HomeMy WebLinkAboutT-3011 - Agreement/Covenant - 6/22/2006 SUBDIVISION AGREEMENT
THIS AGREEMENT is made this 6l day of ,
193N , by and between the City of Fresno, a Municipal Corporation,
hereinafter designated and called the "City" , and "SUNRISE UNLIMITED" ,
A joint venture of Golden Valley, Inc. , a California Corporation and
Financial Scene Incorporated, a California Corporation, 2134 North Fine,
Fresno, California, 93727, 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. 3011 - "SUNRISE - PHASE I"
a copy of which map is attached to and made a part of this agreement, and
said Subdivider has requested the City to accept the 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 precedent 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 here-
inafter 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.
AGREEIIENT
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 under-
stood by and between the Subdivider and the City, and the Subdivider and
the City do hereby mutually agree as follows:
4. The Subdivider shall perform the work and improvements herein-
after specified on or before January 31 , 19 81 (except as
provided for in Paragraph 1 ) , 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 15.
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 underground. The
Subdivider' s attention is directed to the installation
of street lights in accordance with Resolution No. 68-187
and Resolution No. 78-522. 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 luminaires shall be in accordance with Resolution
No. 78-522 and shall be approved by the City Traffic
Engineer.
C. Water main extensions and services shall be provided in
accordance with applicable provisions of Chapter 14, Article
1 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.
f. All "Dead-End" Streets created by this subdivision shall
be barricaded in accordance with City Standards within
seven (7) days from the time said streets are surfaced,
or as directed by the Engineer.
2.
I
g. Any temporary storm wI-er retention basins constructed
or enlarged to serve this Tract shall be fenced in accordance
with City Standards within seven (7) days from the time
said basins become operational , or as directed by the
Engineer.
h. Perform and construct all work shown on the attached
plans. City of Fresno Drawing Nos. 10-C-3998 through
10-C-4008, 15-C-4314 through 15-C-4321, 15-E-2937 and
F.M.F.C.D. Drawing Mos. EF1-1 through EF1-4, unless
specifically omitted herein.
i . A portion of the Subdivider' s water requirements is to
provide a water supply well . The water well site and its
respective transmission grid main connection to the Figarden
Drive transmission grid main as shown on the attached
plans is subject to revision.
Final selection of well site shall be approved by the City
and will be based on the results of test borings to be
made by the Subdivider.
Subdivider shall prepare and submit to the City for
acceptance, a Grant Deed for said Final selected well
site.
Revised construction plans shall be prepared by the Subdivider
indicating the final selected well site and the subsequent
transmission grid main required to connect the final selected
well site.
SPECIFICATIONS:
The pump installation and operation in its entirety shall
be patterened after other City wells. Specifications 'for
the precurements of the deep well turbine pump and companion
equipment shall be approved by the Public Works Director
prior to the advertising for bids.
The specifications of the pump shall have the following
limitations:
(a) Maximum horse power = 150
(b) Maximum system pressure = 55 psi
(c) Maximum draw down will be determined by the
specified yield of the well and in no case
will it exceed 20 feet without the approval
of the Director. -
(d) The water supply well shall have a minimum
capacity of 2,000 GPM unless otherwise
approved by the City Engineer.
Fire flow shall be determined using the Insurance Service
Office "Guide for Determination of Required Fire Flow"
(1972) or as designated by the City of Fresno Fire
Department.
Adjustment of various fees, charges, credits and refunds
for the above mentioned revision shall be mutually agreed
on between the Subdivider and the City.
j. The Subdivider shall obtain and dedicate to the City all
easements required for street purposes which the Subdivider
acquires in the next 90 days from the date of execution
of this Agreement. The Subdivider agrees to allow the
City to commence to acquire the necessary easements through
the lawful exercise of its Power Eminent Domain after
expiration of the 90 day time period mentioned above.
3.
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k. The Subdivider has deposited with the City cash in the
amount of $160,230.00. Such sum shall be security to pay
the City the full cost to acquire all necessary easements ,
including: Attorney' s fees, appraisal fees , court costs
and related expenditures, through the lawful exercise of
the City' s Power of Eminent Domain. Such security shall
be cash or immediately convertible to cash whenever, if
necessary, the City commences to exercise its Power of
Eminent Domain. If such sum is less than the actual full
cost to acquire all necessary right-of-way, the Subdivider
shall remit to the City the difference within 15 days of
the mailing to the such Subdivider of an itemized list
of such costs. If such sum exceeds the actual full cost
to acquire the subject right-of-way, the City shall refund
the difference as soon as the City determines the amount of
such excess.
1 . Reference is made to certain facilities shown on the
construction drawings for Tract 3011 to be constructed by
developer in and adjacent to the northerly corner of the
Fresno Metropolitan Flood Control District Retention Basin
"AE" located on Barstow Avenue near Valentine Avenue. The
completion date for installation of these facilities shall
be January 1 , 1981. This completion date is separate and
apart from any other completion date for other improvements
to be constructed pursuant to this agreement, and shall
not prevent the acceptance of said other improvements by
City in event their completion dates precede the completion
date for the facilities to be constructed in or adjacent
to said Bdsin "AE" . A bond or other surety shall however,
be provided to the City by developer until such facilities
are accepted by the Fresno Metropolitan Flood Control
District.
M. The Subdivider has deposited with the City the sum of
$ 203,953.00 for the following:
1. Inspection fees . . . . . . . . . . . . . . . . . .$ 26,492.56
2. Intersection Signing, 5 @ $70.00 . . . . . . . .$ 350.00
3. Traffic Regulatory Signing, 9 @ $35.00 . . . . .$ 315.00
4. Street Trees, 81 @ $25.00 . . . . . . . . . . .$ 2,025.00
5. Sewer Trench Water Compaction charge,
7,500 C.Y. @ $0.04 . . . . . . .$ 300.00
6. U.G.M. Traffic Signal charge; (Zone "C" )
27.71 Ac. @ $300.00 . . . . . . . . . . . .$ 8,313.00
7. U.G.M. Right-Of-Way charge . . . . . . . . . . . .$160,230.00
8. Temporary Pond Maintenance fee . . . . . . . . . .$ 1 ,000.00
9. Sanitary Sewer fees . . . . . . . . . . . . . .$ 678.85
a. Plan Review Fee $678.85
b. Major Facilities fee is to be paid
at time of development.
