HomeMy WebLinkAboutT-2777 - Agreement/Covenant - 6/29/2006 SUBDIVISION AGREEMENT
THIS AGREEMENT is made this I d ` day of
1978 , by and between the City of Fresno, a Municipal
Corporation , hereinafter designated and called the "City" ,
and Guarantee Savings and Loan Association
1177 Fulton Mall , Fresno , California 93721
(Address of Subdivider)
hereinafter designated and called the "Subdivider" .
RECITALS
1 . The Subdivider has presented to the City a certain
final map of a proposed subdivision of land located within
the corporate limits of the City , and known and described as
Tract No. 2777 - "San Joaquin Estates"
a copy of which map is attached to and made a part of this
agreement, and said Subdivider .has requested the City to
accept tie dedications delineated and shown on said map for
the use and purposes specified thereon , and to otherwise
approve said map in order that the same, may be recorded, as
required by law.
2 . The City requires, as a condition precendent to the
acceptance and approval of said map, the dedication of such
streets , highways and public places and easements as are
delineated and shown on said map , and deems the same as
necessary for the public use , and also requires that any and
all streets delineated and shown on said map shall be improved
by the construction and the installation of the improvements
hereinafter specified.
3. Section 12-1012 of the .Municipal Code of the City
of Fresno requires the Subdivider to enter into this agreement
with the City whereby Subdivider agrees to do , perform and
complete the work and matters hereinafter in the agreement
mentioned and set forth in detail , within the time hereinafter
mentioned, in consideration of the acceptance of the offers
of dedication by the City of Fresno .
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AGREEMENT
In consideration of the acceptance of the offers of
dedication of the streets , highways , public ways , easements
and facilities as shown and delineated on said map, and the
approval of said map for filing and recording as provided
and required by law, it is mutually agreed and understood
by and between the Subdivider and the City , and the Sub-
divider and the City do hereby mutually agree as follows :
4 . The Subdivider shall perform the work and improve-
ments hereinafter specified on or before October 31 ,
19 80 to the satisfaction of the Director of Public Works
of the City. /
5. The work and improvements , more specifically shown
on the attached plans and made a part hereof , shall be done
in accordance with the construction standards contained in
the City of Fresno Standard Specifications adopted March 5 ,
1970 by Resolution No. 70-36 , and as amended at the sole
cost and expense of the Subdivider including all costs of
engineering , inspection and testing as specified in Item 12 .
6 . The work and improvements are as follows :
a. Construct all landmarks, monuments and lot
corners required to locate land divisions shown on
the Final Map.
b. All utility systems shall be installed under-
ground. The Subdivider ' s attention is directed to
the installation of street lights in accordance with
Resolution No. 68-187 and Resolution No. 78-300, the
Subdivider shall construct a complete underground
street light system as approved by the Traffic
Engineer prior to final acceptance of the subdivision.
Height, type, spacing, etc. of standards and luminaries
shall be in accordance with Resolution No. 78-300 and
as approved by the City Traffic Engineer.
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C. Water main extensions and services shall be
provided in accordance with applicable provisions
of Chapter 14 , Article l, of the Fresno Municipal
Code and all applicable charges shall apply.
d. Sanitary sewer extensions and services shall
be provided in accordance with applicable provisions
of Chapter 9 , Article 5, of the Fresno Municipal
Code and all applicable charges shall apply.
e. Lot drainage shall be in accordance with Section
13-120. 2905 (f) of the Fresno Municipal Code.
