33954 Phoenix Row lllCITY OF LA QUMTA
SUBDIVISION IMPROVEMENT AGREEMENT
PARCEL MAP NO.33954
OFF -SITE IMPROVEMENTS
THIS SUBDIVISION IMPROVEMENT AGREEMENT (the "Agree ent") is made and entered into this
142_ tl+------------------- day of ------- ------ 20 _o------'
by and between PHOENIX ROW III, LLC, A NEW HAMPSHIRE LIMITED LIABILITY COMPANY,
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 Parcel No. 33954 (the "Parcel")
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.
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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
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security if the warranty security is of the same form and from the same source as the
performance security it replaces. Administrative fees for security shall be as follows:
1) For certificates of deposit, bonds and letters of credit as described in Paragraphs 2), 3) and
4) of SECTION 3.B., which require the establishment of evidence of the reliability of the
surety or financial institution, the administrative fee shall be One Hundred Fifty Dollars
($150.00).
2) For liens on real property as described in Paragraph 5) of SECTION 3.B., for which City will
prepare lien agreements and subordination agreements, administer valuation of the real
property and administer the agreements over the life of the lien, all of which require legal
assistance and financial advice, Subdivider shall pay to City an administration fee of One Half
of One Percent (0.5%) of the estimated cost of the improvements secured but not less than
Five Hundred Dollars ($500.00) nor more than Five Thousand Dollars ($5,000.00).
3) For other forms of security listed in Section 3 B, above, there will be no administrative fee
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 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
3 of]
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, at 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.
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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.
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APR-22-2008(TUE) 09!07 REALTY EXECUTIVES LA OUINTR (FAX)760 77 9190 Oil 0ii;
C. Nolthor party to this Agreemont relies upon any warranty or representation not contained in this
Agreement.
D. This Agreement shall bo governed by and Interpreted with respect to th's laws of the State of
California.
I? In the event of any dispute between the parties with respect to this Agreement, tho prevailing
party shall be entitled to prompt payment of Its reasonable attorneys' fees from the non-prevailinq
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 havo oxeculed this Agreement as of tho day and year first
written above.
CITY: City of La Quinta
76-495 Calle Tampico
La Qulnta, CA 92253
7801777'-70,i5j
Thomas P. Genovese, City Manager Date
�7r/ z- / � --
Ity Clerk',
Developor Address: 42420 Adams Street
Bermuda Dunes, CA 92203
Revie ed'and Approvod:
CI ngineer Date
Approved as to Form:
2� =- .Z-1 °y
City Attor Date
Ca Lj-30-c$
NOTARY PUBLIC - State of New Hampshire
CARLY R. MORRIS
My commission expires Sept. 21, 2010
Exhibit A
SECURITY —TRACT MAP NO. 33954
OFF -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
Calle Amigo
Domestic Water
$
29,515.00
$
29,515
Sanitary Sewer
$
7,550.00
$
7,550
Sidewalk
$
2,700.00
$
2,700
Totals
$
39,765
$
39,765
Standard 10% Contingency
$
3,977
$
3,977
Total Construction Cost
$
43,742
$
43,742
Professional Fees & Plans, Design 10%
$
4,374
$
4,374
Professional Fees, Const 10%
$
4,374
$
4,374
Bond Amount
52,490
52,490
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CITY OF LA QUINTA
SUBDIVISION IMPROVEMENT AGREEMENT
PARCEL MAP NO. 33954
ONSITE IMPROVEMENTS
THIS SUBDIVISION IMPROVEMENT AGREEMENT (the 'A reement") is made and entered into this
-1at 20 P Y-------,
--�/------------------ day of----�-��---------'
by and between PHOENIX ROW III, LLC, A NEW HAMPSHIRE LIMITED LIABILITY COMPANY,
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 Parcel No. 33954 (the "Parcel")
pursuant to the provisions of Section 66410, at 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.
1 of]
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 tlhe 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
2"n
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 3S.B., for which City will
prepare lien agreements and subordination agreements, administer valuation of the real
property and administer the agreements over the life of the lien, all of which require legal
assistance and financial advice, Subdivider shall pay to City an administration fee of One Half
of One Percent (0.5%) of the estimated cost of the improvements secured but not less than
Five Hundred Dollars ($500.00) nor more than Five Thousand Dollars ($5,000.00).
3) For other forms of security listed in Section 3 B, above, there will be no administrative fee.
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 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
3 et
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.
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.
4on
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 attomeys' 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.
