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31379 Centex Homes CLOSED?CITY OF LA QUINTA SUBDIVISION IMPROVEMENT AGREEMENT TRACT MAP NO. 31379 ON -SITE IMPROVEMENTS THIS SUBDIV Q11 IMPROVEMENT AGREEMENT (the "Ag=t'� made and entered into thii0s 7 day of by and between CENTEX HOMES, a NEVADA GENERAL PARTNERSHIP 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 Tract 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. 31379 (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. TAProject Development Division\Development Projects\Agreements\SIA\SIAs in Progress\Centex_Legacy Villas_31379\01NISITE_SIA.d0c 1 of 7 B. Improvement security shall conform to 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. 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 Tract 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 /o) 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, Tract map or waiver of Tract 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 TAProject Development Division\Development Projects%greements\SIA\SIAs in Progress\Centex Legacy Villas_31379\ONSITE_SIA.doc 2of7 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 3.13., 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. 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 /o) 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 3of7 TAProject Development Division\Development Projects\Agreements\SIA\SIAs in Progress\Centex Legacy Villas_31379\ONSITE_SIA.doc 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. 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 Subdividers 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. TAProject Development Division\Development Projects\Agreements\SIA\SIAs in Progress\Centex_Legacy Villas_31379\ONSITE_SIA.doc 4of7 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 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. Sever_ ability_• 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. TAProject Development Division\Development Projects\Agreements\SIA\SIAs in Progress\Centex Legacy Villas_31379\ONSITE_SIA.doc 5of7 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. - 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 9225 760/777-70 / Date I t 1 1 )04 Thomas P. Genovese, City Manager ATTFST- Subdivider Address: CENTEX HOMES 901 North Green Valley Parkway, Suite 140 Henderson, NV 89074 By Tit By Title: " Reviewed and Approved: "gineo Date .lrr'F, zo :8 t%. -S- a 4 Approved as to Form: i.3✓ //A City ttorney Date TAProject Development Division\Development Projects\Agreements\S1A\SIAs in ProgressZentex_Legacy Villas_313MONSITE_SIA.doc 6of7 A K ' CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of Y � t) /1>ss. On;[TVA,)E %�� 1-604 before met-�6 w Date ``� Name and Title of r (e.g., 'Jane Doe, ry Public ) personally appeared e lm i . PA1'i' -Sam • U - � Names) of Signer(s) COMMODORE C. COLUNS Commission # 1400259 •�' Notary Pubiic - Colifonja Riverside County My COMM- Expires Feb 11, 2007 ❑ ersonally known to me proved to me on the basis of satisfactory evidence to be the person whose name(s)•ie/are subscribed to the within instrument and acknowledged to me thaW"Oshe/they executed the same in 449A"w/their authorized capacity(ies), and that by Ais0har/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WIT ESS my hand and official r Signature o Notary Public OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document:SU 4x-N« 6/4N Document Date: --h-, oa`" Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer Signer's Name: ❑ Individual ❑ Corporate Officer — Title(s): _ ❑ Partner — ❑ Limited ❑ General ❑ Attorney -in -Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: ©1999 National Notary Association - 9350 De Soto Ave., P.O. Box 2402 - Chatsworth, CA 91313-2402 - www.nabonalnotary.org RIGHT THUMBPRINT OF SIGNER • • • • Prod. No. 5907 Reorder: Call Toll -Free 1-800-876-6827 06/17/2004 'THU 11:25 FAX 760 777 7155 City of La Quinta Pub, Wk 9002/002 Exhibit A ON -SITE SECURITY — TRACT MAP NO.31379 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 t'he 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 Drainages $ $ - 614,620 $ $ 614.520 Street Improvements $ 495,420 $ 495,420 Driveway/Parking Areas & Drainage $ 138,450 $ 138,450 Parking Area Improvements Phase 2 & $ 350,000 $ 350,000 3 Domestic