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1990-0205_GULUGIAN, JOHN_Agreementtt', - HarborAnk Harry H. Hastain Firs! Vice Preldmt April 1, 1991 City of San Juan Capistrano 32400 Paseo Adelanto San Juan Capistrano, California 92675 Attn: Stephen B. Julian, City Manager Amendment to Irrevocable Letter of Credit No. 299 For the Account of John Gulugian Amendment No. 3 0 Our Irrevocable Letter of Credit No. 299 dated January 4, 1990 is hereby amended as follows: 1. Extend the expiration date to April 1, 1992 All other conditions and terms remain unchanged. This Amendment No. 3 becames an integral part of the original Letter of Credit. Harry H. Hastain First Vice President ADMINISTRATIVE' OFFICE Il GOLDEN SHORE EO. BOX 2040 LONG BEACH, CA 90801 (213) 491-1111 (714) 898-9723 Kv Harb(fBank Hang H. HasWn First Vice Presidemt October 1, 1990 City of San Juan Capistrano 32400 Paseo Adelanto San Juan Capistrano, California 92675 Attn: Stephen B. Julian,City Manager Amendment to Irrevocable Letter of Credit No. 299 For the Account of John Gulugian Amendment No. 2 (OCC, 3C Glr''zJ �102u�et,67, �or� Our Irrevocable Letter of Credit No. 299 dated January 4, 1990 is hereby amended as follows: 1. Extend expiration date to April 1, 1991 All other conditions and terns remain unchanged. This Amendment No. 2 becomes an integral part of the original Letter of Credit. Harry H. Hastain First Vice President ADMINISTRATIVE OFFICE 11 GOLDEN SHORE PO. BOX 2040 LONG BEACH, CA 90801 (213) 491-1111 (714) 898-9723 0 CT 2 aj 1990 It HarbABank Dallas E. Haun Executne Cue President July 3, 1990 City of San Juan Capistrano 32400 Paseo Adelanto San Juan Capistrano, California 92675 Attn: Stephen B. Julian, City Manager Amendment to Irrevocable Letter of Credit No. 299 For the Account of John Gulugian Amendment No, 1 Our Irrevocable Letter of Credit No. 299 dated January 4, 1990 is hereby amended as follows: 1. Extend expiration date to October 1, 1990 All other conditions and terms remain unchanged. This Agendment No. 1 becomes an integral part of the original Letter bf Credit. ,/ L)allas E. Haun Executive Vice President ADMINISTRATIVE OFFICE ll GOLDEN SHORE PO. BOX 2040 LONG BF_ACH CA 90801 (213) 491-1111 (714) 898-9713 01 Ar' - HENT WITH_CITY RE HOMEBUYER INSTALLATION OF �MY III is Agreement with City re homebuyer Installation of Driveway (the "Agreement") is entered into this J day of •, 1964 between the City of San Juan Capistrano (the City") and -To ff-N�j l -o (4d -_ .. (the "homehuyer") with to for once to the following farts: A. FN Projects, Inc. (thr "Developer") is currently building a community of single family homes commonly known as "The Acreage Above Capistrano" in the City of San Juan Capistrano. B. The homebuyer has entered into an agreement to purchase a home in The Acreage Above Capistrano located at ,16&1 Ae. aat 9) (the "Home"). C. The Homebuyer would prefer to install his or her own driveway in connection with the individual landscaping plan utilized by the Hemebuyer to landscape the yard of the Home. D. In order for the City to issue a Certificate of Occupancy for tire Home without the driveway installed, the City is requiring that the Homebuyer provide the City with a cash deposit or letter of credit to assure the City that concrete and/or masonry driveways will be installed at the Home within four months from the date of issuance of the Certificate of Occupancy for the Home. NOW, THEREFORE, the parties hereto agree as follows: 1. Deposit. The Homebuyer agreesto deposit with the City, concurrently With the Nomebuyer's execution and delivery of this Agreement, the sum of S_Z0,L 0 00.404 in the form of cash or, if the homebuyer so elects, a letter of credit of such amount from a major money -center bank, in favor of City and in a form acceptable to the City. The City shall hold the cash or letter of credit in accordance with the provisions of this Agreement. 2. Agreement to Install Driveways. The Homebuyer hereby covenants and agrees to install or cause to be installed, within four months from the date that a Certificate of Occupancy for the Home is issued, all concrete and/or masonry driveways at the Home which FN Projects has not installed as of the date hereof. 3. Issuance of Certificate of Occupancy. The City agrees that, upon its receipt of this executed Agreement, its receipt of the above described funds or letter of credit, and satisfaction of all other conditions to the issuance of a Certificate of Occupancy, it shall issue a Certificate of Occupancy for the Home. 4. Default. In the event that the Homebuyer fails to complete the construction and installation of all driveways at the Home as required hereby within four months of the date of the Certificate of Occupancy, the City, following 10 days notice to the Homeowner, shall have the right to utilize the funds which it holds pursuant to Section 1 above or draw upon the letter of credit which it holds pursuant to Section 1 above and complete and/or instaLl or cause to be completed and/or installed at the Homebuyer's sole expense, all driveways at the Home which are not then complete. The quality and materials of such driveways shall be of the same quality and materials as the standard driveway proposed to be installed or as the City deems reasonable. 