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31681-3 Sunrise LLC - OBR & Released BondsOUTSTANDING BOND REPORT Tract Number: 31681-3 Development: Andalusia Developer/Owner: Sunrise, LLC (Formerly Coral Option I, LLC) Bond Company: Travelers Casualty & Surety Co. of America, One Tower Square Hartford, CT 06183 Attn: Tim Jonasson Outstanding / Released Bonds: Bond Type Bond No. Amount: Date Replaced or Released 0749871 $868,010 Performance 104895098 $4,600,195 Released 2/6/2019 104895097 $2,767,849 Released 4/23/2014 Fugitive Dust 0765417 $136,500 *MOVED FROM 31681-1* Control (PM 10) Labor & Material 104895097 $2,767,849 Released 4/23/2014 Maintenance 105842999 $209,686 Released 5/15/2015 MEMORANDUM Date: January 28, 2019 To: Monika Radeva, City Clerk From: Amy Yu, Associate Engineer Via: Bryan McKinney, City Engineer Re: Replacement of Performance Bond for Tract Map 31681-3, Andalusia, On -Site Improvements After City Council approval on February 5, 2019 and City Manager execution of the Assignment and Assumption Agreement, please replace the following performance bond held in your file for the above referenced tract. Please release the following performance security: Tract Map No. 31681-3 Type of Bond Bond No. I Performance Amount Performance 11048950981 $4 600 195 Please retain the following attached performance security: Tract Map No. 31681-3 Type of Bond Bond No. Performance Amount Performance 01 0749871 $868,010 Previous Developer: Nolan Sparks Coral Option I, LLC 81570 Carboneras La Quinta, CA 92253 Surety Company: Travelers Casualty & Surety Company of America (104895098) One Tower Square Hartford, CT 06183 Attn: Kyle Davis cc: Project File I, Tract Map No. 31681-3 ta Qwkra CALIFORNIA February 6, 2019 Coral Option I, LLC Nolan Sparks 81570 Carboneras La Quinta, CA 92253 Re: Tract Map No. 31681-3 Andalusia Dear Mr. Sparks: Per authorization from the Design and Development Department, the City Clerk's office hereby releases the Performance Bond No. 104895098 in the amount of $4,600,195. If you have any questions, please call me at (760) 777-7035. Sincerely, L Monika Radeva City Clerk c: Brian McKinney, City Engineer Travelers Casualty & Surety Company of America File .-. u�r 9 May 15, 2015 Mr. Nolan Sparks Coral Option I, LLC P.O. Box 1716 La Quinta, CA 92253 Re: Tract Map 31681-3 Dear Sirs: Per authorization from the Public Works Department, the City Clerk's office hereby releases the Maintenance Bond #105842999 in the amount of $209,686.00. If you have any questions, please call me at (760) 777-7103. Sincerely, Pam Nieto Administrative Technician c: Tim Jonasson, Public Works Director/City Engineer Travelers Casualty & Surety Co. of America File 78- 495 Calle Tampico I La Quinta I California 92253 1 760.777.7000 1 wwwla-Quinta.org 78-495 CALLE TAMPICO LA QUINTA, CA 92253 April 23, 2014 Nolan Sparks Coral Option 1, LLC P.O. Box 1716 La Quinta, CA 92247 Re: Tract Map 31681-3 Dear Mr. Sparks: OFFICE OF THE CITY CLERK (760) 777-7103 FAX (760) 777-7107 Per authorization from the Public Works Department, the City Clerk's Office hereby releases the following Bonds: Performance Bond No. 104895097 in the amount of $2,767,849. Labor & Materials Bond No.104895097 in the amount of $2,767,849. If you have any questions, please call me at (760) 777-7123. Sincerely, L�1� Nyv-� Susan Maysels City Clerk cc: Tim Jonasson, Public Works Director/City Engineer Travelers Casualty & Surety of America File PERFORMANCE BOND BOND NO. #104895098 WHEREAS, the City of La Quinta, State of California (hereafter referred to as the "City"), and Coral Option I, LLC., a Delaware Limited Liability Company (hereinafter referred to as "Principal"), have entered into an agreement whereby Principal agrees to install and complete certain designated improvements, which said agreement, dated February 5, 2007, and identified as Subdivision Improvement for Tract #31681-3 (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 Travelers Casualty and Surety Company of America, as Surety, are held and firmly bound unto the city in the penal sum of Four Million Six Hundred Thousand One Hundred Ninety -Five and No/100 Dollars ($4,600,195.00) lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, successors, and 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 the 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 thereunder of the specifications accompanying the same shall in any way 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 specifications. LABOR