5on
APR-22-2008(TUE) 09:07 REALTY EXECUTIVES LR QUINTR (FRX)760 77' 9190 1 ri1 J11
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 Slate of
California.
E. In the event of any dispute between the parties with respect to this Agreement, the provailing
party shall be entitled to prompt payment of Its reasonable attorneys' fees from the non-provailing
party.
hts and
ciles as to
F. shall nllure or ot operate as a either
taiver of anyasserting
ornof any suof Its ch rights or e'remedies providedfor default hereunder.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
written above.
CITY: City of La 4uinta
78495 Calle Tampico
La Ouinta, CA 92253
760rM.70
A/ --
Thomas p. O novese, City Manager
A f!
42420 Adams Street
Bermuda Dunes, CA 92203
Cate --
flat-----
30_
Reviewedian pprovod: E-Is ) OIB _
CI Engine Date
Approved as to Form: 0011, P
City ey Data
(' ni(- 'Mrs�
L4 -:;?)o -08
NOTARY PUBLIC - State of New Hampshire
CARLY R. MORRIS
My commission expires Sept. 21, 2010
Exhibit A
SECURITY — TRACT MAP NO. 33954
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
Rough Grading
Perimeter and Precise Grading
Storm Drain
Dry Utilities
Perimeter Landscaping
Monumentation
Totals
Standard 10% Contingency
Total Construction Cost
Professional Fees, Design 10%
Professional Fees, Const 10%
Bond Amount
Performance
Labor & Materials
$ 3,306
$
$ 26,340
$
$ 33,680
$
$ 6,000
$
$ 23,351
$
$ 19,800
$
$ 112,477
$
$ 11,248
$
$ 123,725
$
12,372
12,372
148,470
7on
OUTSTANDING BOND REPORT
Name: Phoenix Row III (La Branche project)
Tract No. 33954
Date of Contract: June 12, 2008
Required Bond Amounts:
Off -site
Water
Sewer
Sidewalk
Onsite
Rough Grading
Peri. & Precise Grading
Drainage
Utilities
Peri. Landscaping
Monumentation
Plus regular contingencies
Bond Company: Citizens Bank
Outstanding Bonds:
Amount:
$253,450 LOC #S905374
$ 959 (cash deposit in Finance)
$29,515 / $29,515
$ 7,550 / $ 7,550
$ 2,700 / $ 2,700
$ 3,306
$26,340
$33,680
$ 6,000
$23,351
$19, 800
Date Cancelled/Released:
20� Citizens Bank
AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT
ISSUING BANK:
RBS CITIZENS, N.A.
INTERNATIONAL TRADE DEPT.
20 CABOT ROAD, MIS MMF470
MEDFORD, MA 02155 U.S.A.
DATE OF ISSUE:
JANUARY 03, 2008
BENEFICIARY:
CITY OF LA QUINTA
78-495 CALLE TEMPICO
LA QUINTA, CA 92253
APPLICANT:
FRANCIS H. LABRANCHE JR
25 BAY ST
NORTHFIELD, NH 03276
LADIES AND GENTLEMEN:
International Division
20 Cabot Road
Medford, MA 02155 USA
888 868.0212 tel
SWIFT: CTZIUS33 TELEX 211047 CTZINTL
L/C NUMBER: S905374
AMENDMENT NO. 004
DATE OF THIS AMENDMENT:
MAY 28, 2008
WMO Ci ED
MAY 2 9 2009
PUBUIC WORKS
WE HEREBY AMEND OUR LETTER OF CREDIT AS FOLLOWS:
THE EXPIRATION DATE OF THIS CREDIT IS NOW JUNE 01, 2009
THIS AMENDMENT IS TO BE CONSIDERED AS PART OF THE ABOVE MENTIONED
CREDIT, AND MUST BE ATTACHED THERETO.
ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.
PLEASE ADDRESS ANY INQUIRIES OR CORRESPONDENCE
ATTN:INT'L DEPT.,QUOTING OUR REF. NO: S905374
ATTN:ROBERT MARSHALL TEL:(781)655-4238 SWIFT:CTZIUS33
AUTHORIZED SIGN E' �
Z■•^4V&o�
AUTHORIZED SIGNATURE
S��
I
30'9 Citizens Bank
AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT
ISSUING BANK:
RBS CITIZENS, N.A.
INTERNATIONAL TRADE DEPT.
20 CABOT ROAD, MIS MMF470
MEDFORD, MA 02155 U.S.A.
