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30023-5 Shea La QuintaCITY OF LA QUMTA SUBDIVISION IMPROVEMENT AGREEMENT TRACT MAP NO. 30023-5 ON -SITE IMPROVEMENTS ON IMPROVEMENT AGREEMENT (the "Agreement") is made and entered into this THIS SUBDIV ' day of �'� ility Company hereinafter Q D , by and between Shea La Quinta, LLC a California)corporationimitof the State of California, referred to as "Subdivider,," and the City of La Quinta, a municipal hereinafter referred to as City. RECITALS: the "Map") of a unit of land in the City of A. Subdivider has prepared and filed a final nap or it of land Tract map is known as Tract No. 30023-5 (the "Tract") La Quinta, County of Riverside, which u pursuant to the provisions of Section 66410, et sec. of the California Government Code (the "Subdivision Map Act"). 11 agree to install certain public and B. Prior to approval of the Map, Subdivider is required to install or g private improvements (the "Improvements"). C. The Improvements have not been installed and accepted at this time. D. It is therefor e 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. Improvemen t 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, improvements required to be constructed or agreed to be constructed hods, standards, and other P and shall bear the full cost thereof. Th Agreement as listed in Exhibit A , g p roved b the City Engineer. specifications, sequence, and scheduling of construction shall be asap Y 3. Improvement Security. A. One class of security to be provided by Subdivider, hereinafter referred to as "performance he security, " shall assure the faithful performance of this Agreement including construction oe beenlor o willbe Improvements, payment of Subdivider's fair share of Improvements which ermit constructed by others ("Participatory improvements"), and payment of plan check and p hereinafter referred to as fees. A second class of security to be provided by Subdivider, hequipment and materials "payment security," shall assure the payment of the cost of labor, supplied to construct the Improvements. A third class of security to betproviaddedw y Subydofdthe er, hereinafter referred to as "warranty secuar yfol ohwing the completion nand acceptance of the Improvements for a period of one year paymentand security prior to and as a Improvements. Subdivider shall furnisha Ma or mance condition of City Council approval of Subdivider shall provide warranty security after P riot to or concurrently with Improvements are complete and accepted by the CrraCouncil °Usecurityd shall not be required for the final release of performance security. Wa Y 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 th9 e obli ation secured by each of the performance security, pa yacht such security and warranty security, and in addition to the face amount osuch security, and fees, including shall include and assure the payment of costs and easonableexpenses Y reasonable attorne 's fees, incurred by City in successfully enforcing the obligations thereby secured. 1 of 7 B. Improvement security sh all conform with Section 66499 of the California Government Code and one or more of the following: A cash deposit with City or a responsible escrow agent or trust company, at City s option. ON Surety bonds, of the form specified in subsection 66499.2 of the CaliforniareasuOcular 570 ent Code, issued by a surety or sureties listed in the U.S. Department of Y (latest version). f deposit, in City's name, from one or more financial ualitut'rat rig ofons At o� Certificates o P having a regulation by the state or federal government and better on the Investment Data Exchange better and a commitment reliability easu er'rating s offce) 2 (of the Los Angeles County T letters of credit, issued by one or more financial institutions meeting the Irrevocable I led in that the funds necessary to carry out the completion requirements of Paragraph (3), p 9 9 merit, and constitute a trust fund of the Improvements are on deposit, guaranteed for pay subject to levy or attachment by any creditor of the depositor until released by which is not ) onion of the funds available pursuant to City. Letters of credit shall guarantee that all or any p credit will be paid upon the written demand of City and that sucncludinn proof of mand the letters of a as a condition of payment, 9 need not present documentation of any type loss. The duration of any such letter of credit shall be for a period shall state, onhi s face, that from the execution of the agreement with wenewed providedich it is until uch time that City authorizes its the letter