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HomeMy WebLinkAbout00025C - VINEYARD PROJECT ADAMS BUILDING DEMOLITION BELARDO HOTEL - :j6tift Aadais • • • • ' of • • Hotel, 236 So. Belardo, CP 78-11 ._q f� i.......�- .. _ I .._Jain... ., i•�S�' .. -,+..J��°��"R. ir_��`R�b�,:1 t:�,1:"�. -. SECTION 1 CITY OF PALM SPRINGS STATE OF CALIFORNIA NOTICE TO CONTRACTORS CITY PROJECT NO, 78-11 SEALED PROPOSALS for City Project No.78-11 will be received at the office of the Purchasing Agent, 2749 E. Alejo Road, City of Palm Springs , California , until 3:00 p.m. on June 21 ,1978 at which time they will be publicly opened and read in the Purchasing Agent's office, for performing work as follows : Demolition of a two story, eight unit building located at 236 South Belardo Road,Palm Springs, Ca. No bid will be considered unless it is made on a proposal form furnished by the City. Each bid must be accompanied by cash, a certified or cashier's check, or bidder's bond of the prescribed form and made payable to the City of Palm Springs for an amount equal to at least ten (10) percent of the amount bid, such guaranty to be forfeited should the bidder to whom the contract is awarded -Fail to furnish the required bonds and to enter into a contract with the City within the period of time provided by the Proposal Requirements . In accordance with the provisions of Section 1773.2 of the Labor Code of the State of California, the Director of Industrial Relations has determined the general prevailing rates of wages and employer payments for health and welfare, vacation, pensions and similar purposes applicable is on file in the Department of Community Development of the City of Palm Springs . The Contractor shall post a copy of these prevailing wage rates at the site of this project. It shall be mandatory upon the Contractor to whom the contract is awarded to pay not less than the said specified prevailing rates of wages to all workmen employ- ed by him in the execution of the contract. All bids are to be compared on the basis of the City Engineer's estimates of the quantities of work to be done. No bid will be accepted from a Contractor who has not been licensed in accordance with the provisions of Chapter 9 of Division �3 of the Business and Professions Code. Plans , specifications , and proposals may be obtained from the Chief Building Inspector's office, City of Palm Springs, City Hall , 3200 E. Tahquitz-McCallum Way, Palm Springs , California 92262 - phone (714) 323-8242., at no charge. A charge of $1 .25 will be made on plans and specifications mailed out. Such re- quests and fees for plans and specifications to be mailed out must be addressed to the Chief Building Inspector's office. Section 1 , NOTICE TO CONTRACTORS, Page 2 CITY PROJECT NO. 78-11 The special attention of prospective bidders is called to Section 2 and 3 of the General Provisions of the Standard Specifications for Public Works Construction for full details as to proposal requirements and, conditions and award of contract. The City of Palm Springs reserves the right to reject, any or all bids and the right to waive minor irregularities or informalities in any bonds or in the contract proposal . The successful bidder shall meet all insurance requirements of the City, including but not limited to, the provision of personal and property liability including automobile coverage and Workman's Compensation in limits acceptable to the City. All required insurance shall name the City of Palm Springs as an additional insured. Dated: May 31 , 1978 Publication Dates : June 7, 1978 and June 12, '1978 SECTION 2 SPECIAL PROVISIONS DESCRIPTION OF WORK The work to be done generally consists of furnishing all materials-, labor, machinery, supervision, and services necessary to complete the project. The work involves: The removal of existing building , foundations, shrubs'exclu- ^,ive of trees , and all other deleterious material Including -Fences existing on the site and related to the subject structure. STANDARD SPECIFICATIONS a. General : The contractor shall comply with all laws, ordinances, regulations awn —building code requirements governing the particular work, including but not limited to, those of: (1 ) The Building Ordinances of the City of Palm Springs, including the 1973 Edition of the Uniform Building Code as adopted by the City Council of the City of Palm Springs. (2) The Construction Safety Rules of the Division of Industrial