DATE OF ISSUE:
JANUARY 03, 2008
BENEFICIARY:
CITY OF LA QUINTA
78-495 CALLE TEMPICO
LA QUINTA, CA 92253
APPLICANT:
FRANCIS H. LABRANCHE JR
25 BAY ST
NORTHFIELD, NH 03276
LADIES AND GENTLEMEN:
International Division
20 Cabot Road
Medford, MA 02155 USA
888 868.0212 tel
SWIFT: CTZIUS33 TELEX 211047 CTZINTL
L/C NUMBER: S905374
AMENDMENT NO. 003
DATE OF THIS AMENDMENT:
MAY 02, 2008
WE HEREBY AMEND OUR LETTER OF CREDIT AS FOLLOWS:
RE BENEFICIARY'S SIGNED STATEMENT;
C :$h'.
MAY 6 2008
Development Ser4Wft
DELETE: . . . UTILIT7LS:=.i�Jl '�Lb _'��P TNG IMFRO`•--.`_':�'E!;
33953, MAP NUMBER 39954."
INSERT: . . . UTILITIES AND LANDSCAPING IMPROVEMENTS ON PARCEL
MAP NO. 33954."
THIS AMENDMENT IS TO BE CONSIDRRED AS PART OF THE ABOVE MENTIONED
CREDIT, AND MUST BE ATTACHED 7iiERETO.
ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.
PLEASE ADDRESS ANY INQUIRIES OR CORRESPONDENCE
ATTN:INT'L DEPT.,QUOTING OUR REF. NO: S905374
ATTN:ROBERT MARSHALL TEL:(781)655-4238 SWIFT:CTZIUS33
AUTHORIZED SIT G
,1�7e
AUTHORIZED SIGNATURE
0 RBS
,
20`4 Citizens Bank
AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT
ISSUING BANK:
RBS CITIZENS, N.A.
INTERNATIONAL TRADE DEPT.
20 CABOT ROAD, MIS MMF470
MEDFORD, MA 02155 U.S.A.
DATE OF ISSUE:
JANUARY 03, 2008
BENEFICIARY:
CITY OF LA QUINTA
78-495 CALLE TEMPICO
LA QUINTA, CA 92253
APPLICANT:
FRANCIS H. LABRANCHE JR
25 BAY ST
NORTHFIELD, NH 03276
LADIES AND GENTLEMEN:
International Division
20 Cabot Road
Medford, MA 02155 USA
888 868.0212 tel
SWIFT: CTZIUS33 TELEX 211047 CTZINTL
L/C NUMBER: S905374
AMENDMENT NO. 002
DATE OF THIS AMENDMENT:
APRIL 29. 2008
WE HEREBY AMEND OUR LETTER OF CREDIT AS FOLLOWS:
DELETE: BENEFICIARY'S SIGNED STATEMENT AS LISTED 117 LETTER OF'
CREDIT.
INSERT: BENEFICIARY'S SIGNED STATEMENT CERTIFYING: "THE AMOUNT OF
OUR DRAFT REPRESENTS FUNDS DUE AS A RESULT OF THE FAILURE OF
FRANCIS H. LABRANCHE JR. TO COMPLETE THE OFF SITE WATER, SEWER
AND SIDEWALK IMPROVEMENTS AND ON SITE ROUGH GRADING, PRECISE
GRADING, STORM DRAIN, LTT'TLITIES AND LANDSCAPING IMPROVEMENTS ON
90 —� PARCEL 33953, MAP NUMBER 39954."
THIS AMENDMENT IS TO BE CONSIDERED AS PART OF THE ABOVE MENTIONED
CREDIT, AND MUST BE ATTACHED THERETO.
v
W j ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.
PLEASE ADDRESS ANY INQUIRIES OR CORRESPONDENCE
ATTN:INT'L DEPT.,QUOTING OUR REF. NO: S905374
ATTN:ROBERT MARSHALL TEL:(781)655-4238 SWIFT:CTZIUS33
RaI4 "t, i at�,
AUTHORIZED SIGNAT
AUTHORIZED SIGNATURE
0 11135
aqg Citizens Bank
AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT
ISSUING BANK:
RBS CITIZENS, N.A.
INTERNATIONAL TRADE DEPT.
20 CABOT ROAD, M/S MMF470
MEDFORD, MA 02155 U.S.A.