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f,, �, The subdivider has deposited with the City the
* Vq F-ISq.80
lym of 44Q9, 158 . 45- for the following:
// 1 . Inspection Fees . . . . . . . . . . $ 16, 596 . 21
2. Temporary Drainage Basin
Maintenance Fee . . . . . . . . . . $ 2 , 500 . 00
3 . Intersection Signing , 28 @ $70. 00 . $ 1 , 960. 00
4 . Traffic Regulatory Signing,
6 @ $35 . 00 . . . . . . . . . . . . $ 210 . 00
5 . Street Trees, 290 @ $25 . 00 . . . . $ 7 , 250 . 00
6. Sewer Trench Water Compaction
Charge, 16 , 638 C.Y. @ $0. 04 . . . . $ 665 . 52
7 . Median Island Landscaping Fees ,
868 L.F. @ $4 . 00 . . . . . . . 3 , 472. 00
8 . �.�J.G.M. Fire Station Fee, G, 2-705
c. @ $502 . 00 . . . . . . . . $
30,o22G
9 U.G.M. Major Street Charge,
128. 4 Ac. @ $270. 00 . . . . . . . . $ 34 , 668 . 00
10. U.G.M. Traffic Signal Charge,
128 . 4 Ac. @ $300 . 00 . . . . . . . $ 38 , 520 . 00
11 . Sanitary Sewer Fees . . . . . . $ 32, 342. 00
a. Lateral Charge,
2, 179 . 82 LF @ $ 5. 00 . $10, 899 . 10
1 , 275 .61 LF @ $10 . 00 . 12,756 . 10
$23, 655. 20
Less Previously Paid - 6 , 250. 00
$17 , 405.20
b. Oversize Fee,
128 . 43 Ac. @ $180. 00 . $23 ,117 . 40
Less Previously Paid . 5 , 988 . 60
$17 , 128 .80
C . Major Facilities Fee, -0-
(To Be Paid At Time of
Development)
Subtotal . . . . . . $ 34 , 534 . 00
Oversize Credit . . . . $ 2, 192 . 00
TOTAL $ 32 , 342 . 00
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a.
12 . Water Charges . . . . . . . . . . . $113 , 534 . 22
a. Frontage Charge,
1075. 68 LF @ $3 . 75 $ 4 , 033 . 80
b. Trans . Grid Main,
132 . 99 Ac, @ $375. 00 $49 , 871. 25
C. Fire Hydrant Charge,
3 , 933 , 600 SF @ $ . 0075 $29 , 502 . 00
d. Water Construction
Charge
196 Lots @ $1 . 25 . . . $ 245 . 00
e. U.G.M. Water Well Charge
132 . 99 Ac. @ $330 . 00 . $43 ,886 . 70
f. "Wet-Tie" Charge . . . $10 , 923 . 95
Subtotal . . . . . $138 , 462. 70
Less Previously Paid . $ 24 , 928 . 48
TOTAL . . . . . . .$113, 534 . 22
13 . Water Credits
a. T.G.M. Credit . . . . . . ($ 38, 674 . 80)
b. Well Credit:
Estimated Well Cost* . $100, 000 . 00
Present Credit . . . . $ 43 ,886 . 70
($ 43 , 886 . 70)
i Future Reimbursements in
Accordance with FMC Section
14-107 . 1 (d) (2) . . . . $ 56, 113. 30
C. Fire Hydrant Reimbursement,
27 Ea. @ $300 . 00 . . . $ 8 , 100. 00
14 . Major Street Credits/Reim-
bursements
Construction Credit* . . . . $ 58 , 220 . 00
Major Street Charge,
128 . 4 Ac. @ $270. 00 . . . $ 34 ,668 . 00
($34 , 668 . 00)
Future Reimbursement* . . .$ 23 , 552 . 00
TOTAL FEES AND CHARGES
Jqq 171;q. 270
* Actual Reimbursement to be determined by audit.
2B
\m- ternf�or,lr'y sf •irm iditt (,i r-i •r,t ; )n boli it.,, c on-
t r,rc,l od or f•n1arr�pd 1'0 •,cI I;i .; !•r ,:rc L. s1ui1 1 IW
1crtc v(l 1 n ;ic•corrlarice .,-i L.II Ci I y 5t-in(1,1r(is iii thi n
"W, (111 (7 ) rlay,; (rom t-hc t i mc r.rti rl b;isi.ns bec otiw
rr11 i. rr;,1 , or r,,,, r'i r(tc'.t r`cl I�_v tlrc r;nr .i nrcr.
