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1990-0105_CORDER, AL & MERCY_AgreementAORITH CITY RE HOMEBUYER INSTALLATION OF fFWM This Agreement with City re Hqo buyer Installation of Driveway (the "Agreement") .S is entered into this day �1Of/ 54190, QP�.T olon' between the City of San Juan Capistrano (the "City") and AG { /U Sre- �(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 has entered into an agreement to at a hone in The Acreage Above Capistrano located (the "Home"). (ur /S) 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 Nome. NOW, THEREFORE, the parties hereto agree as follows: 1. Deposit. The Homebuyer agrees to deposit w)th the City, concurrently with the Homebuyer's execution and delivery of this Agreement, the sum of E /Q� l'?,A • S0 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 es 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 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 Paseo Adelanto San Juan Capistrano, CA 92675 Homebuyer:t m544 a'/�orC�44/E 15;1X9vr5ti, a- Escrow: Saddleback Escrow Company 5010 Campus Drive Newport Beach, CA 92660 IN WITNESS WHEREOF, the parties agree that the f "HOMEBUYER": CIT F SA 7 CAPI S7RAN0 By: John aw, City Attorney SJ3DRIVE CITY OF SAN JUAN CAPISTRANO By: v/ ' _ koL ;� Elaine R. Martinez, Building Oliwficiai 0 4 MEMORANDUM January 8, 1990 (/40: Mary Ann Hanover, City Clerk FROM: Elaine Martinez, Building & Safety Manager Community Planning & Development W" SUBJECT: LETTER OF CREDIT The Acreage Lot 15 Attached, please find a Letter of Creid and the Original Agreement With City Re Homebuyer Installation of Driveway for: Owner: Alfonso G. & Mercy B. Cordero 10891 Capital Ave. Garden Grove, CA 92643 Address of Project Site: 26862 Windsor Drive San Juan Capistrano Tract: 10103 Lot: Lot 15 Amount of Bond $10,192.50 Irrevocable Letter of Credit No. SDSB-250953 Date/Issue January 02,1990 Date Expiry. July 31, 1990 Bank of America Trade Finance Services #1263 This memorandum will serve as a receipt for said bond. Building and Safety Division will notif y your Department to release bond when the grading permit is finaled. Thank you for your assistance in this matter. Elaine Martinez Building Official EM/nk 18 -IAC Attachment cc: John Shaw Stephen Chamberlain Marilyn Groff Mr. & Mrs. Cordero onuo us¢ 1$ February7,1992 Mr. & Mrs. Alfonso G. Cordero 26862 Windsor Drive San Juan Capistrano, CA 92675 Re: e�Man il • Immnronnlo �nlutxlo 1961 1776 MEMBERS OF THE CITY COUNCIL JERRY HARRIS KENNETH E FRIESS GARY HAUSOORFER GIL JONES JEFF VASQUEZ CITY MANAGER STEPHEN B JULIAN Dear Mr. & Mrs. Alfonso Cordero: Attached is your Irrevocable Letter of Credit No. 250953, from Bank of America, in the amount of $10,192.50. Said Letter of Credit was given to the City as security for the driveway installation at property located at 26862 Windsor Drive, San Juan Capistrano (Tract 10103, Lot 15). Work has been completed to the satisfaction of the City of San Juan Capistrano and the Letter of Credit is hereby released. I have enclosed copies of this letter for your bank and the escrow company. If you have any questions, please do not hesitate to call. Very truly yours, Dawn M. Schanderl Deputy City Clerk Enclosure cc: Daniel W. McFarland, Building & Safety Manager Bank of America Saddleback Escrow Company 32400 PASEO ADELANTO, SAN JUAN CAPISTRANO. CALIFORNIA 92675 • (714) 493-1171 N(iN-NEGOTIABLE COPY—ADVISING BANK Place: i+t FA CE SLR1rris 4,1263 Cable Address. BankAmerica Bank of America 011 450 D ss T, 10TH iizw SAM DIEGO,' CA 32101 7❑ ❑ This refers to our preliminary teletransmission advice of this credit. IRREVOCABLE STAMM APPLICANJ,,,,,. G, s WJ= 0. CuRaw LETTER OF CREDIT N0. SDSB-x4953 10991 CAPIT&L AVE. CARLM GWYE: CA 92643 DATE OF ISSUE: JA4MUM 02r 1990 ADVISING BANK REFERENCE NO.. BENEFICIARY CI'S.Y Or SAM J= CAPM AND RELEASED 32404 PAM AtSSLd1M SM JW CAPISMWp CA 12675 ahl�a AM"B MJANV CM MAPIi► m T DATE AND PLACE OF EXPIRY AMOUNT JOU 31, .MALS O.S.00,192.50 (TZN'I#iOMMD CIE AT ?HIS Cry= HMM NINIP.T' 'TWD Alit 50/100 &tL� UNIM STATES DCLLARS) Credit available with US by ® sight payment deferred payment 0 acceptance 0 negotiation against presentation'of the documents detailed below and your draft(s) at BIGiiT drawn on us CCVMbGz rullim IM 101111CIIIIMM TO W INSTAYLLELI IN TWAT GAIN SFSBMISIW » AM =SIGN= AS EAT 115 AT T89 ACMLTAZ ADIM SAM JOIN CAPISWIRIANO BY PRIMCIPAL Alf IN ACCOMIDAMM WITH MUD , 9211341 WI 1. CITY Or ShN JUhN CAP2 lMD'8 MTM BVMMU (SIGMW BY THE CITY WOM4 OR CITY ) t1� 11 PI1TING TW ?ffl= AAS ftm A rAILTM or TB8 PIc=aAL TO MWM 2HR AWWR ACFAMMIM. SAID STATMW S'M AL 0119CtARE = AMM Or = Slut DRiINT ON OS AND THAT THE ANXIM Cr 2818 MM IS* TMWW=s NOW OW AND PATMW. 2. IMS ORIISMI, CRRY111T. ffEIAL INSTS7CTiOMS1 1. PARTIAL ARS PSMTRBD. AL= WITH IM TBAT ALL. DR11111 S DRAi+167 ONLIER AND IN COMPLIME W170 Tt18 TEM Or =5 LR'TM C! CNKM BSLALL H= WM WE BOISM 113" CR IM ACMFVA= MM CALIFORNIA, M11111113M COWZWM CM8 51121 TW Iso BY MDT LAM We To CWM Cr 388' 28IAD BANRIXG D" rCt.Lt'7LiIMC Rama? Or TUB 7k3I5 LCTTIR Cr CNINZ11£ MnAU AT OUR OrrlCs CM JIM 31e 19900 AND BLit IES AUTOPATWILLY XMINOW MIT"UM WRITT£.i1 ANE1111100MIT TO MOM= 20, 11% IN NAM 50=8=98 CMA3M MR UKJM NW LEM TRAM Smm (60) CMAMM il9llrs MOR To MMMM 200 1914s its RM VM NOTICE TO TOO IM WAITING IN 111111111011111MM til CMWIND NAIL AT YtlsMt AWFM "M TM WE VACT NOT TO t Tris LErm or CRZMT Sam 417E Nximm Z0. 1990 MIIM'! WOMEMNIG BY AT LOW SUM (64) CALMAR LYUTSa TSS OM WE SM ZOD W= INVICS. : t t t t :: • t t t t t t t t t t t t t t t t t t• r: t t• t t t t t t t We hereby issue this Documentary Credit in your favour. It is subject to the Uniform Customs and Practice for Documentary Credits, 1983 revision, ICC Publication No. 400, and engages us in accordance with the terms thereof. The number and the date of the credit and the name of our bank must be quoted on all drafts required. If the credit is available by negotiation, each presentation must be noted on the reverse of this advice by the bank where the credit is available. All documents to be forwarded in one cover, by airmail, unless otherwise stated above. Negotiating bank charges, if any, are for account of beneficiary. The advising bank is requested to notify the credit to the beneficiary without adding their confirmation. This document consists of 1 signed pages) _ - "'�' " HORIZEDCOUNTERSIGNATURE AUTHORIZED SIGNATU Please examine this instrument care%tlly. If you are unable to comply with the terms or conditions, please communicate with your buyer tobM r an amendmeW. This procedure will facilitate prompt handling when documents are presented. FX -1311 3-87 # 0 MEMORANDUM February 7, 1992 TO: Dawn Schanderl, Records Coordinator City Clerk FROM: Daniel W. McFarland, Building & Safety Manager nAV Department of Engineering and Building SUBJECT: Surety Bond - The Acreage Lot 15 - Driveway Installation This memo will serve as authorization to release the bond posted by the referenced homeowner re completion of installation of driveway. Owner: Alfonso G. & Mercy B. Corcro Address of 26862 Windsor Drive Project Site: San Juan Capistrano, CA 92675 Tel. No.: 347-0399 or 554-1710 Tract: 10103 Lot: 15 Amount of Bond: $10,192.50 Surety: Irrevocable Letter of Credit No. SDSB-250953 Bank of America Thank you for your assistance in this matter. DM/st cc: Building file Mr. & Mrs. Cordero 26862 Windsor Drive San Juan Capistrano, CA 92675 January 30, 1992 City of San Juan Capistrano 32900 Paseo Adelanto San Juan Capistrano, CA 92675 Reference: Installation of Driveway Subject Authorization to Release Funds to Homeowner From Escrow #103-015 & L/C#250953 Attention: Elaine R. Martinez, Building official Dear Ms Martinez: The driveway in my residence at 26862 Windsor Drive has been installed. Please instruct Saddleback Escrow to release the funds held under Escrow# 103-015. r Also please advise Bank of America that the conditions set forth in our agreement have been satisfied, and therefore to immediately terminate Standby L/C#250953. Thank you very much. SIrci , A. Cordero cc: Saddleback Escrow Company