Safety of the State of California. (3) Federal Standards of the Department of Labor, Occupational Safety and Health Administrations and all applicable State, County and City codes, ordinances, and regulations having jurisdiction thereof. (4) Title 19, Public Safety, California Administrative Code, Chapter 1 , State Fire Marshal . (5) The rules and regulations of the Board of Underwriters of the Pacific. b. Amendments: The above documents, latest editions as amended to date, are hereby made an integral part of these specifications insofar as they apply to this work. LIQUIDATED DAMAGES Liquidated damages in the amount of $100 per day shall be forfeited in the event of delay in the work caused by acts other than acts of God or labor strikes. ADMINISTRATION After the contract is awarded, the entire project is to be administered by the Redevelopment Agency.- SECTION 2, SPECIAL PROVISIONPAGE 2 CITY PROJECT NO. 78-11 DEMOLITION SPECIFICATIONS Sever and cap off all utilities coming into the properties at the sidewalk line for sewer, gas, and water and at the pole line for electrical , telephone and cable TV. Soak all buildings and surface surrounding buildings prior to demolition work being commenced to reduce dust and fire hazard, Protect all adjacent structures during the process of demolition, including public side walks and landscaping. Remove all structures, foundations, asphalt and concrete paving, s} , sewer, water and gas pipes. Foundation footings# trenchw.,r . " backfill are •ti * a part of this contract. The start of demolition must take place the week of 1u78'. h,y+o $*� Gw At'4- � o 8-1 5*�Priy+vJ, tr?;F � fF`Mtr Location of utility cap offs are to fbe identified to the inspector by the Contractor,/ plotted on a drawing and recorded with the City Engineer's office. if REDEVELOPMENT DIRECTOR APPROVAL r ' APPROVED: 4,15NAME�YS DATE: REDEVELOPMENT DIRECTOR Licensed Architect C 5818 SECTION 3 PROPOSAL FOR THE DEMOLITION OFTHE BELARDO HOTEL AN EIGHT UNIT BUILDING CITY PROJECT NO. 78-11 236 S. BELARDO ROAD PALM SPRINGS, CALIFORNIA Responding to a Notice to Contractors, in authorized publications, for the Demolition of structure , , City Project. No. 78-11 we/I propose and agree to furnish all material , labor, equipment, supervision, and all service necessary to do all the work required to complete said facility ready for use, all in accordance with Drawings and Specifications and also to the satisfaction of Director of Community Development. It is hereby understood and agreed that the City reserves the right to increase or decrease the amount of any class or portion of the work, or to omit any item of the work as may be deemed necessary or expedient by the Director of Community Development. Such increase or decrease will be negotiated with the Director of Community Development. Payment for such increased or decreased amounts will be made in accordance with the unit price bid as shown on the schedule set forth below: When discrepancies occur between words and figures, the words shall govern. BASE BID Demolition of an eight unit structure,236 S. Belardo $ i 1) 50 ' lump sum. Total amount for bid is eL6 V 6. pj 1'"Qa1Arse �' ✓ Ny t-a 'Su ca� dollars. SECTION 3, PROPOSAL, PAGE 2 CITY PROJECT NO. 78-11 The contractor shall begin work within fifteen (15) calendar days after receiving notice that the contract has been executed and shall diligently prosecute the same to completion before the expiration of ten' (10) working days from the date of the City's Notice to Proceed. The undersigned is licensed in accordance with an act providing for the regis- tration of contractors, License No. 1 3 5 N Enclosed find 1310 go Aj O in the amount of ten (10) percent of the amount bid, herein posted with the City as security that the undersigned will enter into a contract with the City and furnish the required bonds after the Notice of Award of the work to him. The undersigned further agrees that in case of default in executing the required contract, with necessary bonds, within eight (8) days after the Notice of Award, the proceeds of the check or bond accompanying his bid shall become the property of the City of Palm Springs. It is understood and agreed that this bid may not be withdrawn until after thirty (30) calendar days from the opening thereof, and in no case 'if the bid is awarded to the undersigned bidder. eA o A-r-A S ro . Name of Bidder Person, Firm, Corporation By SigrPa, t e o