DATE OF ISSUE:
JANUARY 03, 2008
BENEFICIARY:
CITY OF LA QUINTA
78-495 CALLE TEMPICO
LA QUINTA, CA 92253
APPLICANT:
FRANCIS H. LABRANCHE JR
25 BAY ST
NORTHFIELD, NH 03276
LADIES AND GENTLEMEN:
International Division
20 Cabot Road
Medford, MA 02155 USA
888 868.0212 tel
SWIFT: CTZI US33 TELEX 211047 CTZI NTL
L/C NUMBER: S905374
AMENDMENT NO. 001
DATE OF THIS AMENDMENT:
APRIL 25, 2008
WE HEREBY AMEND OUR LETTER OF CREDIT AS FOLLOWS:
``-- /tt/, (
0-5 '1-�) -7
N P,,Jf 5 2 )
J^r S -4L o
253),15 D
OIL
THE AGGREGATE AMOUNT OF THE CREDIT BEFORE ANY DRAWINGS IS" NOW
INCREASED BY 53,450.00 USD
THE AGGREGATE AMOUNT OF THE CREDIT BEFORE ANY DRAWINGS IS NOW
253,450.00 USD
THIS AMENDMENT IS TO BE CONSIDERED AS PART OF THE ABOVE
MENTIONED CREDIT, AND MUST BE ATTACHED THERETO.
ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED
PLEASE ADDRESS ANY INQUIRIES OR CORRESPONDENCE TO THE ATTENTION
OF THE LETTER OF CREDIT DEPT., QUOTING OUR REF NUMBER: S905374
TO THE ATTENTION OF: DYLAN SUE BY PHONE: (781) 655-4379 BY
SWIFT: CTZIUS33
AUTHORIZED RE
AUTHORIZ D SIGNATUR
KI RIBS
Xqg Citizens Bank
International Division
20 Cabot Road
Medford, MA 02155 USA
888 868.0212 tel
SWIFT: CTZIUS33 TELEX 211047 CTZINTL
IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER 5905374
ISSUING BANK:
RBS CITIZENS, N.A.
INTERNATIONAL TRADE DEPT.
20 CABOT ROAD, M/S MMF470
MEDFORD, MA 02155 U.S.A.
PLACE AND DATE OF ISSUE:
MEDFORD, MA
JANUARY 03, 2008
BENEFICIARY:
CITY OF LA QUINTA
78-495 CALLE TEMPICO
LA QUINTA, CA 92253
APPLICANT:
FRANCIS H. LABRANCHE JR
25 BAY ST
NORTHFIELD, NH 03276
PLACE AND DATE OF EXPIRY:
AT OUR COUNTERS
JANUARY 02, 2009
UP TO AN AGGREGATE AMOUNT THEREOF: USD 200,000.00 F 1`
PARTIAL DRAWINGS: PERMITTED
C� IVY
CREDIT AVAILABLE WITH:
RBS CITIZENS, N.A.
INTERNATIONAL TRADE DEPT.
20 CABOT ROAD, M/S MMF470
MEDFORD, MA 02155 U.S.A.
AGAINST PRESENTATION OF DOCUMENTS AS DETAILED HEREIN.
DRAFTS: AT SIGHT
DRAWN ON:RBS CITIZENS, N.A.
DRAFTS MUST BE ACCOMPANIED BY:
THE ORIGINAL OF THIS IRREVOCABLE STANDBY LETTER OF CREDIT AND
ALL AMENDMENT(S) THERETO, IF ANY. IN THE EVENT OF A PARTIAL
DRAWING THE AMOUNT WILL BE ENDORSED ON THE CREDIT AND THE
ORIGINAL WILL BE RETURNED TO YOU VIA OVERNIGHT COURIER SERVICE.
BENEFICIARY'S SIGNED STATEMENT CERTIFYING: "THE AMOUNT OF OUR
DRAFT REPRESENTS FUNDS DUE AS A RESULT OF THE FAILURE OF FRANCIS
CONTINUED ON NEXT PAGE
K% RBS
11
AR.Citizens Bank � 1 �� International Division
Rr 20 Cabot Road
Medford, MA 021S5 USA
888 868.0212 tel
SWIFT: CTZIUS33 TELEX 211047 CTZINTL
OUR REFERENCE NUMBER S905374 \
H. LABRANCHE JR. TO COMPLETE THE WATER AND SEWER IMPROVEMENTS ON II
PARCEL 33953, MAP NUMBER 39954." ,� k,& N�
s� I
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE
DEEMED AUTOMATICALLY EXTENDED, WITHOUT AMENDMENT, FOR ONE YEAR
FROM THE EXPIRATION DATE HEREOF, OR ANY FUTURE EXPIRATION DATE
UNLESS AT LEAST SIXTY (60) DAYS PRIOR TO ANY SUCH EXPIRATION
DATE, WE NOTIFY YOU BY REGISTERED MAIL OR OVERNIGHT COURIER
SERVICE THAT THIS LETTER OF CREDIT WILL NOT BE EXTENDED FOR ANY
SUCH ADDITIONAL PERIOD.
