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1977-0915_LOVE, JACK_Subdivision AgreementRecorded at the reques�of, an:; return to: n"p City of San Juan Capistrano EXE„ T dity Clerk's Office C4 32400 Paseo Adelanto 1UN1. San Juan Capistrano, CA 92675 RECORDIN FEESAJpP76i 9 W71 GOVERNP41F CODE SECTION 6103 MAR ANN NOVER, City Clerk SaUg pistrano, California SEP d 11 209M No. 9795 SUBDIVISION AGRErmr9T1 TRIS AGREEMENT, made pursuant to the pfrbvisibnsiof Division of Title 7 of the Government Code of the State of California, by between the CITY OF SAN JUAN CAPISTRANO, a Municipal Corporation, hereinafter called the "City" and 'JACK LOVE - whose mailing address is 33051 Calle Aviador San Juan Capistrano, CA hereinafter called the "Subdivider." WITNESSETH: 2 and 92675 r6..... X:3 OF ONA^,^F_ COUNT, CA! ]PORNIA -4 i9 PM SEP 15 197 4 P/Yltr CARLYLE, County RecordeC THAT, WHEREAS, Subdivider has filed with the Planning Commission of the City a tentative map for a proposed subdivision, known as Tract No. 9795 which has been conditionally approved by the City Council,T and WHEREAS, Subdivider desires to postpone the public and private improvements required as a condition of approval of said tentative mat) until a time subsequent to the acceptance and recordation of the final map of said subdivision, by entering into an agreement and providing the improvement security required to assure the furnishing and instal- lation of said improvements within the time herein provided. NOW, THEREFORE, in consideration of the premises and the approval of the final map of said subdivision and the postponement of the time to install such improvements, and to satisfy the said condition of the approval of the said tentative map, the Subdivider hereby undertakes, promises and agrees as follows: 1: Subdivider will, at his (its) own cost and expense, improve said tract by doing all work and providing and furnishing all labor, materials and equipment and making all installations shown on the improvement plans signed and approved by the City Engineer and specified by the Specifica- tions of the City of San Juan Capistrano, which plans and specifications are on file in the office of the City Engineer and incorporated herein by reference, including but not limited to, all grading work, paving of all streets, alleys and public service easements, construction of concrete curbs, gutters, cross -gutters and sidewalks, installation of storm drainage and sanitary sewerage facilities, installation of underground conduit street lighting system, the installation of all street name signs, and the supplying and planting of all parkway trees, together with the instal- lation, of all appurtenances, contingencies and the furnishing of all engineering costs and services to do and complete said work, and to do and complete all ether acts and obligations required by the City as condi- tion of the approval of the tentative subdivision. For purposes of this agreement, the City Engineer shall determ"ne the estimated costs of said improvements to be used for Surety crevices as required herein. 2.. Subdivider will, at his (its) own cost and expense, provide and install. all on-site and off-site water mains and appurtenances and will provide all labor and material to connect the same to existing ,.tains and facilities of the Orange County Waterworks District #4, and will comply with all of the requiroments of said District, and with the plans and sper:i;fi,cations for said work signed by, and on file in the office of the Mara:jer of said District, incorporated herein by reference. 3. St "divider agrees to pay all applicable fees assigned by City. For.i!:urposes of this agreement, applicable fees shall be defined as all fees that may be legally assessed through City's ordinances and resolutions as conditions of approving subdivider's subdivision and proposed improvements. -1- Tract No. _ 9_795 BK 1237�3pc 1272 4. Subdivider shall furnish one good and suffic.i.ent bond in accordance with the provisions of Chapter 5 of Division 2 of Title 7 of the Government Code, said bond shall be in an amount equal to the total estimated cost of work and improvements not to be dedicated to City but inspected by City personnel. Said bond shall be conditioned upon faithful performance of thiZ agreement. 