10. Water Charges . . . . . . . . . . . . . . . . . . .$ 14,886.64
a. Fire Hydrant,
457,745 S.F. @ $.0075 . . . .$ 3,433.09
b. Transmission Grid Main,
15.53 Ac @ $375.00 . . . . .$ 5,823.75
c. U.G.M. Well Development,
15.53 Ac @ $310.00 . . . . .$ 4,814.30
d. Water Construction,
61 Lots @ $1.25 . . . . . . .$ 76.25
e. Plan Review . . . . . . . . . .$ 739.25
Total Water Charges . . . . . .$14,886.64
4.
11. Water Credits/Reirbursements
a. Transmission Grid Main Credits/
Reimbursements
Total Credits . . . . . . . . .$ 37 ,711 .80
Present Credits . . . . . . . .$ 5,823.75[$ 5,823.75]
Sub-total . . . . . . . 31 ,888.05
Reimbursement Due Upon
Completion of Water Main
Installation . . . . . . . . .$ 4,500.00
Future Reimbursements
In Accordance With Fresno
Municipal Code Section
14-107. 1(d) (2) . . . . . . . .$ 27,388.05
b. Well Credits/Reimbursements
Estimated Well
Cost* . . . . . . . . .$100,000.00
Present Well Fee
Credit . . . . . . . . . . .$ 4,814.30[$ 4,814.30]
Future Reimbursement in
Accordance With Fresno
Municipal Code
Section 14-107.01(d)(2) . . . .$ 95,185.70
c. Fire Hydrant Reimbursements
(future)
8 Each @ $300.00 . . . . . .$ 2,400.00
Total Fees and Charges . . . . . . . . . .$203,953.00
* Actual Reimbursement to be Determined by Audit
7. Subdivider has paid to the City of Fresno, in accordance with
Article 13, Chapter 13 of the Fresno Municipal Code, the required fee to
defray the costs of constructing planned local drainage facilities for the
removal of surface and storm waters from the subdivision.
7a. The Subdivider hereby allocates the following described property
for use as a temporary facility to alleviate the flooding and drainage
problems anticipated to be caused by this subdivision and its improvements
until such time as the City, through its Public Works Director, releases
in writing such property from such use:
Those portions of Lots 1030 and 1031 of Bullard Lands Irrigated,
Subdivision No. 6, as shown on the Map thereof recorded in Book
8 of Plats at Page 25, Fresno County Records, described as
follows:
Commencing at a point that bears N. 38° 57' 13" E. , 165.79
feet and S. 45° 37' 37" E. , 140.63 feet from the most Westerly
corner of said Lot 1030: thence from said point as follows:
N. 380 57' 13" E. , 279.05 feet; S. 510 02' 47" E. , 260.00
feet; S. 380 57' 13" W. , 303.72 feet; and N. 450 37' 37" W. ,
261 .17 feet to the Point of Commencement.
r;
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5.
7b. Title to the above property is retained by the Subdivider.
The Subdivider shall improve said facility pursuant to City approved
J
construction plans and, upon completion of such improvements , the City
shall be permitted to enter upon such property and maintain said facility
in such a manner that the City sees fit until such written release is
issued; provided, however, that the Subdivider agrees to indemnify and
hold the City harmless from any liability which may occur as a result of
the existence and use of the facility or its maintenance.
7c. The Subdivider shall not commence any backfilling operation
of the temporary facility 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 property until the City issues its written
release.
7d. No written release shall issue unless the City Engineer is
satisfied that the temporary facility has been backfilled and compacted
properly and all temporary drainage structures, such as inlets, outlets,
pipes, and similar structures, have been plugged, removed, and disposed
of in accordance with the Standard Specifications of the City.
8. It is agreed that the City shall inspect all work. All of the
work and improvements and materials shall be done, performed and installed
in strict accordance with the approved construction plans for said work
t on file in the Office of the City Engineer of the City and the Standard
Specifications of the City, which said plans and specifications and standards
are hereby referred to and adopted and made a part of this agreement. In
case there are not any standard specifications of the City for any of said
work, it is agreed that the same shall be done and performed in accordance
with the standards and specifications of the State of California, Division
of Highways. All of said work and improvements and materials shall be
done, performed and installed under the supervision of and to the satis-
faction of the City Engineer of the City.
9. Prior to the approval by the Council of the City of said final
map the subdivider shall f0rnish to the City:
j (a) Performance security in the sum of One Million Thirty
Thousand Eight Hu,idred Dollars (1 ,030,800.00) , which is equal to
} 6.
. l l
100>; of the total estimated cost of the work required. Five percent
of said amount shall be cash or a certificate of deposit, or an
acceptable instrument of credit. All to be conditioned upon the
faithful performance of this agreement, and;
(b) Payment security in the sum of Five Hundred Fifteen
Thousand Four Hundred Dollars ($515,400.00) , which is equal to fifty
percent of the total estimated cost of the work required to secure
payment to all contractors and subcontractors performing work on
said improvements and all persons furnishing labor, materials or
equipment to them for said improvement. Bonds shall be by one or more
duly authorized corporate sureties subject to the approval of the
City.
(c) On acceptance of the required work, warranty security
shall be furnished to or retained by the City, in the amount of
Ten Thousand Six Hundred Fifty-Four Dollars ($10,654.00) , 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.
(d) Any and all other improvement security as required by the
Fresno Municipal Code, Section 12-1016.
(e) As a part of the obligation of the Subdivider and in
addition to any and all furnishing for faithful performance of this
agreement, the Subdivider agrees that the City shall be entitled to
costs and reasonable expenses and fees, including reasonable attorney's
fees which may be incurred in effectively enforcing the obligation
secured.
10. 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
reFult to any person or property by or from any cause whatsoever in,
on or about the subdivision 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
7.
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 performance of said work.
The Subdivider 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, and for one year thereafter. This
obligation shall be secured by the security posted pursuant to the provisions
of Fresno Municipal Code Sections 12-1016(a) and 12-1016(d) .