(I: 1 r t f"r�rttr
ori(, construct all ; in;ai on the t_t- ac;rc_•o
+1 r1�►�, (r'(jpv c)f 1'rc�5nc� St .�rr�lrtrrl 1`r,�i.inF;� No . 10-C-3611
i hri1 1 '1-C -3633 , 15-C-41016 thrt_, 1 -C;-40/12 , Water
lob N,) jl/r r3 FAF'l.00c► Control nrtrv:i n^s; ^Ioti . AC-1 -l. ,
1-icctily omitted herein.
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SCHEDULE "A '
Gi.''B 1:1l,L,S I ON:
TOTAL FRONT FOOTAGE OF LOTS
.L SUBDIVISION . . . . . . . . . . . . . . . . . . . :'_�U')Z Ft.
DOTAL FONT FOOTAGE CHARGES
u�.<<; Ft. @ $2.50 PER FRONT FOOT . . . . . . .$
isatit ftata&a, service connection and
%c.1struction water charges payable on
execution of contract:
2M, of Front Footage Charges (to next
full lot) �,.�;:� ?_�,. Ft. @ $2.50 per
front foci . . . . . . . . . . . . . . . . . $
Service connection charges for the lots
to which the above 20% payment applies
-': -inch services
scath . . . . . . . . . . . . $
Co,,.st-ruction water charges for the lots
t -,-hich the above 20` payment applies
lots @ $ per lot $
SUB-TOTAL . . . $
1-1i,drants. complete installation
@ $"100.00 each . . . . . . . . . . $
a,Li Extensi on
@ $ .. 00 per Ft $
..TIAL' P�1`IA'Lr. ON EXECUTION OF CONTRACT $ $ .:11.�.� _
;za►anc.e of Front: Footage, Service Connection,
ana Go"struction t.-ater charges for remainder
e : lots!
Front rootage Charges
7 7. 75 Ft. @ $2.50 per front Foot
Service Connection Charges
i ' =z -inch services
@ $ G5 each . . . . . . . . . . . . . . $ 7:`.5 .
Construction Water Charges:
lots @ $ per lot $
'''C'"AL BALANCE OF CHARGES PAYABLE UNDER
'07, T A/+M
TOT11iL CHARGES FOR WATER SERVICE INSTALLATION
SCHEDULE "A '
:7 . Subdivider has paid to the City of Fresno, in accor-
dance with Article 13 , Chapter 13 of the Fresno Municipal Code,
the required fee to defray the costs of constructing planned
lgcal drainage facilities for the removal of surface and
storm waters from the subdivision.
7a. The Subdivider allocates the below described parcels
of land for use as temporary facilities to alleviate the flooding
and drainage problem anticipated to be caused by this subdivision
and its improvementsuntil such time as the City, through its
Public Works Director , releases in writing such parcels from such
use.
PARCEL 1
The East 150 . 00 feet of the South 185. 00 feet of Lots 198
of Tract No. 2777 , San Joaquin Estates , Fresno, County,
California.
PARCEL 2
That portion of Lot 197 of Tract No. 2777 , San Joaquin Estates,
Fresno, County, California, described as follows:
Beginning at a point on the Easterly line of said Lot 197 , said
point being 80. 00 feet Southerly of the Northeasterly corner
thereof; thence North 780 26 ' 36" West a distance of 210. 00
feet; thence South 110 33 ' 24" West a distance of 447. 85 feet
to a point on the Southerly line of said Lot 197; thence North
75° 46 ' 03" East, along said Southerly line, a distance of
234 . 00 feet; thence, along said Easterly line of Lot 197 , North
37° 55' 49" East a distance of 7 . 90 feet to a point on a non-
tangent curve, concave to the Southeast, whose Radius is 440. 00
feet and Interior Angle is 060 43 ' 25" ; thence Northeasterly,
along said curve, an arc distance of 51. 63 feet to the point of
tangency; thence North 11° 33 ' 24" East ,a distance of 285. 05
feet to the Point of Beginning.
