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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.