11. Certificates of Occupancy shall be issued by the Building
Official in accordance with the Fresno City Municipal Code.
In any case no Certificate of Occupancy shall be issued until all
of each of the following improvements have been constructed or installed
to the satisfaction of the Engineer;
a. Water and Sewer Systems (within Tracts) .
b. Water and Sewer Systems (UGM extensions) .
C. Storm Drain Facilities.
d. Temporary or permanent drainage pond.
e. Streets (including finish surface of asphalt concrete
pavement) within Tracts.
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.
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.
8.
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.
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 and shall maintain a valid policy of workers' compensation
insurance for the duration of the period of construction.
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 required
retests shall be made directly to the Subdivider or his agent for payment.
Compaction test for water facilities installed 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 all other Codes of the City.
17. It shall be the responsibility of the Subdivider to coordinate
all work done by his contractors and subcontractors, such as scheduling
the sequence of operations and the determination of 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 Subdivider to notify the Engineer
may cause delay for which the Subdivider shall be solely responsible.
9.
' � l
18. Whenever the Subdivide- vories 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 unsuitable materials
may be rejected, not withstanding the fact that such defective work and
unsuitable materials have been previously overlooked by the Engineer
or Inspector and accepted.
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 sufficient
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 Subdivider
to comply with the provisions of this paragraph forthwith. Such notice
may be personally served upon the Subdivider, or, if the Subdivider is not
an individual , upon any person who has signed this agreement on behalf of
the Subdivider, 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
thereafter fail to maintain adequate dust control , the City Engineer may,
without further notice of any kind, cause any such street or streets to
10.
be s{,rinkled or oiled, as he may deer 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 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 condition at all times between the commencement and final completion
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.
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.
STATE OF CALIFORNIA)
ss:
COUNTY OF SAN DIEGO)
On this 31st day of August, 1979, before me, the a Notary
Public in and for said County and State, personally appeared Robert M.
Balzhiser, knCr,111 to me to h,.-� the Vice President, and Emile N. Khoury
kna,m to me to be the Assistant Secretary, of Golden Valley, Inc. , the
corporation that executed the within instrument, said persons being known
to me to be the persons who executed the within instrument on behalf of
said corporation, said corporation being known to me to be one of the
joint venturers of Sunrise Unlimited, the joint venture that executed
tze within instrument, and acknowledged to me that such corporation executed
the same, both individually and as joint venturer of said joint venture,
and that such joint venture also executed -the same.
11ITNESS my hand and official seal.
C,II.ARLENE A ROBINSON
` cam J _ N:��l1R;
� '
"U31-IC Ch'1: f,:NIA
/ / � �' �i,� rl'� PRINCIPAL OFFICE IN
Notary F lc In an or Sal County an art DIEGO COUNTY
My Commission Expires June 14, 19II1 =
rfuuuuwwmm m.... nn.nnummn..... uununumnnnnwnmm�umuw mF
Lj,C Jdlll=j- Lii 1i141Vl.0 uu s.iy .....,. .�.. _,v...••.. •v.........�- ��__��_� �__- _��-�-_ �_� —�. ��
venture also executed the same.
,WITNESS my hand and official seal. I L
ORNIA
C+- c... c :i r: .l ll, 19J1
FAII'IIFUL I3ON�
TONf� NO: 730 97 71_
— - - --- --- ---
TY-TIM PMYTM:$9,793.00
ul,cl,ivision reemei
WHEREAS , t h TrTT Sty i)NLIr,I'i'I�1 !�f JOINT n N J:TJP, rYit 0 F[P(��FD n C LDFT1 �ALI Y, IN(
California, and )\TqD IP TN 1\1(--T,-,\T. TNICY PRORATED
(herein designated as "principal ") have entered into an agreement
whereby principal agrees to install and complete certain designated
public improvements , which said agreement , dated '5_ ael� // 0 /�7g
and identified as project SUM= - TRACi' 3011
FRESNO, CA , is hereby referred to and made
a part hereof ; and
WHEREAS , said principal is required under the terms of said
agreement to furnish a bond for the faithful performance of said
agreement .
Now , therefore , we , the principal and TITF AT'IF?RTC'AN TNSURANCF M-IRTTI
as surety , are held and firmly bound unto the City of Fresno ,
(hereinafter called "City") , in the penal sum of NIrTF I--TUMPFD SF%TN Y-
NINF THOUS.7ITTD 7.10 ITUNDRED SI,77 &NO/1Ml lars ($ 979,260.00 )
lawful money of the United States , for the payment of which sum
well and truly be made , we bind ourselves , our heirs , successors ,
executors and administrators , jointly and severally , firmly by
these presents .
The condition of this obligation is such that if the above
bounded principal , his or it ' s heirs , execu-' ors , administrators ,
successors or assigns , shall in all things stand to and abide by ,
and well and truly keep and perform the covenants , conditions and
provisions in the said agreement and any alteration 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, its officers , agents and employees, as
therein stipulated, then this obligation shall become null and
void ; otherwise it shall be and remain in full force and effect.
As part of the obligation sacured hereby and in addition to
the face amount specified therefor , there shall be included costs
and reasonable expenses and fees , including reasonable attorney ' s
fees , incurred by City in successfully enforcing such obligation ,
all to be taxed as costs and included in any judgement rendered.
The surety hereby stipulates and agrees that no change , exten-
sion 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 anywise affect its obligations on
this bond, and it does hereby waive notice of any such change ,
extension of time , alteration oraddition to the terms of the
agreement or to the work or to the specifications .
In witness whereof , this instrument has been duly executed
by the principal and surety above named , on ALJGUgT 7.3,
19 79 .
SUNRISE INT TMITFD, A JOTW VFNi�[JJZF COtiT�SF]
OF GOLDEN VALLEY, INC. AND FimANCTAL SC�, T,
NCORPORATED
RYA`
By
Principal
TFF IVTRT()\N 1TISURA>\1C7 COMPANY
t
By C }-.7�Z
By : TJIVX_Y F. r; IFR, ATTn s,T]F"-DJ-FACT
Surety
Acknowledgement by attorney-in-fact must be attached.