of credit will be automatically expiration or until sixty (60) days after City receives notice from the financial institution o intent to allow expiration of the letter of credit. if City finds that it would not be in the public interest to i Alien upon the subdivided property, ooner than ears after recordation of the require the installation of the Improvements improvements arewrequi ed. The lien shall provide a final map or Tract map for which the rovements and shall include collateral value of three (3) times the estimated cost of the Imp the power of sa le of the real property, all buildings and improvements thereon, or t tt may e erected upon or made thereto, together with all here drvl at onstsrema riders, rents, issues, and belonging, or in any wise appertaining, and the profits thereof. The collateral value of the property shall be established at Subdivider's expense through an appraisal approved by City. 6) An inst rument of credit from an agency of the state, federal or local Twent government, Percent (20%) of agency of the state, federal, or local government provides at lea the financing for the Improvements. 7) When Subdivider is a non-profit organization, security may be negotiable bonds, s fec a kind pp a roved for securing deposits of public moneys with de posited at C ty's option, with City or a n favor of City,fied in Section 16430 of the California Government Code, p responsible escrow agent or trust company. The amount of he C. All securities shall be furnished in accordance with the provisions of Exhibit a estimated cost of performance security shall equal One Hundred Percent check0and) of permit fees, as estimated by P payment of plan constructing the Improvements, including p Y amount of the City Enginee r or a duly authorized representative of the City Engineer. T te, except as Payment security shall equal the amount of the f performance secury eparate security. Warranty security otherwise set forth in Exhibit A, and shall be furnished as a 10%) of the amount of performance security except as otherwise set shall equal Ten Percent ( forth in Exhibit A. submittal of security, Subdivider shall pay to City administrative fees applicable to D. At the time of sub I to the subdivision (final map, Tract the form of security provided. Administrative fees shall apply Tract ma rather than to individual security instruments. The of secuatybnipally aid map or waiver of p) separately for each different form and/or source (surety or fina a luliredtfor'submittal of warranty sep Y submitted and for substitution of securities but shall not e q 2of7 security if the warranty security is of the same form and from thesame ource 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 evidence of thereliability of the 4) of SECTION 3.B., which require the establishment of 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 nhic they real will prepare lien agreements and subordination agreements, admini ster 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. Secrare ity for Pastrucicipa ory Improvements shall remain in place until the Participatory Improvements nd 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 f with Ci der fails to deposit ty in lieu of or in replacement of security guaranteeing Participatoryven demand fromCity, City may present a written t said cash within 30 days of the date of demand to Subdivider's Surety for payment of said cash and Subdivider's Surety shall pay to Cityl 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 Agreementand/or expiration City of theunlestime for performance stated in this Agreement, without express authorization 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 rovis ons of paragraph g °r approval, by the City Council of the Improvements subject to the p 2 The City Engineer may authorize partial reduction of perform securitynce shalt be foras ork on a lication by Subdivider. However, no such re duc an progresses, up pp for the amount less than Ten Percent (10%) of the total performance security provideddfaithful performance of the act or work. In no event shall security be reduced below Ten Percent that required to guarantee the completion of the act or work or obligation secured, plus 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 paymenV�Yents Subdivider of Subdivider's share of the cost or estimated cost of the Participatory Improe 4 If City receives no notice of recorded claims of lien, labor and materials als security shagCouncil, of the be released in full 90 days after final acceptance and/or approval by Y 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 of at thene r of d rfinal acceptance or approval by the City Council of all Improvements. Howe , nthe one-year warranty period, there are one or more outstanding requests bwarranty City for performance of work or provision of materials under the terms of the warranty, 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 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 Subdividers 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. 