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1989-1121_STEELMAN, DENNIS & CHRIS_AgreementAGRE T WITH CITY RE HOMEBUYER INSTALLATION OF INEWAY qW 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") .I 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