Person Authorized to Sign` This Proposal NOTE: DO NOT DETACH BID FORMS. FILL IN WITH INK AND SUBMIT WITH ATTACHED DOCUMENTS. VP > >I ui� � O�` v� C06U SC IIIL® f`II_ IIII > E ♦'_EJO ROAD ALEJO `t r O \< a �\ •,/�� d llllll/i//, ��. f ;i„•• / I (� \\ mil\ � m II a d CL c ,I AMADo aonc _ AIhADO--]. ROAD PROPOSED IN $Ev T. 14 J O L y i� z AN EAs /il 4NDREAS — _ Rppp (PROPOSED IN SECT. IG' CAL-LuM WAY \\\\\\\\\\\\\\u•• p p� O 9 <• 1 a o of z _ J r _ _ >` BAf$I$Ifi, { `F� 9ARISTO AO , �\ i ROAD �iA 1 r�P �,i 9 2°eF 7, naa s137n vz 9J P-�4v p INN M NllN- 9 5 l"Ku IKZ"�,^ 9 d. 1U' �N .e����7� � 111Aa 2�d��'J1 • 1114�as �CE��4�? � 8t-u�C4 �� E�� �Ii�I H9���aava,�������� �G���1 Hs �'s�ti� �.�1u�:$ �T39d9Q r 4 SOUTI, ii �5, NQIANl AVENc�� -. 57/3 - Z — 0 -n fn I MTnTm ® °1 1 I A 1rr �I I Al �o o' �, ry� \� Z 113—/5 -SOUTH PALM CANYON DRIVEry -/J -20317) Lo' N2'E � iiW -�- - -�— - =- —{ Q Vcb � I ; mot N T- ao — I ob v i i✓ SOUTH BELARDO ROAD ��r����ar�� tewn�aar�rm�s�e��n����emam�r�rnrrrprnrrrwrnir�rrrnmrr'r�����nuui� -�arrn�a��rrsrrr�r (NO 'BID (DILL BE CON.SI"DEROUNLESS THIS DOCUMENT IS COMPLA IN PULL. ALL APPLICABLE ITEMS MUST BE FILLED OUT) INFORMATION REQUIRED OF BIDDER The bidder is required to supply the following information. Additional sheets may be attached if necessary. ',N (1 ) Address ,,' l,�( (R) Telephone No. (3) Type of Firm `(Individual , partnership or corporation) (4) Corporation organized under the laws of the (5) Contractor's License No. State of No. -X. ( „515' (6) List the names and addresses of all members of the firm or names and titles of all officers of the corporation: (7) Number of years ' experience as a contractor in construction work I (8) List at least three projects completed as of recent date: Contract Amount Class of Work Date Completed Name and Address of Owner (g) Li,6t the name and a &eae ob each SubconVvtctotL who wilt pehbohni wo&k in oat about .the wonk oh imphovement, and indicate what pant oA the work wiU be done by each z ubcontnaaton: Contractor's Name Address License No. Work to be performed (10) List the name'i�?f tl�,� person who. in8pected the site of the proposed work for your firm (11 ) A financial sf tement or other information and references sufficiently comprehensive to permit an appraisal of your current financial condition may be required by the Engineer. AFFIDAVIT 01 NUN-COI LI�SION B WNTRACTOR STATE OF CALIFORNIA) ) SS COUNTY OF RIVERSIDE) JOHN ADAMS being first duly sworn, deposes and says: That he is Sole owner of ADAMS Co. (insert Sole Owner", "Partner", insert name of bidder or other proper title) who submits herewith to the City of Palm Springs , a proposal ; That all statements of fact in such proposal are true; That such proposal was not made in the interest of or on behalf of any undisclosed person, partnership, company, association or corporation; That such proposal is genuine and not collusive or sham; That such bidder has not, directly or indirectly, by agreement , communication or conference with anyone attempted to induce action prejudicial to the interest of the City of Palm Springs , or of any other bidder or anyone else interested in the proposed contract; and further, That prior to the public opening and reading of proposal , said bidder: (a) Did not, directly or indirectly, induce or, solicit anyone else to submit a false or sham proposal . (b) Did not, directly or indirectly, collude, conspire, connive or agree with anyone else that said bidder or anyone else would submit a false or sham proposal , or that anyone should refrain from bidding or with- draw his proposal . (c) Did not, in any manner, directly or indirectly, seek by agreements, communications, or conference with anyone to raise or fix any over- head, profit, or cost element of this proposal price, or that of anyone else. (d) Did not, directly or indirectly, submit his proposal price or any breakdown thereof, or the contents thereof, or divulge information or data relative thereto, to any corporation, partnership, company, association, organization, bid depository, or to any member or agent thereof, or to any individual or group of individuals, except to the City of Palm Springs or to any person or persons who have a partner- ship or other financial interest with said bidder in his business. Subscribed and sworn to beforesme this �2 day of f f% 197O Tv ZA .., Notary-Public '"-in and for sat.d. Gpunty ,and State (� -,- _ title AGREEMENT This