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. 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. 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 92253 0/777-7075 A Thomas P. Genovese, City Manager Date ATTEST: Local Address Shea La Quinta, LLC. 81260 Avenue 62 La Quinta, CA 92253 (760) 777-6006 By: Title: SHEA HOMES 81-260 Ave 62 to Quinta, CA 92253 Principal Address 12 uarm Sings Rd GI Iv CA 92 3 Date By: Ili N • a=:::� _ c_ , Date Title: S �1 `�1 1�1`1 1 �L �C�j�><-01 Jiewed an Approved: ngin er Date Appro s to r (/ J' t i torne`-7j Date 6of7 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of On� Date personally appeared ss. me j c�tl L� �l i l l U N L�N V 1� G �. before t Name and Title of Officer (e.g., `Jane Doe, Notary Public") Name(s) of Signer(s) personally known to me ❑ proved to me on the basis of satisfactory evidence JOIYCE 1. VITTORIO Con nbdon * 1499926 Nolay Paa t - CoNlomia Ri wdit Count/ My C&m. Expka Ju111 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. WITNESS my hand and official seal. J� Signature of 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: Document Date: 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: © 1999 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 • Chatsworth, CA 91313-2402 - www.nationalnotary.org Prod. No. 59UI Heoroer: uan ion-i-rut: i-ovv-oi v-vvcl CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California ss. County of � � XNCE L. VITTORIO Lei Commission # 1499926 Nolay Pubic• CadNwft Riverside County y Comm. Expires .Nat 11, 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. WITNESS my hand and official seal. Signature of 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: Document Date: 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: © 1999 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 - Chatsworth, CA 91313-2402 • www.nationainotary.org Prod. No. 5907 Reorder: Call loll -Free 1-twu-aib-bt5Z1 Exhibit A SECURITY —TRACT MAP NO. 30023-5 ON -SITE IMPROVEMENTS 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 $ - $ Storm Drain $ 115,170 $ Street Improvements $ 839,040 $ Domestic Water $ 342,740 $ Sanitary Sewer $ 348,150 $ Dry Utilities $ 622,730 $ Monumentation $ 25,050 $ Totals $ 2,292,880 $ Standard 10% Contingency $ 229,290 $ Total Construction Cost $ 2,522,170 $ Professional Fees, Design 10% $ 252,220 $ Professional Fees, Const 10% $ 252,220 $ No Plans Contingency 25% $ 630,540 $ Bond Amount $ 3,657,150 $ 115,170 839,040 342,740 348,150 622,730 2,267,830 226,800 2,494,630 249,460 249,460 623,660 3,617,210 7of7 CITY OF LA QUINTA SUBDIVISION IMPROVEMENT AGREEMENT TRACT MAP NO. 30023-5 OFF -SITE IMPROVEMENTS SUBDIVISION IMPROVEMENT AGREEMENT (the "Agreement") is made and entered into this THIS day of �.�.- Q b and betw20 een SHEA LA QUINTA, LLC A CALIFORNIA LIMITED LIABILITY of the MANY Y " and the City of La Quinta, a municipal corporation tate of hereinafter referred to as "Subdivider, California, hereinafter referred to as "City." RECITALS: map the "Map") of a unit of land in the City of A. Subdivider has prepared and filed a final u t it of land is known as Tract No. 30023-5 (the "Tract") La Quinta, County of Riverside, which et sec. of the California Government Code (the pursuant to the provisions of Section 66410, "Subdivision Map Act"). B. Prio r 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 ittal of the Map fora royal b the City Council, Subdivider shall furnish original improvement plans mmeeting the requirements of the City Engineer. 