Subdivider shall improve such facilities Pursuant to City approved
construction plans and, upon completion of such improvements, the
City is permitted to enter such parcels and shall maintain such
facilities until such written release is issued.
The Subdivider shall not commence any backfilling operation
of the temporary facilities unless the Public Works Director so
authorizes in writing. The Subdivider agrees that the City may
deny issuance of any building permit relating to such parcels until
the City issues its written release.
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I- r i I;11 1 i s«ue Lin l t^F;s r 1,,, r;i i v Fn^i noor i
r11 i s I-i ed i ILII •i i 1 temporary f;lci 1 it i es iulvt• t,t.'f'II bac.kf i 1 1 c:ci an,I
clnli�acrcci me>tic , ► • ,Intl al l t (,tnpoI-,Iry r'rrli rr,Irt:urps , such as,
1 II If't h p (lilt Ito h , pi yon , ,;Irlrl `-,1 mi lar `;i rllct Itr't" , have beinn I1lu i'a" ,
rt'mo r'(I , ;fart ll ;IxlSf•rl or in orrcirOanc•e wi 1i-1 ! 11t° St rinrlarf' Speci
Fl-
" . [ r i q :t %rpc•ri. Mit r:I,,. r;i t-V shat I i lltimri A l work
All of rh(� t,cl1'l ;inti i milrc)vt lnc nt r: Incl vn;.o ori ;11 ,hall be (Inne.
i erfOr-Ille i ;av? i t15 t .tl l c d in � r ri , t accorcl;lrfr( ,, i t:h ( hr- approved
( orist rc.rrt.i on ;)' ;inti fc)r said !.,oz-i,_ rin file ill t hff, 'lfr"it e of
1 he City `;li",1 Ilr't'1' Of rhe Ci t v ;tl!(1 r het it. lllrl:tr :i"1i`C'1 f 1 ('�i-
-" 1 t:y , which sai rl ;111(1 ::ilf ('i 1 l.0 1L1 01'1.5 lliil
,,r :►r,tf;Ir<!',•. 1; �' il( reby ret(c rre(1 tt) ai`1(i a(lopterl arvi 11larie a p;Irt.
"I this ag1'fy"PrIt . in case Werca arc' not any sr'.ant-lard
t
qi, " 'i r i t-al i onh or the Ci ry 1 Or :ill`.' of said mark , it is NgrcFv(1
1i;,1 ti (.. ` 'll{!. ' ';hall he (Ione atl(1 pert'ormo,! 1n ;f('t'i)` danc with
I ii r,;ill(1,11't1`, ant'l spoci_ f i cai i ("111.'"; of the Sl at o of California ,
' 'i vi ••1 orl of 111 .11ianvs . All Of nairl work ud 1. t'II!trilvo moat s inrl
vo i -r"i ,'il s nha l 1 ho Oone, perf or'lrrW NnO is rlscal l ed under t:ho
of -mO r.c) Chea sati sf;lcrion of rhe Ary t nt>,inc ei
s'ht
(Ary .
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} 9 . Prior to the approval by the Council of said
findl map the Subdivider shall :
In lieu of any bond or bonds required,
(a) deliver to the City an instrument of credit in the
sum of ono '!i 1 1 i on loth 11un0re(I Ninety-six Thousancl Tti�n
1fiinrlrn(' 11 fty Dollars ($ 1 ,496 , 250, 00 (which sum is
equal to 95 percent of the total estimated cost of the work and
improvement) to insure the faithful performance of this agreement,
all as specified in said instrument of credit entitled performance
instrument of credi t to uar.anree suhrli vi- si on improvements
and hereby made a part of this agreement.
