1972-1003_WESTPORT - APARTMENT HOME CO._AgreementAGREEIIENT
THIS AGREEMENT, made and entered into this 3rd day of
October , 1972: between WESTPORT - APARTMENT HOME 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".
W I T N E S S E T H:
WHEREAS, the SUBDIVIDER has prepared and offered for
acceptance by the CITY a final map of Tract No. 7194 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.7194 "
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; and
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 hereinafter, the parties agree as follows:
1. CITY agrees to accept the
Monuments
offered for dedication by SUBDIVIDER.
2. SUBDIVIDER will at the sole cost and expense of
SUBDIVIDER construct and install Monuments
3. To secure the faithful performance of this Agree-
ment, 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 Two Thousand
Five Hundred Dollar% $2,500.00 ) , said bond, to be approved by
CITY. In lieu of said bond, it is agreed that either or both
of the following may be substituted:
A. Parties hereto will enter into a
"three -party agreement" with a
California bank acceptable to CITY,
whereby said bank shall hold the
sum of Two Thousand Five Hundred Dollars
($ 2,500.00 ) for construction of
Monuments
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 agree-
ment 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
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Two Thousand Five Hundred Dollars and 00/100ths
($ 2,500.00 )being the
CITY's engineer's estimate of costs
for the construction of
Monuments
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, 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 - APARTMENT HOME CO. CITY OF SAN JUAN CAPISTRANO
-V Limited Partnership
BY \V S ME BUILDERS, INC.
k� n ra er B Q( J
M yor
BY:
Pr s ent
BY:
e retary
ATTEST:
CITY CLERK AND EX OFFICIO CLERK
OF SAID CITY COUNCIL
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