2. Imp rovements. Subdivider shall construct the public and private street, drainage, consutili t , la dscapthisn, er and other improvements required to be constructed the full cogreed to be t thereof. The methods, standards, Agreement as listed in Exhibit A , and shall 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 includin have been constructfor will tbe Improvements, payment of Subdivider's fair share of Improvemenmen of Ian check and permit ich constructed by others ("Participatory Improvements")bby Subdivider, hereinafter referred to as fees. A second class of security to provided and "pY a ment security," shall assure the payment of the cost of labor, beequipment by S bmaterials supplied to construct the improvements. A third class of security der, u rantee and warranty of the one hereinafter referred to as "warrasecurity,"followaing serve he completion and acceptance of the Improvements fora period of year improvements. Subdivider shall furnish performance and payment de warranty security after p ecurity prior to and as a condition of City Council approval of the Map. Subdivider C�IvCounc as provide prior to or concurrently with Improvements are complete and accepted y Y the final re lease of performance security. Warranty security shall not be n quired do r Monumentation or Participatory Improvements. However, accordancelty may utilize with the Subdivision Map Act. Security for performance of or payment for the work security and part of the obligation secured by each of the performance security, pa yacht w such security warranty security, and in addition to the faceof each and fees, including shall include and assure the payment of costs and reas onable attorney's fees, incurred by City in successfully enforcing the obligations thereby secured. 1 of 7 CADocuments and Settings\JoyceV\Local Settings\Temporary Internet Files\0LK69D\0FFSITE_SIA.doc B. improvement security shall conform with Section 66499 of the California Government Code and one or more of the following: 5) A cash deposit with City or a responsible escrow agent or trust company, at City's option. Surety bonds, of the form specified in subsection 66499.2 of of Treasury Ocular ent Code, issued by a surety or sureties listed in the U.S. DepartmentY 570 (latest version). Certificates of deposit, in City's name, from one or more financial institutions subject o o regulation by the state or federal government and having a financial quality rating better and a commitment reliability rating of "R-2" or better on the Investment Data Exchange (of the Los Angeles County Treasurers office). 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 constitute actrustompl fund on of the Improvements are on deposg bn and creditor of the depositor until released by which is not subject to levy or attachmentY Y City. Letters of credit shall guarantee that all or any portion of the d that such wr purdemand need not present documentation of anf cred the letters of credit will be paid upon the written demand of City a payment, including proof of t shall be ortype as a la period of not less than one year loss. The duration of any such letter o from the execution of the agreement with which it is provided and e thatall aCit o authorizes zes that the letter of credit will be automatically renewed until such t Y expiration or until sixty (60) days after City receives notice from the financial institution of intent to allow expiration of the letter of credit. A lien upon the subdivided property, if City finds that it would not be in herpublic interest tion the to require the installation of the Improvements sooner than two (2) yea rs after final map or Tract map for which the Improvements are required. The enlien shall and shall include e a collateral value of three (3) times the all buildingcost of the s s and improvements thereon, or that may be the power of sale of the real property, g appurtenances thereunto erected upon or made thereto, together with all hereditaments and belonging, or in any wise appertaining, and the reservations, be established at Subdivider's,remainders, rents, issues, and profits thereof. The collateral value of the property expense through an appraisal approved by City. any An instrument of credit from an agency of the state, federal or local government, Percent (20%) of agency of the state, east Twenty federal, or local government provides at Y the financing for the Improvements. 7 When Subdivider is a non-profit organization, or ofC security may be negotiable of the kind n approved for securing deposits of public moneys with City or in fa Y asspec fied 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 mated amount o f the of performance security shall equal One Humeado Percent eanecheck0and)permit fees, as estimated by constructing the Improvements, including pay P g of the City En ineer or a duly authorized representative of the City Engineer. The amount t as Payment security shall equal the amount of thent of aeatersecureySeWarranty security otherwise set forth in Exhibit A, and shall be furnished asa se P sha ll 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 alpmlic le o the form of security provided. Administrative