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MMHP 2023, LLC (Fmr Global Dev. & Building, LLC) OBR & Released BondsOUTSTANDING BOND REPORT Tract Number: Development: Developer/Owner: Bond Company: 37891 JEFFERSON STREET APARTMENTS MMHP 2023, LLC (Previously Global Development and Building, LLC) EAST WEST BANK CATHAY BANK 135 N. Los Robles Ave. 2672 East Garvey Ave. Pasadena, CA 91101 West Covina, CA 91791 Outstanding / Released Bonds: Bond Type Bond No. Amount: Date Replaced or Released Performance 100693455 $418,675 Released 07/25/2023 Labor & Material 100693455 $418,675 Released 07/25/2023 Performance Cash Surety $418,675 With Finance Labor & Material Cash Surety $418,675 With Finance ta Qaigra l 11 IIURXI% MEMORANDUM Date: July 20, 2023 To: Monika Radeva, City Clerk From: Amy Yu, Associate Engineer Re: Bond Release for Parcel Map 37891, Jefferson Street Apartments Please release the following bonds held in your file for the above referenced project after the Assignment and Assumption Agreement and Amendment to Subdivision Improvement Agreement for PM 37891 is executed by the City Manager. The new developer, MMHP 2023, LLC has submitted cash securities for the Subdivision Improvement Agreement Please release the following bonds: Parcel Map No. 37891 Type of Bond Bond No. Performance Amount Performance 100693455 $418,675 Labor & Materials 100693455 $418,675 Previous Developer: Global Development and Building, LLC 77622 Country Club Drive, Suite N Palm Desert, CA 92211 Attn: Jim Snellenberger Surety Company: American Contractors Indemnity Company 1 MacArthur Place, Suite 550 Santa Ana, CA 92707 Attn: Freddy Anvari ■ W ��LINW CALIFORNIA - July 25, 2023--------- --- Global Development and Building, LLC 77622 Country Club Drive, Suite N Palm Desert, CA 92211 Attention: Jim Snellenberger RE: PARCEL MAP 37891 JEFFERSON STREET APARTMENTS — RELEASE OF BONDS Dear Mr. Snellenberger, Per authorization of the City of La Quinta Public Works Department, the City Clerk's Office has hereby released the following bonds and notified American Contractors Indemnity Company on 7/25/2023. Bond Number Bond Amount Bond Type 100693455 $418,675 Performance 100693455 $418,675 Labor & Materials The original paper bonds are enclosed. Please do not hesitate to contact me should you have any questions. Sincerely, "�r 4"Y Laurie McGinley, Deputy City Clerk Email: LMc- iq nley@LaQuintaCA.gov Tel: (760) 777 - 7123 ■ W ��LINW CALIFORNIA - July 25, 2023---------------- American Contractors Indemnity Company 1 MacArthur Place, Suite 550 Santa Ana, CA 92707 Attention: Freddy Anvari RE: PARCEL MAP 37891 JEFFERSON STREET APARTMENTS — RELEASE OF BONDS Dear Mr. Anva ri, Per authorization of the City of La Quinta Public Works Department, the City Clerk's Office hereby releases the following bonds: Bond Number Bond Amount Bond Type 100693455 $418,675 Performance 100693455 $418,675 Labor & Materials Copies of the bonds being released are enclosed for your reference. Global Development and Building, LLC, the developer, was also notified of the above bonds release on 07/25/2023. Please do not hesitate to contact me should you have any questions. Sincerely, Laurie McGinley, Deputy City Clerk Email: LMc- iq nley@LaQuintaCA.gov Tel: (760) 777 - 7123 Premium Subject to Adjustment Based SUBDIVISION IMPROVEMENTS Bond No. 100693455 on Final Contract Price Premium: $8,374.00/ Annum Tract Map No. 37891 PERFORMANCE BOND KNOW ALL MEN BY THESE PRESENTS: THAT, the City Council of the City of La Quinta has approved the final map for Tract Map No. 3�g9� , prior to installation of certain designated public improvements required by the Conditions of Approval for the subject map, in accordance with the California Map Act (Government Code Section 66462) WHEREAS, the City Council of the City of La Quinta, State of California, and Global Development and Building, LLC hereinafter designated as ("principal") have entered into an agreement whereby principal agrees to install and complete certain designated public improvements, which said agreement, dated , 20 22 , and identified as Tract Map No. is hereby referred to and made a part hereof; and WHEREAS, said principal is required under the terms of said agreement to furnish a bond for the faithful performance of said agreement. NOW, THEREFORE, we, the principal and American Contractors Indemnity Company , as surety, are held and firmly bound unto the City of La Quinta hereinafter called ("City"), in the penal sum of Four Hundred Eighteen Thousand Six Hundred Seventy Five and 001100 DOLLARS ($ 418,675.00 ) lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly by these presents. The condition of this obligation is such that if the above bounded principal, his or its heirs, executors, administrators, successors or assigns, shall in all things stand to and abide by, and well and truly keep and perform the covenants, conditions and provisions in the said agreement and any alteration