1971-0913_TUSTIN LAND AND CATTLE COMPANY_Agreement0 0
AGREEMENT ON WAIVER OF TIME FOR
CONSTRUCTION OF IMPROVEMENTS BY
TUSTIN LAND AND CATTLE COMPANY
This Agreement is made this/-2�/�O day of 1971
by and between the City of San Juan Capistrano,_h'e'reoinafter called
"City", the Tustin Land and Cattle Company, hereinafter called
"Developer", and Southern California First National Bank, hereinafter
called "Bank".
WITNESSETH:
WHEREAS, the City has heretofore imposed the following con-
ditions upon the approval of Developer's development of Parcels A,
B, C and D, being a division of Parcel 2, Parcel Map 35-3:
(1) That full public improvements for the public street
(Paseo Adelanto) along the westerly side of parcels
A, B, C and D shall be installed with curb, gutter,
pavement extension and six foot sidewalk to City
Standards on the easterly side of Paseo Adelanto.
(2) That this public street shall be improved for Parcels
A, B, C and D when and if a building permit is requested
for any one of the newly created parcels.
a) That these improvements shall be guaranteed per
Section 5.06, Ordinance No. 56, and the property
owner shall enter into an agreement with the City
to improve when called for. This condition is
justified in that a main sewer line is to be in-
stalled in Paseo Adelanto.
(3) That the newly created Parcels A, B, C and D shall
connect to the municipal sewer system.
(4) That all existing or proposed utilities within the
boundaries of this division of land or within public
right of way adjacent to the property, or on property
offered to the City for publdc purposes, shall be
placed underground. Ornamental street lighting will
be required; and
WHEREAS, Dcveloper has requested the City Council to waive the
aforesaid requirements for a period of one year, or until such time
as the aforesaid improvements are included in a proposed 1911 Improve-
ment District; and
WHEREAS, City has granted such waiver provided that Developer
presents a surety bond or a letter of credit sufficient in form and
amount to guarantee the construction of said improvements:
WHEREAS, the City Engineer estimates the cost of the aforesaid
improvements to be the sum of $8,118.00; and
WHEREAS, Developer has presented a letter from the Southern
California First National Bank committing the aforesaid sum of
$8,118.00 to be available upon demand by City for the construction
of the aforesaid improvements.
NOW THEREFORE, the parties hereto agree as follows:
1. City grants to Company an extension of time, to and
including September 12, 1 1972, Within which to construct the
improvements hereinabove set forth.
2. Developer shall construct the said improvements forthwith
upon the expiration of the aforesaid time.
3. Bank shall commit and set apart the sum of $8,118.00 to
guarantee the construction of said improvements; said sum or any part
thereof shall be available to City for said purposes upon dem - and. The
aforesaid guarantee shall be exonerated upon the execution of the
contract for the construction of the aforesaid improvements pursuant
to the 1911 Improvement District proceedings and upon the execution
by Developer of a written waiver of the right to protest the assess-
ment imposed in connection with the formation of said improvement
district.
4. This Agreement shall run with the land and shall be binding
upon the successors and assigns of the parties hereto.
IN WITNESS WHEREOF, this Agreement was executed on the date
first above written.
CITY 9,F SAN JUAN CAPISTRANO ,
By: z2"f__1
Thomas A. Forster, Mayor
TUS LAND CATTLE COMPANY
. 'zzz
By:
SOUTHERN CALIFORNIA FIRST
IONAL BANK
By:
-2-
TUSTnq LAND AZM CATTLE CO.
P.O. BOX 147
SAN JUAN CAPISTRANO, CA. 92675
V, (714) 493-1153
August 19, 1971
Mr. Donald G. Weidner
City Administrator
City of San Juan Capistrano
P. 0. Box 8
San Juan Capistrano, Ca. 92675
Dear Mr. Weidner:
Please refer to the attached Agreement prepared by your City
Attorney covering a cash or letter of credit for $8,118.00 to
cover improvements estimated by your City Engineer for Parcel 2,
Parcel Map 35-3.
We are now prepared to present the letter of credit from Southern
California First National Bank as requested; however, since our
application to include this parcel in the proposed 1911 Act
Assessment District as approved in the City Council meeting of
July 12, 1971, we would greatly appreciate your providing a
paragraph in the Agreement for the release of the funds or letter
of credit as soon as the 1911 District is formed with the boun-
daries to include the subject property.
If you would kindly have the City Attorney draft the proper language
for the paragraph to be included in the Agreement and submit the
same for Council approval, the letter of credit will be promptly
delivered.
Sincerely,
TUSTIN LInAND CAWLE CO.
00
Swartout
AUG 9 0 r7i
S:Cmm
S44
Attachment
cc: Mr. Don Searle rV