financial quality rating of "A" or better and a commitment reliability rating of "R-2" or better on the Investment Data Exchange (of the Los Angeles County Treasurer's office). 4) Irrevocable letters of credit, issued by one or more financial institutions meeting the requirements of Paragraph (3), pledging that the funds necessary to carry out the completion of the Improvements are on deposit, guaranteed for payment, and constitute a trust fund which is not subject to levy or attachment by any creditor of the depositor until released by City. Letters of credit shall guarantee that all or any portion of the funds available pursuant to the letters of credit will be paid upon the written demand of City and that such written demand need not present documentation of any type as a condition of payment, including proof of loss. The duration of any such letter of credit shall be for a period of not less than one year from the execution of the agreement with which it is provided and shall state, on its face, that the letter of credit will be automatically renewed until such time that City authorizes its expiration or until sixty (60) days after City receives notice from the financial institution of intent to allow expiration of the letter of credit. 5) A lien upon the subdivided property, if City finds that it would not be in the public interest to require the installation of the Improvements sooner than two (2) years after recordation of the final map or parcel map for which the Improvements are required. The lien shall provide a collateral value of three (3) times the estimated cost of the Improvements and shall include the power of sale of the real property, all buildings and improvements thereon, or that may be erected upon or made thereto, together with all hereditaments and appurtenances thereunto belonging, or in any wise appertaining, and the reservations, remainders, rents, issues, and profits thereof. The collateral value of the property shall be established at Subdivider's expense through an appraisal approved by City. 6) An instrument of credit from an agency of the state, federal or local government, when any agency of the state, federal, or local government provides at least Twenty Percent (20%) of the financing for the Improvements. 7) When Subdivider is a non-profit organization, security may be negotiable bonds, of the kind approved for securing deposits of public moneys with City or in favor of City, as specified in Section 16430 of the California Government Code, deposited, at City's option, with City or a responsible escrow agent or trust company. C. All securities shall be furnished in accordance with the provisions of Exhibit A. The amount of the performance security shall equal One Hundred Percent (100%) of the estimated cost of constructing the Improvements, including payment of plan check and permit fees, as estimated by the City Engineer or a duly authorized representative of the City Engineer. The amount of Payment security shall equal the amount of the amount of performance security, except as otherwise set forth in Exhibit A, and shall be furnished as a separate security. Warranty security shall equal Ten Percent (10%) of the amount of performance security except as otherwise set forth in Exhibit A. D. At the time of submittal of security, Subdivider shall pay to City administrative fees applicable to the form of security provided. Administrative fees shall apply to the subdivision (final map, parcel map or waiver of parcel map) rather than to individual security instruments. The fees shall be paid separately for each different form and/or source (surety or financial institution) of security initially submitted and for substitution of securities but shall not be required for submittal of warranty security if the warranty security is of the same form and from the same source as the performance security it replaces. Administrative fees for security shall be as follows: 1) For certificates of deposit, bonds and letters of credit as described in Paragraphs 2), 3) and 4) of SECTION 3.B., which require the establishment of evidence of the reliability of the surety or financial institution, the administrative fee shall be One Hundred Fifty Dollars ($150.00). 2) For liens on real property as described in Paragraph 5) of SECTION 3.B., for which City will prepare lien agreements and subordination agreements, administer valuation of the real property and administer the agreements over the life of the lien, all of which require legal assistance and financial advice, Subdivider shall pay to City an administration fee of One Half of One Percent (0.5%) of the estimated cost of the improvements secured but not less than Five Hundred Dollars ($500.00) nor more than Five Thousand Dollars ($5,000.00). 