fees shall apply to the subdivision map or waiver of Tract map) rather than to individual security instrumen s. e of fees shall be palldy separately for each different form and/or source u shally or not bea equlired tonfor submittal of warranty ti submitted and for substitution of securities b 2of7 CADocuments and Settings\JoyceV\Local Settings\Temporary Internet Files\0LK69D\0FFSITE_SIA.doc 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 xpirfrom t City of theunlestime for performance stated in this Agreement, without express authorization 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 tion shall be for an progresses, upon application by Subdivider. However, no such 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 bySubdivider of Subdivider's share of the cost or estimated cost of the Participatory improvements. hall beit 4) If City receives no notice of recorded claims of lien, labor and materials secury shall the released in full 90 days after final acceptance and/or approval by the City Council, 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 re fratfter final he i d acceptance or approval by the 'oCityCouncil there are f all oneTor racimprovements.more eoutstanding requests by City for of the one-year warranty period, performance of work or provision of materials under the terms of the warranty, warranty 3 of 7 CADocuments and Settings\JoyceV\Local Settings\Temporary Internet Files\0LK69D\0FFSITE_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. Subdivider shall place survey 9. Survey Monuments. Before final he approval provisions oftreet Sectionsr66495,net sec. of the Subdivision Map Act monuments in accordance with p 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 Subdividers 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. 4of7 CADocuments and Settings\JoyceV\Local Settings\Temporary Internet Files\0LK69D\0FFSITE_SIA.doc 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 11hereinafter, 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. 5 of 7 CADocuments and Settings\JoyceV\Local Settings\Temporary Internet Files\OLK69D\OFFSITE_SIA.doc 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 92253 60/777-7075 Thomas P. Genovese, City Manager Date ATTEST: Principal Address Shea La Quinta, LLC. 81260 Ave 62 La Quinta, CA 92253 (760) 77 -6006 By: Aq(,605 n Date Title: f�►SS� • �JQC By: Date Title: V&' \,2yXngineRev' wed and pproved: V X`qv,.to F Date C1Documents and Settings\JoyceV\Local Settings\Temporary Internet Files\0LK69D\0FFSITE_SIA.doc 6 of 7 Exhibit A OFF -SITE SECURITY — TRACT MAP NO. 30023-5 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 Street Improvements Meandering Sidewalk (8ft) Landscaping Totals Standard 10% Contingency Total Construction Cost Professional Fees, Design 10% Professional Fees, Const 10% No Plans Contingency 25% Bond Amount Performance Labor & Materials $ 309,410 $ 309,410 $ 48,840 $ 48,840 $ 150,000 $ 150,000 $ 508,250 $ 508,250 $ 50,830 $ 50,830 $ 559,080 $ 559,080 $ 55,910 $ 55,910 $ 55,910 $ 55,910 $ 139,770 $ 139,770 $ 810,670 $ 810,670 7 of 7 CADocuments and Settings\JoyceV\Local Settings\Temporary Internet Files\0LK69D\0FFSITE_SIA.doc CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of Californian \ ss. County of� �✓ ��� On u1'l t v ` I LL V Date personally appeared _ before m Zl�� Name and Title of Qfficer (e.g., "Jane Doe, Notary Publi ) \ANTIA U) Name(s) of Signer(s)_ personally known to me ❑ proved to me on the basis of satisfactory evidence J MCE L MOM Co wnwon # 1499926 NAY CXWOMia Riverside Courdll 4WMVComcn.EVklftJtA11-2W4 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. WITNESSmyhand and official seal. )_)- - a) Signature of 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: Document Date: 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.nationalnotary.org Prod. No. 5907 Reorder: Call Toll -Free 1-800-876-6827 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of h V\A__'X D A C ss. On AouN)1)5before me � 1. C _ 1� • `)TL)l � 1 Date 1 Name and Title of Officer (e.g., "Jane Doe, Notary Public") 1�nki ,1 Y � personally appeared ���� Y �1 [ Name(s) of Signer(s) personally known to me ❑ proved to me on the basis of satisfactory evidence AIL A& JOYCE L. VITfOR10 Commission # 1499926 Nolory Pubic - Callomio R V0*1e CourtV 110,MVICOMM. E*kw Jui 11. 