1978-0602_BUTLER DEVELOPMENT_Bank Letter of CommittmentAdministrative Office
June 2, 1978
City of Sari Juan Capistrano
32.400 Paseo Adelanto
San Juan Capistrano, Calif. 92675
Attn: City Engineer
Subject: Butler Development Company, Inc., Tract 10090,
San Juan Capistrano, California
Gentlemen:
Southwest Bank has committed a loan to Butler Development Company, Inc.,
to complete certain offsite improvements on Tract 10090 in San Juan
Capistrano, California.
It is the understanding that you require a commitment in lieu of the
following bonds:
1. Faithful performance of public improvments $126,600.00
2. Labor and materials bond 126,600.00
3. Faithful performance for private improvements 12,400.00
4. Monumentation 1,000.00
Total $266,600.00
These funds will be used to guarantee the installation of certain im-
provements in the subject tract. We hereby agree that the amount of
$266,600.00 to pay the costs of those certain improvements will be ear-
mari:Ed it a seperate account and will be used for lo other purpose.
These pavw4nts .ii ii be disbursed as construction progresses upon written
cent Cowwanli. Inc., and urcm proof satisf,,,ctory
Lo u" f;1a", U0, C.'." "fed by ai'ly if )UY SCi7ent nCu been perforried or
andLerlals deliVel -cv. Nit disuursei;!eiiU hill be filadc fro01 these funds until
0
City of San Juan Capistrano
June 2, 1972
Paae 2
such specific authorization has been received from the City Engineer
of San Juan Capistrano, for those funds being requested.
In th, event our customer obtains bonds issued by a surety company
acceptable to you, any agreement made by us or any coacitment made
by us in order to obtain those bonds will cause this agreement to
becono null and void.
In the event there is default by the principal in its obligation to
the City of San Juan Capistrano, all funds retraining in said accoun,
shall be available to the City of San Juan Capistrano, Engineering
Department to complete and pay for the cost of completing said sub-
division improvements.
This letter constitutes an irrevocable commitment of funds, which is
not subject to recall by Southwest Bank provided the subject construction
loan is recorded.
This letter of consritment will expire on June 4, 1979.
1 Sine;•ely, �
Dan L l Schempp
Regional Vice President
Loan Administration
DLS:jl
ACKNOWLEDGED AND ACCEPTED, June 1978 ACKNOWLEDGEMAND ACCEPTED
rrTY Or S!F Jhn^`CAPTSTWM?f C7C77TY-A770-InUrTY "F'TMIR 9ENELOPMENT CO. INC.' --
A`1`TF, ST
State of California
SS.
County of Orange
GENERAL ACKNOWLEDGEMENT FORM
A
On this the 2nd day of June 19 78 , before me,
the undersigned Notary Public, personally appeared
R. H. Luders
known to me to be the personM whose name(4) is subscribed
to the within instrument and acknowledged that he
executed the same for the purposes therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seat.
Ls/fG-<.�L�Y
STATE OF CALIFORNI)k
53. COUNTY
1
°' '�-�CG e / '� __, before me/the undersigned, a Notary Public in and for
m said: Mate, pei3onally ap
i= known to peared —r
' < President, and=.
c: rim
o me to be 4ie �'
u _ - ---
Secretaryofthe corporation that executed the within instrument,
- JuSown-Ie-rne-b-be-' -
E
R and known to me to be the persons who executed the within
instrument on behalf of the corporation therein named, and a<- Y1111111-1111111—
GFFICiAL. SLA:.
knowledged to me that such corporation executed the within /` PHY! LI& L. DE Si of;UER
o o.,l
re'^�•.p.-�<' N0T4RY PV�L�C'CPl.l3
o instrument pursuant to its by-laws or a resolution of its board of A
- PF.INCIPAL OFFICE IN
`o directors. SR.^I C;EGO CCiI,!?Y y
U'Y MY COMMISSION EXPIRES JUNE 28, 1980
N WITNESS my hand and official seal.
0
o �
LLSignature _♦— -, =�.___ .�._.___�_�. �. '-
�" 7^'C.
Name (Typed or Printed) (This area for ofllclal notarial ;nary
�'�'IPrI PAL OFc�^.f IN _
I!v,r•:.u.>..
er.,e . �,.u.v+vv�+.mniw�5rnsmeaornearsnP5f4rppnY2sarj
GENERAL ACKNOWLEDGEMENT FORM
A
On this the 2nd day of June 19 78 , before me,
the undersigned Notary Public, personally appeared
R. H. Luders
known to me to be the personM whose name(4) is subscribed
to the within instrument and acknowledged that he
executed the same for the purposes therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seat.
Ls/fG-<.�L�Y
STATE OF CALIFORNI)k
53. COUNTY
1
°' '�-�CG e / '� __, before me/the undersigned, a Notary Public in and for
m said: Mate, pei3onally ap
i= known to peared —r
' < President, and=.
c: rim
o me to be 4ie �'
u _ - ---
Secretaryofthe corporation that executed the within instrument,
- JuSown-Ie-rne-b-be-' -
E
R and known to me to be the persons who executed the within
instrument on behalf of the corporation therein named, and a<- Y1111111-1111111—
GFFICiAL. SLA:.
knowledged to me that such corporation executed the within /` PHY! LI& L. DE Si of;UER
o o.,l
re'^�•.p.-�<' N0T4RY PV�L�C'CPl.l3
o instrument pursuant to its by-laws or a resolution of its board of A
- PF.INCIPAL OFFICE IN
`o directors. SR.^I C;EGO CCiI,!?Y y
U'Y MY COMMISSION EXPIRES JUNE 28, 1980
N WITNESS my hand and official seal.
0
o �
LLSignature _♦— -, =�.___ .�._.___�_�. �. '-
�" 7^'C.
Name (Typed or Printed) (This area for ofllclal notarial ;nary