thereof made as therein provided, on his or their part, to be kept and performed at the time and in the manner therein specified, and in all respects according to their true intent and meaning, and shall indemnify and save harmless the City, its officers, agents and employees, as therein stipulated, then this obligation shall become null and void; otherwise it shall be and remain in full force and effect. As a part of the obligation secured hereby and in addition to the face amount specified therefore, there shall be included costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by City in successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered. The surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the agreement or to the work to be performed hereunder 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 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 October 20 , 20 22 . Global Development and Building, LLC Principal 7 _jay (Seal) Sip Gr"e'of GD Title of Signatory American Contractors Indemnity Company Surety 7 (Seal) sore of Surety Freddy Anvari, Attomey-in-Fact Title of Signatory American Contractors indemnity Company 1 MacArthur Place, Suite 550 Santa Ana, CA 92707 Address of Surety 714-740-7000 Phone # of Surety Freddy Anvari Contact Person For Surety CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of % Orange ): On i 0;,Oj_�— before me, Date personally appeared Angela Kim, Notary Public Here Insert Name and Title of the Officer Freddy Anvari Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. _ ANGELA i(IM '40t37Y Public - California �. �y '• Orange County � Commission : 2357781 My COMM. Expires May t 5. 2025 Place Notary Seal Above I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature ' Sign atary Public OPTIONAL Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: Bond# /QD(pq 3 Number of Pages: SS Document Date: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: Freddy Anvari 1 Corporate Officer — Title(s): I Partner — I I Limited I I General I Individual Xl Attorney in Fact !. I Trustee i_.] Guardian or Conservator 1-1 Other: Signer Is Representing: Signer's Name: 1 Corporate Officer — Title(s): `1 Partner — F1 Limited 1-1 General !Individual ! 1 Attorney in Fact 1 !Trustee 1-1 Guardian or Conservator L I Other: Signer Is Representing: a;�•csc:'uc�s�t^utx:s^6�s�ex.^�^���e,��,;c:� c�:�:awn-[x.;i^e.c.�.^u�����s�c�c.cxa�'r�S-sri�:s��wz.R�xxa�.� ©2014 National Notary Association - www.NationalNotary.org • 1-800-US NOTARY (1-800-876-6827) Item #5907 TQKiO MARINE AX H C C POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS: That American Contractors Indemnity Company of the State of California, a California corporation, does hereby appoint, FREDDY ANVARI its true and lawful Attomey-in-Fact, with full authority to execute on its behalf bond number 100693455 issued in the course of its business and to bind the Company thereby, in an amount not to exceed Five hundred thousand and 00/100 $500,000.00 ). This Power of Attorney is granted and is signed and sealed by facsimile under and by the authority of the following resolutions adopted by the Board of Directors of AMERICAN CONTRACTORS INDEMNITY COMPANY at a meeting duly called and held on the 19' day of September, 2011. Be it Resolved, that the President, any Vice -President, any Assistant Vice -President, any Secretary or any Assistant Secretary shall be and is hereby vested with full power and authority to appoint any one or more suitable persons as Attorney(s)-in-Fact to represent and act for and on behalf of the Company subject to the following provisions: Attorney -in -Fact may be given full power and authority for and in the name of and on behalf of the Company, to execute, acknowledge and deliver, any and all bonds, recognizances, contracts, agreements or indemnity and other conditional or obligatory undertakings, including any and all consents for the release of retained percentages and/or final estimates on engineering and construction contracts, and any and all notices and documents canceling or terminating the Company's liability thereunder, and any such instruments so executed by any such Attomey-in-Fact shall be binding upon the Company as if signed by the President and sealed and effected by the Corporate Secretary. Be it Resolved, that the signature of any authorized officer and seal of the Company heretofore or hereafter affixed to any power of attorney or any certificate relating thereto by facsimile, and any power of attorney or certificate bearing facsimile signature or facsimile seal shall be valid and binding upon the Company with respect to any bond or undertaking to which it is attached." The Attorney -in -Fact named above may be an agent or a broker of the Company. The granting of this Power of Attorney is specific to this bond and does not indicate whether the Attorney -in -Fact is or is not an appointed agent of the Company. IN WITNESS WHEREOF, American