Water (Phase 1) $ 274,840 $ 274,840 Domestic Water (Phase 2) $ 327,740 $ 327,740 Sanitary Sewer (Phase 1) $ 286,100 $ 286,100 Sanitary Sewer (Phase 2) $ 384,100 $ 384,100 Dry utilities $ 700,000 $ 700,000 Retention Basin landscaping $ 846,000 $ 846,000 Monumentation $ 20,000 $ - Totals $ 41437,170 $ 49417,170 Standard 10% Contingencey $ 443,717 $ $ 441,717 4,858,887 Total Construction Cost $ 4,880,887 Professional Fees, Design 10% $ 488,089 $ $ 485,889 -485,889 Professional Fees, Const 10% $ 488,059 No Plans Contingency 23% $ 1,122,604 $ 1,117,540 Bond Amount $ 619799670 $ 61948,210 T.Wfojeet Devdopment DNlsk)n%Deveiopmcnt Prqc0$v4reeroenlstsiA%sLAs in Progress%Centex Legm VNias 3137S�ON4rrE SLA z.aoc CITY OF LA QUINTA SUBDIvIS/ON IMPROVEMENT AGREEMENT TRACT MAP NO. 31379 OFF -SITE IMPROVEMENTS THIS SUBDIVISION IMPFR�V MENT AGREEMENT (the "Agre ment") is made and entered into this 20 $ day of �/ = ,by and between CENTEX HOMES, a NEVADA GENERAL PARTNERSHIP 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 Tract 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. 31379 (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, Subdivideris 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. TAProject Development Division\Development Projects\Agreements\SIA\SIAs in Progress\Centex_Legacy Villas_31379\OFFSITE_SIA.doc 1 of 7 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. 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 Tract 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, Tract map or waiver of Tract 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 TAProject Development Division\Development Projects\Agreements\SIA\SIAs in Progress\Centex_Legacy Villas_31379\OFFSITE_SIA.doc • 2of7 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 3.13., 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 3.13., 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. 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 TAProject Development Division\Development Prcjects\Agreements\SIA\SIAs in Progress\Centex_Legacy Villas_31379\0KSITE_SIA.doc 3 of 7 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. 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. TAProject Development Division\Development Projects\Agreements\SIA\SIAS in Progress\Centex Legacy Villas_31379\0FFSITE_SIA.d0c 4 of 7 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 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. TRroject Development Division\Development Projects\Agreements\SIA\SIAs in Progress\Centex Legacy Vi11as_31379\OFFSITE_SIA.doc 5 of 7 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. 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 uinta, CA 9225 7 /777-7075 Thomas P. Genovese, City Manager ATTEST: t, 0S144 Date Subdivider Address: CENTEX HOMES 901 North Green Valley Parkway, Suite 140 Henderson, NV 89074 By: Titl By: Titl : � )"' 2 00 el e �— Reviewed and Approved: eA '_� - \. \ - I;- - C> of NVOgineeU Date Approved as to Form: /G/1 -1 r_lfw�r t4 - City Attorfiey Date TAProject Development Division\Development Projects%greements\SIA\SIAs in Progress\Centex_Legacy Villas_31379\OFFSITE_SIA.doc 6of7 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California �� County of �, ss. On :j ( /VF_ �6 before m ,CIS Tl�i J, BL, Dab , ` Name and Title of Officeane r (e.g., "JNotary Public") t / personally appeared S_MVeN C:�- ► 1`A�&ASaYj rT JASD''V Is, V '6�� Name(s) of Signer(s) COMMODORE C. COWNs FLOCommMion # 1400259 Notory Public - CcNtomia River�e County Z;55K, Cann. Ewkes Feb 11, 2007 ❑ personally known to me .e proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) mare subscribed to the within instrument and acknowledged to me that Jie/they executed the same in W64w/their authorized capacity(ies), and that by WoAhec/their signature(s) 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 se I. Signature of Notary Pu is OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document:SU iD�y�/ Im PoppysAiaN IV TA� � Document Date: % Z a;" 4— Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer Signer's Name: ❑ Individual Top of thumb here ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Attorney -in -Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: 0 1999 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 - Chatsworth, CA 