Agreement, made and concluded this �',. � ` day of aai✓. � ✓�''9 between the City of Palm Springs, Party of the Firs'tart, and JOHN ADAMS Contractor, Party of the Second Part, WITNESSETH That: ARTICLE I - for and in consideration of the, payments and agree- ments hereinafter mentioned, to be made and performed by the said Party of the First Part, and under the conditions expressed in the two bonds bearing even date to these presents and hereunto annexed, said Party of the Second Part agrees with said Party of the First Part, at his own proper cost and expense, to do all the work and furnish all materials, except such as are mentioned in the specifications to be furnished by said Party of the First Part, necessary to complete in good workmanlike and substantial mariner all of the work For: Removal of an eight unit building,shrubs,fencing & foundations, furnishing of labor, and materials in accordance with specifications related to the Belardo Hotel Project. in accordance with the drawing/s, proposal , description of work, and special provisions therefore, at the first publication of invitation to bid, and all other Codes and Ordinances referred to and thereby made a part hereof. The limits and location of said work to be done is shown upon the City of Palm Springs Drawing/s entitled "City Project No. 78-11 , which said map is hereby made a part of this contract. ARTICLE II - for furnishing all said materials and labor, furnishing and removing all plants, temporary work or structures, tools and equipment, and doing all the work contemplated and embraced in this Agreement; also for all loss and damage arising out of the nature of the work aforesaid, or from the action of the elements or from any unforeseen difficulties which may arise or be encountered in the prosecution of the work until its acceptance by the City, and for all risks of every description connected with the work; also for all expenses incurred by or in consequence of the suspension or discontinuance of work, except such as in the said specifications, are expressly stipulated to be borne by the City, and for well and faithfully completing the work and whole thereof, in the manner shown and described in the said Drawing/s and Specifications and in accordance with the requirements of the City, the City will pay and the Contractor shall receive in full compensation therefore the prices for the several items named in the Bidding Sheet of the Proposal . AGREEMENT, PAGE 2 CITY PROJECT NO,78-11 ARTICLE III - The said Party' of the First Part hereby promises and agrees with the said Contractor to employ and does hereby employ the said Contractor to provide the materials and do the work according to the terms and conditions herein contained and referred to for the unit prices bid, and hereby contracts to pay the same at the time, in the manner and upon the conditions above set forth; and the said Parties for themselves, their heirs , executors, administra- tors, successors and assigns, do hereby agree to the full performance of the covenants herein contained. ARTICLE IV - The plans, the special provisions, and the proposal are hereby in- cluded and made a part of this agreement. These documents , together with this formal agreement and the bidder' s proposal , affidavit and bonds, constitute the contract documents and a requirement included in one is as binding as though included in all . It is further expressly agreed by and between the Parties hereto that in the event of a conflict between one contract document and any of the other contract documents, the document highest in precedence shall control and supersede in that particular, the document which is contrary to it. The order of precedence of the contract documents is as follows: First - This Formal Agreement Second - Codes Third - Special Provisions and Plans (Numbers shall take precedence over words) Fourth - Bidder's Proposal Change Orders and supplemental agreements shall take precedence over the contract documents. IN WITNESS HEREOF, the Parties to these presents have hereunto set their hands the year and date first above written. ATTEST: CITY OF PALM SPRINGS, CALIFORNIA /1 w STATE OF CALIFORNIA w COUNTY OF �.�It�i3nd er E i' v,1' l?rdGca.�S ss. n� Y--'� 9 / 4 Date " On ­ zPT irr> /97J> o before me, the undersigned, a Notary Public in and for said State; APPROVED BY THE CITY COUNCIL o personally appeared E F,`✓Y 1-9,Z),j fY_S 3 By CM RESOLUTION No.440 8/16/78 c w t w _ CONTRACTOR �JOHN ADAMS 9 w known to me to be the Person—whose name._ a By rr i Lt 0 subscribed to the within instrument and acknowledged that lfi, w executed the s fi pment�. 