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Home My WebLink AboutA2653 - RACQUET CLUB OF PS SUBDIVISION TM 19447 Racquet Club of P.S. , a corp TM 19447 Subdiv Imprv. AGREEMENT #2653 Cm signed 12-8-88 r�r Hr CITY OF PALM SPRINGS — SUBDIVISION IMPROVEMENT AGREEMENT ;Z THIS 'AGREEMENT, made and entered into this f _ day of ��,� ��%, 19 by and between Racquet 'Club of Palm Springs A Corp�ation hereinafter collectively referred to as Subdivider and CITY OF PALM SPR NGS, a municipal corporation of the State of California, hereinafter referred to as "CITY" ; WITNESSETH: WHEREAS, Subdivider has prepared and filed a final subdivision map of Tract No. 19447 in the City of Palm Springs, County of Riverside, for approval by City; anted WHEREAS, as a condition precedent to the approval of said map by City, Sub- divider is required to offer for dedication those parcels of land intended for streets, highways and other public use, and also to construct and install or agree to construct and install certain improvements; and WHEREAS, Subdivider, by said map, has orfered for dedication to City for public use the streets and easements shown on said map; and WHEREAS, City desires to accept the streets and easements shown on said map for public use, and certain other such improvements; and WHEREAS, as a condition precedent to the acceptance of the dedication of such streets and easements by City, Subdivider is required to enter into an agreement with the City to construct certain improvements; and WHEREAS, the total cost of such improvements has been estimated by the City Engineer to be approximately $ 143,428.00 ; NOW, THEREFORE, IT IS AGREED by and between the parties hereto as follows: 1 . Subdivider, at his sole cost and expense, shall construct and install the street, drainage, domestic water, sanitary sewer and other improvements required to be constructed or agreed to be constructed as a condition precedent to the approval of said final map and acceptance of such streets and easements , as shown on the "Improvement Plans for Tract No. 19447 " , a copy of which is now on file in the office of the City Engineer of the City and which is referred to and incorporated herein as though set forth in full . 2. Subdivider shall furnish to City good and sufficient bonds executed by a corporation authorized to transact surety business in the State of California on forms approved by City, one bond in the sum of $ 143,428.00 to assure the faithful performance of this Agreement, and one bond in the sum of 71,714.00 to assure payment of the cost of the labor and materials for the improvements required to be constructed or installed hereby. Both of said bonds shall be deemed exonerated upon acceptance by the City of the improvements , and the furnishing of a maintenance bond at the time of the acceptance in the amount of $ 21 514.00 - . . Said maintenance bond shall ' ti ds'rre r a».�xiyp q tP ,y i Subdivision Improvement Agreement Page 2 4. In accordance with the terms of said subdivision regulation aforesaid, the subdivider does hereby agree to furnish a good and sufficient bond in the amount of $ 7,800.00 to guarantee payment of the cost of setting monuments as stated in Item No. 2 of this agreement. 5. The City Engineer or his duly authorized representative, upon written request of Subdivider, shall inspect the improvements herein agreed to be con- structed and installed by Subdivider, and, if determined to be in accordance with the applicable City standards, shall recommend the acceptance of such improvements by the City. 6. Subdivider shall complete such improvement plans including any correc- tions and revisions thereto necessary to comply with the applicable City standards as determined by the City Engineer, within thirty (30) days after approval of the final map. 7. Subdivider shall perform any changes or alterations in the construc- tion and installation of such improvements required by City, provided that all such changes or alterations do not exceed 10 percent of the .original total estimated cost of such improvements. 8. Subdivider shall guarantee such improvements for a period of one year following the completion by Subdivider, and acceptance by City, against any defective work or labor done, or defective materials furnished, in the performance of this Subdivision Improvement Agreement by Subdivider and shall repair or replace any such defective work or materials discovered during said one year period. 9. Subdivider shall commence the construction and installation of such improvements within thirty (30) days from the approval of such "Improvement Plans for Tract No.. 19447 " by the City Engineer, and shall complete such construction and installations within nine (9) months from such date of commencement. 10. In the event that Subdivider fails to perform any obligation hereunder, Subdivider authorizes City to perform such obligation twenty (20) days after mailing written Notice of Default to Subdivider at the address given below, and agrees to pay the entire cost of such performance by City. 11 . In the event that Subdivider fails to perform any obligation hereunder, Subdivider agrees to pay all costs and expenses incurred by City in securing n nw t---�.. _ ..t - L Ll ' 1 • • 1 J. 1 1 •1 J Ll 11 1 Subdivision Lnprovement Agreement Page 3 k. li IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. it it SUBD ER: ' The Ra q t Club of Palm Springs f1 • Doupa Lode By: V�/ Ray H tchison 2743 N. Indian Avenue Address Palm Springs, CA 92262' City CITY OF PALM SPRINGS, CALIFORNIA City Clerk '-✓City. Manager REVIEWED & APPROVED CITICORPOCITIBAW Citibank, N.A. A subsidiary of Citicorp Citicorp Center 153 E. 53rd Street New York, NY 10043 November 29, 1988 City of Palm Springs 3200 East Tahquitz McCallum Way Palm Springs, California 92262 Attn: Bill Ferrister, City Engineers Department Gentlemen: By order and for the account of Racquet Club of Palm Springs, 2743 North Indian Avenue, Box 1747, Palm Springs, California 92263 (the "Applicant") , we hereby open in your favor our Clean Irrevocable Letter of Credit No. IMG1-351-384533 for an aggregate amount of Two Hundred Twenty Two Thousand Nine Hundred Forty Two U.S. Dollars ($222 ,942 . 00) effective immediately and expiring at Citibank, N.A. , 641 Lexington Avenue, New York, N.Y. 10043 with our close of business November 20, 1989. Funds are available to you against your sight draft(s) drawn on us, mentioning this Letter of Credit No. IMG1-351-384533, accompanied by your statement signed by the Director of Community Development of Palm Springs that "The Applicant of this credit has failed to comply with the terms and conditions of a contract described as Subdivision Improvement Agreement for Tract Number 19447. " We hereby engage with you that draft(s) drawn under and in compliance with the terms of this Letter of Credit will be duly honored upon proper presentation to our 641 Lexington Avenue Office, 3rd Floor. Unless otherwise stated this credit is subject to the Uniform Customs and Practice for Documentary Credits (1983 Revision) of the International Chamber of Commerce Publication No. 400. Very truly yours, RE Citibank, N.A. / - j NOV 30 CITY 0-.- PALM SPRINGS Authorized Signature 'NG1NEER1N<;