1972-0619_FUKUDA, W. & MCMECHAN, R._Agreement0 0
AGREEMENT ON WAIVER OF TIME FOR
CONSTRUCTION OF IMPROVEMENTS
This Agreement is made this 19th day of June , 1972 by and
between the City of San Juan Capistrano, hereinafter "City",
William S. Fukuda, Sr, and Richard L. McMechan, hereinafter called
"Developers", and Southern California First National Bank, hereinafter
called "Bank".
WITNESSETH:
WHEREAS, the City has heretofore imposed the following conditions
incident to approval of Developers' development of Lots 1 and 2 pursuant
to DOL 70-105:
1. "That the owner shall, prior to Engineer approving a
parcel map for recordation, furnish the City assurances
of improvement completion in accordance with Section 5.06,
City Ordinance No. 56."
2. "That all existing or proposed utilities within the boundaries
of this division of land or within public right of way
adjacent to the property or on property to be offered to
the City for public purposes shall be placed underground.
Ornamental street lighting shall also be required for
residential habitation."
WHEREAS, Developers have requested the City Council to waive
the aforesaid requirements for a period of one year; and
WHEREAS, City has granted such waiver provided that Developers
present a'surety bond or a letter of credit sufficient in form and
amount to guarantee the construction of said improvements:
WHEREAS, the City Engineer estimates the cost of the aforesaid
improvements to be the sum of $2,500.00: and
WHEREAS, Developers have presented a letter from the Southern
California First National Bank committing the aforesaid sum of $2,500.00
to be available upon demand by City for the construction of the afore-
said improvements.
NOW THEREFORE, the parties hereto agree as follows:
1. City grants to Developers an extension of time, to and in-
cluding February 10, 1973, within which to construct the improvements
hereinabove set forth.
2. Developers shall construct the said improvements forthwith
upon the expiration of the aforesaid time.
3. Bank shall commit and set apart the sum of $2,500.00 to
guarantee the construction of said improvements; said sum or any part
thereof shall be available to City for said purposes upon demand.
4. This Agreement shall run with the land and shall be binding
upon, the successors and assigns of the parties hereto.
IN WITNESS WHEREBY the parties hereto have executed this Agree-
ment on the date set forth opposite their names.
CITY OF SAN JUAN CAPISTRANO
By: O .rl �o mayor
illiam S. Fukuda, Sr.
,,Richatd�M Mc han
SOUTHERN CAL FO IA FIRST
ATIONAL BANK
By:
iEMO T0: CITY r1ANA03R
7nr(DM: CITY ATTOqNEY
.3UBJ;CT: Execution of three -party agreement (DOL 70_t05)
Some time ago the City agreed to forego the improvements on the f" Division
o: Lnd referred to above on condition that, the owner place in trust or pro-
vide a bond guaranteeing the installation aitxtkmx when called for. Attached
hereto is are three (3) executed conies of the agreement which should be
signed by the Mayor. Since Council has authorized the agreement same time ago,
there is no need to take the matter to them. ?+Then the mayor has signed, the City
sho•:ld retain one and send one copy to kkK exakxQBxtkm Messers Pukuda and
McMechan and a xernx copy to the Bank.