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04622 - COACHELLA VALLEY DEVELOPERS SUBDIVISION IMPROVEMENT FM 28610
of QALM SA City of Palm Springs * Office of the City Clerk A 3200 R.Tahquicz Canyon Way • Patin Springs, California 92262 C'qC I FORN,P Tel: (760) 323-8204 • Fix (760) 322-8322 - Wch: www.palmsprinrs-ra.gov April 3, 2007 Mr. Robert J. Sullivan, Sr. Vice President Vineyard Bank 5455 Riverside Drive, Suite 201 Chino, CA 91710 Re: Coachella Valley Developers —A4622 Dear Mr, Sullivan: The obligations of the subdivision improvement agreement between the City of Palm Springs and Coachella Valley Developers have been satisfied; therefore, the MaintenanceNVarranty, Letter of Credit 92602, in the amount of$62,644.00 is being released and returned. Please feel free to call our office if there are any questions, (760) 323-8204. Sincerely, Kathie Hart, CMC Chief Deputy City Clerk /kdh Encl. Maintenance/Warranty, Letter of Credit 92602 c' Carol Templeton, Engineering Associate Wes Oliphant, Managing Member (via fax 760 345-5501) File—A4622 (w/ Encl.) Release of Band-CoachellavalleyDev A4622.doc Post Office Box 2743 • Palm Springs, California 92263-2743 A4GZ- i l j r. TW" — m�a, °s s 2OQ6 AK 3 AM 8* Flc ���•,. a,: . fir: CITY CLEF IK AMENDMENT#1 TO IRREVOCABLE STANDBYLETTER OF CREDIT L/C#92602 BENEFICIARY APPLICANT City of balm Springs California Coachella Valley Developers LLC 3200 E.Tahquitz Canyon Way 77900 Avenue of the States Pahn Springs, CA 92262 Palm Desert, CA 92211 Amendment Date Amended Termination Date May 1,2006 March 31, 2007 We hereby amend our original Irrevocable Standby Letter of Credit#92602 dated January 17, 2003 in the amount of$62,644.00 as follows: I. The expiration date is hereby amended from January 1, 2010 to March 31, 2007- (rABy r term and conditions remain the same- YARD—BANK, N.A. Mar et Vas Senior Prest�rtntlOedit A, hustration Credit administration ilin a •c. : P. O. Box 2319 • Corona, CA 92878-2319 Street Address: 1260 Corona Pointe Court • Corona, CA 92879 Tel: (951) 278-1092 • Fax: (951) 278-1002 �pA�iH SA A. City ®f balm Springs U r N Office of the City Clerk 3200 E.Tah uitz Canyon WayPalm Springs, California 92262 C A<ORlQED eP Tel: (760)323-8204 - Fax. 760) 32 • 2 • p o ( 833_ Web:www.ci.palm-springs.ca.us q�lF®R� May 1, 2006 Mr. Robert J. Sullivan, Sr. Vice President Vineyard Bank 5455 Riverside Drive, Suite 201 Chino, CA 91710 Re: Coachella Valley Developers—A4622 Dear Mr. Sullivan: The obligations of the subdivision improvement agreement between the City of Palm Springs and Coachella Valley Developers have been satisfied; therefore, the following is being released and returned: 1. Faithful Performance, Letter of Credit No. 92601, in the amount of$22,776.90; 2. Labor and Materials, Letter of Credit No. 92604, in the amount of$11,388.45; and 3. Faithful Performance (monumentation), Letter of Credit 92603, in the amount of $3,175.00. The Maintenance/Warranty, Letter of Credit 92602, in the amount of$62,644.00 shall remain in full force through March 31, 2007, at which time it may be release. Please feel free to call our office if there are any questions, (760) 323-8204. Sincerely, Kathie Hart, CMC Chief Deputy City Clerk /kdh Encl. Faithful Performance, Letter of Credit No. 92601 Labor and Materials, Letter of Credit No. 92604 Faithful Performance (monumentation), Letter of Credit 92603 c: Carol Templeton, Engineering Associate Wes Oliphant, Managing Member (via fax 760 345-5501) File —A4622 (w/ Encl.) Release of Bonds-CoachellaValleyDev A4622.doc Post Office Box 2743 0 Palm Springs, California 92263-2743 i VTNEYARD B- IRREVOCABLE STANDBY LETTER OF CREDIT L/C # 92601 BENEFICIARY APPLICANT City of Palm Springs California Coachella Valley Developers LLC ISSUE DATE TERNIINATION DATE January 17, 2003 January 1, 2010 We hereby establish our irrevocable standby letter of credit in favor of the City of Palm Springs California for the account of Coachella Valley Developers LLC in the amount of Twenty-Two Thousand Seven Hundred Seventy-Six and 90/100 U.S. Dollars ($22,776.90), available at Vineyard Batik by payment against your draft at sight, referencing our letter of credit number above, to be accompanied by: 1) A signed statement by a representative of the City of Palm Springs California that the amount drawn under this letter of credit represents an amount owed to the City of Palm Springs California and unpaid by Coachella Valley Developers LLC. 2) Original Letter of Credit. This letter of credit shall expire on January 1, 2010. We engage with you that drafts drawn and presented under and in compliance with the terms of this credit will be duly honored. This credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication Number 500. f 1 Y obert J. Sullivan, SVP ��J�IL�° � f Loan Center 5455 Riverside Drive • Suite 201 • Chino, CA 91710 •Tel: (909) 591-3941 • (800) 442-4996 • Fax: (909) 628-0673 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT 4l State of California ss. County of ZF Ie l�a � Sa rill 1 ( 1 ' On `. ��'� before • Date (� J Name and Tire of 011lcer(e g.,"Jane Doe,Notary Pub is personally ') appeared ( -�" pp � - � Name(s)of S,goer(c) )p Xpersonally known to me ❑ proved to me on the basis of satisfactory evidence �• to be the person(s) whose name(s� re subscribed to the within instrument and DAM 1�AND25 0 acknowledged to me that!(%he/they"executed a Ypu - r f � � p the same in h`is erltheir- authorized crwwCc" - capacity(lbQ, andat by �iis herrlthetr- I fi mVCwm.Fiq wjanV,244 signatures)on the instrument the person(§ or the entity upon behalf of which the person(s.) acted, executed the instrument. WITINESS my ha and official se 1,.,1 ( � xy Place Notary Seal Above _ Slgn'a use o Notary Public i �� OPTIONAL ^` ' 1, Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. `I I. Description of Attached Document Title or Type of Document: Document Date: Number of Pages: Signer(s) Other Than Named Above: t Capacity(ies) Claimed by Signer I� Signer's Name: - ❑ Individual Top of thumb here ) ❑ Corporate Officer—Title(s): I- ❑ Partner—❑ Limited ❑ General ❑ Attorney in Fact 'I ❑ TrusteeI ❑ Guardian or Conservator ❑ Other: I� I I' Signer Is Representing: t I ('J 1999 Nallonal Notary Assocmlion•9359 0e Solo Ave.,P.0 Box 2402•Chalswodh,CA 91313-24o2•wxnv.nalionalnotary org Prod No 5967 Beordec Call Toll-Free 1-699 616 6827 D L P LS u l 4i LE i i V1NEYARD -1 A -`—N— IRREVOCABLE STANDBY LETTER OF CREDIT L/C#92603 BENEFICIARY APPLICANT City of Palm Springs California Coachella Valley Developers LLC ISSUE DATE TERMINATION DATE January 17, 2003 January 1, 2010 We hereby establish our irrevocable standby letter of credit in favor of the City of Palm Springs California for the account of Coachella Valley Developers LLC in the amount of Three Thousand One Hundred Seventy-Five U.S. Dollars ($3,175.00), available at Vineyard Bank by payment against your draft at sight, referencing our letter of credit number above, to be accompanied by: 1) A signed statement by a representative of the City of Palm Springs California that the amount drawn under this letter of credit represents an amount owed to the City of Palm Springs California and unpaid by Coachella Valley Developers LLC. 2) Original Letter of Credit. This letter of credit shall expire on January 1, 2010. We engage with you that drafts drawn and presented under and in compliance with the terms of this credit will be duly honored. This credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication Number 500. Robert J. Sullivan, SVP Loan Center 5455 Riverside Drive • Suite 201 • Chino, CA 91710 •Tel: (909) 591-3941 • (800) 442-4996 • Pax: (909) 628-0673 ( CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California � a --> ss. � County of On l l )_'� , before me, J�C'�.( 1 =f`S�s`.�N't'`` ' \ '��(�L,� L �� C Y' Dale _ _ Name and Tnle of Officer(e g 'Jane Dee,Notary -ub Ic'') t personally appeared Name(.)of Slgner(a) J ,personally known to me ❑ proved to me on the basis of satisfactory evidence to be the personk) whose nameN)4are- subscribed to the within instrument and acknowledged to me that' DIANA R.FBWANDFZ the same in ; h(s_ffier/their— authorized Notary d h st capacity(i", an that by er{thelr- signature(slon the instrument the person(K, or AdyCorOR"P urdy t the entity upon behalf of which the person0q I� acted, executed the instrument. WIII NESTS my hand a'nd� fficial seal. _� \ s�i 11r\ C;I III - : ( Place Notary Seal Above $Iic 1 OPTIONAL 1, Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. I ,I Description of Attached Document Title or Type of Document. 