5. Release of Funds to Homebuyer. Upon the Homebuyerfs satisfaction of the conditions set forth in paragraph 2 of this Agreement, the City shall return to the Homebuyer the funds or letter of credit which are held by the City and shall send a letter to Saddleback Escrow Company stating that a driveway meeting City standards has been installed at the Home. 6. Inspection. The City, on its own volition or at the request of the Homebuyer, shall inspect the Home to determine Whether all driveways required to be installed by the Homebuyer have been fully and properly installed. Following such inspection, the City shall either take the action described in Section 4 or 5 above or take whatever other action that the City deems reasonable which is consistent with such Sections. 7. Notices. All notices required or desired to be given under this Agreement shall be given by registered or certified mail at the following address: The City: City of San Juan Capistrano 32400 Pasco Aflelanto San Juan Capistrano, CA 92675 Homebuyer: -Zh'N &47ndf�j¢/y 37/ 41VIfe-65 Escrow: Saddleback Escrow Company 5010 Campus Drive Newport Beach, CA 92660 IN WITNESS WHEREOF, the parties agree that the To "HOMEBUYER" - CITY OF SAN JUAN ISI RANO By:_— John R. Shaw, City Attornr-y SJ3DRIVE CITY or SAN JUAN CArTSTPANn Elaine R. Martinez, Building Offiri at • MEMORANDUM March 12, 1993 TO: Dawn Schanderl, Deputy City Clerk FROM: Daniel W. McFarland, Building & Safety Manager Department of Engineering and Building 0 SUBJECT: Bond Release for Gulugians, 26911 Windsor Drive Driveway Bond This memo serves as authorization to release the referenced bond, Letter of Credit No. 299 issued by Harbor Bank in the amount of $10,000.00 for the installation of a driveway at 26911 Windsor Drive. All work covered by this bond has been completed to the satisfaction of the Building Division. DM/st cc: Building File M a c 0 n Uy� co rn r S � Ln ce < t+ 2 y a v L LU� r March 16, 1993 Mr. Gulugian 26911 Windsor Drive San Juan Capistrano, CA 92675 Re: Release of Letter of Credit No. 299 - Dear Mr. Gulugian: MEMBERS OF THE CITY COUNCIL COLLENE CAMPBELL GARYL.HAUSOORFER GIL JONES CAROLYN NASH JEFF VASQUEZ CITY MANAGER GEORGE SCARBOROUGH Attached is your Letter of Credit No. 299, issued by Harbor Bank, in the amount of $10,000.00. Said Letter of Credit was given to the City as security for the installation of a driveway on property located at 26911 Windsor Drive, San Juan Capistrano (Tract 10103, Lot 9). Work has been completed to the satisfaction of the City of San Juan Capistrano and the Letter of Credit is hereby released effective March 12, 1993. If you have any questions, please do not hesitate to call. Very truly yours, Dawn M. Schanderl Deputy City Clerk Attachments: Original Letter of Credit dated January 4, 1990, stating specifics Last extension of said Letter of Credit dated April 1, 1992 cc: Daniel W. McFarland, Building & Safety Manager Harbor Bank This is to acknowledge that I have received the Letter of Credit No. 299 issued by Harbor Bank in the amount of $10,000.00. n Gul ian Dated this � day of March, 1993. 32400 PASEO ADELANTO, SAN JUAN CAPISTRANO, CALIFORNIA 92675 • (714) 493-1171 R Harb* Sat k Harry H. HastWn Fiml Vice Pmside l April 1, 1992 City of San Juan Capistrano 32400 Paseo Adelanto San Juan Capistrano, California 92675 • RECEIVED Mar 15 8 02"'92 NT" CLERK L P R7 MENT f Vii• ^,c '.'-S Amendment to Irrevocable Letter of Credit No. 299 For the Account of John Gulugian Amendment No. 4 Our Irrevocable Letter of Credit No. 299 dated January 4, 1990 is hereby amended as follows: 1. Extend the expiration date to April 1, 1993 All other conditions and terms remain unchanged. This Amendment No. 4 becomes an integral part of the original Letter of Credit. Harry H. Hastain First Vice President RELEASED DATE •3-12--173 INITIALS ADMINISTRATIVE OFFICE 11 GOLDEN SHORE P0. BOX 2040 LONG BEACH, CA 90801 (213) 4911111 (714) 898-9723 K Harb*Bank Robert Turicchi 0""'Aw! i.iiV OF CAI dFiO LEPI'ER OF CREDIT January 4, 1990 City of San Juan Capistrano 32400 Paseo Adelanto San Juan Capistrano, California 92675 Attn: Stephen B. Julian, City Manager Re: Irrevocable Letter of Credit No. 299 Gentlemen: This Letter of Credit is given to fulfill the requirements of that certain agreement entered into between the