5. Subdivider shall furnish two good and sufficient bonds in accordance with the provisions of Chapter 5 of Division 2 of Title 7 of the Government Code, said bonds to be in the amounts and for the following purposes: (a) an amount equal to the total estimated cost of the said work and improvements to be dedicated to City, conditioned upon the faithful performance of this agreement, and (b) an additional amount equal to the total estimated cost of the said work and improvements to be dedicate" to City securing payment to the contractor, his subcontractors, and to persons renting equipment or furnishing labor or materials to them for the improvements. 6. The City Engineer of the City of San Juan Capistrano may make such changes, alterations or additions to the plans and specifications for said work and improvement which do not exceed ten percent (10%) of the total estimated cost set forth in Item 4 above, as may be determined necessary and desirable by him for the proper completion of said work and improvement or as required for the safety and welfare of the public and no such changes, alterations or additions shall relieve the Subdivider from the faithful performance of this agreement. 7. Subdivider agrees to complete all of said work and improvement and to pay all costs specified herein within a period of _ 365 days from the date hereof. 8. It is agreed by and between the parties hereto that in the event it is deemed necessary to extend the time of completion of the work and improvement to be done under this agreement, said extension may be granted by the City Council of the Citv of San Juan Capistrano or its duly authorized officer, and shall in no way affect the falidity of this agreement or the obligations hereunder. Bonds furnished hereunder shall be kept in full force and effect until said work and improvements shall be deemed complete, approved and accepted as completed by said City Council unless the same are reduced. 9. Subdivider agrees that City may, without any notice, and at its sole option, at any time after the said time for completion has passed, complete, or cause to be completed, all or any part of the said work, and Subdivider shall pay to said City, upon demand, all of the cost of any of said work done by the City, its agents and contractors, or any of them, to complete all or any part of said work. 10. Subdivider agrees to pay City such sum as the Court may adjudge as.reasonable for the legal services of any attorney representing the City in any action brought to enforce or interpret the obligations of this instrument, and such sum shall be made a part of any judgment in such action against the Subdivider if such action is determined in favor of the said City. 11. City, its officers and employees, except for their own acts, shall], not be liable or responsible for any accident, loss or damage happening or occurring to the improvements specified in this agreement prior to the completion and acceptance of said improvements by the City. 12. At all times from the acceptance by the City Council of the dedications offered on the final map of said tract to the completion and acceptancca of the improvements described herein, Subdivider shall perform all wovk in a safe, workmanlike manner and shall take such precautions as5, may be necessary to warn and protect the public from any dangerous condition caused by the construction of said improvements. 13. Subdivider shall hold City, its officers and employees harmless from any and all claims; demands, causes of action, liability or loss of any sort because of, or arising out of, the acts or omissions of the Subdivider, his contractor, subcontractors, agents or employees in the performance of this agreement. -2- n Tract No. 9795 aK 12378pc 1273 Executed at San Juan Capistrano, California this 7th day of September , 1977 ATTEST: San Juan Ca istranb City Clerk APPROVED AND RECOMMENDED FOR EXECUTION: . City Engineer Manager f Orange County Waterw rks, District $4 NOTE: Improvement Bond and Materi to this agreement. SUBDIVIDER* JACK LOVE By a--�r`r-- (Signature) LOVE (Office Held) CITY OF SA*' JUAN CAPISTRANO By`� L KENNETH