1991-0521_PETIT , S/ D_Agreement• 0
AGREEMENT FOR DELAY OF INSTALLATION OF DRIVEWAY
This agreement with the City of_Sa Juan Capistrano regarding installation of driveway
and stoops is entered into this day of %h/1tt� , 1991 between the City of
San Juan Capistrano (the "City" and Steven and Donna Petit (Owner/Builder).
A. Steve and Donna Petit are building a single family house at 29981 Saddleridge Drive
in the City and would prefer to install the driveway and stoops as part of the rear
landscaping/pool which is underway.
B. In order for the City to issue a Certificate of Occupancy for the house without the
driveway installed, the City is requiring that the homeowner provide the City with a
letter of credit to assure the City that concrete driveways will be installed at the
house within four (4) months from the date of issuance of the Certificate of
Occupancy for the house.
NOW THEREFORE, the parties agree as follows:
1. Deposit The Homeowner agrees to deposit with the City, concurrently with the
Homeowner's execution and delivery of this Agreement, the sum of $3,000.00 in the form
of a letter of credit in favor of the City. The City shall hold the cashier's check in
accordance with the provisions of this Agreement.
2. Agreement to Install Driveways. The Homeowner hereby covenants and agrees to
install or cause to be installed, within four (4) months from the date that a Certificate of
Occupancy for the home is issued, all concrete and/or masonry driveway and stoops at
the home which have not been 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, 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 Homeowner fails to complete the construction and
installation of all driveways at the home as required herein within four (4) months of the
date of the Certificate of Occupancy, the City, following ten (10) days notice to the
Homeowner, shall have the right to utilize the funds which it holds pursuant to Section i
above to complete and/or install or cause to be completed and/or installed at the
Homeowner's sole expense, all driveways at the home which are not then complete.
5. Release of Funds to Homeowner. Upon the Homeowner's satisfaction of the
conditions set forth in Paragraph 2 of this Agreement, the City shall return to the
Homeowner the funds which are held by the City.
6. Inspection. The City, on its own volition or at the request of the Homeowner, shall
inspect the Home to determine whether all driveways required to be installed by the
Homeowner 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.
Agreement for Delay of Installation of Driveway
Page 2
7. Notices. All notices required or desired to be given under this Agreement shall be
mailed to the following addresses:
The City: City of San Juan Capistrano
32400 Paseo Adelanto
San Juan Capistrano, CA 92675
Homeowner: Mr. & Mrs. Steve Petit
29981 Saddleridge Drive
San Juan Capistrano, CA 92675
IN WITNESS WHEREOF,
Homeowner:
CITY OF SAN JUAN CA
Im
ithem.
LETTER OF CREDIT
City of San Juan Capistrano
32400 Paseo Adelanto
San Juan Capistrano, CA 92675
Attn: City Manager
Re: Standby Letter of Credit No. 109SJ
Gentlemen:
This Standby Letter of Credit is given to fulfill the require-
ments of that certain agreement entered into between the City of
San Juan Capistrano, a political subdivision of the State of
California, hereinafter referred to as "City" and Stephen E.
Petit and Donna Petit, hereinafter referred to as "Principal",
covering certain improvements to be installed on that certain
property known and designated as Lot 129 of Tract 6381, City of
San Juan Capistrano, County of Orange by Principal and in accor-
dance with said agreement.
At the request of the Principal, we hereby establish in favor of
City and for the account of Principal our Standby Letter of
Credit No. 109SJ, in the amount of Three Thousand U. S. Dollars
($3,000.00) to be paid by drafts at sight on us if accompanied by
the following documents:
City's written statement (signed by the City Manager, or
City Attorney) certifying that there has been a failure
of the Principal to perform the above agreement. Said
statement shall declare the amount of the sight draft on
us and that the amount of this draft is, therefore, now due
and payable.
All drafts under this Standby Letter of Credit shall be marked:
Mariners Bank
32221 Camino Capistrano
San Juan Capistrano, CA 92675
Standby Letter of Credit No. 107SJ
Partial drawings are permitted hereunder.
32221 Camino Capistrano • San Juan Capistrano, California 92675-3793 • (714) 248-0100
0
We expressly agree with you that all drafts drawn under and in
compliance with the terms of this Standby Letter of Credit shall
meet with due honor upon presentation in accordance with Califor-
nia Uniform Commercial Code 5112: that is, by not later than the
close of the third banking day following receipt of the docu-
ments.
This Standby Letter of Credit expires at our office on September
21, 1991.
This Standby Letter of Credit is subject to the Uniform Customs
and Practice for Documentary Credits (1983 Revision) Interna-
tional Chamber of Commerce, Publication No. 400 ("UCPA") and to
the Uniform Commercial Code of the State of California (11UCC").
In the event of any conflict between the UCPA and the UCC, the
UCC shall prevail and control.
MARINERS BANK
Date �LMaria L.Ye6&
ant Vice President
MARINERS BANK has provided its Standby Letter of Credit No. 109SJ
in the amount of $3,000.00 dated May 21, 1991.
This will certify that Maria L. Cedeno is authorized to provide
and execute the Standby Letter of Credit provided and that the
Bank has complied with all banking and regulatory requirements in
connection with the issuance of such letter or letters.
Very truly yours,
B/ Olm.Kin `%�/
Vice Presid t/Manager