Contractors Indemnity Company has caused its seal to be affixed hereto and executed by its President on this 18th day of April, 2022. ,jt,11,11ra JI,,, State of California __ AMERICAN CONT CT❑ S INDEMNITY COMPANY v' ICAI�OMTFD . County of Los Angeles = ` °�"T""'°;in. B ` ■ •. =; Ada S. Pessin, President J "' .F4 Z �FOi40 ae A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy. or validity of that document. On this 18th day of April, 2022, before me, Sonia O. Carrejo, a notary public, personally appeared Adam S. Pessin, President of American Contractors Indemnity Company, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of CALIFORNIA that the foregoing paragraph is true and correct. WITNESS my hand and official seal. sore. o. S Coa o La Signature (seal) ffih d-9 0y,ria rwy Carrtm. Eraar$ W I3. Z026 F. I, Kio Lo, Assistant Secretary of American Contractors Indemnity Company, do hereby certify that the Power of Attorney and the resolution adopted by the Board of Directors of said Company as set forth above, are true and correct transcripts thereof and that neither the said Power of Attorney nor the resolution have been revoked and they are now in full force and effect. IN WITNESS WHEREOF, I have hereunto set my hand this 2flth day of Bond No. 100693455 Agency No. 12056 • =k'._ RMIMPATM : =� ..- sePT.arz; saoo : � October - 2022 CQZ' Kio Lo, Askatbpt Secretary visit tmhcc.com/Surety for more information HCCS OZZPOAACI C042022 Premium Subject to Adjustment Based SUBDIVISION IMPROVEMENTS on Final Contract Price Tract Map No. 37891 LABOR AND MATERIAL BOND KNOW ALL MEN BY THESE PRESENTS: Bond No. 100693455 Premium Included on Performance Bond THAT, the City Council of the City of La Quinta has approved the final map for Tract No. 37891 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 Global Development and Building, LLC hereinafter designated as "the principal" have entered into an agreement whereby the principal agrees to install and complete certain designated public improvements, which agreement, dated , 2022 and identified as Tract Map No. 37891 , is hereby referred to and made a part hereof; and WHEREAS, under the terms of the agreement, the principal is required before entering upon the performance of the work, to file a good and sufficient payment bond with the City of La Quinta to secure the claims to which reference is made in Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code of the State of California. NOW, THEREFORE, the principal and the undersigned as corporate surety, are held firmly bound unto the City of La Quinta and all contractors, subcontractors, laborers, materialmen, and other persons employed in the performance of the agreement and referred to in Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code In the sum of Four Hundred Eighteen Thousand Six Hundred Seventy Five and 00/100 DOLLARS ($ 418,675,00 ), for materials furnished or labor thereon of any kind, or for amounts due under the Unemployment Insurance Act with respect to this work or labor, that the surety will pay the same in an amount not exceeding the amount hereinabove set forth, and also in case suit is brought upon this bond, will pay, in addition to the face amount thereof, costs and reasonable expenses and fees, including reasonable attorney' s fees, incurred by city in successfully enforcing this obligation, to be awarded and fixed by the court, and to be taxed as costs and to be included in the judgment therein rendered. It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of any and all persons, companies, and corporations entitled to file claims underTitle 15 (commencingwith Section 3082) of Part 4 of Division 3 of the Civil Code, so as to give a right of action to them or their assigns in any suit brought upon this bond. Should the condition of this bond be fully performed, then this obligation shall become null and void, otherwise it shall be and remain in full force and effect. The surety hereby stipulates and agrees that no change, extension of time, alteration, or addition to the terms of the agreement or the specifications accompanying the same shall in any manner affect its obligations on this bond, and it does hereby waive notice of any such change, extension, alteration, or addition. In witness whereof, this instrument has been duly executed by the principal and surety above named, on October 20 12022 . (Seal) Title of Signatory American Contractors Indemnity Company Surety (Seal) ure of Su y Freddy Anvari, Attorney -in -Fact Title of Signatory American Contractors Indemnity company 1 MacArthur Place, Suite 550 Santa Ana, CA 92707 Address of Surety 714-740-7000 Phone # of Surety Freddv Anvari Contact Person For Surety CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 max:ire.�c�r•,�e„c�r��rxr��,�c�x�r�e�x„�:r�cc�.���ccecx�c�::c��r�:-.....,�,;,� •=•.r�.�.