E. FRIESS, MAYOR PRO TEM APPROVED SAS_ TO FORM: y'Oj 0 City Attor: d Labor Bond mdtt be attached * Partnerships, joint ventures, and other corporate entities should contact the ,San Juan Capistrano City Attorney for acceptable form or execution - 0 -3- STATE OF California COUNTY OF Orange SS. ON August 31 , 19 L7, before me, the undersigned, a Notary Public in and for said State, personally appeared known to me, OFFICIAL SEAL to be the person_ whose name— >_s subscribed to the within Instrument, y., s RUTH E. MARQUARD and acknowledged to me that _he_ executed the same. NOTARY PUBLIC - CALIFORNIA = "'! "K ' PRINCIPAL OFFICE IN 0 ORANGE COUNTY WITNESS my hand and official seal. My Commission Expires May 23, 1980 Public in and for AGKNUWLEUUMEMI-GOMMI WOICOEIF FOM 731-R@V. 3-64 a M 10. CLAIM FOR DAMAGES, SERRA TREATMENT PLANT (35) The Claim filed on January 17, 3.979, by Alexander Bowie on behalf of the South East Regional Reclamation Authority for damages to the SERRA Treatment Plant allegedly occurring on October 17, 1978, in the approximate amount of $3,000, is denied and referred to the City's insurance carrier, Carl Warren and Company. 11. CLAIM FOR BENEFITS - ORANGE COUNTY EMPLOYEL'S RETIREMENT SYSTEM (35) The Claim filed on January 12, 1979, by the County Counsel on behalf of the County Employees Board of Retirement, in the amount of $108,177.27, is denied and referred to the City's insurance carrier, Dan Gorman Insurance. 1Z. ACCEPTANCE OF IMPROVEMENTS AND LETTER OF CREDIT, TRACT 9795 (LOVE) (38) The public improvements for Tract 9795 are accepted, as well (85) as the Letter of Credit dated January 10, 1979, from American State Bank, submitted on behalf of Jack Love, in the amount of $44,000. The Letter of Credit provides $34,000 for maintenance of public streets and $10,000 for completion of landscaping and will expire on February 21, 1980. Staff is authorized to release the Letter of Credit upon its expiration. 13. A.C. 78-9 - HEARING DATE. FOR APPEAL OF PLANNING COI4MISSIONDECISION (HOME FEDERAL SAVINGS AND LOAN ASSOCIATION) (68) A Public Hearing is to be scheduled for February 21, 1979, on the appeal of the Planning Commission decision of January 9, 1979, filed by Home Federal Savings and Loan Association on January 30th. SAN JUAN HOT SPRINGS DANCE HALL - NOTICE OF COPIPLETION AND FINAL REPORT (23) Written Communications: 'FIT Report dated February 7, 1979, from the Director of Public Works advising that the rehabilitation of the San Juan Hot Springs Dance Hall has been completed by the contractor, Roland Olsen, of San Juan Capistrano. Payment status is as follows: Total Project Costs $172,656.09 Less 108 Retention 17,265.61 Previous Progress Payments 155,390.48 Total due to Date $ 3,737.78 (2) Letter dated February 1, 1979, from Roland Olsen providing a listing of corrected items and requesting consideration of release of the 108 retention at this time. Acceptance of Work: Following discussion, it was moved by Councilman Bausdorfer, seconded by Councilman Schwartze and unanimously carried that the following Resolution be adopted: RESOLUTION NO. 79-2-7-6, COMPLETION OF SAN JUAN HOT SPRINGS DANCL: IIALL - A RESOLUTION OF 1711E CITY COUNCIL OF 'T HL CITY OF SAN JUAN CAPISTRANO, CALIFORNIA, DECLARING WORK TO BE COMPLETED AS TO PLANS AND SPECIFICATIONS FOR THE REHABILITATION OF THE SAN JUAN HOT SPRINGS DANCE HALL -13- 2/7/79 0 AGENDA ITEM February 7, 1979 TO: James S. Mocalis, City Manager r-� FROM: W. D. Murphy, Director of Public Works SUBJECT: Acceptance of Letter of Credit, Tract 9795 (Love) SITUATION The Letter of Credit from American State Bank is being held for the subject tract and is set to expire on March 1, 1979. The public and private improvements have been completed and accepted by the City Inspector. The monuments have been set and the engineer paid. A new letter of credit has been submitted for $44,000. This amount covers $34,000 for maintenance of public streets for one year, and $10,000 for completion of landscaping. The new letter of credit expires February 21, 1980. FINANCIAL CONSIDERATIONS The extension of the Letter of Credit will serve as the financial surety necessary for the maintenance of the public improvements and the installation of landscaping. ALTERNATE ACTIONS 1. Accept the Letter of Credit for Tract 9795. 