2 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. WITNESS my ha and gfficial a I. �L L L- �v Signature of 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: Document Date: 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: © 1999 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 • Chatsworth, CA 91313-2402 • www.nationalnotary.org Prod. No. 5907 Reorder: Call Toll -Free 1-800-876-6827 hL OUTSTANDING BOND REPORT Name: Shea La Quinta, LLC (Trilogy at La Quinta) Tract No. 30023-5 Date of Contract: 10/21 /04 Required Bond Amounts: nn-C7to Storm Drain Streets Water Sewer Utilities Monumentation 10% Contingency Prof. Fees Design 10% Prof. Fees Const. 10% No Plans Contg. 25% Off -Site: Streets Sidewalk Landscaping 10% Contingency Prof. Fees. Design 10% Prof. Fees. Const. 10% No Plans Contg. 25% Dates of Bond Reductions: $115,170 performance/labor & materials $839,040 same $342,740 same $ 348,150 same $622,730 same $ 25,050 performance only $ 229,290 / $ 226,800 $ 252,220 / $ 249,460 $ 252,220 / $ 249,460 $630,540 / $630,540 $309,410 performance/labor & materials $ 48,840 same $150,000 same $ 50,830 same $ 55,910 same $ 55,910 same $139,770 same Outstanding Bonds and Bond Company: Arch Insurance Company Amount: Bond No. Date Cancelled/Released: $3,657,150 (P) $3,617,210 (L&M) SU5014525 same $ 810,670 (P) SU5014676 $ 810,670 (L&M) same Bond No.: SU5014525 Premium: $29,257.00 Subdivision Performance Bond WHEREAS, City of La Quinta, and Shea Homes Limited Partnership as Principal, have entered into an agreement based on this document whereby Principal agrees to install and complete certain designated public improvements, which said agreement dated and identified as project Tract Map No. 30023-5 On -Site Improvements is hereby referred to and made a part hereof; and WHEREAS, Said Principal is required under the terms of said agreement to furnish a bond for the faithful performance of said agreement. Now, therefore, we, the Principal and Arch Insurance Company, as Surety, are held and firmly bound unto City of La Quinta, as Obligee, in the penal sum of Three Million Six Hundred Fifty Seven Thousand One Hundred Fifty and No/100 Dollars ($3,657,150.00) lawful money of the United States, for the payment of which sum well and truely 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 bounden 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 Obligee, its officers, agents and employees, as therein stipulated, then this obligation shall become null and void; otherwise, it shall be and remain in full force and effect. As a part of the obligation secured hereby and in addition to the face amount specified therefor, there shall be included costs and reasonable expenses and fees, including reasonable attorney's fees, inured by Obligee in successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered. The Surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the agreement 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 such change, extension of 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 April 26, 2005. Principal Shea Homes Limited Partnership, a Cal' ornia limitedE rtner hip By: .. Its: Aut�frizedkAgq(nt R} s,1S-f Aril Its: Authorized Agent Sure Arch Insurance Company i By: �1 Victoria Stockton, Attorney -in -Fact Bond No.: SU5014525 Premium included in charge for Performance Bond. BOND FOR SECURITY OF LABORERS AND MATERIALMEN WHEREAS, The City Council of the, City of La Quinta, State of California, and Shea Homes Limited Partnership, as Principal, have entered into an agreement based on this document whereby Principal agrees to install and complete certain designated public improvements, which said agreement, dated , and identified as project: Tract Map No. 30023-5 On -Site Improvements, is hereby referred to and made a part hereof, and WHEREAS, Under the terms of said agreement, Principal is required before entering upon the performance of the work, to file a good and sufficient payment 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, said Principal and the undersigned as corporate surety, are held and firmly bound unto the City of La Quinta, and all contractors, subcontractors, laborers, materialmen and other persons employed in the performance of the aforesaid agreement and referred to in the aforesaid Civil Code of the State of California in the sum of Three Million Sig Hundred Seventeen Thousand Two Hundred Ten and No/100 Dollars ($3,617,210.00) for materials furnished or labor thereon of any kind, or for amounts due under the Unemployment insurance Act with respect to such work or labor, that said surety will pay the same in an amount not exceeding the amount herein above set forth, and also in case suit in 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 the City in successfully enforcing such obligation to be awarded and fixed