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1989-1031_BAUER , STEPHEN AND BETTY_AgreementAGREE- WITH CITY RE HOMEBUYER INSTALLATION OF D*AY This Agreement with City re Homebuyer installation of Driveway (the "Agreement") is entered into this 3 1441 day of�`D `N/- P / �/, //� 1989 between the City of San Juan Capistrano (the "City") and Z QQy 4V&4, (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. S. The Homebuyer Homebuyer has entered into anagreement /to�7purchase a home in The Acreage Above Capistrano located at li2/0 �Ol A"k- 4f �y 6, `z' - 74'&76— (the "Home"). L['T /Y 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 dep�o it ith the City, concurrently with the Homebuyer's execution and delivery of this Agreement, the sum of E J , – (� in the form of cash or, if the Hombuyer 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 tetter 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 Rinds toi 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 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 notires 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 Adetanto San Juan Capistrano, CCA 92675 Homebuyer: Escrow: Saddleback Escrow Company 5010 Campus Drive Newport Beach, CA 92660 TN WITNESS WHEREOF, the parties agree that the foregoing shaltbebinding upon them. "HOMEBUYER": _ a. OL CITY OF SAN JUAN CA ISTRANO BY:_9 John W Shaw, City Attorn SJ3DRIVE CITY OF SAN JUAN CAPISTRAHO By:—`1�p1.yc Etaine R. Martinez, Pudding Official