2. Do not accept the Letter of Credit for Tract 9795. 3. Request further information from staff. RECOMMENDATION By motion, accept improvements for Tract 9795, and accept the Letter of Credit dated January 10, 1979 from American State Bank in the amount of $44,000. Authorize staff to release said letter of credit after one year. Respectfully submitted, 4P. � W. D. Murphy WDM:SE/rem FOR CITY COUNCIL AGENDA /� THIS LETTER SUPERCEDES LETTER OF CREDIT DATED AUGUST 29, 1978 AMEMCAN ,�. L"i`e'i'F' BANK „ r W. D. Murphy Date: January 10, 1979 Director of Public Works/City Engineer Re: Tract No. 9795 San Juan Capistrano, California City of San Juan, Capistrano Dear Sir: We hereby authorize THE CITY OF SAN JUAN CAPISTRANO to draw on ourselves for the account of Jack Love, 33051 Calle Aviador, San Juan Capistrano, California, up to the aggregate amount of FORTY-FOUR THOUSAND AND NO/100 ($44,000.00) DOLLARS U. S. FUNDS, available by your draft at sight, to be accompanied by the following documents. Your signed statement certifying that improvements completed by Jack Love, as referred to in Exhibit "A": attached hereto and made a part hereof, as approved for the above subject noted property in connection with the plan and specification of THE CITY OF SAN JUAN CAPISTRANO, were not completed to the satisfaction of THE CITY OF SAN JUAN CAPISTRANO, and that the amount drawn is, therefore, required for completion of said installation and/or improvements. This Letter of Credit shall be used solely for the payment of installation of the improvements described in Exhibit "A", and for no other purpose. This Letter of Credit is an irrevocable commitment of funds which is not subject to recall without the written consent of THE CITY OF SAN JUAN CAPISTRANO and is due and payable on February 21, 1980, provided THE CITY OF SAN JUAN CAPISTRANO has notified the Bank that improvements described under the above paragraph have not been accepted by THE CITY OF SAN JUAN CAPISTRANO or that a surety bond has not been received by THE CITY OF SAN JUAN CAPISTRANO from an acceptable surety com- pany prior to February 21, 1980. Drafts under this credit must be marked "drawn under American State Bank, Newport Beach, California credit Loan #LC -82, dated January 10, 1979, and presented to our office not later than the close of business day on February 21, 1980. This Letter of Credit must accompany drafts and documents presented to us for payment. Unless otherwise expressly stated, this credit is subject to the "Uniform Custom and Practice for documentary credits (1974 Revision) International Chamber of Commerce Publication No. 290." We hereby undertake that drafts drawn in compliance with the terms of this credit will be duly honored by us. AMERICAN STATE BANK BY: 4 Jam W. Minnis, Vice President/Real Estate 500 NEWPORT CENTER DRIVE. PO BOX 1485. NEWPORT BEACH. CALIFORNIA 92663 7 TEL 17141 640-5100 AGENDA ITEM September 6, 1978 TO: James S. Mocalis, City Manager FROM: W. D. Murphy, Director of Public Works SUBJECT: Extension of Subdivision Agreement and Acceptance of Letter of Credit - Tract 9795 (Love) SITUATION The Subdivision Agreement for the above mentioned tract is due to expire on September 7, 1978. The public improvements required by this agreement have not been completed. It is therefore necessary to extend the agreement between the developer and the City. The Letter of Credit for the above referenced tract was due to expire on September 1, 1978. Staff requested from American State Bank an extension of the Letter of Credit. We have received an extension until March 1, 1979. FINANCIAL CONSIDERATION The extension of the Letter of Credit will serve as the financial surety necessary for the completion of the public improvements. ALTERNATE ACTIONS 1. Extend the Subdivision Agreement and accept the Letter of Credit for Tract 9795. 2. Do not extend the Subdivision Agreement and do not accept the Letter of Credit for Tract 9795. 