by the court, and to be taxed as costs and to be included in the judgement therein rendered. It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of any and all persons, companies and corporations entitled to file claims under title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code, so as to give a right of action to them or their assigns in any suit brought upon this bond. Should the condition of this bond be fully performed, then this obligation shall become null and void; otherwise, it shall be and remain in full force and effect. The Surety hereby stipulates and agrees that no change, extension of time, alteration or addition, to the terms of said agreement or the specifications accompanying the same shall in any manner affect its obligations on this bond, and it does hereby waive notice of any such change, extension, alteration or addition. _ In witness whereof, this instrument has been duly executed by the Principal and Surety above named, on April 26, 2005. (Principal) Shea Homes Limited Partnership, a limite Cali rnia d partnership By: Z - 4 Its: Authorized Ment By: -av Its: Authorized Agent By: (Surety) Arch Insurance Company By: r Victoria ockton, Attorney -in -Fact Trilogy at -La Quinta Off —Site Improvements SUBDIVISION IMPROVEMENTS Tract Map No. 30023-5 PERFORMANCE BOND KNOW ALL MEN BY THESE PRESENTS: Bond No. SU5014676 Premium: $6,485. THAT, the City Council of the City of La Quinta has approved the final map for Tract Map No. 30023-5 , prior to installation of certain designated public improvements required by the Conditions of Approval for the subject map, in accordance with the California Map Act (Government Code Section 66462) WHEREAS, the City Council of the City of La Quinta, State of California, and Shea La Quinta, LLC hereinafter designated as ("principal") have entered into an agreement whereby principal agrees to install and complete certain designated public improvements, which said agreement, dated , 200_ , and identified as Tract Map No. 30023-5 , is hereby, referred to and made a part hereof; and WHEREAS, said principal is required under the terms of said agreement to furnish a bond for the faithful performance of said agreement. NOW, THEREFORE, we, the principal and Arch Insurance Company , as surety, are held and firmly bound unto the City of La Quinta hereinafter called ("City"), in the penal sum of Eight Hundred Ten Thousand Six Hundred* DOLLARS ($ 810, 670. ) lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly by these presents. The condition of this obligation is such that if the above bounded principal, his or its heirs, executors, administrators, successors or assigns, shall in all things stand to and abide by, and well and truly keep and perform the covenants, conditions and provisions in the said agreement and any alteration thereof made as therein provided, on his or their part, to be kept and performed at the time and in the 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. *Seventy and No/100 F201 - Performance Bond Page 1 of 2 n PLEASE COMPLETE THIS INF RA�I��Ji RECORDING REQUESTE Vy U JUNE S. GREEK, City Clerk C i" (' C i AND WHEN RECORDED MAIL TO: CITY OF LA QUINTA Attn: June Greek P. 0. Box 1504 La Quinta, CA 92247-1 504 0 A 25 rC DOC # 2005-095 026 11/16/2005 08:00A Fee:NC Page 1 of 3 Recorded in Official Records County of Riverside Larry W. Ward Assessor, County Clerk & Recorder M S U - PAGE SIZE DA ---� j PCOR NOCOR --- 1 SMF MISC I - I - A R L COPY LONG REFUND NCHG EXAM CERTIFICATE OF CORRECTION Tract Map No. 30023-5 Street Name Changes Title of Document THIS AREA FOR RECORDER'S USE ONLY THIS PAGE ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION Recording Requested By and When Recorded Mail to. - City Clerk City of La Quinta 78-495 Calle Tampico City of La Quinta, CA. 92253 CERTIFICATE OF CORRECTION I, Robert S. Smith, certify that I am a Registered Civil Engineer of the State of California; that a survey was prepared under my supervision in Tract Map No. 30023-5; that said Tract Map No. 30023-5, was filed June 17, 2005, in Book 383, Pages 37 through 47, inclusive, of Maps, in the office of the Recorder of Riverside County, California; that the following Street Names shown on said Tract Map No. 30023-5, are incorrect as follows: On Sheets 4, 5, 6, 8, 9, 10 and 11 — The street name shown as Fire Barrel Avenue. On Sheets 8 and 9 — The street name shown as Soaptree Street. and are corrected as follows: On Sheets 4, 5, 6, 8, 9, 10 and 11 — The street name should be Fire Barrel Drive. On Sheets 8 and 9 — The street name should be Soaptree Drive. Note: there are no fee owners affected by these corrections. PAGE 1 OF 2 CERTIFICATE OF CORRECTION FESSIO S. Robert S. Smith R.C.E. 26401 Exp. 03/31/06 .0. 