DV : jt
• POM ;fin: 730 97 71
1TITM INCI Ml )
SUI3DI I DER' S
PAYMENT BOND
WHEREAS , the� Cit Council of the City of Fresno, State of
California , a n d TNnN�Fn S r TNC' oa,� MP CnNW ern nF G,OMM VILIFY, PIC. AN
(hereinafter designated �atsN� "principal " ) have entered into an
agreement whereby principal agrees to install and complete certain
designated public improvements , which said agreement , datedT:
//. , 19 *7?_, and identified as project SUNRISE -
TRACI' 3011 , is hereby referred to and made a part hereof ;
and,
WIIE'REAS , under the terms of said agreement, principal is re-
quired before entering upon the performance of the work, to file
a good and sufficient payment bond with the City of Fresno to se-
cure the claims to which reference is made in Title 15 (commencing
with Section 3082 ) of Part 4 of Division 3 of the Civil Code of the
State of California.
Now, therefore, said principal and the undersigned as corporate
surety, are held firmly bound unto the City of Fresno and all con-
tractors, subcontractors , laborers , material men and other persons
employed in the performance of the aforesaid agreement and referred
to in the aforesaid Code of Civil Procedure in the sum of FIVE HUNDRF,D
FIFTEEN THOUSAND, FOUR HUNDrTD -dollars ($ 515,400.00 ) , f o r materials
furnished or labor thereon of any kind , or for amounts- due the
Unemployment Insurance Act with respect to such work or labor, that
said surety will pay the same in an amount not exceeding the amount
hereinabove set forth , and also in case suit is brought upon this
bond , will pay, in addition to the face amount thereof , costs and
reasonable attorney ' s fees, incurred by City in successfully enforcing
such obligation , to be awarded and fixed by the court , and to be taxed
as costs and to be included in the judgement therein rendered .
It is hereby expressly stipulated and agreed that this bond shall
inure to the benefit of any and all persons , companies and corpora-
tions entitled to file claims under Title 15 (commencing with Section
3082 ) of Part 4 of Division 3 of the Civil Code , so as to give a right
of action to them or their assigns in any suit brought upon this bond .
Should the condition of this bond be fully performed , then this
obligation shall become null and void , otherwise it shall be and re-
main in full force and effect .
The surety hereby stipulates and agrees that no change, extension
of time, alteration or addition to the terms of said agreement or the
specifications accompanying the same shall in any manner affect its
obligations on this bond , and it does hereby waive notice of any such
change, extension , alteration or addition.
In witness whereof , this instrument has been duly executed by
the principal and surety above name , on AUGUST 23
19 79
SUNRISF ITNLTMITRD, A JOINT VFNI J— Comm-ED
OF GOLDEN VALLEY, INC. AND FIN7MCIAL SCENE
INCOPP RATED F
By :, �:-, " �, ,•2._
Principal
THE AMERTCAN INSIJPANCR COMP
By : •L ,�; �•S�,�,C��_
By : NANCY E. G ,. ,R, AiTnRNFY-IN-FA('I'
Surety
Acknowledgement by attorney-in-fact must be attached.
Rev. 10/3/77
PERFORMANCE INSTR;;�IENT OF CREDIT
FOR SUBDIVISI9 N AGREEMENT
An Agreement and Instrument of Credit between "Sunrise Unlimited" , A Joint venture
of Golden Valley, Inc. , a California Corporation and Financial Scene Incorporated,
A California Corporation, hereinafter referred to as "Subdivider" , and
Wells Fargo ,_r&, N. A. , hereinafter referred to as "Obligor" , and the City of
Fresno, hereinafter referred to as "City".
The Obligor declares that it is a Financial Institution which is subject to regu-
lation by the Federal Government, and hereby pledges
that funds in the amount of _T=,-7'-0NE, MOUDAN10 F_�IE IUNDPTI) P-ND FO_?-Y 12ND 1'0/100.
($ 51,540.00 ) are irrevocably credited to the account of Subdivider,
for the purpose of compliance with the five percent (5'/0) cash requirement of Sec-
tion 12-1016 (b) of the Fresno Municipal Code and of guaranteeing to City the per-
formance of all required improvements in that certain subdivision known as Tract
No. 3011 in accordance with the Su_�, / /bdivision agreement between Subdivider and the
City of Fresno dated4d! / a copy of which is attached
hereto and made a part hereof together with any subsequent amended agreements .
The Obligor agrees that upon receipt of written demand signed by the City' s Chief
or the Director o_`7 Public Wor1_s of the City or Fresno
Administrative Officer immediately pay such sum as is
set forth in such demand to the extent of, but not exceeding the amount of the
funds pledged by this instrument from such funds to the City's Director of Finance
to be used for payment of the costs of the abovementioned improvements and the
completion thereof.
The Obligor further agrees that it shall hold the abovernentioned sum of money to the
credit of theaccount of Subdivider as trust funds for the uses and purposes herein
set forth or such amount thereof as shall remain until the expiration date of this
commitment, unless Obligor sooner receives written notice signed by the City's Chief
Administrative Officer that the above-identified Subdivision Agreement has been fully
rerformed and that the release of such funds is authorized.
by execution and delivery of this instrument of credit to the City, Obligor is re-
lieved of any and all liability to the City except as set forth in this instrument.
The Obligor' s commitment shall expire one year and sixty days after the expiration
date of the abovernentioned Subdivision Agreement.
Dated this _ ` I _ day of 197
G
at Fresno, California.
Accepted: "Obligor" hereby agrees to all the terms
and conditions of the foregoing instru-
ment of credit and agrees to be bound
thereby.
CITY OF FRESNO
DIRECTOR OF PUBLIC WORKS
By / f�1 �L Z' W aZZ FARGO SENT{, N. A.
"Obligor"
n ,
By
Authorized Agent
By
i
APPROVED AS TO FORM: "Subdivider" hereby agrees to all the
terms and conditions of the foregoing
JAMES A. MCKELVEY instrument of credit.