3. Request further information from staff. RECOMMENDATION By motion, extend the Subdivision Agreement and accept the Letter of Credit for Tract 9795 (Love). Respectfully sub�uitted, W. D. Murphy WDM:RFC/tm FOR CITY COUNCILAGENDA as$ 'f5 OF CREDIT NOVEMBER LL 1977 AlViERIC„E+LN yrs= BANK W. D. Murphy Director of Public Works/City Engineer San Juan Capistrano, California Dear Sir: RGA Date: August 29, 1978 Re: Tract No. 9795 City of San Juan Capistrano We hereby authorize The City of San Juan Capistrano to draw on ourselves for the account of Jack Love, 33051 Calle Aviador, San Juan Capistrano, California, up to the aggregate amount of EIGHTY-EIGHT THOUSAND ONE HUNDRED FIFTY AND NO/100 - ($88,150.00) - DOLLARS U. S. FUNDS, available by your draft at sight, to be ac- companied by the following documents. Your signed statement certifying that Jack Love failed to install improvements as referred to in Exhibit "A": attached hereto and made a part hereof, as approved for subject property in connection with the plan and specification of THE CITY OF SAN JUAN CAPISTRANO, and that the amount drawn is, therefore, required for com- pletion of said installation and/or improvements. This Letter of Credit shall be used solely for the payment of installation of the improvements described in Exhibit "A", and for no other purpose. This Letter of Credit is an irrevocable commitment of funds which is not subject to recall without the written consent of THE CITY OF SAN JUAN CAPISTRANO and is due and payable on March 1, 1979, provided THE CITY OF SAN JUAN CAPISTRANO has notified the Bank that improvements described under the above paragraph have not been accepted by THE CITY OF SAN JUAN CAPISTRANO or that a surety bond has not been received by THE CITY OF SAN JUAN CAPISTRANO from an acceptable surety com- pany prior to March 1, 1979. Drafts under this credit must be marked "drawn under American State Bank, Newport Beach, California credit Loan #S1681, dated September 12, 1977, and presented to our office not later than the close of business day on March 1, 1979. This Letter of Credit must accompany drafts and documents presented to us for payment. Unless otherwise expressly stated, this credit is subject to the "Uniform Custom and Practice for documentary credits (1974 Revision) International Chamber of Commerce Publication No. 290." We hereby undertake that drafts drawn in compliance with the terms of this credit will be duly honored by us. AMERICAN STATE BANK BY 4 e§' IV. Minnie, Vice President/Real Estate i i� 7� r 500 NEWPORT CENTER DRIVE, PO BOX 1405. NEWPORT BEACH. CALIFORNIA 92663/TELEPHONE.(7141640 5100 AMERIC kw _c.Trs3ME 13AWH November 30, 1977 W. D. Murphy Director of Public Works/City Engineer San Juan Capistrano, California Dear Sir: • RFCEIVF.D pEc L 2 i�l D" T We hereby ammend our Letter of Credit dated November 11, 1977 for Jack Love to reflect the correct Tentative Tract No to be 9795. AMERICAN STATE BANK X1m '1 0 r "5 45 501 NEWPORT CENTER DRIVE PO BOX 1485, NEWPORT BFACH, CALIFORNIA 92663/TELEPHONE (714) 640 5100 STATE BANKNQy a 1� 1 i^ I1 i'. +. W. D. Murphy Date: Noyember)11, 1977 77?):- Director 795Director of Public Works/City Engineer Re: bentati`ve Tract No. -9F05 San Juan Capistrano, California City of San Juan Capistrano Dear Sir: We hereby authorize THE CITY OF SAN JUAN CAPISTRANO to draw on ourselves for the account of Jack Love, 33051 Calle Aviador, San Juan Capistrano, California, up to the aggregate amount of EIGHTY-EIGHT THOUSAND ONE HUNDRED FIFTY AND NO/100 - ($88,150.00) - DOLLARS U. S. FUNDS, available by your draft at sight, to be ac- companied by the following documents. Your signed statement certifying that Jack Love failed to install improvements as referred to in Exhibit "A": attached hereto and made a part hereof, as approved for subject property in connection with the plan and specificiation of THE CITY OF SAN JUAN CAPISTRANO, and that the amount drawn is, therefore, required for completion of said installation and/or improvements. This Letter of Credit shall be used solely for the payment of installation of the improvements described in Exhibit "A", and for no other purpose. This Letter of Credit is an irrevocable commitment of funds which is not subject to recall without the written consent of THE CITY OF SAN JUAN CAPISTRANO and is due and payable on September 1, 1978, provided THE CITY OF SAN JUAN CAPISTRANO has