DRAFTS DRAWN HEREUNDER MUST BE MARKED: "DRAWN UNDER RBS
CITIZENS, N.A. LETTER OF CREDIT NO. S905374, DATED JANUARY 3,
2008".
WE HEREBY ENGAGE WITH YOU THAT ALL DRAFT(S) DRAWN UNDER AND IN
COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY
HONORED UPON PRESENTATION TO OUR ABOVE LISTED ADDRESS.
EXCEPT AS OTHERWISE EXPRESSLY STATED HEREIN, THIS CREDIT IS
SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES (ISP98),
INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO. 590 AND TO
THE LAWS OF THE STATE OF CALIFORNIA AND IN THE EVENT OF ANY
CONFLICT THE LAWS OF THE STATE OF CALIFORNIA WILL CONTROL.
PLEASE ADDRESS ANY INQUIRIES TO THE ATTN: LETTER OF CREDIT
DEPT., QUOTING OUR REF. NO: S905374 ATTN: ROBERT MARSHALL, BY
PHONE: (781)655-4238, BY SWIFT:
CTZIUS33.
PLEASE ADDRESS ANY INQUIRIES OR CORRESPONDENCE
ATTN:INT'L DEPT.,QUOTING OUR REF. NO: S905374
ATTN:ROBERT MARSHALL TEL:(781)655-4238 SWIFT:CTZIUS33
AUTHORIZED SI TURE
AU HORIZED SIGNATURE
Ef RBS
NCCOr� '� = A0•
or -BIB
CITY OF LA QUINTA
**+ CUSTOMER RECEIPT ***
Date: 1114/08 01 Receipt no: 8968
Custo.er Location Name Amount
2235 2235 WESTFORD & WESTFORD
AD A/R DEVELOPER DEPOSITS
$959.00
Trans number: 88009
WESTFORD/DEV DEP PROD #08-017
Tender detail
CK CHECK 1241 f959.00
Total tendered $959.00
Total payment $959.00
Trans date; IJ14/06 Time: 14:08:17
+*+ THINK YOU FOR YOUR PAYMENT ***
M1M1M1M1hM4Nh4M1hM1hhM1NM1bhNNM1M1M1hNNN+Y4hhNhhNN
FOR QUESTIONS PLEASE CALL 760-777-7150
H DEPOSIT STATUS SHEET*
Budget Account No. Assign by Finance
954 (Labranche Project) Calle Amigo East of Avenida Bermudas
RD, LLC; 42-420 ADAMS ST.; BERMUDA DUNES, CA 92203
IPTION OF OBLIGATION PROMPTING DEPOSIT
6
'TION OF OBLIGATION PROMPTING DEPOSIT
DEPOSIT
tnt Receipt#
DEBIT
BALANCE
1114108
$959.00
$959.00
LE
Cash deposits placed in City administered trust accounts are typically received for two basic reasons t) CASH SECURITY -to provide a source of funds forthe City
to draw upon if the City incurs costs satisfying obligations of the developer, or 2) CASH PAYMENT -to provide a source of funding for improvements, property, or
services to be acquired, or administered, by the City at the developers expense. The City will release the fund balance when the developer's obligations that
prompted the cash deposit are fully satisfied. The release function is Initiated via the Request/Demand for Release of Cash Deposit (Form F058)
WESTFORD & WESTFORD, LLC
42-420 ADAMS ST.
BERMUDA DUNES, CA 92203
I PAY TO THE
30-4278/1222 1241
02100333M
DATE �U
i r -T ZMDOLLARS
ational bank
CANYON �
n
.o"uv owxeo MD •eewero
MEMO
1:L2224�2788f:02LO0333041ss L24L U]t
OUTSTANDING BOND REPORT
Name: Phoenix Row III (La Branche project)
Tract No. 33954
Date of Contract: June 12, 2008
Required Bond Amounts:
Off -site
Water
Sewer
Sidewalk
Onsite
Rough Grading
Peri. & Precise Grading
Drainage
Utilities
Peri. Landscaping
Monumentation
Plus regular contingencies
Bond Company: NA
Outstanding Bonds:
Amount-
SLbJ,49U
$253,450
$ 959
$ 620 (PM10)
Bond No.