City of San Juan Capistrano, a political subdivision of the State of California, hereinafter referred to as "City", and John Gulugian, hereinafter referred to as "Principal" covering certain improvements to be installed in that certain subdivision known and designated as The Acreage by Principal and in accordance with said agreement. At the request of the Principal, we hereby establish in favor of the City and for the account of the Principal our Irrevocable Letter of Credit No. 299, in the amount of Ten Thousand and no/100 U.S. Dollars ($10,000.00), to be paid by drafts at sight on us if accompanied by the following documents: City's written statement (signed by the City Manager, or City Attorney) certifying that there has been a failure of the principal to perform the above agreement. Said statement shall declare the amount of the sight draft on us and that the amount of this draft is, therefore, now due and payable. All drafts under this Letter of Credit shall be marked: Harbor Bank 11 Golden Shore, Suite 600 Long Beach, California 90802 Irrevocable Letter of Credit No. 299 Partial drawings are permitted hereunder. RELEASED DATE ,3 0--93 INITIALS , -egoita de't .-ID.11/NISTRATII'E OFFICE 11 GOLDEN tlTORE 110. 130.0040 LONG 13EdCti. C.0 90801 1113/ 491-1111 Gl,1J .Y9h'-e72,3 0 Letter of Credit Page 2 We expressly agree with you that all drafts drawn under and in compliance with terms of this Letter of Credit shall meet with due honor upon presentation in accordance with California Uniform Commercial Code 5 5112; by not later than the close of the third banking day following receipt of the documents. This Letter of Credit expires at our office on July 3, 1990 and shall not be automatically extended. This Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits (1983 Revision) International Chamber of Commerce, Publication No. 400 ("UCPA") and to the Uniform Commercial Code of the State of California ("UCC"). In the event of any conflict between the DCPA and the UCC, the UCC shall prevail and control. R. Turicchi President App v as to Fo City Attorney rl O t 1 1 S cc H E: f,1 r FI r f 1 cy a " Miazbo Rank 13AW E. Hann f..Cha:Y,_ p.,•;::r.•.: F ., July 3, 1990 City of San Juan Capistrano 32400 Paseo Adelanto San Juan. Capistrano, California 92675 Attn: Stephen B. Julian, City. Minager Amendment to Irrevocahle Letter of Credit No. 299 For the Ar_count of John Gulugian Amen&*wlnt No. 1 Our Irrevocable Letter of Credit No. 299 datal January 4, 1990 is hereby amended as follows: 1. Extend expiration date to October 1, 1990 All other conditions and terms remain unchanged. This ADgn, rwnt No. 1 becomes an integral palt of the original TPtrrf bf Credit. n Gallas E. Haun Fxecutive Vice President !R,!11'VE irFICE OEN SW3Rf rn anx 2,140 b-, \Y; PE.ICJ 1, (:.i 9(,;v i213) 4' 1 /"If (71{� 84-9'23 T° Hofbof Donk r+ 6 OPPLICATION FOR AMENDMENT 41 TO LETTER OF CREDIT Dace 7/3/90 RE: Utter ofCred4No. 299 Dared 1/G 190 Amount `1''t i,!)C.!i'� In favor of City of San Juan Capistraro Nama Addrfts) 3240QPseg Aar deldnto ,San Juan Capistrano, Ca.- 926; ` For account of John Culugian �- INamt i Addretsl 371 Linares DC, Long Beach: Ca. 90803 Please amend the credit referred to above by 11 Ma%I o Other as follows: Eli- Increase amount by $ 2. Extend latest shipment date to 3. Extend expiration date to 10 11/9 M4. Other;nstroctions: to a total of S It is understood that the terms of this Amendment are subject to acceptance by the berefic;aty. All other terms and condtio^t of the credit remain unchanged. I FOR BANK USE ONLY I Amendment to this Credit under Wtiorner's liability has been aowcued by an authorized loan officer of HARBOR BANK. gfftee A;.croting Officer's 5ientlure 6 T.Ue MSC -ii 9-42 J. G-DEVEOPMENT CORP. l{ � 1rmName BY: G/C Prrsider.t .V Alin r� d 5�yrature & Ttle (John Cul6gian Aalhor4etl Sl9mrlvura & Title 0 0 MEMORANDUM February 5, 1990 TO: Mary Ann Hanover, City Clerk FROM: Elaine Martinez, Building & Safety Manager Community Planning be Development SUBJECT: Letter of Credit The Acreage Lot 9 Attached, please find a Letter of Credit and Original Agreement With City Re Homebuyer Installation of Driveway for: Owner: John Gulugian 371 Linares Long Beach, CA 90803 Address of Project Site: 26911 Windsor Drive San Juan Capistrano Tract: 10103 Lot: 9 Amount of Bond $10,000.00 Letter of Credit: Harbor Bank 11 Golden Shore P.O. Box 2040 Long Beach, CA 90801 Irrevocable Letter of Credit No. 299 Expires: July 3, 1990 This memorandum will serve as a receipt for said bond. Building and Safety Division will notify your Department to release bond when the grading permit is Iinaled. Thank you for your assistance in this matter. E aine Martineez Building Official EM/st 0205-10 Attachment cc: John Shaw Stephen Chamberlain Marilyn Groff John R, Gulugian