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1973-0803_WESTPORT - APARTMENT HOME CO._Agreement (Subdivision)AGREEMENT THIS AGRFJ[MENT, made and entered into this 3rd day of August 1973 between Westport - Apartnent Ilore Co., a Limited Partnership, hereinafter referred to as "Subdivider" and the CITY OF SAN JUAN CAPISTRANO, a body politic of the State of California, hereinafter referred to as the "City".' WITNESSETH: WHEREAS, the Subdividerhas prepared and offered for acceptance by the City, a final map of Tract NO -7195 in the City of San Juan Capistrano, County of Orange; and WHEREAS, the Subdivider, as a condition of approval of said map by the City, is required to construct or agree to construct certain improvements; and WHEREAS, the Subdivider by said map offers for dedication to the City for public use the improvements as shown on said map or on the "Plans for Street Improvements Including Street Lighting System, Domestic Water System and Sanitary Sewers of Tract No. 7195 ' now on file in the Office of the City Clerk of the City of San Juan Capistrano; said Plans are hereby made a part of this Agreement as though fully set out herein; mid WHEREAS, the Subdivider desires the City to accept the improvements as shown on the map or on the Plans. NOW THEREFORE, in consideration of the premises above and the covenants hereinafterm the parties agree as follows: 1. City agrees to accept the offered for dedication by Subdivider. Monumnts 2. Subdivider will, at the sole cost and expense of Subdivider construct and install 4 r:onu:.tnts - 1 - 4 0 3. To secure the faithful performance of this Agreement, Subdivider agrees to furnish to City a good and sufficient bond executed by a corporation authorized to transact surety business in the State of California in the sum of T.✓o Thousand Dollars ($2,000 ), said bond, to be approved by City. In lieu of said bond, it is agreed that either or both of the following may be substituted: a. Parties hereto will enter into a "three -party agreement" with a California bank acceptable to City, whereby said bank shall hold the sum of Two Thousand Dollars ($ 2,000 ) for construction of Monumehts and to make progress payments upon approval of City's engineer, which approval shall not be given until receipt by City of proper labor, material and equipment releases; or b. Subdivider shall enter into an agreement with its lender whereby lender will deposit with a responsible escrow agent or trust company, subject to the approval of City, the full amount of Two Thousand Dollars ($ 2,000 ) being the City Engineer's estimate of costs for the construction of Monti ents 4. The Subdivider agrees to commence the construction and installation of said improvements within 180 days from the approval of said map by the City and shall complete said work within 365 days from the date of said approval. IN WITNESS WHEREOF, Westport - Apartment Home Co., a Limited Partnership, has executed these presents as the Subdivider, - 2 - STATE OF CALIPORNbran e aa. COUNTY OF-------_g On_—_A_ _ 3 n_ _3 , before me, the undersigned, a Notary Public in and for said State, personally appear VdC• E. _ka—ha_l_al5— _— Jean McLachlan known to me to be the President, known to me to be the --.- Secretary of the corporation that executed the within instrument and kno to me to be the persons who executed the within instrument behalf of said corporation, said corporation being known to to be the general partner o, -Westport - Apartment Home Co. the limited partnership that executed the within instrument, and acknowledged to me that such partner and that such partnership executed the same. WITNESS and o tial seal Signal J e Fawrup Name (Typed or Printed) ••♦0♦O•♦O•♦♦@♦0@000♦♦••♦♦♦♦♦� JAr rnwRUP 2 NO"iA PJBLIC -CALIFORNIA 00Pill,(; `.NAL OFFICE IN .ANGE COU:l I'Y OFFICIAL SEAL My COmn W'Gn Expires Sop, 22, 1975 (This area for official notarial seal) and the City of San Juan Capistrano has caused these presents to be executed by the Mayor of the City Council and attested by the City Clerk and Ex -Officio Clerk of the City Council, as the City, the day and year in this instrument first above written. Westport - Apartm nt Hom Co., a Limited Partnership BY: WESTPORT HOME BUILDERS, INC., General Partner r BY BY _ /M OF SAN JUAN 0 ATTEST: City Council I , - 3 -