LOC #S905374
$29,515 / $29,515
$ 7,550 / $ 7,550
$ 2,700 / $ 2,700
$ 3,306
$26,340
$33,680
$ 6,000
$23,351
$19,800
(cash deposit in Finance)
(cash deposit in Finance)
(cash deposit in Finance)
Date Cancelled/Released:
Switched to cash deposit 5/1 5/09
(See documentation in file)
('2.I-e-rtS�e
City of La Quinta
VENDOR: 09460 LABRANCHE, FRANCIS H. JR,
DATE ID PO # DESCRIPTION GL ACCT #
7/18/2019 071819 07/15/19 - TERM SIA PM 33954 & VUP2004-025 EXPIRED 101-0000-22810
i
r
City of La Quinta
• • (r`\ i � 78-495 Calle Tampico
4�
La Quinta, CA 92253
(760) 777-71SO
201
WELLS FARGO
11-24/1210(8)
PAY ---Two Hundred Fifty Three Thousand Four Hundred Fifty Dollars and 00/100 Cents ---
TO THE LABRANCHE, FRANCISH.JR.
ORDER 2234 E. Tahquitz Canyon Way #48
OF Palm Springs, CA 92262-
CHECKTOTAL
CHECK NO: 123172
07/19/2019
AMOUNT
253, 450.00
253,450.00
CHECK NO: 123172
07/19/2019 $253,450.00
AUTHORIZED
AUTHORIZED SIGNATURE
I1' L 23 L 7 211' 1: L 2 L 0 0 0 2L,81: 11'L. L 59 2a 2L.a 20
July 15, 2019
Mr. Francis La Branche
Phoenix Row III, LLC
2234 E. Tahquitz Canyon Way #48
Palm Springs, CA 92262
RE: Termination of Subdivision Improvement Agreements for Parcel Map No. 33954
Dear Mr. La Branche,
Pursuant to your request, enclosed please find a check in the amount of $253,450,
which served as cash securities under that certain Subdivision Improvement
Agreements with the City of La Quinta. Please be advised, and you are hereby on
notice, that the permit and entitlement to which this amount served as security for
completion of on -site or off -site improvements are no longer valid. Specifically,
Tentative Parcel Map No. 33954 and Village Use Permit 2004-025 are no longer valid,
and no person or entity, including any successor in interest with any interest in the
property, may claim any right of development or use under this permit/entitlement.
Thank you for your cooperation. This notification will be part of the record for the
above -referenced permit/entitlement.
on McMillen
City Manager
C'it� of oC a Quinta
WESTFORD & WESTFORD LLC
DATE INVOICE
04/19/11 PM33954
4
E P.O. BOX 1504
r 78-495 CALLE TAMPICO
5�.;' LA QUINTA, CA 92253
(760) 777-7150
PAY
TO
THE WESTFORD & WESTFORD LLC
ORDER 42420 ADAMS ST
OF BERMUDA DUNES CA 92203
CHECK NO
6167
ACCOUNT DESCRIPTION
101-0000-228-10.00 DEV DEP 08-017
WELLS FAROO BANK
1 1-241121D (8)
DATE
04/26/2011
91712
04/26/201_
AMOUNT
959.00
959.00
91712
CHECK NO.
AMOUNT
$******959.00
AUTHORIZED SIGNATURE
AUIHORI2 D SlZMATURE
V9L?1211' 1:L2L0002481: 4L59213 2413 2111
0
cei,, q, Xfj, QuIlKs ___,
DEMAND / CHECK REQUEST
Return check to requestor
Name / Title of person requesting check
Amy Ytf- #53 JSTi7nl 7-
Department individual is associated with:
i
&6k-rL WORKS'
Mail check J - ==
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Check payable to:��
ST{-P R1) L4,J,6S7F6 �e Q L C-
1_ Amount: $ �Jf
(Name) [Vendor No.)
41Z `4 2-0 Abn ffu Account Number: � O� — d 000 — Z )-q. / 0 -,00
(Address)
PEXMtAb,4 C,} (122-c'3 Project Number: 09--0 / 7
Check description and invoice number:
RCSCA6 Or W EXCESS PF �E-tQwA6-b -A-muuti'T Ft)9,
FM PM 33S�r L aQ,-A)Ci��
r " U APPROVED FOR PAYMENT
(Finance Department Use Only)
i
BY. -
Signature:
eparimen[ Hea3j�r -
{i:5aie)^
BY:
ACC
DESCRIPTION
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