0 C 26401 M W Exp. "1/06 M Dated , t OF C AO'q-�� STATE OF CALIFORNIA, COUNTY OF RIVERSIDE_ On '- CS before me, TRUDY M. TEDDER, NOTARY PUBLIC personally appeared ROBERT S. SMITH `Wpersonally known to me - OR - LJ pfactory- evidence to be the person(s) whose name(s) is/ar-e-subscribed to the within instrument and acknowledged to me that he/slieitil-e-y executed the same in his/hefAlctelr authorized capacity(ies), and that by his/helti-i-eir signature(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. TRUDY M. TEDDE COMM. #1413932 LU N M Cn rotary Public -California Cn Signature of NdtaRIVERSIDE COUNTY ry Y Comm. Exp. April 26, 2007 CITY SURVEYOR'S CERTIFICATE This Certificate of Correction has been examined by the undersigned and my examination discloses that changes shown hereon are authorized by and comply with Government Code Section 66469 of the Subdivision Map Act. In Eric A. Nelson Acting City Surveyor Dated- r P.L.S. 5563 Exp. 9/30/07 PAGE 2 OF 2 CERTIFICATE OF CORRECTION Phases 1 and 2 of Tract Map No. 30023 were within the County's jurisdiction when developed. When the City annexed this area, the County retained the original bonds for Phases 1 and 2, and the City retained the warranty bonds. The attached Certificate of Correction denotes that the Street Name Change is within Phase 1 (30023-1), however it is within Phase 5. The street name is changed from Fire Barrel Avenue to Fire Barrel Drive within Phase 5 of Parcel Map 30023-5. RECORDING REQUESTED BY: First American Title Company WHEN RECORDED MAIL TO: City Clerk City of La Quinta 78-495 Calle Tampico La Quinta, CA 92253 DOC # 2008-0183314 04/11/2008 08:00R Fee:15.00 Page 1 of 3 Recorded in Official Records County of Riverside Larry W. Ward Assessor, County Clerk $ Recorder 11111111111111111111111111111111111111111111111111111 S R U I PAGE I SIZE I DA I MISC LONG RFD COPY 13 M A L 1 465 1 426 1 PCOR NCOR SMF NCHG exAu T: CTY UNI rA- (space above this line for recording data) N APN: �S/ T 025 TRA: 0 Certificate of Correction TITLE OF DOCUMENT This page added to provide adequate space for recording information ($3.00 additional recording fee applies) s Recording Requested By and When Recorded Mail to: City Clerk City of La Quinta 78-495 Calle Tampico La Quinta, CA 92253 I, Robert S. Smith, certify that I am a Registered Civil Engineer of the State of California; that a survey was prepared under my supervision in Tract Map No. 30023-1; that said Tract Map No. 30023-1 was filed January 30, 2003, in Book 329, Pages 87-102, inclusive, of Maps, in the office of the Recorder of Riverside County, California; That the following data shown on said subdivision map is incorrect as follows: The street name shown on said Tract Map No. 30023-1 on sheets 3, 5, 7 and 12 is incorrect. The street name is shown as Fire Barrel Avenue and is corrected as follows: On sheets 3, 5, 7 and 12 - The street name should be Fire Barrel Drive NOTE: ThgW are no fee owners affected by these conditions. �OQFtOFESS/0h oOr�FLT S. S2j Robert S. Smith Q CE 26401 Exp. 3/31/10 (60 ? C 26401 Date * EXP 03.31.10 STATE OF CALIFORNIA COUNTY OF RIVERSIDE, On J. 13. DY before me Sandra S. Fox Notary Public Personally appeared ROBERTS. SMITH 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/shetthey executed the same in his/her/their authorized capacity(ies), and that by his/he/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. jSigneure NESS my hand and official seal. IWOM� � j �a1C ��1 4 of Notary 1111111011110ft CaurN CITY SURVEYOR'S CERTIFICAT MVCa04*"Jtr12.201 This Certificate of Correction has been examined by the undersigned and my examination discloses Fhat change shown hereon are authorized by and comply with Government Code Section 66469 of the Subdivision Map Act. Dated 3 ZS o 2� By ez� n . Eric A Nelson, P.L.S. 5563 Acting City Surveyor Exp. 9/30/09 G0ARY L. ORSO Recorder COUNTY OF RIVERSIDE Riv id 751 ASSESSOR -COUNTY CLERK -RECORDER (951)486 CA 92502A751 951)86-9000 Q hop://rivcmidc.mrclkmc.com CERTIFICATION Pursuant to the provisions of Government Code 27361.7, 1 certify under the penalty of perjury that the following is a true copy of illegible wording found in the attached document: (Print or tvoe the oaae number(s1 and wordin below): qI- 44ed For C la r 14y CorV)✓Y s1ur( 15(P3 i1Utzk(Ll -PtA hI(C- - �r�Ii�o(n�� � I u�si cl-c.. Coto ✓`� C)n ,,I sU rV e-j0 SIC I Ir,)IA ie- Date: Signature: __✓�� — ACR 601 P-AWE0 (Est. 04/2003)