1 Document Date: Number of Pages: (, Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer 7 Signer's Name: -Violli ❑ Individual1 Top of thumb here 7t ❑ Corporate Officer—Title(s): 0 ❑ Partner—❑ Limited ❑ General ( ❑ Attorney in Fact ❑ Trustee 1 ❑ Guardian or Conservator 1, ❑ Other. 1 Signer Is Representing: r i 4He99Natlonal Nolary Assoclalion•9350De5elo Ave,PO Box2402.Ohats.Ah,CA91313-2402-..nalionalnotarymg Prod No 5901 Leo jy.C$I(fiobIce 1 6- Y`r}"' 9y i VINEYARD IRREVOCABLE STANDBY LETTER OF CREDIT L/C #92604 BENEFICIARY APPLICANT City of Palm Springs California Coachella Valley Developers LLC ISSUE DATE TERMINATION DATE January 17, 2003 January 1, 2010 We hereby establish our irrevocable standby letter of credit in favor of the City of Palm Springs California for the account of Coachella Valley Developers LLC in the amount of Eleven Thousand Three Hundred Eighty-Eight and 45/100 U.S. Dollars ($11,388.45), available at Vineyard Bank by payment against your draft at sight, referencing our letter of credit number above, to be accompanied by: 1) A signed statement by a representative of the City of Palm Springs California that the amount drawn under this letter of credit represents an amount owed to the City of Palm Springs California and unpaid by Coachella Valley Developers LLC. 2) Original Letter of Credit. This letter of credit shall expire on January 1, 2010. We engage with you that drafts drawn and presented under and in compliance with the terms of this credit will be duly honored. This credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication Number 500. obert J. Sullivan, SVP Loan Center 5455 Riverside Drive • Suite 201 • Chino, CA 91710 •Tel: (909) 591-3941 • (800) 442-4996 • Fax: (909) 628-0673 t i CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California ss. County of ` ii P->�--(f FY0 } I On 1 1 ���"�? before me,���C°k 1C��1 F=r( t"it "T��� C�l•1 � \ ;l Date y Name and Title of Officer(e.g.,'Jane Doe,Notary Public") \ �'- l J personally appeared Y �l'�=-v 1 \ -,It I�cr, n (( Name(e)oTSigner(e) ,) S' personally known to me ❑ proved to me on the basis of satisfactory evidence to be the person whose nand i s are- €. subscribed to the within instrument and DIANA R. FERNANDQ acknowledged to me that��he/they executed Commission# 1251690 z the same in his?,er/their- authorized Notary Public-Califanla capacity'("res, and that by ,his 'er/th-eir jorange County My Comm.Fri es Jan signature(s. on the instrument the person(4 or 27,20(M _1 �. the entity upon behalf of which the person(s� acted, executed the instrument. i �ITNE S,my hand)-nd official seal Place Notary Seal Above ary Publle — OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. 'I Description of Attached Document 7 t. Title or Type of Document: Document Date. Number of Pages: l Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer Signer's Name: I` ❑ Individual ❑ Corporate Officer—Title(s): Top of thumb here Ifi ❑ Partner—❑ Limited ❑ General Ifi ❑ Attorney in Fact Ifi ❑ Trustee ;l ❑ Guardian or Conservator ❑ Other: Signer Is Representing I ig 1999 National Nelary Abs.1i11on•935D De Soto Ave,PO Box 2402•ChaWaxth,CA 91313-2402•wvrvr nribralnolary.org Pred No 5907 Reorder,Call Toll Fmc 1-000 B766827 F PALM S O yysrrrt� a�sil h � Im City of Palm Springs J� Department of Public Works and Engineering �« v roNafarxa pA • 3200 L. Tali uitz Canyon Way Palm Springs,California 92262 Tel (760) 323-8253 ° Pax: (760)322-S360 " Web: www.ct.palm-springs.ca.us r'7 r.s r� _ J March 31, 2006 - ` ; =n `'!-1 i Vineyard Bank 5455 Riverside Drive Suite 201 Chino, CA 91710 W Atln: Robert J. Sullivan, SVP Re:: Tract Map 28610 Please consider this letter as the City of Palm Springs' notice that the obligations of the Subdivision Improvement Agreement between the City of Palm Springs and Coachella Valley Developers, LLC, related to Tract Map 28610 have been satisfied. The following subdivision securities required by the agreement may now be 100% released: • Faithful Performance Letter of Credit; L/C#92601; $22,776.90 • Labor and Materials Letter of Credit; L/C#92604; $11,388.45 • Faithful Performance Letter of Credit (Monumentation); L/C# 92603; $ 3,175.00 The subdivision improvements for this development were accepted by the City on March 31, 20�06. Therefore, the security for maintenance and warranty of improvements (Letter of Credit No. 92602) shall be held in full force and effect for one year until March 31, 2007, at which time it may be released unless otherwise notified by the City of Palm Springs. • Maintenance/Warranty Letter of Credit; L/C# 92602; $62,644.00 If you have any questions, I can be reached at (760) 323-8253, extension 8741. Sincerely,A CC Carol Templeton Engineering Associate Cc: Evan Matzner,Oliphant,Matznar -via fecalmllar(760)3455501;Vionyard Rank,ARontrow I ottnm of Credit Rr Subdivsion Socunly-via foccimiia:(000)087.3317;./amao 7hompoon,City Clark TM20610 life Post Office Boa 27/4; ^ Palm Springs, California 92263 2743 ?ALAI -� aCity of +r r . �1 � I Department of Public`t \W •i 1 orlcs aid Bngiriee p 7I"�'l�i, 3200 E. Rliquitz Canyon Way • Palm Springs, Ugyllfo/nP�jf:, 12 Tel:(760)323-88253 • Pax: (760)322-8360 • Web: www.a.palin-springs.ca.us i i I March 7, 2006 I Vineyard Bank 5455 Riverside Drive Suite 201 Chino, CA 91710 Attn: Robert J. Sullivan, SVP Re: Tract Map 28610 Please consider this letter as the City of Palm Springs' notice that the obligations of the Subdivision Improvement Agreement between the City of Palm Springs and Coachella Valley Developers, LLC, related to Tract Map 28610 have been partially satisfied. Two of the homes have not had the grading/drainage approved (accounting for $3,416.54 and $1,708.27 of security that must remain in place). We have not yet received a letter from your surveyor stating -that the monumentation work has been completed and that they have been paid for their services. The Maintenance and Warranty portion of the bonds can not released until one year after the date of acceptance of the TM28610 work in its entirety by the City of Palm Springs (accounting for $62,644.00 of security that must remain in place). The following subdivision securities required by the agreement may now be reduced to 15.0%to the following amounts: Faithful Performance Letter of Credit; L/C# 92601; $ 3,416.54 Labor and Materials Letter of Credit; L/C # 92604; $ 1,708.27 The following subdivision securites required by the Subdivision Improvement agreement shall remain in full force and effect until further notice: • Faithful Performance Letter of Credit(Monumentation); L/C# 92603; $ 3,175.00 • Maintenance/Warranty Letter of Credit; L/C # 92602; $62,644.00 Post Office Box 2743 ° Palm Springs, California 92263-2743 TM28610 Letters of Credit Decrease Letter March 7, 2006 If you have any questions, I can be reached at (760) 323-8253, extension 8741. Sincerely, Jf -;'t pe Carol Templeton Engineering Associate cc: Evan Metzner,Oliphant,Metzner-via facsimile:(760)345-5501;Vineyard Bank,Attention-Letters of Credit for Subdivsion Secunty-vie facsimie:(909)628.0673;James Thompson,City Clerk 7M286IO file i i i I I I Coachella Valley Developers Subdiv. Improvement Agr. AGREEMENT#4622 R20529, 1-15-03 CITY OF PALM SPRINGS AMENDED AND RESTATED SUBDIVISION IMPROVEMENT AGREEMENT THIS AGREEMENT, is made and entered into this d 7 day of 2003, by and between Coachella Valley Developers, LLC, a California Limited Liability Company, ("Subdivider") and the City of Palm Springs, a municipal corporation of the State of California, hereinafter referred to as "City". WITNESSETH: WHEREAS, Subdivider is in escrow to acquire that real property referred to as Tract Map No. 28610 in the City of Palm Springs, County of Riverside, State of California ("Property"), subdivided by Strebe Consolidated Trust, ("Original Subdivider") and approved by the City on January 19, 2000, as Final Map No. 28610. Final Map No. 28610 was recorded in Map Book 289, Pages 37 through 40, for the County of Riverside, State of California ( "Map"); and WHEREAS, the Map contains conditions of approval for the development of the Property ("Conditions") which Conditions have not yet been completely satisfied; and WHEREAS, one of the Conditions is that, prior to City's acceptance of the dedication of streets and easements shown on the Map, Original Subdivider and City enter into a Subdivision Improvement Agreement, Agreement No. 4196 ("Previous Agreement"), relating to the construction of certain improvements. The Previous Agreement was in fact executed and recorded in Official