(b) deliver to the City an instrument of credit in the
sum Of Sexi(,n Hunflr-ed Eighty-seven Thntisanr' rj ve Hunr're(l_
Dollars ($ 737 , 500.00 ) (which sum is equal
to 50 percent of the total estimated cost of the work and improvements
to secure payment to all Contractors performing work on said
improvement and all persons renting equipment or furnishing labor
or materials to them, all as specified in said instrument of credit
entitled 1 rihor a►n(l mrtt-eri_al i.nst.ruwnt of credi r. to f;urirarat(,,e
t);-jvrn(jnr of sgb(livisicjn Improvements
and hereby made a part of this agreement.
(c) -deliver to the City cash or a certificate of deposit
in the amount of Seventy-eight Thousand Seven liun(lred N i f ty _
Dollars ($73 , 750.00 ) (which sum
is equal to 5 percent of the estimated cost of the work and improve-
ment) pursuant to the provisions of Fresno Municipal Code Section
12-1016 (b) .
10.4vii:' .On acceptance of the required work, warranty
security shall be furnished to or retained by, the City, in the
amount Of lhi rt-ppn 'Vhniig-jnrl 'rhrPeNtjn ($ 1 3}375.00 )
for guarantee and warranty of the work for a period of one year
following acceptance against any defective work or labor done
or defective materials furnished. ' In accordance with Section
12-1016 of the Fresno Municipal Code, said warranty security
shall be in the form of cash or a certificate of deposit.
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(a) As imrt' of the ohl i.p iri oii of the siibdi vi der and
ill addition to ally and all f-urilishi. rlr,, for fai tht ul performance
Of this cij�,recrnear�t the Subdivider ol;.rees than the Ci r.y Shalt he
Cti t it IQ,I i U c-os 1 s and re;asonahl e expenses and i-('cls . i neIurli.np,
reasomrible artorric>), 's tees which may uc 1rleurro(I in vfrc!ct:vely
P..rit orci ng the ohl.i r',a d on secured .
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11 . The City shall not be liable to the Subdivider or
to any other person, firm or corporation whatsoever, for any
injury or damage that may result to any person or property
by or from any cause whatsoever in, on or about the sub-
division of said land covered by this agreement, or any part
thereof. The Subdivider hereby releases and agrees to indemnify
and save the City harmless from and against any and all injuries
to and deaths of persons, and all claims , demands, costs , loss ,
damage and liability, howsoever same may be caused, resulting
directly or indirectly from the performance of any or all work
to be done in and upon the street rights of way in said subdivision
and upon the premises adjacent thereto pursuant to this agreement,
and also from all injuries to and deaths of persons, and all
claims, demands, costs loss, damage and liability, howsoever same
may be caused, either directly or indirectly made or suffered
by the Subdivider, the Subdivider' s agents , employees and
subcontractors, while engaged in the per-formance of said work.
The Subdivider further agrees that the use for any purpose and
by any person of any and all of the streets and improvements
hereinbefore specified, shall ' be at the sole and exclusive risk
of the Subdivider at all times prior to final acceptance by
the City of the completed street and other improvements thereon
and therein.
12 . The Subdivider shall remedy any defective work or labor
or any defective materials and pay for any damage to other work
resulting therefrom which shall occur within a period of one
year from the date of acceptance of the work.
13. No occupancy permit shall be issued until an approved
"all weather" street frontage and access is constructed. The
issuance of any occupancy permits by the City for dwellings
located within said subdivision shall not be construed in any
manner to constitute an acceptance and approval of any or all
of the streets and improvements in said subdivision.
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14 . The Subdivider and his subcontractors shall pay
. for any materials, provisions, and other supplies used in,
upon, for, or about the performance of the 'work contracted
to be done, and for any work or labor thereon of any kind,
and for amounts due under the Unemployment Insurance Act of
the State of California, with respect to such work or labor,
and shall file with the City pursuant to Section 3800 of the
Labor Code, a certificate of workers' compensation and shall
maintain a valid policy of workers' compensation insurance for
the duration of the period of construction.