City Attorn y
By
Title Lf Sunrise Unlimited, a joint venture
Name of Subdivider
1 Golden Va�ley, Inc.
By
Title
By: Zia
Title (-
Financial Scene Incorporated
By:
nsl_�-
Title z!!:N«- II&W
Title ):���_ .
r
MODIFICATION OF SUBDIVISION AGREEMENT
The CITY OF FRESNO, a municipal corporation, hereinafter
referred to as "City" , and "SUNRISE UNLIMITED" , a joint venture
of GOLDEN VALLEY, INC. , a California corporation and FINANCIAL
SCENE INCORPORATED, a California corporation, hereinafter re-
ferred to as "Subdivider" agree as follows :
RECITALS
1. The City approved the Final Subdivision Map of Tract
No. 3011, "Sunrise" on September 11 , 1979 and pursuant to this
approval , required the Subdivider to enter into a Subdivision
Agreement, hereinafter referred to as "Subdivision Agreement" ,
to guarantee the installation of public improvements.
2 . Pursuant to this Subdivision Agreement, the Subdivider
has posted security in the form of cash in the amount of $160 , 230
to guarantee acquisition of the necessary rights of way for
street construction.
3 . The Subdivider has dedicated to the City portions of
the street rights of way necessary for street construction and
the full amount of posted security is no longer needed to se-
cure the Subdivider' s performance.
4 . The City has adopted Resolution No. 80-178 authoriz-
ing the Public Works Director of the City of Fresno to modify
the Subdivision .Agreement pertaining to Tract No. 3011 and re-
lease $76 ,230 of the security posted for acquisition of street
rights of way.
AGREEMENT
In consideration of the above, it is mutually agreed and
understood by and between the Subdivider and the City, and the
Subdivider and the City do hereby mutually agree and thereby
modify the Subdivision Agreement as follows :
1 . The City shall release the amount described above
and the Subdivider shall acknowledge receipt of said payment
at the time this Agreement is executed.
2. The Subdivider agrees, as a part of the obligation
of the Subdivider and in addition to any and all security fur-
nished for the faithful performance of the Subdivision Agreement,
that the City shall be entitled to costs and reasonable attorney' s
fees which may be incurred in successfully enforcing the obliga-
tion secured under the terms of the Subdivision Agreement.
3. This release of a portion of the security required for
the acquisition of right of way, shall in no way release the
Subdivider of any of his obligations required pursuant to
Paragraph 6, Sections (j ) & (k) of the Subdivision Agreement.
4 . Unless otherwise modified by the terms of this
Modification of Agreement, the terms of the Subdivision Agreement
STAIE OF CALIFORNIA )
COU Y OF SS.
Fraann
On March '�i . 1980 before me , the undersigned, a Notary Public in an
for said County and State, personally appeared Robert M. Balzhiser known to me to be the
Vice President of GOLDEN VALLEY, INC. , the corporation that executed the within instru-
ment and known to me to be one of the persons who executed the within instrument on behalf of
said corporation, said corporation being known to me to be one of the joint venturers of
SUNRISE UNLIMITED, the joint venture that executed the within instrument, and acknowledged to me
that such corporation executed the same, both for itself and as such joint venturer and that suci
joint venture executed the same.
STATE OF CALIFORNIA )
SS.
COUNTY OF San Diego )
On April 4, 1980 before me, the undersigned , a Notary Public
i in an for saidCounty and State, personally appeared Emile N . Khoury ^- known
+n Mn +n ho +Fin A __+ r-- nF roi nc-N, 1/AI I CV rnir
STATE OF CALIFORNIA ) SS.
COUNTY OF SAN DIEGO )-
On this 2nd day of ril 1980 , before me, the undersigned, a Notary Publicit, knownoarnndd
for said County and State, personally appeared D. R. McArthur
to be the Executive Vice President, and Patricia R. Hirai
known to me
to be the Assistant Secretary of FINANCIAL SCENE INCORPORATED, the corporation
ersons being known to me to be the persons who
that executed the within instrument, said p
corporation being known
executed the within instrument on behalf of said corporation, said corpor
to me to be one of the joint venturers of
Sunrise Unlimited the joint ventu:
that executed the within instrument, and acknowledged to me that such corporation executed
the same, both individually and as joint venturer of said joint venture, and that such joi.
venture also executed the same. L' ?rSSSZ'LSrsS2-�rn�r��e^�7ny�n5q
orricIA'. s=AL
m hand and official seal . - ; A\ _T T. c.-�;TRY
WITNESS y '� ^• r;ci NIA
jir
y
IV:
7 ^� My Commission Exp:res J:.ucr.� 11, 1981
Notary'Public inand for said County and State. szsas�zs�szs2s�s���� � �5�5�5
-2-
t,.
AMENDMENT TO SUBDIVISION AGREEMENT
TRACT NO. 3011 - PHASE I
r
THIS AMENDMENT is made this day of � e ,
19�, by and between the CITY OF FRESNO, a municipal corporation,
hereinafter referred to as "City" and SUNRISE UNLIMITED, A
joint venture of Golden Valley, Inc . , a California Corporation
and FINANCIAL SCENE, INC. , a California Corporation,
2134- North Fine, Fresno, California 93727 hereinafter designated
and called the "Subdivider" .
WHEREAS, on September 11 , 1979 City and Subdivider
entered into a Subdivision Agreement, hereinafter referred to
as "Agreement" , whereby Subdivider agreed to construct certain
public improvements, all as delineated and shown on the
Final Map of Tract 3011 - Phase I, a copy of which is attached,
in consideration of, and as a condition precedent to, the
acceptance and approval by City of such Final Map; and
WHEREAS, item 6 (i) of the Agreement requires the
installation of a water supply well as a portion of the
water and sewer systems; and
WHEREAS, the Subdivider has constructed all of the
public improvements required by City with the exception of the
aforementioned water supply well and has therefore requested
that the City accept the completed improvements;
NOW, THEREFORE, THE PARTIES HERETO, IN CONSIDERATION OF
THE PROMISES AND COVENANTS CONTAINED HEREIN DO HEREBY MUTUALLY
AGREE AS FOLLOWS:
1 . City will extend the Agreement completion date from
January 31, 1981 to _ January 31 , 1982 to allow the Subdivider
additional time to complete the installation of the water
supply well.
1
(,-,APPROVED BY CITY COUNCIL,
19 .