Records for the County of Riverside as Document No. 2000-87998 on March 9, 2000; and WHEREAS, pursuant to the Previous Agreement, Original Subdivider secured the costs to construct certain improvements associated with the Map by a Deed of Trust ("Deed of Trust") which encumbers Lots 11 through 16 and Lot 20 of the Map; and WHEREAS, the escrow pursuant to which Subdivider will acquire the Property from the Original Subdivider is contingent upon the City's reconveyance of the Deed of Trust in exchange for the Subdivider's simultaneous provision of replacement security. Accordingly, Subdivider, Original Subdivider and City desire that this Agreement amend and restate the Previous Agreement to transfer Original Subdivider's remaining obligations under the Previous Agreement to Subdivider as set forth herein. NOW THEREFORE, IT IS AGREED by and between the parties hereto as follows: 1. Pursuant to the Previous Agreement, Original Subdivider executed a Deed of Trust encumbering Lots 11-16 and Lot 20 of the Map to secure Original Subdivider's performance of obligations. True and correct copies of the Deed of Trust and the Previous Agreement are attached hereto and incorporated herein as Exhibits "A" and "B", respectively. IRV#28124 v2 _1_ Under the Previous Agreement, City agrees to reconvey the Deed of Trust upon City's acceptance of the improvements, Original Subdivider's payment of fees and costs necessary to reconvey the Deed of Trust, and Original Subdivider's provision of a maintenance bond at the time of the acceptance of the improvements. 2. Subdivider, at its sole cost and expense, shall complete the construction and installation of the street, drainage, domestic water, sanitary sewer and other improvements required to be constricted or agreed to be constructed prior to the acceptance of such streets and easements, shown on the "Improvement Plans for Tachevah Drive," a copy of which are on file in the office of the City Engineer of the City ("City Engineer"), and which are incorporated herein, as stipulated in the Previous Agreement. The total cost for the construction of the remaining improvements to be accepted by the City has been estimated by the City Engineer for the City to be approximately $22,776.90. 3. Because Subdivider is in escrow to acquire the Property, City and Subdivider hereby agree that Subdivider shall assume all of Original Subdivider's outstanding obligations raider the Previous Agreement. To assume Original Subdivider's security obligations under the Previous Agreement, Subdivider agrees to lumish to City the bonds, letters of credit, instruments of credit (assignment of deposit account) or other security acceptable to the City, in its sole and absolute discretion, to secure the performance by Subdivider of the remaining obligations of the Original Subdivider, as follows: (a) A security instrument securing Subdivider's faithful performance of all of the remaining improvements ("Faithful Performance Security Instrument"), in the amount of $22,776.90, substantially in the form of Exhibit "C," which is attached hereto and incorporated herein. (b) A security instrument guaranteeing the payment to contractors, subcontractors, and other persons furnishing labor, materials, and/or equipment ("Labor and Materials Security Instrument") with respect to the remaining improvements in an amount equal to $11,388.45, substantially in the form of Exhibit"D,"which is attached hereto and incorporated herein. (c) A security instrument guaranteeing the payment of the cost of setting monuments as required hereunder in the amount of$3,175.00, substantially in the form of Exhibit "E,"which is attached hereto and incorporated herein. (d) A security instrument warranting all of the original improvements accepted for a period of one (1) year following said acceptance ("Maintenance and Warranty Security Instrument"), in the amount of$62,644.00, and substantially in the form of Exhibit "F," which is attached hereto and incorporated herein. The parties agree that this Agreement may be executed and shall become effective upon receipt by the City Clerk of the City ofcgr-ti€i€d sopie < st}t�d-F iibits E--T',— wi#h-origin �'al j u copies of the Exhibits "C" — "F" to be delivered to the City by Fidelity National Title Company upon close of escrow number 6403- The parties further agree that the City shall deliver a Request for Full Reconveyance to the ubdivider's Title Company for reconveyance of the Deed IRV#28I24 Q _2_ of Trust upon close of said escrow and payment by Subdivider of any fees and costs necessary to reconvey the Deed of Trust. 4. Before final approval of street improvements, the Subdivider will place survey monuments in accordance with the provisions of the State Subdivision Map Act and the Subdivision Ordinance of the City as shown on the Map. The Subdivider, after setting the monuments, shall furnish the City Engineer with written notice of the setting of monuments and written proof of having paid the engineer or surveyor for the setting of said monuments, or as otherwise provided for in the Subdivision Map Act. 5. The City Engineer, or his duly authorized representative, upon written request of Subdivider, shall inspect the improvements herein agreed to be constructed 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 perform any changes or alterations in the construction and installation of the improvements at issue herein as required by City, provided that all such changes or alterations do not exceed 10 percent of the original total estimated cost of such improvements. 7. Subdivider shall guarantee such improvements for a period of one year following completion by Subdivider and acceptance by City, against any defective work or labor done and defective materials furnished, in the performance of this Agreement by Subdivider and Subdivider shall repair or replace any such defective work or materials discovered during said one year period. 8. Subdivider shall commence completion of the construction of the remaining improvements within two years from the date of this Agreement, unless otherwise extended by the City Engineer. 9. In the event that Subdivider fails to perform any obligations specified in )the Agreement, Subdivider authorizes City to perform such obligation twenty days after mailing written Notice of Default to Subdivider at the address specified below. Should Subdivider fail to perform any of its obligations as specified in the Agreement, Subdivider agrees to pay all costs and expenses incurred by City in securing performance of such obligations, including costs of suit and reasonable attorney's fees. 10. Subdivider hereby binds itself, its executors, administrators and assigns, and agrees to indemnify, defend, and hold the City harmless from any losses, claims, demands, actions or causes of action of any nature whatsoever, arising out of or in any way cormected with the improvements agreed to be constructed and installed hereunder by the Subdivider, including costs of suit and reasonable attorney's fees. [SIGNATURES ON NEXT PAGE] IRV#28124 Q _3 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. ATTEST' CITY OF PALM SPRINGS,,,,CALIFORNIA By Patricia A. Sanders, City Clerk David Ready, City MaI sY APPROVED AS TO FORM: By: City Attorney 1" SUBDIVIDER: Coachella Valley Developers, LLC a California Limited Liabilitr' ompany —� �A By' 6 '/-A' / Wes Oli l'ant,,�Gi'anaging Member Address: G 77-900 Avenue of the States Palm Desert, CA 92211 r`Su3 c�'G t�vi i7��r'; IRV 428124 v2 -4- JAN-30-2003 THU 05:45 PM CITY OF PALM SPRINGS FAX NO. 760 322 8325 P. 05 IN WITNI",SS WRERGOF, the parties hereto have executed this Agreement as of the day and year first above written. ATTEST: CITY OF PALM SPRINGS, CALII:QItNIA �LiY~_— 51 Patricia A. Sanders, City Clerk David Ready, City Manager APPRO IiD AS '1'O Ry City 1 cy SUBDJVJDFR: Coachella Valley Developers, L .0 a Cali fibmia i 'mited Lia i it oinpariy �y � WeessJ0]' anl, anagiug Mcrnbcr Address; `` 77-900 Avenue of the States Palm Desert, CA 92211 C'TfZ°w ^ 9 i�'i'V "1 t; I qvV, Z4) L/l w IRV 112812A v2 -4- Order',No'. DOC IS 2000-087999 Escrow No. 03/09/2000 08:00A Fee:47.00 Loan No. Page i of 8 Recorded in Official Records County of Riverside Gary L. Orso WHEN RECORDED MAIL TO: Assessor, County Clerk d Recorder PCITY OF .O. BOXP2743SPRINGS 1111111111111111111111111111111111111111111111111111111 PALM SPRINGS, CA 92263 M $ u PAGE GIZE OA PCOR NOCOR SMF MIGC ATTN: CITY CLERK A R L COPY LONG REFUND NCHG EXAM DEED OF TRUST WITH ASSIGNMENT OF RENTS `, (SHORT FORM) SR This DEED OF