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15 , Initial compaction and soil tests for street , sewer,
.and other work within the public right of way shall be ordered
by and paid for by the City of Fresno. Sewer and utility
trench tests shall be taken in varying locations and depths
as required by the Engineer. Compaction tests failing to meet
.the City ' s requirements , shall be reordered by the City of
Fresno from the same testing laboratory . Billing for the re-
quired retests shall be made directly to the Subdivider or his
agent for payment . Compaction test for water facilities in-
stalled by the City of Fresno shall be paid for by the City
of Fresno.
16 . The Subdivider shall comply with Street , Plumbing ,
Building, Electrical , Zoning Codes and any other Codes of the
City.
17 . It shall be the responsibility of the Subidivder to
coordinate all work done by his contractors and subcontractors ,
such as scheduling the sequence of operations and the deter-
mination ofi liability if one operation delays another. In
no case shall representatives of the City of Fresno be placed
in the position of making decisions that are the responsibility
of the Subdivider. It shall further be the responsibility of
the Subdivider to give the Engineer written notice not less
than two (2) working days in advance of the actual date on
which work is to be started. Failure on the part of the Sub-
divider to notify the Engineer may cause delay for which the
Subdivider shall be solely responsible .
18 . Whenever the Subdivider varies the period during
which work is carried on each day, he shall give due notice
' to the Engineer so that proper inspection may be provided.
Any work done in the absence of the Engineer will be subject
to rejection. The inspection of the work shall not relieve
the Subdivider of any of his obligations to fulfill the agreement
as prescribed. Defective work shall be made good, and un-
suitable materials may be rejected, notwithstanding the fact
that such defective work and unsuitable materials have been
previously overlooked by the Engineer or Inspector and accepted.
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19 . Any damage to the sewer system, concrete work or street
paving that occurs after installation shall be made good to
the satisfaction of the City Engineer by the subdivider
before release of bond, or final acceptance of completed work .
20 . Adequate dust control shall be maintained by the
Subdivider on all streets within and without the subdivision
on which work is required to be done under this agreement, from
the time work is first commenced in the subdivision until the
paving of the streets is completed. "Adequate dust control" ,
as used herein, shall mean the sprinkling of the streets with
water, or the laying of a dust coat of oil thereon, with suffi-
cient frequency to prevent the scattering of dust , by wind or
the activity of vehicles and equipment, on to any street area
or private property adjacent to the subdivision. Whenever, in
the opinion of the City Engineer, adequate dust control is not
being maintained on any street or streets as required by this
paragraph; the City Engineer shall give notice to the Sub-
divider to comply with the provisions of this paragraph forth-
with. Such notice may be personally served upon the Sub-
divider., or, if the Subdivider is not an individual , upon any
person who has signed this agreement on behalf of the Sub-
divider, or, at the election of the City Engineer, such notice
may be mailed to the Subdivider at his address on file with the
City Engineer. If, within 24 hours after such personal service
of such notice or within 48 hours after the mailing thereof
as herein provided, the Subdivider shall not have commenced
to maintain adequate dust control or shall at any time there-
after fail to maintain adequate dust control , the. City Engineer
may , without further notice of any kind, cause any such street
or streets to be sprinkled or oiled, as he may deem advisable
to eliminate the scattering of dust , by equipment and personnel
of the City or by contract as the City Engineer shall determine ,
and the Subdivider agrees to pay to City, forthwith upon receipt
of billing therefore , the entire cost to the City of such
sprinkling or oiling. When the surfacing on any existing
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street is disturbed, this surfacing shall be replaced with
temporary or permanent surfacing within 14 calendar days and
the roadway shall be maintained in a safe and passable con- j
dition at all times between the commencement and final com-
pletion and adequate dust control shall be maintained during
these operations.
21. The Subdivider shall install all street improvements
in accordance with Section 12-1012 of the Municipal Code of
the City of Fresno and the construction plans . a.