91313-2402 - www.nationainotary.org Prod. No. 5907 Reorder: Call Toll -Free 1-800-876-6827 Exhibit A OFF -SITE SECURITY — TRACT MAP NO.31379 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 Eisenhower Drive $ 321,670 $ $ 321,670 71,270 Water Meandering Wall and 12' Sidewalk $ $ 71,270 75,250 $ 75,250 Traffic Signal Modification $ 50,000 $ $ 50,000 59,150 Perimeter & Median Landscaping $ 59,150 Totals $ 577,340 $ 577,340 Standard 10% Contingencey $ 57,734 $ $ 57,734 635,074 Total Construction Cost $ 635,074 Professional Fees, Design 10% $ 63.,507 $ $ 63,507 63,507 Professional Fees, Const 10% $ 63,507 No Plans Contingency 19% $ 120,664 $ 120,664 Bond Amount $ 8829752 $ 882,752 TAProject Development Division\Development Projects%greements\SIA\SIAs in Progress\Centex_Legary Villas_31379\OFFSITE_SIA.doc 7of7 OUTSTANDING BOND REPORT Name: CENTEX Homes / Legacy Villas at La Quinta Tract No. 31379 Date of Contract: June 18, 2004 Required Bond Amounts: Rough Grading $475,000 On -Site• Drainage $614,520 performance/labor & materials Streets $495,420 same Driveway/parking areas $138,450 same Parking area Phases 2 & 3 $350,000 same Water (Phase 1) $274,840 same Water (Phase 2) $327,740 same Sewer (Phase 1) $286,100 same Sewer (Phase 2) $384,100 same Utilities $700,000 same Retention Basin landscape $846,000 same Monumentation $ 20,000 performance only 10% Contingency $443,717 / $441,717 Prof. Fees Design $488,089 / $485,889 Prof. Fees Construction $488,089 / $485,889 No Plans Contingency $1,122,604 / $1,117,540 Off -Site: Eisenhower $321,670 Water $ 71,270 Wall & Sidewalk $ 75,250 Traffic Signal Mod. $ 50,000 Perimeter & Median landscape $ 59,150 10% Contingency $ 57,734 Prof. Fees Design $ 63,507 Prof. Fees Construction $ 63,507 No Plans Contingency $120,664 Dates of Bond Reductions: performance/labor & materials same same same same same same same same Outstanding Bonds and Bond Company: Arch Insurance Co. / Continental Insurance Amount: $475,000 $882,752 $882,752 $6,979,670 $6,948,210 Bond No. Date Cancelled/Released: SU 5005001 9293232255 same 9293232256 same BOND NO. 9293232255 SUBDIVISION IMPROVEMENTS Tract Map No. 31379 PERFORMANCE BOND KNOW ALL MEN BY THESE PRESENTS: THAT, the City Council of the City of Le Quinta has approved the final map for Tract Map No. 3 379 , prior to installation of certain designated public improvements required by the Conditions of Approval for the subject map. in accordance with the California Map Art (Government Code Section 66462) he City Council of the City of La Quinta. State of California, and MRAHRAES, a Nevada General Partnership hereinafter designated as ("principal") have entered into an agreement whereby principal agrees to Install and oompMe certain designated public improvements, which said agreement, dated , 200 , and Identified as Tract Map No. 31379 , is hereby refe�e to and made a part hereof,- and WVHERFAS, said principal is required under the terms of said agreement to fumish a bond for the faithful performance of said agreement. NOW THEREFORE, we, the principal and THE CONTINENTAL INSURANCE COMPANY as surety are held and firmly bound unto the City of La Qu to hereinafter called (`City"), in the penal sum Of E I GHY HUNDRED EIGHTY T ** DOLLARS ($ 882 ----- 4 lawful money of the United States. for the payment of which sum wire and truly to be made, we bind ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly by these presents. **HUNDRED FIFTY TWO AND NO/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 Weil and truly keep and perform the covenants, conditions and provisions in the said at the time any and It rationin the manners therein e as therein provided, on his or their pert, to be kept and performed 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 pert of the obligatbn secured hereby and in addition to the lace amount specified dwef theta shall be included costs end rroosonaMe 9*61 see and few. IndudMgattoMn Judgment feesIncurred by City in suocesafully enforcing such obligation, ell to be taxed as �� and Included rendered_ F201- POhnhoe Bond Pape 1 cf 2 BOND N0. 