JAC-IUELINE L. R LE,CITY CLERK
By
DEPUTY
2 . Subdivider promises to and will immediately furnish
and deposit with City a warranty security in the amount
of $10, 654 . 00 in cash or by a Certificate of Deposit for
guarantee and warranty of the work heretofore performed by
Subdivider for a period of one year following the date of
execution of this Amendment, which shall be the date of the
acceptance by the City of said work, against defective work
or labor done or defective materials furnished.
3. Subdivider promises to and will immediately furnish
and deposit with the City cash or Certificate of Deposit
in the amount of $20 , 000. 00 as performance security for
construction of the remaining water supply well.
4 . On acceptance of the water supply well, warranty
security shall be furnished to or retained by the City,
in the amount of $200. 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.
5. The City agrees to release all performance security
originally furnished by the Subdivider at the time of
recordation of the Final Map of Tract No. 3011 - Phase I.
Labor and materials security shall be retained by the City
and released after 6 months in accordance with City policy.
6. The construction by Subdivider of the remaining
water supply well improvements in Tract No. 3011 - Phase I
shall be done in accordance with the provisions of the
Agreement.
1
7. Except as modified or amended by this Amendment to
Agreement, all provisions of the Agreement shall be and
continue to be in full force and effect.
The parties hereto have executed this Amendment on thq
day and year first above written.
ATTEST: CITY OF FRESNO,
a Municipal Corporation
JACQUELINE L. KYLE, /
By
I .�
B
City Clerk Pub c Works Director
SUBDIVIDER: SUNRISE UNLIMITED,
A JOINT VENTURE
By BY GOLDEN VALLEY, INC.
APPROVED AS TO FORM: By
JAMES A. McKELVEY, Title
City Attorney - =
B
Y .
Title � �•
By
BY FIA?ANCIATI SC`.:NE, INC.
Title
By
Title
By
;o Ieae CA te.74t r�TITLE INSURANCE
1�orporation) AND TRUST
STATE OF CALIFORNIA SS. ATICOR COMPANY
COUNTY OF San Diego
On June 15, 1981 _before me, the undersigned, a Notary Public in and for said
jState,personally appeared A. C. Bregante ;
known to me to be the Executive Vi a President, and--Iliane F—Thatch .r
� known to me to be Assistant _Secretary
= of the corporation that executed the within Instrument,
known to me to be the persons who executed the within
a Instrument on behalf of the corporation therein named, and
U) acknowledged to me that such corporation executed the _6F —
within instrument pursuant to its by-laws or a resolution of FLCIAL SEAL
' y
its board of directors. NONE BAILEY
"' o.. 'd�^ NOTAI7Y PUBLICf.otL-pRNi� ;
f,KR;
WITNESS my hand and official seal � SAN DIEGO COUNTY
_ •�"'' My comm. expires APR 30� I9
I 1
/ Signature i /I ` - _ -Lc} l
(This,area for official notarial seal)
within Instrument pursuant to its by-laws or a resolution of
^cr. ° NOTARY PUBLIC CALIFORNIA;
IW its board of directors. yl PRINCIPAL OFFICE IN
WITNESS my hand and official seal. °°"° SAN DIEGO COUNTY
My Commissian Expires June 18, 1984
'r'L115�f LW1 W.Fr'.YI�'Ltil'.S'l.'LI'�'
Signature
(This area for official notarial seal)
BY
Title V
By _
Title
*Attach Notary Acknowledgement
TITLE
poration) AND INSURANCE
AND TRUST
STATE OF CALIFORNIA 1 ATCOP COMPANY
COUNTY OF
San Diego 1(` SS.
On June 5, 1981 before me, the undersigned, a Notary Public in and for said
State,personally appeared Russ R. Richard
I
known to me to be the_ EXeCuti Ve V i Ce president, and Wilbur E. Johnson
known to me to be Assistant Secretary
of the corporation that executed the within instrument,
known to me to be the persons who executed the within
Instrument on behalf of the corporation therein named, and OFFICIAL' CIAALLSOFFI' SEAL`L "N%%V
acknowledged to me that such corporation executed theMITZ
within instrument pursuant to its by-laws or a resolution of NOTARY
U ALEXANDER r
a o• ;o PUBLIC CAVI ORNIA;
its board of directors. PRINCIPAL OFFICE IN
WITNESS my hand and official seal. "' °"" SAN DIEGO COUNTY
My Commission Expires June 18, 1984
'Y5N5r'.'rti+W�W151L'YI.W."rtiY.SV.'YY
Signature
(This area for official notarial seal)
Jr
fflz'
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"e r. ` a�Ilai.�'• �•F•.�Jw�Z'.• +�.i'.u,`.��.i• %a X-M.' T�'+t i, . ''tl+re •I' ... .. .•,f-�-ti. .
TRACT 3 011 - PHASE i - SUNRISE Loan No 1070D
San Diego, California
$20, 000 . 00 July 10, 1981
FOR VALUE RECEIVED, the undersigned SUNRISE UNLIMITED,
a joint venture composed of GOLDEN VALLEY, INC. , a California
corporation, and FINANCIAL SCENE INCORPORATED, a California
corporation, ( "Borrower") promises to pay to the order of WELLS
FARGO BANK, N.A. ("Bank") at its Real Estate Industries Group
office at 600 "B" Street, Suite 2041 , San Diego, California
92101, or at such other place as the holder hereof may designate,
in lawful money of the United States of America, the principal
sum of TWENTY THOUSAND AND N0/100 DOLLARS (20 , 000 . 00) , with
interest on the outstanding balance from the date of disbursement
at the rate per annum (computed on the basis of 360 day year,
actual days elapsed) equal to two and three quarters percent (2 3/4%)
above the Bank ' s "Prime Rate" , which is a base rate that the Bank
from time to time establishes and which serves as the basis upon which
effective rates of interest are calculated for those loans making
reference thereto. Each change in the rate of interest hereunder
shall become effective on the date each Prime rate change is announced
within the Bank.
Interest accrued on this Note shall be payable monthly
commencing the first day of the month next following execution
hereof.
Principal shall be payable in full on the earlier of
30 days after disbursement or March 31, 1982.
The following shall constitute Events of Default hereunder :
1. Failure to make any payment of principal or interest
when due .