TRUST, made 1_ y-20GO between STREBE CONSOLIDATED TRUST herein called TRUSTOR, whose address is 330 NORTH "D" STREET, SUITE 500 SAN BERNARDINO, CALIFORNIA, (Number and Street) (City) (State) FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation, herein called TRUSTEE, and CITY OF PALM SPRINGS , herein called BENEFICIARY, WITNESSETH: That Trustor grants to Trustee in trust, with power of sale, that property in the CITY OF PALM SPRINGS County of RIVERSIDE , State of California, described as: SEE EXHIBIT "A" ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE. SEE RIDER TO DEED OF TRUST ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE. first American Title Company has recorded this instrument by request as an accom- modation only and has not examined it for regularity and sufficiency or as to its effect upon the title to any real property that may be described herein together with the rents, issues and profits thereof, subject, however,to the right, power and authority hereinafter given to and conferred upon Beneficiary to collect and apply such rents, issues and profits for the purpose of securing (1) payment of the SUM of$ SEE RIDER TO DEED OF TRUST with interest thereon according to the terms of a promissory note or notes of even date herewith made by Trustor, payable to order of Beneficiary, and extensions or renewals thereof, (2) the performance of each agreement of Trustor incorporated by reference or contained herein and (3) payment of additional sums and interest thereon which may hereafter be loaned to Trustor, or his successors or assigns,when evidenced by a promissory note or notes reciting that they are secured by this Deed of Trust. To protect the security of this Deed of Trust, and with respect to the property above described, Trustor expressly makes each and all of the agreements, and adopts and agrees to perform and be bound by each and all of the terms and provisions set forth in subdivision A, and it is mutually agreed that each and all of the terms and provisions set forth in subdivision B of the fictitious deed of trust recorded in Orange County August 17, 1964, and in all other counties August 18, 1964, in the book (continued on reverse side) 115e(1/94) �I Page 1 of 4 DO NOT RECORD The following is a copy of Subdivisions A and B of the fictitious Deed of Trust recorded in each county in California as stated in the foregoing Deed of Trust and incorporated by reference in said Deed of Trust as being a part thereof as.if set forth at length therein. A. To protect the security of this Deed of Trust,Trustor agrees: (1) To keep said property in good condition and repair;not to remove or demolish any building thereon;to complete or restore promptly and in good and workmanlike manner any building which may be constructed,damaged or destroyed thereon and to pay when due all claims for labor performed and materials furnished therefor; to comply with all laws affecting said property or requiring any alterations or improvements to be made thereon; not to commit or permit waste thereof; not to commit, suffer or permit any act upon said property in violation of law; to cultivate, irrigate,fertilize, fumigate, prune and do all other acts which from the character or use of said property may be reasonably necessary, the specific enumerations herein not excluding the general. (2) To provide, maintain and deliver to Beneficiary fire insurance satisfactory to and with loss payable to Beneficiary. The amount collected under any fire or other insurance policy may be applied by Beneficiary upon any indebtedness secured hereby and in such order as Beneficiary may determine, or at option of Beneficiary the entire amount so collected or any part thereof may be released to Trustor. Such application or release shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. (3) To appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee;and to pay all costs and expenses, including cost of evidence of title and attorney's fees in a reasonable sum,in any such action or proceeding in which Beneficiary or Trustee may appear, and in any suit brought by Beneficiary to foreclose this Deed. (4) To pay: at least ten days before delinquency all taxes and assessments affecting said property, including assessments on appurtenant water stock;when due, all encumbrances,charges and liens,with interest, on said property or any part thereof,which appear to be prior or superior hereto; all costs, fees,and expenses of this Trust. Should Trustor fail to make any payment or to do any act as herein provided, then Beneficiary or Trustee, but without obligation so to do and without notice to or demand upon Trustor and without releasing Trustor from any obligation hereof, may: make or do the same in such manner and to such extent as either may deem necessary to protect the security hereof, Beneficiary or Trustee being authorized to enter upon said property for such purposes; appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee;pay,purchase,contest or compromise any encumbrance,charge or lien which in the judgment of either appears to be prior or superior hereto; and, in exercising any such powers, pay necessary expenses, employ counsel and pay his reasonable fees. (5) To pay immediately and without demand all sums so expended by Beneficiary or Trustee,with interest from date of expenditure at the amount allowed bylaw in effect at the date hereof,and to pay for any statement provided for bylaw in effect at the date hereof regarding the obligation secured hereby any amount demanded by the Beneficiary not to exceed the maximum allowed by law at the time when said statement is demanded. B. It is mutually agreed: (1) That any award of damages in connection with any condemnation for public use of or injury to said property or any part thereof is hereby assigned and shall be paid to Beneficiary who may apply or release such monies received by him in the same manner and with the same effect as above provided for disposition of proceeds of fire or other insurance. (2) That by accepting payment of any sum secured hereby after its due date, Beneficiary does not waive his right either to require prompt payment when due of all other sums so secured or to declare default for failure so to pay. (3) That at any time or from time to time, without liability therefor and without notice, upon written request of Beneficiary and presentation of this Deed and said note for endorsement, and without affecting the personal liability of any person for payment of the indebtedness secured hereby,Trustee may: reconvey any part of said property; consent to the making of any map or plat thereof;join in granting any easement thereon; or join in any extension agreement or any agreement subordinating the lien or charge hereof. (4) That upon written request of Beneficiary stating that all sums secured hereby have been paid, and upon surrender of this Deed and said note to Trustee for cancellation and retention or other disposition as Trustee in its sole discretion may choose and upon payment of its fees, Trustee shall reconvey, without warranty, the property then held hereunder. The recitals in such reconveyance of any matters or facts shall be conclusive proof of the truthfulness thereof.The Grantee in such reconveyance may be described as"the person or persons legally entitled thereto." (5) That as additional security, Trustor hereby gives to and confers upon Beneficiary the right, power and authority, during the continuance of these Trusts,to collect the rents, issues and profits of said property, reserving unto Trustor the right, prior to any default by Trustor in payment of any indebtedness secured hereby or in performance of any agreement hereunder,to collect and retain such rents, issues and profits as they become due and payable. Upon any such default, Beneficiary may at any time without notice, either in person, by agent,or by a receiver to be appointed by a court,and without regard to the adequacy of any security forthe indebtedness hereby secured, enter upon and take possession of said property or any part thereof, in his own name sue for or otherwise collect such rents, issues, and profits,including those past due and unpaid,and apply the same,less costs and expenses of operation and collection,including reasonable attorney's fees, upon any indebtedness secured hereby, and in such order as Beneficiary may determine. The entering upon and taking possession of said property,the collection of such rents,issues and profits and the application thereof as aforesaid,shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such notice. (6) That upon default by Trustor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, Beneficiary may declare all sums secured hereby immediately due and payable by delivery to Trustee of written declaration of default and demand for sale and of written notice of default and of election to cause to be sold said property,which notice Trustee shall cause to be filed for record.Beneficiary also shall deposit with Trustee this Deed,said note and all documents evidencing expenditures secured hereby. After the lapse of such time as may then be required by law following the recordation of said notice of default,and notice of sale having been given as then required by law,Trustee,without demand on Trustor,shall sell said property at the time and place fixed by it in said notice of sale, either as a whole or in separate parcels, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public (continued on reverse side). 