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
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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
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against presentation'of the documents detailed below and your draft(s) at BIGiiT
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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