notified the Bank that improvements described under the above paragraph have not been accepted by THE CITY OF SAN JUAN CAPISTRANO or that a surety bond has not been received by THE CITY OF SAN JUAN CAPISTRANO from an acceptable surety company, prior to September 1, 1978. Drafts under this credit must be marked "drawn under American State Bank, Newport Beach, California, credit Loan #C1606, dated August S, 1977, and presented to our office not later than the close of the business day on September 1, 1978. This Letter of Credit must accompany drafts and documents presented to us for payment. Unless otherwise expressly stated, this credit is subject to the "Uniform Custom and Practice for documentary credits (1974 Revision) International Chamber of Commerce Publication No. 290". We hereby undertake that drafts drawn in compliance with the terms of this credit will be duly honored by us. 500 NEWPORT CENTER DRIVE. PO BOX 1485, NEWPORT BEACH. CALIFORNIA 92663/TELEPHONE ( 7 1 4 1 640 5100 EXHIBIT "A" FAITHFUL PERFORMANCE OF PUBLIC IMPROVEMENTS LABOR AND MATERIAL REQUIRED FOR PUBLIC IMPROVEMENTS PRIVATE STREET IMPROVEMENTS MONUMENTATION TOTAL $ 34,000.00 $ 34,000.00 $ 18,500.00 $ 1,650.00 88,150.00 ti s T 00 PKtO AOClAM70'i ".*Ami ^wC %1MSTRAMO;CARNfiN 92673 ' P En1171/ •49 Y December 16 .1977 Mr. James W. Minis Vice President/Real Estate American State Bank P. O. Box 1485 Newport Beach, California 92663 Be: Re lacement of Letter of Credit Public Improvements for Tract 9795 (Love,;` Dear'Mr. Minis: At their meeting of December 7, 1977, the City Council took unanimous action to accept the Letter of Credit dated November 11, 1977 drawn on American State Bank in the amount of $88,150 to guaranty construction of public improvements in conjunction with Tract 9795. The Letter of Credit dated August 30, 1977 was ordered released and the original.is enclosed herewith. Receipt of your amendment to the Fetter of Credit dated November 11, 1977 to correctly reflect the Tentative Tract No. as 9795 is acknowledged. AGENDA ITEM • • TO: James S. Mocalis, City Manager FROM: W. D. Murphy, Director of Public Works SUBJECT: Replacement of Letter of Credit, Tract 9795 (Love) SITUATION December 7, 1977 (85) The final map for Tract 9795 was approved by City Council on September 7, 1977 and subsequently recorded. A Letter of Credit for $118,150 drawn on American State Bank was presented at that time. The expiration date on that letter is December 31, 1977, and the public improvements will not be completed by that time. Consequently, the developer was requested to replace. the Letter of Credit dated August 30, 1977. The new Letter of Credit, dated November 11, 1977, is in the amount of $88,150, also drawn on American State Bank. $30,000 was subtracted because acceptable landscape plans have been submitted in the interim. The same terms are on this Letter of Credit as on the previous one. The new expiration date is September 1, 1978. FINANCIAL CONSIDERATIONS None at this time. ALTERNATE ACTIONS 1. Accept the new Letter of Credit to replace the previous one dated August 30, 1977• - 2. Do not .accept the new Letter of Credit and call the previous one. 3. Request further information from Staff. RECOMMENDATION By motion, accept the Letter of Credit from American State Bank, dated November 11, 1977, for $88,150, and release the Letter of Credit dated August 30, 1977, for $118,150 in connection with Tract 9795• tRespectfully submitted, W. D. Murphy WDM:SE:rb Attachment rOR CITY COUNCIL AGENDA .. .... �5 • November 30, 1977 �0-rl R.�; • RFOUVED W. D. Murphy Director of Public Works/City Engineer San Juan Capistrano, California Dear Sir: We hereby ammend our Letter of Credit dated November 11, 1977 for Jack Love to reflect the correct Tentative Tract No to be 9795. AMERICAN STATE BANK X Pa C-6, t5 1516 //5 500 NEWPORT CENTER DRIVE, P.O. BOX 1485, NEWPORT BEACH, CALIFORNIA 92663/TELEPHONE(7141 640 5100 W. D. Murphy Director of Public Works/City Engineer San Juan Capistrano, California Dear Sir: RECEIVED Nov i S I i I 11� Date: Noyem6er+14, 1977 77f Re: ileiitative Tract No. _OS CCiii of San Juan Capistrano We hereby authorize THE CITY OF SAN JUAN CAPISTRANO to draw on ourselves for the account of