1158(1/94) 'AA1' Page 3 of 4 ALL-PURPOSE ACKNOWLEDGMENT • State of California County of c�= QO (�f��/��L%1ZU I SASS.. On ���� UUO before me, I • (DATE) (NOTARY) 1 personally appeared f T F—M rol SIGNER(S) XJ personally known to me - OR- ❑ proved to me on the basis of satisfactory • CCC evidence to be the person(s) whose name(s) • 1 is/are subscribed to the within instrument and 1 • acknowledged to me that he/she/they executed • 1 the same in his/her/their authorized I capacity(ies), and that by his/her/their i signature(s) on the instrument the person(s), �k' DAWN SH@NTpN or the entity upon behalf of which the ' Comm.#1109758 person(s) acted, executed the instrument. NOTARY PU IA Sn Bernardino county N I pdy Comm. Expires Aug.25,2000 "a Ir»» WITNESS my hand and official seal. I xgr �-un 1 iNOTARY'S SIGNATURE i • OPTIONAL INFORMATION • The information below is not required by law. However,,it could prevent fraudulent attachment of this acknowl- edgment to an unauthorized document. I TACITY CLAIMED BY SIGNER (PRINCIPAL) DESCRIPTION OF ATTACHED DOCUMENT INDIVIDUAL I ❑ CORPORATE OFFICER r'IrrLE(s) TITLE OR TYPE OF DOCUMENT 1' 1 ❑ PARTNER(S) 1 ❑ ATTORNEY-IN-FACT 1 ❑ TRUSTEE(S) NUMBER OF PAGES • ❑ GUARDIAN/CONSERVATOR • ❑ OTHER: 1 ! DATE OF DOCUMENT • ISIGNER IS REPRESENTING: 1 NAME OF PERSON(S)OR ENTUY(IES) • - OTHER • APA I/94 VALLEY-SIERRA, 800-362-3369 IIIIII IIIIII IIIIII III IIIIIII IIII IIIIII III IIIiI IIII IIII P3 0AA0-087AR9AAR RIDER TO DEED OF TRUST THIS RIDER TO DEED OF TRUST is attached to and incorporated by reference in that certain Deed of Trust with Assignment of Rents dated _/— y.Re o ., 4J- , between Strebe Consolidated Trust("Trustor"),First American Title Insurance Company('Trustee"),and the CITY OF PALM SPRINGS, a municipal corporation (Beneficiary"). Said deed of trust is hereby modified/supplemented (and as modified/supplemented is hereinafter referred to as "this Deed of Trust") in the following particulars only: 1. Obligations Secured. The grants, assignments and transfers made herein are given for the purpose of securing full and timely observance and performance by Trustor of its obligations under that certain City of Palm Springs Subdivision Improvement Agreement executed concurrently herewith ("Subdivision Improvement Agreement"). 2. Remedies. Trustor hereby agrees that the City's right to enforce any breach of Trustor's obligations under the Subdivision Improvement Agreement shall include, but not be limited to,the right of the City,its employees,agents,or contractors,to enter upon all or any portion of the Property to remedy any such breach and/or perform any improvement under the Subdivision Improvement Agreement at the expense of Trustor.Any expense incurred by City in remedying such breach shall be payable by Trustor to City, in a form acceptable to City, within thirty (30) days of City's written demand thereof. Should Trustor fail to pay City such amount as demanded by City within such thirty(30)days, City shall have the right to lien the Property for the amount of the cost of curing such breach of any provision of the Subdivision Improvement Agreement, plus any additional costs, incurred by City in attempting to recover such costs, including but not limited to, attorneys fees and costs.In addition to any and all other remedies of Beneficiary set forth tinder this Deed of Trust or permitted at law or in equity,if a default or event of default under the Deed of Trust shall have occurred, Beneficiary, to the extent permitted by law and without regard to the value, adequacy or occupancy of the security for the Subdivision Improvement Agreement and other stuns secured hereby, shall be entitled as a matter of right if it so elects to the appointment of a receiver to enter upon and take possession of the Property and to collect all rents,income and other benefits thereof and apply the same as any court ofcompetent jurisdiction by ex parte application and without notice, notice of hearing being hereby expressly waived. The expenses, including receiver's fees, ° attorneys' fees, costs and agent's compensation, incurred pursuant to the power herein contained shall be secured by this Deed of Trust. Furthermore,Trustor specifically acknowledges that certain non-monetary defaults may occur under this Deed of Trust and in such event, Beneficiary and/or Trustee shall have the right to commence foreclosure proceedings based solely upon such non- monetary defaults. 3. Miscellaneous. 3.1 Severability. If any provision of this Deed of Trust or the application hereof to any person or circumstance shall be invalid or unenforceable to any extent,the remainder of said Deed of Trust and the application of such provisions to other persons or circumstances shall not be effective thereby and shall be enforced to the extent permitted by law. 3.2 Attorney's Fees. Should it be necessary for any party to commence an action at law or in equity against the other to enforce the terms of any provision of this Deed of Trust, the prevailing party shall have a right to judgement against the losing party for reasonable attorney's fees and costs as set by the court. In the event of nonjudicial foreclosure of this Deed of Trust,Beneficiary shall be entitled to recover its reasonable attorneys fees and costs,which shall be deemed secured by this Deed of Trust,from proceeds of the sale and/or a condition to reinstatement of this Deed of Trust. 3.3 Conflict. In the event of any conflict between the terms of this Rider to Deed of Trust and the Deed of Trust to which this Rider is attached, the terms of this Addendum shall control. 1 IIIIII IIIIII IIIIII III IIIIIII IIII IIIIII III IIIII IIII IIII 03?09/0 00f 68 00R Strebe Consolidated Trust By: Frank Ferre Its: Trustee "Trustor" (TRUSTOR MUST HAVE SIGNATURES NOTARIZED) 2 IIII II III III III III I II II III II I II es/e000-0 00R of' 6 5 0£ 6 c Exhibit "A" 13* LEGAL DESCRIPTION OF PROPERTY The property is that certain real property in the City of Palm Springs, County of Riverside, State of California, more particularly described as follows: Lots 11 through 16 and Lot 20 of Tract Map No... 28610. IIIIII IIIIII II III III IIIIIII IIII IIIIII I I IIIII II III e3?690 a 08008900R 6 of 6 0 DOC a 2000-00799$ 03/09/2000 08:00A Fee:21.00 PLEASE COMPLETE THIS INFORMATION Page 1 of 6 RECORDING REQUESTED BY: Recorded in Ufficial Records County of Riverside FIRST AMERICAN Cary L. Orso TITLE COMPANY Assessor, County Clark 6 Recorder AND C��Y D�PHEIYfRECORDED sj9Yl2l�cLTO I 111 [11 IN 111 III I III / ©- AX a( '1(3J / M $ �f "?z I SR pA PCOR I NOLpq SMF MISC Pklt� 5rri f5, 6� PIRG I I � cll / Clem tAR L COPY UpNG REFUND NCHG ECMi TRA: DTT: FTR ._rvl b'/ro Ve e n Title of Document ll H11S _A C ��/_ r OID Ri�El/ C'0 RED ER U SS/E N L-A\Y THIS PAGE ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION ($3.00 Additional Recording Fee Applies) STC-SCSD 996a(Rev 6,97) CITY OF PALM SPRINGS SUBDIVISION IMPROVEME`NT AGREEMENT THIS AGREEMENT, made and entered into this "'day of 2000, by and between STREBE CONSOLIDATED TRUST,hereinafter col let ely referre t as "Subdivider" and CITY OF PALM SPRINGS, a municipal corporation of th State of Cali ornia, hereinafter referred to as "CITY"; WITNESSETH: WHEREAS, Subdivider has prepared and filed a final subdivision map of Tract Map No. 28610 in the City of Palm Springs, County of Riverside, for approval by City; and WHEREAS, Subdivider, by said map, has offered for dedication to City for public use the streets and easements shown in 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 City to construct certain improvements; and WHEREAS, the total cost of such improvements has been estimated by the City Engineer to be approximately $ 250,577.00; 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 Tachevah Drive", 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 execute a Deed of Trust encumbering the property upon which the subdivision map is being recorded, in the form attached hereto, to secure the performance by subdivider of its obligations hereunder. It is hereby agreed that the amount secured by the Deed of Trust is the cost to construct the improvements,which cost is currently estimated to be$ 580,021.50. Subdivider shall procure for the City, at subdivider's sole cost and expense, an ALTA Lender's Policy of Title Insurance, in a form and content satisfactory to the City,insuring the priority of said Deed of Trust. 