1.l ' WTN€S'S-my hand-and=ffciel Seel l-r a S"aLl-( V. l!'F ✓�o ��/�C��Y� — Title r _ 4' o`fai ublic in,,o far said Stat BOND EXECUTED IN FIVWUNTERPARTS. • BOND NO: B-78-1803 ' PREMIUM: $173. 00 PERFORMANCE BOND , KNOW ALL MEN BY THESE PRESENTS: That whereas the City of Palm Springs, State of California, has awarled to JOHN ADAMS hereinafter designated as the "Principal", a contract for: Demolition of the Belardo Hotel at 236 S. Belardo Road, Palm Springs (Insert description of work to be performed and location) WHEREAS, said Principal is required under the terms of said contract to furnish a good and sufficient bond for the performance of said contract: NOW THEREFORE, WE, the Principal, and Fremont Indemnity Company un as Surety, are held and firmly bound to the City of Palm Springs, California, hereinafter called the City of Palm Springs, California, in the penal sum of Eleven thousand five hundred and 00/100. . .. . . . . . . . . . . . Dollars ($11,500.00 ) , being 100% of the contract amount in lawful 'money of the United States of America for the payment of which sum well and truly to be made, we hereby bind ourselves, our heirs, executors, administrators, and successors, jointly and severally, firmly by these presents. THE CONDITION OF THIS OBLIGATION IS SUCH that if the above bounden Principal, his executors, heirs, administrators, and successors, or assigns, shall in all things stand to and abide by, and well and truly keep and perform the covenants and agreements in the said contract and any alterations thereof made as therein provided, on his or their part, to be kept and performed at the time and in the manner therein specified, and in all respects according to their true intent and meaning, and shall indemnify and save harmless the City of Palm Springs, California, its officers and agents, as therein stipu- lated, then this obligation shall become null and void; otherwise, it shall be and remain in full force and virtue. -"I c,,,- tv fnr value received, hereby stipulates and agrees that no `ion or addition to the terms of the contract or the specifications accompanying STATE OF CALIFORNIA 1 obligations on this bond, and it does COIINTY nF ae- extension of time. alterations or STATE OF' CALIFORNIA County of Los Angeles } ss. On this — 5th day of _ September 19 78, before me Cc;ro1 J, AuSrustine _ a Notary Public, in and for the County and State aforesaid, residing therein duly commissioned and sworn, personally appeared —— S . A. Mitchell :. C — mown to me to be the Attorney-m-Fact of Fremont Indemnity Company the f u"' Porporation that executed the within instrument and also known to me to be the pr rson who executed the within instrument on behalf of the Corporation therein A Pu ' ''u`oeimn me id acknowlec" Elto^a tlra such Corporation executed the same. /w 1 Ii henr us ,n u, ,.� hL . 11 1 • ~ Notary Public in and for the S ate of California, County of T oa Angeles SUR G50 BOND NO: B-78-1803 PREMIUM INCLUDED UNDER PERFORMANCE LABOR AND MATERIAL BOND. KNOW ALL MEN BY THESE PRESENTS That we JOHN ADAMS AS PRINCIPAL, and FREMONT INDEMNITY COMPANY a corporation, organized and existing under the laws of the State of CALIFORNIA and authorized to transact business in the State of Ca i ornia, , are held and firmly bound unto the State of California for the use and benefit of the State Treasurer as ex officio treasurer and custodian of the Unemployment Fund and any and all persons entitled to file claim under Section 1184e of the Code of Civil Procedure, State of California, in the sum of Five thousand seven hundred fifty and 00/100 Dollars $5,750.00 is being 50% of the contract amount in lawfu money of the United States of America, for the payment whereof well and truly to be made, we hereby bind ourselves , our heirs , executors , administrators , successors and assigns , jointly and severally, firmly by these presents. SIGNfFD, SEALED with our seals and dated this day of - - i. , 197t . The condition of the foregoing obligation is such that whereas the above bounden Principal has entered into a contract with the City of Palm Springs to do and perform the following work, to-wit: Demolition of the Belardo Hotel at 236 S. Belardo Road, Palm Springs (Insert description of work to be perTormed and