9293232255 SUBDMSION IMPROVEMENTS Tract Map No. 31379 LABOR AND MATERIAL BOND KNOW ALL MEN BY THESE PRESENTS: THAT, the City Council of the City of La Quints has approved the final map for Tract Map No, 31379 , prior to Installation of certain designated public improvements required by the dttio Conns 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 Quanta, State of California, and Partnershiphereinafter designated as "the principal" have C entered Into an agreement whereby the principalagrees to Insltdall and ceriffliled omplete certain designated public Improvements, w3137�reement.� hereb re erred to and made a part hereof; and Trail Map No. Y 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 Quanta to severe 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 Ceilfomie. NOW, THEREFORE, the principal and the undersigned ab mtat�talmen arxiheld other persons unto the City of Le Quinta and all controctors, subcontractors, I employed in the performance of the agreement and referred to in Title 15 (commencing with Section 082) of Part 4 of Division 3 of the Civil Code in the sum of EIGHT HUNDRED EIGHTY TWO 1HOUSAND11 DOLLARS ($ 882 9752.00--- , for rnateria s fuml6hed 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 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 sucoessfufly enfortang this obligation, to be awarded and fixed by the court, and to be taxed as mob and to be included In the judgment therein rendered. **SEVEN HUNDRED FIFTY TWO ANDS90500-----of any It Is hereby expressly uleted and agreed that this bond shall inure mend bend Section d all persona, companies, and corporations entitled oflie daalms fight TMe action to Utem or their assigns In any suit of Part 4 of Division 3 of the gull Code, so as t B rig brought upon this bond. Should the condition of this bond be hilly perhxmed, then this ob%ation shall become null and void, otherwise R shag be and amain in full forme end effect. Pop 1 of 2 F202 - lobar attd Material Bond BOND NO- 9293232256 SUBDIVISION IMPROVEMENTS Tract Map No. 31379 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 Map No. 31379 , prior to installation of certain designated public Improvements required by the Conditions of Approval for the 6ubject reap, in accordance with the California Map Act (Government Code Section 66462) UPS the City Council of the City of La Qutnta. State of Califomia, and HI ES, a Nevada General Partnership hereinafter designated as ("principar) have entered into an agreement whereby principal agues to install and complete certain designated public improvements, which said agreement, dated , 200` , and Identified as Tract Map No. 31379 , is hereby refe�to and made a part hereof; and WHEREAS, said principal is required under the term of said agreement to furnish a bond for the faithful performance of said agreement. NOW, THEREFORE, we, the principal and THE CONTINENTAL INSURANCE COMPANY as surety, are held and firmly bound unto the City of La Qu nta hereinafter called 'City''), in the penal sum Of SIX MILLION NINE HUND ** DOLLARS 979 670.00- - lawful money of the United Stat®s, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, successors, executors and administrators, jointly and severalty. firmly by these presents. "THOUSAND SIX HUNDRED SEVENTY AND NO1100----- The condition of this obligation is such that if the above bounded prindpai, 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 tho covenants, condrZfons 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 ofileers, agents and employees, as therein stipulated, then this obligation shall become null and void; otherwise It shall be and namain In full force artd effect. As a part of the obliga*m secured hereby and in addition to the face amount specified therefor there shall be Included costs end reasonable expenses end fees, Including reasonable attornWa fees, incurred by City In suocesafully amercing such obligation, all to be taxed as coste and Included in any judgment rendered. F201- P0-fin Bond Page 1 of 2 BOND NO. 9293232256 SUBDIVISION IMPROVEMENTS Tract Map No. 31379 LABOR AND MATERIAL BOND KNOW ALL MEN BY THESE PRESENTS: THAT, the City Council of the City of La Qcuertain desinta has gnated public improvemfInal map or Tract Map ents requited by the No 31379 , prior to installation of 9 p Conditions of Approval for the subject map, In accordance With the California Map Act (Government Code Section 66462) WHEREAS, the City Council of the ershiof La Quin�hereireief�er designated ea "the principal" have a, and C Hated public entered into an agreement whereby the principalagrees too Install and Idontifledcomplete certain designated p improvements, which, agreement, dated 200 • Tract Map No. 31379F , is hereby referred ed 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 Tide 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code of the State of Celifomis. 