2. Filing of a petititon by or against Borrower under
_ the Bankruptcy Act, as amended from time to time,
or similar law.
3. Appointment of a custodian, receives`, trustee or
liquidator of or for any part of the assets or
property of Borrower.
4 . A general assignment by Borrower for the Benefit
of creditors or an admission by Borrower in writing
that Borrower is unable to pay debts generally as
they become due.
5 . Death or incapacity of any individual Borrower, or
dissolution or liquidation of any Borrower which
is a corporation, partnership or joint venture.
6. The occurrence of any breach or event of default
under any Security Agreement or Pledge Agreement
securing this Note .
Page 1 of 2
7. Default by Borrower under the terms of any agreement
or instrument pursuant to which Borrower has borrowed
" money from any person. or entity .
8 . Borrower' s failure generally to pay Borrower ' s debts
as they become due .
Should any Event of Default occur, the holder of this i1ote,
at holder' s option may declare all sums of principal and interest
outstanding hereunder to be immediately due and payable' without
presentment, demand or notice of dishonor, all of which are
expressly waived. All principal and interest remaining unpaid on
the agreed or accelerated date of maturity shall , at the option of
the holder, bear interest at the rate of TWO PERCENT ' 2%) in excess
of the rate effective before maturity. Borrower agrees to pay all
costs and expenses , including reasonable attorneys fees , incurred
by the holder in connection with the enforcement of this Note or the
protection or preservation of any rights of the holder hereunder.
Should more than one person or entity sign this Note ,
the obligations of each signer shall be joint and several .
This Note shall be governed by and construed in accordance
with the laws of the State of California .
SUNRISE UNLIMITED
a California joint venture
By: GOLDEN VALLEY , INC . ,
a California corporation
Joint V urer
By:
Title
By
(affix corporate seal)
Title
By: FINANCIAL SCENE INCORPORATFD,
a California corporation
Joint Venturer
BY
Ti
(affix corporate seal)
By r- -cai
Title
Page 2 of 2
PERFORMANCE
INSTRUMENT OF CREDIT TO
GUARANTEE SUBDIVISION IMPROVEMENTS
(F .M.C. Section 12-1016)
THIS AGREEMENT, an instrument of Credit, wherein the unders:.gned,
I-TJ,T S FARGO BAI\TK, N.A. ,
being a financial institution which is subject to regulation by the
State or Federal government hereby pledges that funds in the amount
Of TVTNTY THOUSAND AND NO/100 MTs ARS
($ 20,000.00 ) are credited to the account Of SUNRISE.
UNLIMITED, a ioint venture and are trust funds for the
purpose of guaranteeing to the City of Fresno the performance of
all required improvements in that certain Subdivision known as
Tract No. 3011 - Phase T - STURTEE
in accordance with the subdivision agreement therefore between the
Subdivider
undersigned/and the City of Fresno dated September 11, 1979 ,
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, V=S FPRGO BAN7, N.A. is hereby
directed to pay the entire 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
WF:T,TS FARGO BP.M<, N.P. compliance therewith
shall be without recourse of the undersigned Subdivider.
1
Upon completion of such improvements and acceptance thereof by
the Director of Public Works of the City of Fresno any portion of
ti
said funds remaining shall be returned to the undersigned Subdivider
or his assignee.
Page 1 of 3
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 ternts of the agree-
ment or to the work or to the specifications.
Notwithstanding anything to the contrary contained herein, the obligations and
liabilities of Wells Fargo Bank, N. A. hereunder shall expire on March 31, 1982.
The undersigned agree that any and all legal proceedings to enforce the
provisions 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:
Approval is hereby given to
the foregoing instrument of THE UNDERSIGNED FINANCIAL INSTITUTION
credit hereby agrees to all the terms and
CITY OF FPFSNO conditions of the foregoing instrument
of credit and agrees to bound thereby.
� . , ;1
PUBLIC ORKS 'DIRECTOR
WELLS FARGO BANK, N. A.
APPROVED AS TO FORM: By:
JAMES A. McKELVEY Title -� �✓ j! r l.&
City Attorney
By: /
Title:
1
page 2 of 3
The undersigned- Subdivider hereby agrees to all the terms and conditions
of the foregoing instrument of credit and releases the Financial Institution
executing said instrument of credit from all liability except as therein
specifically set forth.
SUNRISE UNLIMITED
a Joint Venture
By: GOLDEN VALLEY, INC. ,
a California corporation
joint v er
(affix corporate seal) By:
Title V. P.
.' r
- By:
Title f� c
By: FINANCIAL SCENE INCORPORATED
a California corporation
joint venturer
By:Q Q —
(affix corporate seal) BI
•� ���
Title G C
1
page 3 of 3
A:i.'; L ilia(`Ill Lll 1.110 I ,.
San Diego Federal Savings and Loan Association
T Plus Certificard Account . ,.
i Fixed Term/Fixed Rate
I. Account Summa
+
` 6_00300825-9 Initial Maturity Date April 8, 1982
Account Number_ __
_ r-( Bate of Issuance October__8� 1981 Offering Date_ 10-05-81 _ - :i -';ti.���:•y
Openin Balance—. _10�654.00 Avera e Auction Yield 15.210
4
Rate of Earnings1468!_ _Term — 26 weeks
Minimum Balance— $10,000 Renewal Term Rale — See Section IV
r Interest shall be paid on_____ October 31 _ _ 19 81
and monthly or quarterly thereafter either in the form of a check or by transfer to another San Diego Federal account.ex-
cept that on the maturity date.earnings will be credited for the period since the last interest payment to the maturity date.
This certifies that the above stated sum has been deposited in a non-negotiable,non-transferable savings deposit under
the above stated terms in
SAN DIEGO FEDERAL SAVINGS AND LOAN ASSOCIATION payable only to: i
Golden Valley, Inc.
;� 'ti ,� . _•.' as holders(s). v
11. Deposits
No deposits are permitted after the opening date.