13"W I IIIIII IIIIII IIIIII III IIIIIII IN 111111 III11111111111111 63 09�g 0 0 97 63 86 6R r1 i. IN4 The City shall reconvey the Deed of Trust upon acceptance by the City of the improvements, the payment by subdivider of any fees and costs necessary to reconvey the Deed of Trust and the furnishing of a maintenance bond at the time of the acceptance in the amount of$ 62.644.00. Said maintenance bond shall remain in effect for a period of one (1)year from date of acceptance of the improvements. 3. Before final approval of street improvements, the Subdivider will place survey monuments in accordance with the provisions of the State Subdivision Map Act and the Subdivision Ordinance of the City of Palm Springs as shown on the Final Map. The Subdivider, after setting the monuments, shall furnish the City Engineer of the City of Palm Springs, written notice of the setting of monuments and written proof of having paid the engineer or surveyor for the setting of said monuments. or as provided for in the Subdivision Map Act. 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 arnount of$ 3.175.00 to guarantee payment of the cost of setting monuments as stated in Item No. 3 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 constructed 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. 1 6. Subdivider shall complete such improvement plans including any corrections 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 construction 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(1)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 (1) year period. 9. Subdivider shall commence the construction and installation of such improvements within six (6) months from the approval of such "Improvement Plans for Tachevah Drive" by the City Engineer, and shall complete such construction and installations within eighteen(18) 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 IIIIIIIIIIIIIIIIIIIIIIIIIIIII INIIIIII IIIIIIIIIIIIIIIII es/es03 of 68$BBR 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 performance of any such obligations, including costs of suit and reasonable attorney's fees. 12. Subdivider hereby binds itself, its executors, administrators and assigns, and agrees to indemnify,defend,and hold the City harmless from any losses,claims,demands,actions or causes of action of any nature whatsoever, arising out of or in any way connected with the improvements agreed to be constructed and installed hereunder by the Subdivider, including costs of suit and reasonable attorney's fees. IN WITNESS WHEREOF,the parties hereto have executed this Agreement as of the day and year first above written. SUBDIVIDER: (4.Frank Terre Its: Trustee Address: STFEt3G CUNSaL-i DA i E"D TF—U i 330 /Vopam sTPErT, To) Sao SAN I�c�2Nf4Ri�1nlo, G.4 y �yUl City ClerkCity' Manager Reviewed and Approved: APPROVED BYYHE CITY COUNCIL BY RES. NO. II I IIIIII I III III I IIIII II I III IIIII I II III eare000 eof 68600R ALL-PURPOSE ACKNOWLEDGMENT State of I Californiia County of _ 50-000 I SS. ' I • On �N /Jo00 before me, xgl.!'va i (DATE) .. (NOTARY) c personally appeared J ����.�� r� rr ' SIGNER(S) Ipersonally known to me - OR- ❑ proved to me on the basis of satisfactory I evidence to be the person(s) whose name(s) • Iis/are subscribed to the within instrument and ' i acknowledged to me that he/she/they executed i the same in his/her/their authorized i capacity(ies), and that by his/her/their I signature(s) on the instrument the person(s), ' or the entity upon behalf of which the i DAWN SHENTON person(s) acted, executed the instrument. I '" '"-• Comm,p 1109755 • %' NOTARY PUBLIC-CALIFOANIA ' , , San 8emartlino County , WITNESS my hand and official seal. • My Camm. Espues Aug.25,2000 ' I A Y5�SIGNATURE� � I OPTIONAL INFORMATION The information below is not required by law. However, it could prevent fraudulent attachment of this aclmowl- i edgment to an unauthorized document. • CAPACITY CLAIMED BY SIGNER (PRINCIPAL) DESCRIPTION OF ATTACHED DOCUMENT ' I•"(J(L�J INDIVIDUAL • ❑ CORPORATE OFFICER r I PARTNER(S) rrrre(s) //__,, VVJJ TITLE OR TYPE OF DOCUMENT/" I ❑ f• ❑ ATTORNEY-IN-PACT • ' ❑ TRUSTEE(S) NUMBER OF PAGES • ❑ GUARDIAN/CONSERVATOR ! I ❑ OTHER: 1 ' DATE OF DOCUMENT I ! SIGNER IS REPRESENTING: I ' NAME OF PERSON(S)OR ENTITY(IES) ' • OTHER • "A 1194 VALLEY-SIERRA, 800-362-3369 IIIIII IIIIII IIIIII III IIIIIII IIII IIIIII III IIIII IIII(IIII es e000-09 08 ee0 CALIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT STATE OF CALIFORNIA COUNTY OF On 0 06 before me,e-cl-III"vlF yx e—, DATE NAME,TITLE OF OFFICER -E. .,"JANE DOE.NOTARY PUBLIC' personally appeared,L-G Z"& personally known to me asjsof satisfaet idence)to be the person(6) wftse namqCs))s/6;subscribed to the within instrument and acknowledged to me that he/she/ ('th .Wexecuted the same in his/heKjfh$ir authorized capacit"e � and that by his/he(th their;, signatureQbn the instrument the persork%or the entity upon behalf of which the persorfsbacted, executed the instrument. WITNESS my hand and official seal. 2 "AO mm *�12" 9E 8K2 40 I NDLN0TACyPulLIC IFORMIARIvEaqjDrC0UNToMmExpFS33, 3 (SEAL) NOTARY PUBLIC SIGNATURE OPTIONAL INFORMATION TITLE OR TYPE OF DOCUMENT DATE OF DOCUMENT NUMBER OF PAGES SIGNER(S)OTHER THAN NAMED ABOVE 000-687998008 GOA IN 03/209/P IIIIII III IIIII IIII 11111 6 of 0 68 1 INSTRUMENT OF CREDIT (Faithful Performance) The undersigned, being a financial institution which is subject to regulation by the State of California or by the Federal Government hereby pledges that moneys to the extent of Twenty-Two Thousand Seven Hundred Seventy-Six and 90/100 Dollars ($22.776.90) and on deposit by Coachella Valley Developers. LLC, hereinafter referred to as Improver, for the purpose of securing Improver's performance of all the terms and conditions of that certain Amended and Restated Subdivision Improvement Agreement dated , by and between Improver and the City of Palm Springs, a municipal corporation, an executed copy of which is hereto attached and incorporated herein by reference and that said funds are trust funds for the sole purpose of guaranteeing the payment thereof to the City of Palm Springs or such portion thereof as said City may request for the completion of the improvements set forth in said Agreement in event of default by Improver. The undersigned agrees that upon receipt of written notice of default by Improver in Improver's performance of the terms and conditions of said Agreement, signed by the City Engineer of said City, the undersigned shall immediately pay said funds or such amount thereof as shall be set forth in said notice, to the City of Palm Springs. The undersigned further agrees that it shall hold said funds on deposit as trust funds for the uses and purposes herein set forth or such amount as may remain, until such time as it receives written notice signed by the City Engineer of said City to the effect that said Agreement has been fully performed and authorizing the release of said funds to the depositor. This Instrument of Credit is executed and delivered in addition to the Instrument(s) of Credit bearing the same date guaranteeing payment of labor and materials, setting of map monumentation, and for a one-year maintenance and warranty security, all as required under said Agreement by Improver. By execution and delivery of this Instrument to the City of Palm Springs, the undersigned is relieved of any and all liability to Improver except as herein specifically set forth. Date at California, this _day of , 20_ (Notarize Signatures) By: Its: Page 1 of 2 Instrument of Credit (Faithful Performance) The undersigned, being the Improver referred to in the foregoing Instrument of Credit, hereby agrees to all the terms and conditions therein set forth and releases the financial institution