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, materiaimen, and other persons employed In the performance of the agreement and referred to In Title 15 (commencing with Sec Don 308*) of Para 4 of Division 3 of the Civil Code in the SUM of SIX MILLION mt hed oN>aborthereon of any Kind, or for DOLLARS ($ 6,948,210.00-- , for materia fu 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 herelnabove 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 attomey' s fees, incurred by city in sueoessfuly enforcing this obligation, to be awarded and fixed by the court, and to be taxed ae coats and to be Included in the judgment therein rendered. **THOUSAND TWO HUNDRED TEN AND la0eddla Odagreed that this bond shall inure to the benefit of any and eA . It is hereby expressly slip persons, companies, and corporations entitled too fib claims under Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the CM1 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 ft ft petlbrmed. then this obligation shell become nun and void, otherwise K shag be and amain In full fame and effect. Pie 1 of 2 F202 - Lobar and MOWN BOW SUBDIVISION BOND -rN a c-+ S 13'%C1 Bond No. SU 5005001 KNOW ALL MEN BY THESE PRESENTS, that we CENTEX HOMES, a Nevada General Partnership as Principal, and ARCH INSURANCE COMPANY authorized to do business in the State of CALIFORNIA CITY OF LA QUINTA, CA , as Surety, are held and firmly bound unto as Obligee, in the penal sum of Four Hundred Seventy Five Thousand and 00/100 ---------------------------------- --------------------------------------------- ($475,000.00 ) DOLLARS, lawful money of the United States of America, for the payment of which well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. WHEREAS, CENTEX HOMES, a Nevada General Partnership has agreed to construct in VILLA LA QUINTA the following improvements: G RAD I N G NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the said Principal shall construct, or have constructed, the improvements herein described and shall save the Obligee harmless from any loss, cost or damage by reason of its failure to complete said work, then this obligation shall be null and void; otherwise to remain in full force and effect. Signed, sealed and dated this 22ND day of January 2004 . CENTEX HOMES, a Nevada General Partnership Principal Ln- ARCH INSURANCE COMP Y By: Allyson Dean Attorney -in -Fact S-3689/GEEF 2/98 OUTSTANDING BOND REPORT Name: CENTEX Homes / Legacy Villas at La Quinta Tract No. 31379 Date of Contract: NO SIA Required Bond Amounts: Rough Grading $475,000 Dates of Bond Reductions: Outstanding Bonds and Bond Company: Arch Insurance Co. Amount: Bond No. Date Cancelled/Released: $475,000 SU 5005001 SUBDIVISION BOND i'n a C-+ 1B t 3'% `l Bond No. SU 5005001 KNOW ALL MEN BY THESE PRESENTS, that we CENTEX HOMES, a Nevada General Partnersh as Principal, and ARCH INSURANCE COMPANY authorized to do business in the State of CALIFORNIA CITY OF LA QUINTA, CA , as Surety, are held and firmly bound unto as Obligee, in the penal sum of Four Hundred Seventy Five Thousand and 00/100 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - --------------------------------------------• ($475,000.00 ) DOLLARS, lawful money of the United States of America, for the payment of which well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. WHEREAS, CENTEX HOMES, a Nevada General Partnersh has agreed to construct in VILLA LA QUINTA the following improvements: GRADING NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the said Principal shall construct, or have constructed, the improvements herein described and shall save the Obligee harmless from any loss, cost or damage by reason of its failure to complete said work, then this obligation shall be null and void; otherwise to remain in full force and effect. Signed, sealed and dated this 22ND day of January , 2004 CENTEX HOMES, a Nevada General Partnership Principal ARCH INSURANCE COMP Y By: Allyson Dean 0 Attorney -in -Fact S-3689/GEEF 2/98