��,�c,� A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of Orange On _ i��oZU/rZU-O� before me, Date personally appeared Angela Kim, Notary Public Here Insert Name and Title of the Officer Freddy Anvari Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. ANC.ELA K:M s Netary Public . California Orange County Commission x 2357781 — My Comm. Expires May 15, 2025 I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature Notary Public Place Notary Seal Above OPTIONAL Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: Bond* Q 3 Document Date: Number of Pages: Signer(s) Other Than Named Above: - T Capacity(ies) Claimed by Signer(s) Signer's Name: Freddy Anvari I I Corporate Officer — Title(s): I Partner — i I Limited I I General i I Individual Ni Attorney in Fact I _ I Trustee -1 Guardian or Conservator I Other: Signer Is Representing: Signer's Name: i=1 Corporate Officer — Title(s): 1 Partner — Limited I-- I General -1 Individual I 1 Attorney in Fact Trustee 17 Guardian or Conservator I_] Other: Signer Is Representing: ,se�ecs�e..^s:c; - - - g<•�,�.1x^�.�.�^�:�:��sx:�.c�zaexw v�cr�=a�:sn ©2014 National Notary Association - www.NationalNotary.org • 1-800-US NOTARY (1-800-876-6827) Item #5907 TOKIO MARINE HCC POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS: That American Contractors Indemnity Company of the State of Califomia, a California corporation, does hereby appoint, FREDDY ANVARI its true and lawful Attomey-in-Fact, with full authority to execute on its behalf bond number 100693455 issued in the course of its business and to bind the Company thereby. in an amount not to exceed Five hundred thousand and 00/100 { $500,000.00 }. This Power of Attorney is granted and is signed and sealed by facsimile under and by the authority of the following resolutions adopted by the Board of Directors of AMERICAN CONTRACTORS INDEMNITY COMPANY at a meeting duly called and held on the 1st day of September, 2011. Be it Resolved, that the President, any Vice -President, any Assistant Vice -President, any Secretary or any Assistant Secretary shall be and is hereby vested with full power and authority to appoint any one or more suitable persons as Attorney(s)-in-Fact to represent and act for and on behalf of the Company subject to the following provisions: Attorney -in -Fact may be given full power and authority for and in the name of and on behalf of the Company, to execute, acknowledge and deliver, any and all bonds, recognizances, contracts, agreements or indemnity and other conditional or obligatory undertakings, including any and all consents for the release of retained percentages and/or final estimates on engineering and construction contracts, and any and all notices and documents canceling or terminating the Company's liability thereunder, and any such instruments so executed by any such Attomey-in-Fact shall be binding upon the Company as if signed by the President and sealed and effected by the Corporate Secretary. Be it Resolved, that the signature of any authorized officer and seal of the Company heretofore or hereafter affixed to any power of attorney or any certificate relating thereto by facsimile, and any power of attorney or certificate bearing facsimile signature or facsimile seal shall be valid and binding upon the Company with respect to any bond or undertaking to which it is attached." The Attorney -in -Fact named above may be an agent or a broker of the Company. The granting of this Power of Attorney is specific to this bond and does not indicate whether the Attorney -in -Fact is or is not an appointed agent of the Company. IN WITNESS WHEREOF, American Contractors Indemnity Company has caused its seal to be affixed hereto and executed by its President on this 18th day of April, 2022. ,,.•%%Acr'a"" ?..-.....'Ps4a State of California AMERICAN CONT CTO S INDEMNITY COMPANY � i 1KOlfi'MA7E11 -- County of Los Angeles B * Adafn S. Pessin, President '"N' 44fFbRM��..�`. �1+1ll IIIIRl451` A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. On this 18th day of April, 2022, before me, Sonia O. Carrejo, a notary public, personally appeared Adam S. Pessin, President of American Contractors Indemnity Company, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of CALIFORNIA that the foregoing paragraph is true and correct. WITNESS my hand and official seal. , ANEX y L - - - - r4wdAanNotaryPu6Ht - Ca ffly a Signature (seal) tGIT1l16fSg1! N x�oeria ,corm. fmprpsw 73. ZGI6 I, Kio Lo, Assistant Secretary of American Contractors Indemnity Company, do hereby certify that the Power of Attorney and the resolution adopted by the Board of Directors of said Company as set forth above, are true and correct transcripts thereof and that neither the said Power of Attorney nor the resolution have been revoked and they are now in full force and effect. IN WITNESS WHEREOF, I have hereunto set my hand this 20th day of Bond No. 100693455 Agency No. 12056; �°"pr;M Y October 2022 . Kio Lo, As ' nt Secretary visit tmhcc.com/surety for more information HCCS OZZPOAACI C042022