executing said Instrument of Credit from all liability except as therein specifically set forth. Dated at California, this _ day of 20_ (Notarize Signatures) By: Its: By: Its: Approved: City Engineer City of Palm Springs Approved as to form: City Attorney City of Palm Springs Page 2 of 2 INSTRUMENT OF CREDIT (Labor and Material) The undersigned, being a financial institution which is subject to regulation by the State of California or by the Federal Government hereby pledges that moneys to the extent of Eleven Thousand Three Hundred Eighty-Eight and 45/100 Dollars ($11.388.45) and on deposit by Coachella Valley Developers LLC, hereinafter referred to as Improver, for the purpose of securing payment to the engineer, contractor, his sub- contractors and to persons renting equipment or furnishing labor or materials to them for the improvement provided for that certain Amended and Restated Subdivision Improvement Agreement dated , by and between Improver and the City of Palm Springs, a municipal corporation, an executed copy of which is hereto attached and incorporated herein by reference and that said funds are trust funds for the sole purpose of guaranteeing the payment thereof to the City of Palm Springs or such portion thereof as said City may request for payment to the engineer, contractor, his subcontractor and to persons renting equipment or furnishing labor or materials to them in construction of the improvements set forth in said Agreement in event of default by Improver. The undersigned agrees that upon receipt of written notice of default by Improver in Improver's payment of payment as above set forth, signed by the City Engineer, the undersigned shall immediately pay said funds or such amount thereof as shall be set forth in said notice, to the City of Palm Springs. The undersigned further agrees that it shall hold said funds on deposit as trust funds for the uses and purposes herein set forth or such amount as may remain, until such time as it receives written notice signed by the City Engineer of said City to the effect that all said payments have been made and authorizing the release of said funds to the depositor. This Instrument of Credit is executed and delivered in addition to the Instrument(s) of Credit bearing the same date guaranteeing faithful performance, payment of setting of map monumentation, and for a one-year maintenance and warranty security, all as required under said Agreement by Improver. By execution and delivery of this Instrument to the City of Palm Springs, the undersigned is relieved of any and all liability to Improver except as herein specifically set forth. Date at California, this _day of , 20. (Notarize Signatures) By: Its: Page 1 of 2 Instrument of Credit (Labor and Material) The undersigned, being the Improver referred to in the foregoing Instrument of Credit, hereby agrees to all the terms and conditions therein set forth and releases the financial institution executing said Instrument of Credit from all liability except as therein specifically set forth. Dated at California, this _ day of 20. (Notarize Signatures) By: Its: By: Its: Approved: City Engineer City of Palm Springs Approved as to form: City Attorney City of Palm Springs Page 2 of 2 INSTRUMENT OF CREDIT (Map Monumentation) The undersigned, being a financial institution which is subject to regulation by the State of California or by the Federal Government hereby pledges that moneys to the extent of Three Thousand One Hundred Seventy-Five Dollars ($3 175.00) and on deposit by Coachella Valley Developers LLC, hereinafter referred to as Improver, for the purpose of securing payment of engineer or surveyor for setting survey monuments in accordance with the terms and conditions of that certain Amended and Restated Subdivision Improvement Agreement dated , by and between Improver and the City of Palm Springs, a municipal corporation, an executed copy of which is hereto attached and incorporated herein by reference and that said funds are trust funds for the sole purpose of guaranteeing the payment thereof to the City of Palm Springs or such portion thereof as said City may request for the completion of the setting of map monumentation as set forth in said Agreement in event of default by Improver. The undersigned agrees that upon receipt of written notice of default by Improver in Improver's performance of the terms and conditions of said Agreement, signed by the City Engineer of said City, the undersigned shall immediately pay said funds or such amount thereof as shall be set forth in said notice, to the City of Palm Springs. The undersigned further agrees that it shall hold said funds on deposit as trust funds for the uses and purposes herein set forth or such amount as may remain, until such time as it receives written notice signed by the City Engineer of said City to the effect that said Agreement has been fully performed and authorizing the release of said funds to the depositor. This Instrument of Credit is executed and delivered in addition to the Instrument(s) of Credit bearing the same date guaranteeing performance, payment of labor and materials, and for a one-year maintenance and warranty security, all as required under said Agreement by Improver. By execution and delivery of this Instrument to the City of Palm Springs, the undersigned is relieved of any and all liability to Improver except as herein specifically set forth. Date at California, this _day of 20_. (Notarize Signatures) By: Its: Page 1 of 2 Instrument of Credit (Map Monumentation) The undersigned, being the Improver referred to in the foregoing Instrument of Credit, hereby agrees to all the terms and conditions therein set forth and releases the financial institution executing said Instrument of Credit from all liability except as therein specifically set forth. Dated at California, this _ day of 20_ (Notarize Signatures) By: Its: By: Its: Approved: City Engineer City of Palm Springs Approved as to form: City Attorney City of Palm Springs Page 2 of 2 INSTRUMENT OF CREDIT (One-Year Maintenance and Warranty) The undersigned, being a financial institution which is subject to regulation by the State of California or by the Federal Government hereby pledges that moneys to the extent of Sixty Two Thousand Six Hundred Forty-Four Dollars ($62.644.00) and on deposit by Coachella Valley Developers LLC, hereinafter referred to as Improver, for the purpose of securing payment for the maintenance of all improvements in accordance with the terms and conditions of that certain Amended and Restated Subdivision Improvement Agreement dated by and between Improver and the City of Palm Springs, a municipal corporation, an executed copy of which is hereto attached and incorporated herein by reference and that said funds are trust funds for the sole purpose of guaranteeing the payment thereof to the City of Palm Springs or such portion thereof as said City may request for the maintenance of said improvements set forth in said Agreement in event of default by Improver. The undersigned agrees that upon receipt of written notice of default by Improver in Improver's maintenance of improvements in accordance with the terms and conditions of said Agreement, signed by the City Engineer of said City, the undersigned shall immediately pay said funds or such amount thereof as shall be set forth in said notice, to the City of Palm Springs. The undersigned further agrees that it shall hold said funds on deposit as trust funds for the uses and purposes herein set forth or such amount as may remain, until such time as it receives written notice signed by the City Engineer of said City to the effect that said Agreement has been fully performed and authorizing the release of said funds to the depositor. This Instrument of Credit is executed and delivered in addition to the Instrument(s) of Credit bearing the same date guaranteeing faithful performance, payment of labor and materials, and for setting of map monumentation, all as required under said Agreement by Improver. By execution and delivery of this Instrument to the City of Palm Springs, the undersigned is relieved of any and all liability to Improver except as herein specifically set forth. Date at California, this _day of , 20_ (Notarize Signatures) By: Its: Page 1 of 2 Instrument of Credit (Maintenance of Improvement Security) The undersigned, being the Improver referred to in the foregoing Instrument of Credit, hereby agrees to all the terms and conditions therein set forth and releases the financial institution executing said Instrument of Credit from all liability except as therein specifically set forth. Dated at California, this _ day of 20_. (Notarize Signatures) By: Its: By: Its: Approved: City Engineer City of Palm Springs Approved as to form: City Attorney City of Palm Springs Page 2 of 2 VINEYARD BAND LOAN CENTER FACSIMILE TRANSMITTAL SHEET TO: FROM: Mr.Marcus Fuller Patti Reece for Bob Sullivan COMPANY; DATE: City of Palm Springs California JANUARY 17,2003 FAX NUMBER: TOTAL NO.OF PAGES INCLUDING COVER; 760-322-8325 9 pages total PHONE NUMBER: SENDER'S REFERENCE NUMBER.