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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