22 . Concrete curbs and gutters, the sanitary sewer system
and house connections together with water mains , gas mains and
their respective service connections shall be completed in
the streets and alleys before starting the street and alley
surfacing.
23. Time is of the essence of this agreement, and the
same shall bind and inure to the benefit of the parties hereto,
their successors and assigns. .
24 . No assignment of this agreement or of any duty or
obligation of performance hereunder shall be made in whole or
in part by the Subdivider without the written consent of the City.
The parties have executed this agreement on the day and
year first above written.
CITY OF FRESNO, a Municipal Corporation
ATTEST: By �e'
��*� Public Wo Director •
j, UBDIVIDER:
SAVINGS & LOAN ASSOCIATION
BY:
APPROVED A TO FORM: -flack jK. Wise
JAMES A. cKELVEY i President, Investment Real Estate
City t grne
By SUBDIVIDER
Title L
*Attach Notary acknowledgment
Revised - Entirety, 4/73 va
8
r PERFORMANCE
INSTRUMENT OF CREDIT TO
GUARANTEE SUBDIVISION IMPROVEMENTS
(F.M.C. Section 12-1016)
THIS AGREEMENT, an instrument of Credit , wherein the undersigned,
GUARANTEE SAVINGS & LOAN ASSOCIATION
being a financial institution which is subject to regulation by the
State or Federal government hereby pledges that funds in the amount
Of nne Mill' orn Four ffundr O Ninery-six Thousand Two Hun(lre(+ Fifty Dollars
( $ 1 -z.r)h,2so- on ) are credited to the account of guarantee
-; avi nr,s F,I.c iul Associ=i ri on and are trust funds for the
purpose of guaranteeing to the City of Fresno to performance of
all required improvements in that certain Subdivision known as
Tra(-t No. 2771 - "San Joaquin Estates"
in accordance with the subdivision agreement therefore between the
undersigned and the City of Fresno datednr�QtQCY2.. to , [C( lb
a copy of which is attached hereto and made a part hereof together
with any subsequent amended agreement for the performance of any
changes or alterations in such work provided such changes or altera-
tions do not exceed 10% of the original estimated cost of the improve-
ment. "
In the event said improvements are not completed within the time
specified in the attached subdivision agreement or any extension
thereof , _,ga ant.ee Savi.ni s & Loan Association ' is hereby
directed to pay the entire remaining portion of said deposit or any
part thereof over to the City of Fresno upon its demand therefore for
the purpose of completing or contributing to the completion of said
improvements . Such demand may be executed by the Director of Public
Works of said City and shall be conclusive as to the incompletion of
said improvements and the correct amount to be paid to the City, and
qLjar;ntee Savinl>s & Loan Association compliance therewith shall
he without recourse of the undersigned Subdivider.
Upon completion of such improvements and acceptance thereof by
the Director of Public Works of the City of Fresno any portion of
said funds remaining shall be returned to the undersigned Subdivider
or his assignee.
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The funds hereinabove referred to shall constitute an irrevocable
trust for the benefit of the undersigned Subdivider and the City of
Fresno and may be modified or revoked only with the consent of both
the undersigned and said City .
The undersigned agree to pay all expenses in connection herewith,
including 'costs and reasonable expenses and fees , including reasonable
attorney ' s fees , incurred by the City in successfully enforcing such
obligation, all to be taxed as costs and included in any judgement
rendered .
The undersigned financial institution hereby stipulates and agrees
that no change, extension of time, alteration or addition to the
terms of the agreement or to the work to be Performed thereunder or
the specifications accompanying the same shall in any way affect its
obligations , and it does hereby waive notice of any such change,
extension of time , alteration or addition to the terms of the agree-
ment or to the work or to the specifications.
The undersigned agree that any and all legal proceedings to
enforce the prbvisions of this instrument of credit shall be instituted
and maintained in any court of competent jurisdiction in the County
of Fresno, State of California.