3) For other forms of security listed in Section 3 B, above, there will be no administrative fee. T:\PWDEPT\DevdivlAgreements\30096 offsite sia.doc Page 2 of 6 E. Participatory Improvements, if any, are identified in Exhibit A. Security for Participatory Improvements shall remain in place until the Participatory Improvements are constructed and actual costs are known and paid by Subdivider, or until Subdivider pays to City the estimated cost of the Participatory Improvements, and shall guarantee the reimbursement by Subdivider of Subdivider's share of the cost of the Participatory Improvements. Payment security and warranty security shall not be required for Participatory Improvements. Upon written demand from City, Subdivider shall deposit cash with City in lieu of or in replacement of security guaranteeing Participatory Improvements. If Subdivider fails to deposit said cash within 30 days of the date of the written demand from City, City may present a written demand to Subdivider's Surety for payment of said cash and Subdivider's Surety shall pay to City the lesser of: 1) the amount demanded, or 2) the amount of the security. F. Security shall not expire, be reduced or become wholly or partially invalid for any reason, including non- payment of premiums, modifications of this Agreement and/or expiration of the time for performance stated in this Agreement, without express authorization from City unless the surety provides City with sixty (60) days written notice by registered or certified mail, return receipt requested. G. Security shall be released in the following manner: 1) Performance security shall be released upon the final completion and acceptance or approval, by the City Council of the Improvements subject to the provisions of paragraph B. 2) The City Engineer may authorize partial reduction of performance security as work progresses, upon application by Subdivider. However, no such reduction shall be for an amount less than Ten Percent (10%) of the total performance security provided for the faithful performance of the act or work. In no event shall security be reduced below that required to guarantee the completion of the act or work or obligation secured, plus Ten Percent (10%). The City Engineer shall not allow more than two partial reductions of security furnished for any improvement agreement. 3) Participatory Improvement security shall be released upon payment by Subdivider of Subdivider's share of the cost or estimated cost of the Participatory Improvements. 4) If City receives no notice of recorded claims of lien, labor and materials security shall be released in full 90 days after final acceptance and/or approval by the City Council, of the Improvements. If City receives notice of any recorded lien, the provisions of the Subdivision Map Act shall apply. 5) Warranty security not utilized during the warranty period shall be released one year after final acceptance or approval by the City Council of all Tract Improvements. However, if at the end of the one-year warranty period, there are one or more outstanding requests by City for performance of work or provision of materials under the terms of the warranty, warranty security shall be retained until the outstanding requests are satisfied or until Subdivider has made other arrangements satisfactory to the City Engineer. 4. Permits Required. Prior to commencing any phase of work, Subdivider shall obtain all permits required for that phase of work and pay all required fees. Work performed under a permit or permits shall comply with all provisions of the required permits. 5. Off -site Improvements. When the construction of one or more of the Improvements requires or necessitates the acquisition of real property not owned by Subdivider or City, Subdivider shall use its best efforts purchase such real property at a reasonable price. In the event that Subdivider is unsuccessful, despite its best efforts, to acquire such real property at a reasonable price, Subdivider may request in writing that City attempt to acquire such real property. City may, but is not required to, agree to attempt to acquire such real property on behalf of Subdivider. If City so agrees, City and Subdivider shall enter a separate written agreement in a form acceptable to the City Attorney. Said separate agreement shall provide that Subdivider advance to City One Hundred Fifty Percent (150%) of the appraised fair market value of the real property. Any unexpended portion of said advance shall be refunded to Subdivider. Any additional funds required for acquisition of the real property shall be paid by Subdivider to City upon the conveyance of said real property to Subdivider. In no event shall the failure of Subdivider or City to acquire such real property excuse, waive, or otherwise terminate Subdivider's obligation to construct the applicable improvement pursuant to this Agreement or the Conditions of Approval. T:\PWDEPT\DevdivIAgreements\30096 offsite sia.doc Page 3 of 6 6. Completion of Improvements. Subdivider shall begin construction of the Improvements within ninety (90) days and shall complete construction within twelve (12) months after the approval of this Agreement. Portions of the Improvements may be completed at a later date, as determined by the City Engineer or as set forth in Exhibit A. Failure by Subdivider to begin or complete construction of the Improvements within the specified time periods shall constitute cause for City, in its sole discretion and when it deems necessary, to declare Subdivider in default of this agreement, to revise improvement security requirements as necessary to ensure completion of the improvements, and/or to require modifications in the standards or sequencing of the Improvements in response to changes in standards or conditions affecting or affected by the Improvements. Said failure shall not otherwise affect the validity of this agreement or Subdivider's obligations hereunder. 7. Force Maieure. In the event that Subdivider is unable to perform within the time limits herein due to strikes, act of God, or other events beyond Subdivider's control, the time limits for obligations affected by such events will be extended by the period of such events. 