Jack Love, 33051 Calle Aviador, San Juan Capistrano, California, up to the aggregate amount of EIGHTY-EIGHT THOUSAND ONE HUNDRED FIFTY AND NO/100 - ($88,150.00) - DOLLARS U. S. FUNDS, available by your draft at sight, to be ac- companied by the following documents. Your signed statement certifying that Jack Love failed to install improvements as referred to in Exhibit "A": attached hereto and made a part hereof, as approved for subject property in connection with the plan and specificiation of THE CITY OF SAN JUAN CAPISTRANO, and that the amount drawn is, therefore, required for completion of said installation and/or improvements. This Letter of Credit shall be used solely for the payment of installation of the improvements described in Exhibit "A", and for no other purpose. This Letter of Credit is an irrevocable commitment of funds which is not subject to recall without the written consent of THE CITY OF SAN JUAN CAPISTRANO and is due and payable on September 1, 1978, provided THE CITY OF SAN JUAN CAPISTRANO has notified the Bank that improvements described under the above paragraph have not been accepted by THE CITY OF SAN JUAN CAPISTRANO or that a surety bond has not been received by THE CITY OF SAN JUAN CAPISTRANO from an acceptable surety company, prior to September 1, 1978. Drafts under this credit must be marked "drawn under American State Bank, Newport Beach, California, credit Loan #C1606, dated August 5, 1977, and presented to our office not later than the close of the business day on September 1, 1978. This Letter of Credit must accompany drafts and documents presented to us for payment. Unless otherwise expressly stated, this credit is subject to the "Uniform Custom and Practice for documentary credits (1974 Revision) International Chamber of Commerce Publication No. 290". We hereby undertake that drafts drawn in compliance with the terms of this credit will be duly honored by us. AMERICAN STATE BANK 500 NEWPORT CENTER DRIVE, P.O. BOX 1465. NEWPORT BEACH. CALIFORNIA 92663/TELEPHONE:(714) 640 5100 0 EXHIBIT "A" FAITHFUL PERFORMANCE OF PUBLIC IMPROVEMENTS $ 34,000.00 LABOR AND MATERIAL REQUIRED FOR PUBLIC IMPROVEMENTS $ 34,000.00 PRIVATE STREET IMPROVEMENTS MONUMENTATION $ 18,500.00 $ 1,650.00 TOTAL 88,150.00 rA ' AMERZC4AN STAMM gmz*m W. D. Murphy Director of Public Works/City Engineer San Juan Capistrano, California Dear Sir: RECEIVED M044 it I i 11 Am 971 r,1. Y G Date: NoYember,+l}, 1977 9795 Re: T�ientative Tract No. -9705 �(. y' of San Juan Capistrano We hereby authorize THE CITY OF SAN JUAN CAPISTRANO to draw on ourselves for the account of Jack Love, 33051 Calle Aviador, San Juan Capistrano, California, up to the aggregate amount of EIGHTY-EIGHT THOUSAND ONE HUNDRED FIFTY AND NO/100 - ($88,150.00) - DOLLARS U. S. FUNDS, available by your draft at sight, to be ac- companied by the following documents. Your signed statement certifying that Jack Love failed to install improvements . as referred to in Exhibit "A": attached hereto and made a part hereof, as approved for subject property in connection with the plan and specificiation of THE CITY OF SAN JUAN CAPISTRANO, and that the amount drawn is, therefore, required for completion of said installation and/or improvements. This Letter of Credit shall be used solely for the payment of installation of the improvements described in Exhibit "A", and for no other purpose. This Letter of Credit is an irrevocable commitment of funds which is not subject to recall without the written consent of THE CITY OF SAN JUAN CAPISTRANO and is due and payable on September 1, 1978, provided THE CITY OF SAN JUAN CAPISTRANO has notified the Bank that improvements described under the above paragraph have not been accepted by THE CITY OF SAN JUAN CAPISTRANO or that a surety bond has not been received by THE CITY OF SAN JUAN CAPISTRANO from an acceptable surety company, prior to September 1, 1978. Drafts under this credit must be marked "drawn under American State Bank, Newport Beach, California, credit Loan #C1606, dated August 5, 1977, and presented to our office not later than the close of the business day on September 1, 1978. This Letter of Credit must accompany drafts and documents presented to us for