DATED: C�G OP>(!rL. 197U
Approval is hereby given
to the foregoing instrument THE UNDERSIGNED FINANCIAL INSTITUTION
of credit hereby agrees to all the terms and
conditions of the foregoing instrument
CITY OF FRESNO of credit and agrees to bound thereby.
RXR9(Zwq oer Q1(XR3491;x14XWQKkXX
PUBLTC )R ' , TRICTOR
By GUARANTEE SAVINGS & LOAN ASSOCIATION --
( of Financial Institution)
00
Title
By
g hor�;zed Agent
ack K. ise, Vice President
APPROVED AS TO FORM: Th ,und signed Subdivider hereby
T,NMPS A. KETXEY agrees to all the terms and conditions
XK1�Q$K. MKS of the foregoing instrument of credit
City A t rney / and releases the Financial Institution
executing said instrument of credit
BY_ from all liability except as therein
specifically set forth.
Title
— GUARANTEE SAVINGS & LOAN ASSOCIATION
Name- 01f Su wider
By
Vack Wise
Tit 1v, i residen- , Investment Real Estate
DV: jt
10/3/77
LABOR & MATERIAL
INSTRUMENT OF CREDIT TO
GUARANTEE PAYMENT OF SUBDIVISION IMPROVEMENTS
(F.M.C. Section 12-1016)
THIS AGREEMENT, an Instrument of Credit , wherein the
undersigned, Guarantee Savings L Loan Association
being a financial institution which is subject to regulation
by the State or Federal government hereby pledges that funds
in the amount of Seven Ilundred Ci.phty-seven Thousand Five Hundre(I
Dollars .
($ 787 , 500.00 ) are credited to the account of Guarantee
savings & Lnan Assn. , and are trust funds for the purpose
of guaranteeing to contractors, subcontractors , and to persons
renting equipment or furnishing labor and materials to them,
payment for all required improvements in that certain sub-
division known as Trncr No, 2777 - San Joaquin Estates ,
in accordance with an agreement therefore , by the undersigned
and the City of Fresno, dated -� �V o, E-75
a copy of which is attached hereto and made a part hereof ;
that said funds represents fifty percent (50%) of the esti-
mated cost of the improvement.
r.iiarea ne Savi rigs nnc' Loan Association will hold said
funds until such time as a certificate authorizing their re-
lease is executed by the Director of Public Works and delivered
to Gtararanren Sayings & Lonn Association Said release shall
be executed not less than six months after the completion and
acceptance of the work. In the event claims are made , an
action filed and notice thereof given in writing to the City
of Fresno within said six months period, the security shall
not be reduced in an amount less than the total of such claims .
That in the event a special assessment district is formed, and
a Labor and Materials Bond filed, the City may reduce the
improvement security provided herein in an amount corresponding
- 1 -
w �
to the amount of bonds furnished by the contractor.
DATED: ` OP7�.2. 10 (q-71
Approval is hereby given The Undersigned Financial Institution
to the foregoing instrument hereby agrees to all the terms and
of credit. conditions of the foregoing
instrument of credit and agrees
CITY OF "ESNO to be bound thereby.
l,, : . : M9
1'UBI,I C 1 2K ' L TOR
By GUARANTEE SAVINGS & LOAN ASSOCIATION
(Na a of Financial Institution)
Title �.?Xt;:[�.r 7�/ad�4 14b41% BY
(Au horized Agent)
Jack K. Wise, Vice President
The ndersigned Subdivider hereby
APPROVED AS TO FORM: agrees to all the terms and con-
_ ,\PIES A. ' oKEL.VEY ditions of the foregoing instrument
of credit and releases the Financial
City Att ney Institution executing said instrument
of credit from all liability except
By as therein specifically set forth
Title 7� GUARANTEE SAVINGS & LOAN ASSOCIATION
(Name of Subdivider)
By'7>,
Jack . Wise
Tit e Vice President, Investment Real Estat(
DV:ld
2/28/77 - 2 -