8. Time Extension. Subdivider may make application in writing to the City Council for an extension of time for completion of the Improvements. The City Council, in its sole and absolute discretion, may approve or deny the request or conditionally approve the extension with additions or revisions to the terms and conditions of this Agreement. As a condition of the time extension, Subdivider shall furnish securities, similar in form and substance to those required in SECTION 3 hereinabove, to cover the period of extension. The value of the securities shall be sufficient to ensure the performance of and payment for Improvements that remain incomplete at the time of the extension, and to provide warranty security on completed Improvements. 9. Survey Monuments. Before final approval of street improvements, Subdivider shall place survey monuments in accordance with the provisions of Sections 66495, et sec. of the Subdivision Map Act and of the La Quinta Municipal Code. Subdivider shall provide the City Engineer written proof that the monuments have been set, evidence of payment and receipt thereof by the engineer or surveyor setting the monuments, and intersection monument tie -outs for monuments set in public streets. 10. Final Acceptance of Improvements. At the completion of construction and prior to acceptance of the Improvements by City, Subdivider shall submit a request for final approval by City. The request shall be accompanied by any required certifications from Subdivider's engineers or surveyors, approval letters from other agencies having jurisdiction over and approval authority for improvements required by this Agreement or the Conditions of Approval, and any required construction quality documentation not previously submitted. Upon receipt of said request, the City Engineer or a duly -authorized representative will review the required documentation and will inspect the Improvements. If the Improvements are determined to be in accordance with applicable City standards and specifications, and as provided herein, obligations required by the Conditions of Approval and this Agreement have been satisfied, and Subdivider has provided revised plans as required in Paragraph 11, hereinafter, the City Engineer shall recommend acceptance of the Improvements by the City Council. 11. Revisions to Plans. When the Improvements have been inspected and approved by the City Engineer, Subdivider shall make any necessary revisions to the original plans held by City so the plans depict the actual Improvements constructed. When necessary revisions have been made, each separate sheet of the plans shall be clearly marked with the words "As -Built," "As -Constructed," or "Record Drawing," the marking shall be stamped by an engineer or surveyor, as appropriate for the improvements thereon, who is licensed to practice in California, and the plans shall be resubmitted to the City Engineer. 12. Improvement Warranty. Subdivider hereby guarantees the Improvements to City for a period of one (1) year, beginning on the date of final acceptance of the Improvements by the City Council, against any defective work or labor done, or defective materials furnished, and shall repair or replace such defective work or materials. 13. Release of Security. City shall retain and release securities in accordance with the provisions of Section 3 of this agreement. Prior to the release of payment security, the City Engineer may require Subdivider to provide a title report or other evidence sufficient to show claims of lien, if any, that may affect the amount of payment security released. 14. City Right to Cure. If Subdivider fails to perform any obligation hereunder and such obligation has not been performed within sixty (60) days after written notice of default from City, then City may perform the obligation, and T:\PWDEPT\DevdivlAgreements\30096 offsite sia.doc Page 4 of 6 Subdivider shall pay the entire cost of such performance by City including costs of suit and reasonable attorneys fees incurred by City in enforcing such obligation. In cases of emergency or compelling public interest, as determined by the City Engineer, the requirement for written notice of default and/or the passage of sixty (60) days shall be deemed waived and all other provisions of this Article shall remain in effect. 15. Indemnification. Subdivider hereby binds itself, its officers, employees, agents, representatives, executors, administrators, guarantors, heirs, and assigns, and agrees to indemnify, defend and hold City and its officers, employees, agents, representatives, and assigns harmless from and against any losses, claims, demands, actions, or causes of action of any nature whatsoever, arising out of or in any way connected with Subdivider's performance herein under, including costs of suit and reasonable attorneys' fees. 16. No Modification of Conditions. This Agreement shall in no respect act to modify or amend any provision of the Conditions of Approval. In the event that any requirement or condition of this Agreement is inconsistent with or fails to include one or more provisions of the Conditions of Approval, which document(s) is (are) incorporated herein by reference, the provisions in the Conditions of Approval shall remain in effect and shall control. 17. Severability. In the event that any provision or provisions of this Agreement are held unenforceable, all provisions not so held shall remain in full force and effect. 