- (909) 591-3941 RE:' SENDER'S PAX NUMBER: Coachella Valley Developers LLC (909) 628-0673 OUROENT N FOR REVIEW ❑PLEASE COMMENT ❑ PLEASE REPLY ❑PLEASE RECYCLE NOT$SJCOMMENT5 Thank you for all your time and help in this matter. CONFIDENTIALITY NOTE: THIS =COPY MAY CONTAIN CONFIDENTIAL AND/OR LEGALLY PRIViLEDGED INFORMATION AND IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHOM IT IS ADDRESSED. IF YOU ARE NOT THE INTENDDED RECIPIENT,THE EMPLOYEE,OR AGENT RESPONSIBLE FOR DELIVERING THIS TELBCOPY TO THE INTENDED RECEPIENT,BE ADVISED THAT ANY COPYING DISSEMINATION, DISTRIBUTION, OR DISCLOSURE OF INFORMATION FROM THIS TELECOPY IS STRICTLY PROHIBITED. PERSONS DISCLOSING CONFIDENTIAL INFORMATION ARE SUBJECT TO PENALTIES UNDER APPLICABLE LAW. IF YOU HAVE RECEIVED THIS TELECOPY IN ERROR, PLEASE NOTIFY THE SENDER IMMEDIATELY BY TELEPHONE AND MAIL THE ENTIRE FAXSIMILE MESSAGE BACK TO US AT THE ADDRESS LISTED BELOW. 5455 RIVERSIDE DRIVE, SUITE 201, CHINO, CA 91710 PHONE: (909) 591-3941 FAX: (909) 628-0673 T 'd 7MUH QaUA31AIA Wd9E:Ea E0, LT NUf �,..NY•'P Y fv''W 4 J�4,4,am. 1 ') f C �' ,SETT: : ,, RD 113 IRREVOCABLE STANDBY LETTER OF CREDIT L/C#92601 BENFIrICLAIRY APPLICANT City of Palm Springs California Coachella Valley Developers LLC ISSUE DATE TERMINATION DATE January 17, 2003 January 1, 2010 We hereby establish our irrevocable standby letter of credit in favor of the City of Palm Springs California for the account of Coachella Valley Developers LLC in the amount of Twenty-Two Thousand Seven Hundred Seventy-Six and 90/100 U.S. Dollars ($22,776.90), available at Vineyard Bank by payment against your draft at sight, referencing our letter of credit number above, to be accompanied by: 1) A signed statement by a representative of the City of Palm Springs California that the amount drawn under this letter of credit represents an amount owed to the City of Palm Springs California and unpaid by Coachella Valley Developers LLC. 2) Original better of Credit. This letter of credit shall expire on January 1, 2010, We engage with you that drabs drawn and presented under and in compliance with the terms of this credit will be duly honored. This credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication Number 500, obert J. Sullivan, SVP Loan Center 5455 Riverside Drive • Suite 201 • Chino, CA 91710 •'felt (909) 591-3941 • (800) 442-4996 • Far; (909) 828-0673 z'd Mdg MJH,,3NIA Wd9E:E0 E9, LT Ntif CALIPORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of , R���� ss. On 1 1 ' before me,�(� �.'s�(lnCCl"lc1�i �j 9!e 1 Nume end Tille at Officer Ie.g•,'Jano got,Newry G le. } personal) a C �1�\ C t Y eared PP Namc('-i of Signor(5) . 'Personally known to me G a proved to me on the basis of satisfactory evidence to be the persons) whose nametq) fs WNA R FERNANM subscribed to the within instrument and l ,*t161N0 acknowledged to me th ` ®at executed �yryft.��p the same in �s authorized prOtrp�Ooynitl• capacity(I�, and at by is 5 MYCefftan.t3tplesht?7,�1 signatureN on the instrument the person(, or the entity upon behalf of which the personN acted, executed the instrument. ESS my a and official se L') Placa NClary Seel Above si0 of=ry PeElie OPTIONAL n Though fhe lgfermaf/on below is not required by low,It may prove valuable to persons relying on the document r and could prevent fraudulent removal and reattachment of this form to another document. A Description of Attached Document Title or Type of Document: Document Date: Number of Pages; t 3 Signer(s) Other Than Named Above Capacity(ies) Claimed by Signer ?� Signer's Name: ?, Individual Top or thumb here Corporate Officer—Tftle(s); T Partner—❑ Limited r General Attorney in Fact Trustee S Guardian or Conservator r'r Other: h Signer Is Representing; CIPPNalwel NMNA9s000iion•a05obosoloAvc.,P-o,6e1,2/02•CM01M A.CA91979P/02•xwd nwanalnelery,up P104.No,5107 NcaNrtt G0T016Fte9 1-900-97e-9827 E'd ANdH (IdUA3NIA WdLE:EO EO, LT Ntif IRREVOCABLE STANDBY LETTER OF CREDIT L/C# 92602 BENEFICIARY APPLICANT City of Palm Springs California Coachella Valley Developers LLC ISSUE DATE TERMINATION DATE Jaotuary 17, 2003 January 1, 2010 We hereby establish our irrevocable standby letter of credit in favor of the City of Palm Springs California for the account of Coachella Valley Developers LLC in the amount of Sixty-Two Thousand Six Hundred Forty-Four U.S.Dollars (S62,644.00), available at Vineyard Bank by payment against your draft at sight, referencing our letter of credit number above,to be accompanied by: 1)A signed statement by a representative of the City of Palm Springs California that the amount drawn under this letter of credit represents an amount owed to the City of Palm Springs California and unpaid by Coachella Valley Developers LLC. 2) Original Letter of Credit. This letter of credit shall expire on January 1, 2010, We engage with you that drafts drawn and presented under and in compliance with the terms of this credit will be duly honored. This credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication Number 500. obert J. Sullivan, SVP Loan Center 5455 Mverside Drivt, • Suite 201 • China, C-q 9171(1 •TO: MW 501-8941 • (800) 442-499e • Fax: (909) Pi28-0073 7'd NNHH G?JHA3NIA WdZ6:60 eO, LT NHf CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT XState of California �7 ss. $$$ County of ��(�1����(?"�1(�L � On 1 �` before Dalc amc and Telo of officer(e.y,'J Ke C. ,r rpinry PPb m') X ) 1 iA personally appeared Namo(s)of 519nar(s) ersonally known to me Ll proved to me on the basis of satisfactory evidence to be the personN whose names is are- subscribed to the within instrument and 01,4141A R. FERNANDIM acknowledged to me tha she�executed h CotrrnitsM#1251DO � the same in iDs 'r authorized $ �G ccpkrfft � capacity(lb, and that by f i hef4heir -�Camm �D � signature on the instrument the parson or or the entity upon behalf of which the personN)l fR3 acted, executed the ' t ument. ITNES hand an fficfal seal. Place Nelary seal Above SipP81UrC of Notary Public OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this for)to another document, t� Description of Attached Document Title or Type of Document: Document Date: Number of Pages: -- Signer(s) Other Than Named Above: r. Capacity(ies) Claimed by Signer Signer's Name: Individual Top of mums Here Corporate Officer—Title(s): ❑ Partner—❑ Limited ❑General C Attorney m Fact C Trustee G Guardian or Conservator 5 G Other: Signer Is Representing: `ti '"v-r��i.•-5.�.��v�`.L°+1Z`�"t�cX�2���as���.Eli'�2� ('✓`a�?�'r-..'fir-��'��:'C�.����'�-L"�a 0IND Na sl Newry Mpwwpon,8380 be bob Ava,P.O.Boa 5102•CMbwunn,CA e15I9290ar W,yw,nplionpinolvry,ory Pros.No.b907 A.ordpn Cell T1:116%p 1A90.09-sw S,d NNdH aadA21HIA wdze:6e se, zi Ndr IRREVOCABLE STANDBY LETTER OF CREDIT IJC a 92603 BENEiFICIAM7 APPLICANT City of palm Springs California Coachella Valley Developers LLC ISSUE DATE TERMINATION DATE January 17, 2003 January 1, 2010 We hereby establish our irrevocable standby letter of credit in favor of the City of Palm Springs California for the account of Coachella Valley Developers LLC in the amount of Three Thousand One Hundred Seventy-Five U.S.Dollars($3,175.00), available at Vineyard Bank by payment against your draft at sight, referencing our letter of credit number above,to be accompanied by: 1) A signed statement by a representative of the City of Palm Springs California that the amount drawn under this letter of credit represents an amount owed to the City of Palm Springs California and unpaid by Coachella Valley Developers LLC. 2)Original Letter of Credit. This letter of credit shall expire on January 1, 2010, We engage with you that drafts drawn and presented under and in compliance with the terms of this credit will be duly honored. This credit is subject to the Uniform Customs and practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication Number 500. obert J. Sullivan, SVP Loan Center 5465 Ri"cmdc Llfivc •Suite 201 • Chino, CA 91710 •Tel; (909) 591.3941 • (800)442.4996 • Fax: (909) 628-0673 3'd ANU9 QdbA3NIA WdeE:E0 E0, LT NUf