payment. Unless otherwise expressly stated, this credit is subject to the "Uniform Custom and Practice for documentary credits (1974 Revision) International Chamber of Commerce Publication No. 290". We hereby undertake that drafts drawn in compliance with the terms of this credit will be duly honored by us. AMERICAN STATE BANK 1500 NEWPORT CENTER DRIVE, P.O. BOX 1465, NEWPORT BEACH, CALIFORNIA 92669/TELEPHONE: (714) 640 5100 EXHIBIT "A^ FAITHFUL PERFORMANCE OF PUBLIC IMPROVEMENTS $ 34,000.00 LABOR AND MATERIAL REQUIRED FOR PUBLIC IMPROVEMENTS $ 34,000.00 PRIVATE STREET IMPROVEMENTS f 18,500.00 MONUMENTATION $ 1,650.00 TOTAL 8,150.00 We hereby authorize you to draw on ourselves for the account of Jack Love, 33051 Calle Aviador, San Juan Capistrano, California, up to the aggregate amount of ONE HUNDRED EIGHTEEN THOUSAND ONE HUNDRED FIFTY AND NOII00 - ($118,150.00) — DOLLARS U. S. FUNDS, available by your draft at sight, to be accompanied by the following documents. Your signed statement certifying that Jack Love failed to install improvements as referred to in Exhibit "A: attached hereto and made a part hereof, as approved for subject property in connection with the plan and specification of THE CITY OF SAN JUAN CAPISTRANO, and that the amount drawn is, therefore, required for completion of said installation and/or improvements. This Letter of Credit shall beusedsolely for the payment of installation of the above.described improvements and for no other purpose. This Letter of Credit is an irrevocable commitment of funds which is not subject to recall without the written consent of THE CITY OF SAN JUAN CAPISTRANO,and is due and payable on December 31,..1977, provided THE CITY OF SAN JUAN CAPISTRANO has not notified the Bank that improvements described under the above paragraph have. accepted by THE CITY OF SAN JUAN CAPISTRANO or that a surety bond has not been re- ceived by THE CITY OF SAN JUAN CAPISTRANO from an acceptable surety company, prior to December 31, 1977. Drafts under this credit must be marked "drawn under American State Bank, Newport Beach, California, credit Loan #C1606, dated August 5, 1977, and presented to our office not later than December 31, 1977. This Letter of Credit mast accompany draft and documents presented to us for payment. Unless otherwise expressly stated, this credit is subject to.the"'Uniform Custom and Practice for documentary credits- (1974.Revision) International Chamber of Com- -merce Publication No. 290." We hereby undertake that drafts..drawn in compliance with the teras of this credit will be duly honored by us. MffiRICAN STATE BANK Minnis,Vie PresRea1 Estate §900 NEWPORT CENTER DRIVE. P.O. BOX 1485. NEWPORT BEACH, CALIFORNIA 92663 /TELEPHONE: (714) 640 5100 �llJ� G', � i.l/!J! 111111 (JllJl�rlllZh 32400 PASEO'A DELAN70� `n SAN JUANN CAhISTRANO; CALIFORNIA 92675 p ..� h_�•,1 ,..1 1 HONE 99l��1]T L�. y y B' o February 13, 1979 Mr. Jack Love 33051 Calle Aviador San Juan Capistrano, California 92675 Re: Letter of Credit - Tract 9795 Dear Mr. Love: At their meeting of February 7, 1979, the City Council accepted the Letter of Credit dated January 10, 1979, from the American State Bank in the amount of $44,000, to cover maintenance of public streets for one year and completion of landscaping in Tract 9795. If you have any questions, please do not hesitate to call. Very truly yours, (MRS) MARY ANN HANOVER City Clerk MAH/Cj cc: James Minnis, Vice President, American State Bank Director of Public Works 32400PASEO AOELANTO SAN JUAN CAPISTRANO, CALIFORNIA 32675 t,Y PHONE 493-1171 September 13, 1978 Mr. Jack Love 33051 Calle Aviador San Juan Capistrano, California 92675 Re: Tract 9795 - Extension of ubdiv 2E Dear Mr. Love: At their regular meeting of September 6, 1978, the City Council took unanimous action in a, -roving the extension of the Subdivision Agreement for Tract 9 95 to March 1, 1979. In connection therewith, the Council also accepted the Letter of Credit for public improvements in the amount of $88,150.00 dated August 29, 1978, and issued by American State Bank of Newport Beach. Thank you for your cooperation. Very truly yours, MARY A`,. HANOVER City Clerk mh cc: Director of Public Works James W. Minnie, American State Bar.'..