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16-0324_COVE ESTATES LLC_ Memo from P.W.MEMORANDUM March 24, 2016 TO: Maria Morris, City Clerk Christy JakI, Deputy City Clerk FROM: CO: Joe Mankawich, Associate Engineer Thorn Coughran, Interim Public Works and Utilities Director George Alvarez, City Engineer Hossein Ajideh, Senior Civil Engineer SUBJECT: Bond Release - The Cove Estates Tract 16168 Precise Grading The developer. The Cove Estates LLC, has completed all improvement work as required by the Grading Surety Agreement for Precise Grading for Tract 16168 The Cove Estates. The improvements have been inspected and have been found to be completed per City standards and to the satisfaction of the Public Works & Utilities Department. As such Permit B15-0233 has been finaled and signed off by the Public Works & Utilities and Community Development Departments. With the completion of the improvements the bond release is recommended as follows: SURETY COVERAGE (International Fidelity Insurance Company) Bond Number Type of Improvement Bond Amount Bond #0611356 Precise Grading $19,637.00 The Grading Surety Agreement requires a 10% warranty for one year from the date of Precise Grading sign-off. The surety has provided the necessary warranty bond (attached). Bond No. 0611356 Premium included in Performance bond Maintenance Bond KNOW ALL MEN BY THESE PRESENTS: That The Cove Estates, LLC a Limited Liability Company i as Principal, hereinafter called Principal, and International Fidelity Insurance Company as Surety a Corporation organized and existing under the laws of the PA , and authorized to do business as a Surety in the State of Georgia, as Surety, axe held firmly bound unto the City of San Juan Caplstrano . as Obligee, in the amount of One Thousand Nine Hundred Sixty Four and OO/lOMhs r$l,964.001 good and lawful money of the United States of America, for the payment of which, well and truly to be made, we bind ourselves, our heirs, administrators, executors, and assigns, jointLy and severally, firmly by these presents. WHEREAS, the above bounden Principal has entered into a certain written contract with the above named Obligee, providing for construction of certain subdivision improvements for Tract #16168 Precise Grading, and WHEREAS, said work has been or will be completed by Principal. NOW, THEREFORE, if the above bounded Principal shall promptly replace and repair any work proven to be defective because of faulty workmanship and/or material within a period of One (1) year from date of acceptance, of the work by the Obligee, then this obligation to be void; Otherwise to remain in full force and effect. Signed and Sealed this 25th day of March . 2016 The Cove Estates. LLC a Limited Liability Company By: ' . By:. International Fidelity Insurance Company Name of Surety rSeall By:_ \]\jcrn\KmIaAAJl , At^mey-in-Fact Victoria M. Campbell CIViL CODE §1189 A notary public or other officer compietlng this certificate verifies only the identify of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of Orange On MAR g 5 ?m Date personally appeared before me, L. Clark, Notary Public Here Insert Name and Title of the Officer Victoria M, Campbell Name(s) ofSigner(s) who proved to me on the basis of satisfectory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that +te/she/they- executed the same in hts/her/thelr authorized capacity(ies), and that by hte/her/thieir signature(s) on the instrument the petson(s), or the entity upon behdf of which the person{s) acted, executed the Insttument L. CLftRK Commission # 1996834 _^ Notary Public - California z Los .Angales County My Comm Expires Nov 28.20) 61, ] certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct, WITNESS my hand and official seal. Signature. Signature of Notary Public Place Notary Seal Above OPTIONAL —— Though this section Is oph'onai, completing this information can deter alteration of the documentor fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: Number of Pages: Signer(s) Other Than Named Above: Capacity{les)_CJaimed-by_S!gner.{s}- Signer's Name:. Document Date: MAR 2 5' 2016 • Corporate Officer — Title(s): • Partner — • Limited •General • Individual 0 Attorney in Fact • Trustee • Guardian or Conservator • Other; Signer Is Representing:. Internattonat FtdeTtty Insurance Company Signer's Name; • Corporate Officer — Trtle(s); • Partner - • Limited •General • Individual • Attorney in Fact • Trustee • Guardian or Conservator • Other: Signer is Representing:. ©2014 National Notary Association • www.NationaiNotary.org • 1-800-US NOTARY (1-800-876-6827) Item #5907 r q^WlThf^S WHEREOF ^^^FER^^li4Al^Tlpm^y^JNS^;BAN0ECC^pW^ |;^t^f& present on mV12th day of March .zgtZ 5 and ^LEGHENY CAsWvf COMEDY has?B.each execi4d-artd ^ 5TATEri|NEW<)Eg§Ey^ . 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