18. General Provisions A. All notices pursuant to this Agreement shall be in writing and shall be personally delivered or sent by registered or certified mail, return receipt requested, to the parties at their respective addresses indicated hereon. Notices personally delivered shall be effective upon delivery. Notices mailed as provided herein and sent postage prepaid shall be effective upon the date of delivery or refusal indicated on the return receipt. Either party may change its address for notices hereunder by notice to the other given in the manner provided in this subparagraph. B. The terms, conditions, covenants, and agreements set forth herein shall apply to and bind the heirs, executors, administrators, assigns, and successors of the parties hereto. C. Neither party to this Agreement relies upon any warranty or representation not contained in this Agreement. D. This Agreement shall be governed by and interpreted with respect to the laws of the State of California. E. In the event of any dispute between the parties with respect to this Agreement, the prevailing party shall be entitled to prompt payment of its reasonable attorneys' fees from the non -prevailing party. F. Any failure or delay by either party in asserting any of its rights and remedies as to any default shall not operate as a waiver of any default or of any such rights or remedies provided for hereunder. T:\PWDEPT\Devdiv I Agreements\30096 offsite sia.doc Page 5 of 6 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above. CITY: City of La Quinta 78-495 Calle Tampico La Quinta, CA 92253 760/777-7075 74r/o -q Thomas P. Genovese, City Manager Date ATTEST: M %IMR W-All ­ - - I E! AMN-Mob W-w � W MR A.� SUBDIVIDER: Puerta Azul Partners, LLC 17700 Upper Boones Farm Road #100 Portland Or 97224 (714)936-5853 Title: 60-C, A>-o , Pew as Date By: . Date Title: Reviewed and Approved: T' othy R.Vsspa.E.ublic Worrecity Engineer Approved as to Form: lkzl-0) 'Cify Attorney $ - Z O •'O 1 Date 9 D e T:\PWDEPT\DevdivIAgreements\30096 offsite sia.doc Page 6 of 6 Exhibit A SECURITY - TRACT No 30096 OFF -SITE IMPROVEMENTS Except as otherwise provided herein, Subdivider shall furnish performance security and labor & materials security prior to agendization of the Map for approval by the City Council. Improvements designated as "Participatory" have been or will be constructed by others. Security for Participatory Improvements shall remain in place indefinitely until called upon or released by City. Monumentation security shall guarantee performance of or payment for the work and shall be utilized or released as specified in Chapter 4, Article 9 of the Subdivision Map Act. As elements of the work are completed, Subdivider may request a maximum of two partial releases of performance security. Partial releases shall be for not less than ten percent (10%) of the total performance security for the tract and shall not reduce total performance security below the amount necessary to complete the Improvements plus ten percent (10%) of the original amount. Partial releases of performance security will be evaluated and may be granted, in whole or in part, by the City Engineer. Requests for partial releases, setting forth in detail the amount of work completed and the value thereof, shall.be made in writing to the City Engineer. Labor & materials security shall remain in place until 90 days after all required tract improvements are complete and accepted by the City Council. Improvement Description Performance Street $ 121, 893.77 Water $ 49,608.00 Sanitary Sewer $ 11,760.00 Traffic Signal $ 75,000.00 (50 % of cost- installation to be deferred per Conditions of Approval) Cost of Improvements $ 258,261.77 Standard Contingency (10%) $ 25,826.18 Total Improvement Costs $ 284,087.95 Professional Fess (Construction) $ 28,408.79 (10% of revisi ns cost of $186, 262.00 for incomplete Total Bond Amount $ 312,496.74 , Labor & Materials $ 121,893.77 $ 49,608.00 $ 11, 760.00 $ 75,000.00 $ 258,261.77 $ 25,826.18 � $ 284,087.95 o' t312149T6.74 $ STATE OF , County of I certify that I know and have satisfactory evidence that C` � Q , qOC%r" Signed this instrument, on oath stated that he is authorized to execute the instrument And acknowledged it as the CEO of the Managing Member, Puerta Azul Partners, LLC, to be the free and voluntary act of such party for the uses and purposes mentioned. OFFICIAL SEAL CAROLYN M. PACE NOTARY PUBLIC-OREGON Dated: OMM}'�AP44800 MlM�SE�FISR 0, 2005 • �c3� Notary Public i he state of Q�,� K1 ,residing at �,'�' �.���) My appointment expires (� t0'i%OOcJ i SUBDIVISION IMPROVEMENTS #553130S Tract Map No. 30096 PERFORMANCE BOND KNOW ALL MEN BY THESE PRESENTS: THAT, the City Council of the City of La Quinta has approved the final map for Tract No. 30096 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 California, and Puerta Azul Partners, LR hereinafter designated as ("principal") have entered into an agreement whereby pdnelpal agrees to Install and complete certain designated public Improvements, which said agreement, dated _, 200, and identified as Tract Map No. 30096 , 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 Developers Surety and Indemnity Company as surety, are held end firmly bound unto the City of la Quints hereinafter called ("City"), in the penal sum of One Million Four hundred eighty-one * DOLLARS ($ 1, 481, 864.68 ---- }-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. *Thou'sand eight hundred sixty-four and 68/100 ----------------------------- 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 