1989-1121_STEELMAN, DENNIS & CHRIS_AgreementAGRE T WITH CITY RE HOMEBUYER INSTALLATION OF INEWAY
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This Agreement with City re Homebuyer Installation of Driveway (the "Agreement") is entered into this
day of,,II /1R QZ 1989���1 between the City of San Juan Capistrano (the "City")
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and *5 %LCkF-�S 5���/"�tI (the "Homebuyer") with reference to the following facts:
A. FN Projects, Inc. (the "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 he,% entered into an agreement to purchase a home in The Acreage Above Capistrano located
at o((06251 LUl1114LI r- Nhr a7/U J(J/i-N (7/-f1"l7/Kt171.YJ (the "Home").
C. The Homebuyer would prefer to install his or her own driveway in connection with the individual
landscaping plan utilized by the Homebuyer to landscape the yard of the Home.
D. In order for the City to issue a Certificate of Occupancy for the 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 agrees to deposit with the City, concurrently with the Homebuyer's execution and
delivery of this Agreement, the sun of E /O{ dp,2 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 Occ anc . 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 coWtete 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 Homebuyer's 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 shalt send a letter to Saddleback Escrow Company stating that a driveway meeting City standards
has been installed at the Horne.
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 Paseo Adelanto
San Juan Capistrano, CA 92675
Escrow: Saddleback Escrow Company
5010 Campus Drive
Newport Beach, CA 92660
IN WITNESS WHEREOF, the parties agree that the foregoing shall be binding upon them.
"HOMEBUYER":
O)
CITY F AN J N CAPISTRA CITY OF SAN JUAN CAPISTRANO
By: _ By: —
John Shaw, City Attorney Elaine R, art�ez, Building Offici�
SJ3DRI VE
MEMORANDUM November 22, 1989
TO: Mary Ann Hanover, City Clerk
FROM: Elaine Martinez, Building & Safety Manager
Community Planning & Development
SUBJECT: The Acreage - Lot 8
Attached, please find a Letter of Credit, and Original Agreement
with Developer re Hombuyer Installation of Driveway.
Owner:
Address of
Project Site:
Tract:
Lot:
Amount:
Denny & Chris Steelman
29221 Via San Sebastian
Laguna Niguel, CA. 92677
26881 Windsor Dr.
San Juan Capistrano
Tract No. 10103
Lot No. 8
$10,000.00
Letter of Credit: Harbor Bank
11 Golden Shore, Ste. 600
Long Beach, CA 90802
Irrevocable Letter of Credit No. 294
Expires: April 30, 1990
This memorandum will serve as a receipt for said bond. Building
and Safety Division will notify your department to release bond
when the installation of driveway is completed.
Thank you for your assistance in this matter.
EM/nk
1122-2bd.ac
Attachment
cc: John Shaw
Stephen Chamberlain
File
Mr. & Mrs. D.Steelman
MEMORANDUM August 21, 1990
TO: Dawn Schanderl, Records Coordinator
City Clerk A /�
FROM: Daniel W. McFarland, Building do Safety Manager�i/I
Community Planning & Development
SUBJECT: Surety Bond - The Acreage Lot 8 Driveway installation
This memo will serve as authorization to release the bond posted by the referenced
homeowner re completion of installation of driveway.
Owner: Denny be Chris Steelman
Address of 26881 Windsor Drive
Project Site: San Juan Capistrano, CA 92675
Tel. No.: 347-0315 (H)
Tract: 10103
Lot: 8
Amount of Bond: $10,000.00
Surety: irrevocable Letter of Credit No. 294
Harbor Bank
Thank you for your assistance in this matter.
DM/st
cc: John Shaw
Sandy Milder, interamerican Builders Corp.
Building file
I (D lao !�
K Harboftank
Harry H. Hastain
First Vice NPsidmt
April 30, 1990
City of San Juan Capistrano
32400 Paseo Adelanto
San Juan Capistrano, California 92675
Atte: Stephen B. Julian, City Manager
Amendment to Irrevocable Letter of Credit No. 294
For the Account of Denny Steelman and Chris Steelman
Amendment No. 1
Our Irrevocable Letter of Credit No. 294 dated November 15, 1989
is hereby amended as follows:
1. Extend expiration date to August 28, 1990
All other conditions and terms remain unchanged.
This Amendment No. 1 becomes an integral part of the original Letter
of Credit.
Harry H. Hastain
First Vice President
ADMINISTRATIVE OFFICE
11 GOLDEN SHORE
P0. BOX 2040
LONG BEACH. CA 90801
(213) 491-1111
(714) 898-9723
MAY tyyU
a Harbftank
Robert Turicehi
President
71• • M' 71•
November 15, 1989
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. 294
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 Denny Steelman and Chris Steelman, hereinafter referred to
as "Principal" covering certain improvements to be installed in that certain
subdivision known and designated as The Acreage Above Capistrano by Principal
and in accordance with said agreement.
At the request of the Principal, we hereby establish in favor of City and
for the account of Principal our Irrevocable Letter of Credit No. 294,
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. 294
Partial drawings are permitted hereunder.
ADMINISTRATIVE OFFICE
11 GOLDEN SHORE
PO. BOX 2040
LONG BEACH, CA 90801
(213) 491-1111
(714) 898-9723
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 § 5112; that is, 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 April 30, 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 UCPA and
the UCC, the UCC shall prevail and control.
R. Turicchi,
President
rov as to orm
Ci A torney