AND MATERIALS BOND BOND NO. #104895097 WHEREAS the City of La Quinta, State of California, and Coral Option I. LLC. a Delaware Limited Liability Comp anv (hereinafter designated as "principal") have entered into an agreement whereby Principal agrees to install and complete certain designated public improvements, which said Agreement, dated 5th day of February, 2007 and identified as Subdivision Improvement Agreement Tract Map #31681-3 (a Site Improvements) is hereby referred to and made a part hereof, and vFF 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 and 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 and firmly bound unto the City of La Quinta and all contractors, subcontractors, laborers, material men and other persons employed in the performance of the aforesaid agreement and referred to in the aforesaid Code of Civil Procedures in the sum of Two Million Seven Hundred Sixty -Seven Thousand Eight Hundred Forty -Nine and No/100 Dollars ($2.767 849.00) 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 hereinabove set forth, and also in case suit is brought upon this bond, will pay, in addition, to the fact 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 judgment therein rendered. It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of any and all persons, companies and corporations entitled to file claims under Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code, so as to give a right of action to them or their assigns in any suit brought upon this bond. Should the condition of this bond be fully performed, then this obligation shall become null and void, otherwise it shall be and remain in full force and effect. The surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the 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. PERFORMANCE BOND BOND NO. #104895097 WHEREAS, the City of La Quinta, State of California (hereafter referred to as the "City"), and Coral Option I, LLC., a Delaware Limited Liability Company (hereinafter referred to as "Principal"), have entered into an agreement whereby Principal agrees to install and complete certain designated improvements, which said agreement, dated February 5, 2007, and identified as Subdivision Improvement for Tract #31681-3 ((34-Site Improvements) is hereby referred to and made a part hereof, and 44r- 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 Travelers Casualty and Surety Company of America, as Surety, are held and firmly bound unto the city in the penal sum of Two Million Seven Hundred Sixty -Seven Thousand Eight Hundred Forty -Nine and No/100 Dollars ($2,767,849.00) lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, successors, and 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 the 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 thereunder of the specifications accompanying the same shall in any way 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 specifications. MAINTENANCE BOND Name of Company: TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA Address: ONE TOWERSQUARE — HARTFORD CT 06183 Bond No.: 105842999 Premium: Know all men by these presents: That we Coral Option I, LLC., as Principal and the: Corporate Name: TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA located at: HARTFORR CT. a corporation organized under the laws of the State of CONNECTICUT and duly authorized to transact a surety business in the State of California as Surety, are held and firmly bound unto the City of La Quinta, California, as Obligee, in the sum of $209,686.00 for the payment whereof well and truly to be made, we bind ourselves, jointly and severally, firmly by these presents. The conditions of the foregoing obligation are such that whereas, the above bounden Principal has installed certain off -site improvements for Tract Map No. 31681-3, Andalusia at Carol Mountain, and whereas, the above bounded Principal has agreed to guarantee said work against any defective work or labor done, or defective material furnished and agrees to repair or replace such defective work or materials for a period of one year from the date of completion, now therefore, this obligation shall remain in full force and effect for a period of 365 days beginning on the date of final acceptance of said improvements by the City Council of the City of La Quinta, California after which date this obligation shall be void. No right of act on shall accrue under this bond to or for the use of any person other than the Obligee named herein.