location) NOW THEREFORE, if the above bounden Principal , or his sub-contractors , fail -'___ provender, or other sureties , or teams , )rmance of the work contracted to be i of any kind, or for amounts due under - lcnect to such work or labor, the Surety STATE OF CALIFORNIA County of_ Las Inge,es ss. On this — 5th day of September Carol J. Augustine 19�$, before me -- ---, a Notary Public, in and for the County and State aforesaid, residing therein duly commissioned and sworn, personally appeared S. A. Mitchell_ known to me to be the Attorney-in-Fact of Fremont Indemnity Company the Corporation that executed the within instrument and also known to me to be the person who executed the within instrument on behalf of the Corporation therein r, ��} �nied and acknp�yledg J \ Vtolni�t such Mly „c�� \J Corporation executed the same. SUR G50 Notary Public in and'for th Mate of Cahfornia,(�ounty of— LOs Ian eles J �— A lIG It, -i'ln 4 s MOSLLE INSURANCE, INC. I,I V' IhCOPo'1PANiESf AFFORDING COVERAGES V r I ) �11__. !Y)sl il NAM` AND ADDRESS,,_ AGENCY d^b 128 SOUTH LA BREA AVENUE m LETTERCOMPANY pp The Hartford r<? LOS ANGELES, CALIF. 90036 ER b"N :.� 936.7211 COMPANY LETTER .I NAME AND ADDRESS OF INSURED { COMPANY LETTER TJ Adams Company i P .O. Box 635 e❑EARNY Desert Hot Springs , Calif . 92240 COMPANY I f'^ LETTER This is to certify that policies of Insurance fisted below have been Issued to the Insured named above and are in force at this time. TE a coMPalvY POLICY Limits of LiabiKy in Thousands(000) LETTER TYPE OF INSURANCE POLICY NUMBER EXPIRATION DATE EACH AGGREGATE OCCURRENCE GENERAL LIABILITY • A,� BODILY INJURY $ b300 , 000Is ACOMPREHENSIVE FORM TO Follow 9/19/79 phhp © PREMISES—OPERATIONS PROPERTY DAMAGE $ 5 300 ,0 0 y, © EXPLOSION AND COLLAPSE i HAZARD © UNDERGROUND HAZARD Lf; "I� © PR M OPERATIONS HAZARD BODILVINJURYANO ©CONTRACTUALINSURANCE PROPERTY DAMAGE $ $ BROAD FORM PROPERTY COMBINED (_ DAMAGE ❑ INDEPENDENT CONTRACTORS � j ❑ PERSONAL INJURY PERSONAL INJURY $ F} 4 ^ "{ AUTOMOBILE LIABILITY BODILY INJURY (I( (EACH PERSON) $ 4 J ❑ COMPREHENSIVE FORM BODILY INJURY $ I ❑ OWNED To Follow 9/19/79 (EACH OCCURRENCE) ❑ HIRED PROPERTY DAMAGE BODILY INJURY AND {?J NON OWNED PROPERTY DAMAGE IF COMBINED 300 , 0004 UCESS LIABILITY BODILY INJURY AND PROPERTY DAMAGE ❑ UMBRELLA FORM $ $ _ �'. ❑ OTHER THAN UMBRELLA COMBINED FORM �Ie WORKERS'COMPENSATION STATUTORY and 7i5EMPLOYERS'LIABILITY - (EACH ACCIDENT)re OTFIER j t r ^1 DESCRIPTION OF OPERATIONS/LOCATIONSNEHICLEG ' J Certificate Holder is Named as Additional Insured as respects liability L'', arising out of Project #78-11 � Canc-ellation: Should any of the above described policies be cancelled before the expiration date thereof, the issuing com- ,,,- pany will endeavor to mail __1_0 days written notice to the below named certificate holder, but failure to mail such notice shall impose no obligation or liability of any kind upon the company. i NAME ANDADDRESSOF CERTIFICATE HOLDER" City of Palm Springs Redevelopment DATE IssuEO" 9/19/78 Agency City of Palm Springs f ' City Hall qW/ 3200 E. .Tahquitz-Mc Callum Way AUTHORIZED REPRESENTATIVE 1 Palm S rings, Calif . -92262 "IALOPD 25 IEB P-]]) J. W. Y0U,*G INSURANCE AGONCY, INC. INSURANCE AGENTS AND BROKERS 83-791 AVENUE 45 • INDIO, CALIFORNIA 92201 0 (714) 347-4032 BINDER OF INSURANCE E INSURED: MAILING ADDRESS: LOCATION OF RISK: PENDING ISSUANCE OFIA POLICY, IT IS HEREBY UNDERSTOOD AND AGREED THAT COVERAGE HAS BEEN BOUND WITH INSURANCE COMPANY. DESCRIPTION OF COVERAGE LIMITS PERILS INSURED AGAINST COINSURANCE %; DEDUCTIBLE $ OTHER MORTGAGEE/LOSS PAYEE ADDRESS OF MORTGAGEE COMMENCEMENT, THIS BINDER EXPIRATION,THIS BINDER A. This binder may he cancelled: By insured, by surrender of this binder or written notice; By this agency, by notice to insured/payee. B. All terms and conditions of the policy regularly issued by the Company in the state where the property or risk is located, which are not inconsistent with the provisions of this Binder, are made a part hereof to the same extent as if fully set forth herein. If there is other valid and collectible insurance not declared herein, then insurance under this Binder shall apply as excess insurance over such other insurance. (This condition does not apply to insurance specifically stated to be in excess of the in- surance provided herein.) I MPO RTA N T: IF THERE IS ANY INACCURACY IN THE FOREGOING PLEASE ADVISE IMMEDIATELY. rted By tA