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 therefor, 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. F201- Performance Bond Page 1 of 2 SUBDIVISION IMPROVEMENTS #553130s Tract Map No. 30096 LABOR AND MATERIAL BOND KNOW ALL MEN BY THESE PRESENTS! THAT, the City Council of the City of Le Quints has approved the final map for Tract No. 30026 , prior to installation of certain designated public improvements required by the Conditions of Approval for the subject map, in accordance with the Califomia Map Act (Government Code Section 66462) WHEREAS, the City Council of the City of La Quanta, State of California, and Puerta Azul Partners, LLC hereinafter designated as "the principal" have entered into an agreement whereby a principal agrees to Install and complete certain designated public Improvements, which agreement, dated It 200_, and identified as Tract Map No. 30096 , is hereby referred to and made a part hereof, and WHEREAS, under the terms of the agreement, the principal is required before entering upon the performance of the work, to file a good and sufficient payment 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 firmly bound unto the City of La Quints and all contractors, subcontractors, laborers, materialmen, and other persons employed In the performance of the agreement and referred to in Title 15 (commencing with Section 3082) of Part4 of Division 3 of the Civil Code in the sum otone million f our hundred eighty-one thousand * DOLLARS ($1,481, 864. 68---), for materials furnishedor labor t ereon of any Kind, or 16F amounts due under the Unemployment Insurance Act with respect to this work or labor, that the surety will pay the some 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 face amount thereof, costs and reasonable expenses and fees, including reasonable attorney' s fees, incurred by city in successfully enforcing this obligation, to be awarded and fixed by the court, and to be taxed as costs and to be included in the judgment therein rendered. *eight hundred sixty-four and 68/100 ------------------------------ 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 the 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. F202 - Labor and Material Bond Page I of 2 SUBDIVISION IMPROVEMENTS #553131S Tract Map No. 30096 PERFORMANCE BOND KNOW ALL MEN BY THESE PRESENTS: THAT, the City Council of the City of La Quinta has approved the final map for Tract No30096,_ 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 California, and Puerta Azul Partners. LLC hereinafter designated as ("principal") have entemed into an agreement whereby principal agrees to install and complete certain designated public improvements, which said agreement, dated _, 200_, and identified as Tract Map No. 30096 , Is hereby referred to and made a part hereof, and WHEREAS, said principal is required under the terms of said agreement to fumish a bond for the faithful perforrnance of said agreement. NOW, THEREFORE, we, the principal and Developers Surety and Indemnity Company, as surety, are held end firmly bound unto the City of La Quinta hereinafter called ("City"), in the penal sum of Two hundred eighty-four thousand * DOLLARS ($ 284 , 087.95 _ i 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. *eighty-seven and 95/100---- ------------------------------- '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 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 affect. As a part of the obligation 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 City In successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered. F201- Performance Bond Page 1 of 2 SUBDIVISION IMPROVEMENTS #553131S Tract Map NO. 30096 LABOR AND MATERIAL BOND KNOW ALL MEN BY 'THESE PRESENTS! THAT, the City Council of the City of Le Quints has approved the final map for Tract No. 3 0096 , prior to installation of certain designated public improvements required by the Conditions of Approval for the subject map, in accordance with the Califomia Map Act (Government Code Section 66462) WHEREAS, the City Council of the City of La Quinta, State of California, and Puerta Azul Partners LLC hereinafter designated as "the principal" have entered into an agreement whereby the principal agrees to Install and complete certain designated public improvements, which agreement, dated _, 200_, and identified as Tract Map No. 30096 , is hereby referred to and made a part hereof, and WHEREAS, under the terms of the agreement, the principal is required before entering upon the performance of the work, to file a good and sufficient payment 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 firmly bound unto the City of Le Quinta and all contractors, subcontractors, laborers, materialmen, and other persons employed in the performance of the agreement and referred to in Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code in the sum of Two hundred ei ht -four thousand eighty-seven 95 100--DOLLARS ($ 284,087.95----- ), for materials furnished or labor thereon of any kind, or for amounts due under the Unemployment Insurance Act with respect to this work or labor, that the surety will pay the some 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 face amount thereof, costs and reasonable expenses and fees, including reasonable attorney' s fees, incurred by city In successfully enforcing this 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 terns of the 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. F202 - Labor and Material Bond Pigp 1 of 2