III. Earnings
This savings deposit shall receive earnings at the rate stated in the above account summary.The Rate of Earnings for this ,
account has been determined by the average auction yield,on a discount basis,for 26 week(6 month)U S Government
1 Treasury Bills for the Offering Date stated above. Interest is computed on a simple interest 365/360 day basis. If the
average auction yield is below 7.7590,the Rate of Earnings will be 7.75% If the average auction yield is between 7.75%
and 8.50%,the Rate of Earnings will include.50%in addition to the average auction yield.If the average auction yield is
between 8.51%and 8.74%.the Rate of Earnings will include a differential to increase the rate to 9% If the average
•: ,f auction yield is 8.75°/,or above.the Rate of Earnings will include.25%in addition to the average auction yield.Such 1 _ �^- �'t �►t � �`
earnings shall be payable on the distribution dates as staled in the above summary.it the balance is reduced below the I
minimum balance requirement,the rate of earnings on the remaining balance shall be reduced to the rate then paid on
regular savings accounts.Funds earn from date of receipt.Monthly or quarterly interest on this account must be mailed
' to the accountholder in the form of a check or transferred at the time of payment to a regular account at San Diego
f Federal.Earnings which are credited on the maturity date shall become principal if and when the account is renewed as
provided in Section IV.
IV. Renewal
} This savings deposit shall be automatically renewed for an additional 26 weeks(6 months)at the close of business on the
Initial Maturity Date or on the maturity date of any Renewal Term at the then prevailing rate for like accounts as permitted
i by Federal Home Loan Bank Board Regulations.unless(1)it is withdrawn within the 10 day period referred to in Section
V hereof,or(2)at least 10 days prior to any maturity date,the association gives written notice to the Accountholder that I s',-;.a�:;, ; .
.�,rr�r' �.-y•.r� this account will not be renewed.In such latter event,the account will be converted to a regular savings account and 13'~`_" • `� t .` r a
receive earnings at the rate then paid on regular savings accounts.In the event of such renewal,all interest credited will
become principal unless withdrawn during the 10 day grace period set forth in Section V. _
V. Withdrawals/Penalty Disclosure
1iflii In the event of any withdrawal from this account during the original term or any renewal term,there will be a penalty
Imposed which is equivalent to 90 days simple interest at the account rate,even II the amount of the penalty is
k greater than the amount earned on the account. To the extent necessary to comply with these requirements, .- • ,;--1
i a• i deductions shall be made from the amount withdrawn or the remaining account balance.If the account balance or
any portion thereof Is withdrawn not more than 7 days after the Initial Maturity Date or the maturity date of any
}. _._.w....;.\. .• renewal term,earnings shall be paid to the date of withdrawal at the rate of earnings for the most recent term.
'Funds withdrawn after the 7th day following the maturity date but before the 11th day will earn no Interest for the 1
period since maturity.Funds withdrawn 11 or more days following maturitywill he subject to the penalty described I
herein:Any withdrawal which reduces the account balance below the Minimum Balance Requirement, or any
change in the term or Rate of Earnings shall be considered as withdrawal of the entire account balance and shall be
subject to the penalty prescribed herein.Thereafter,the funds remaining on deposit which are below the Minimum
i Balance Requirement shall earn interest at the regular rate of interest,except that no interest shall be paid on a balance of J +
e less than$10 The penally prescribed herein will not be imposed for withdrawals of principal following the death or
l adjudication of incompetence of any Accountholder.
VI. Offering Date
The Offering Date as stated in the account summary section is intended to refer to the most recent weekly auction date for I4
U S.Treasury Bills.The weekly auction is normally held on Monday and the average auction rate is available for issue ye -
t three working days later,on Thursday. If Monday is a holiday the auction is held on the previous Friday. San Diego
•_ �.: �,� .. Federal T-Plus Certificate Accounts will also be available three working days after the date the auction is held
.. (the offering date). ..^ ►" M._:tom.
VII. Check Hold Policy
Checks which are accepted or negotiated by San Diego Federal are subject to our collection of these items according to
t customary banking practice. For your protection and ours,when a check is accepted• a hold for that amount may )
temporarily be placed on your account until the check clears. Please allow:7 days for checks drawn on local banks, r
9 days for out-of-county checks,14 days for out-of-state checks and 30 days for foreign checks.
A-302(10/80) 1111
• SAN DIEGO FEDERAL
MISCELLANEOUS ASSIGNIIENT
Golden ValleyInc . hereinafter called ASSIGNOR, whose
address is 2160 North Fine Ave . Fresno , CA 93727 , does hereby
assign, and set over to City of Fresno , Public Works Dept . , hereinafter
called ASSIGNEE, all right, title, and interest of whatever nature, of assignor, in
and to the insured account of assignor in the Fresno/Shaw #56
Office of San Diego Federal Savings and Loan Association, evidenced by an account in
the amount of $ 10 65 4. 00 , numbered 56_00300825-9 , which is delivered to
the assignee herewith. Assignor agrees that this assignment carries with it the ,right
in the insurance of the account by the Federal Savings and Loan Insurance Corporation,
and includes and gives the right to assignee to redeem, collect, and withdraw the full
amount of such account at any time WITHOUT NOTICE TO ASSIGNOR.
Assignor hereby notifies San Diego Federal Savings and Loan Association of this
assignment.
Dated this 8th day of October 1981
Assignor Signatur
Robert M. Mu,, ser , Vice President
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RECEIPT FOR NOTICE OF ASSIGNMENT
Receipt is hereby acknowledged to assignee of written notice of the assignment to
assignee of the account identified above. We have noted in our records the assignee's
interest in said account as shown by the above assignment and have retained a copy of
this document. We certify that we have received no notice of any lien, encumbrance,
hold, claim, or obligation of the above-identified account prior to the assignment to
the assignee. We agree to make payment to assignee upon request in accordance with
the savings and loan laws applicable to this association.
Dated this 8th day of October , 19 81
San Diego Federal Savings and Loan Association, By:
Signature and Titl
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RECEIPT FOR SECURITY
Receipt is acknowledged of the above assignment and the account identified in the
above assignment.
Dated this day of � % '1'( ' ( ', , �, 19, �
gnee
Assigne,�or Authorized Officer
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NOTICE OF CANCELLATION
The above assignment is hereby cancelled, and the security thereunder is hereby
released. 1
Dated this day of 19
Assignee
By:
Assignee of Authorized Officer
WHITE - Legal File CANARY - Assignor PINK- Assignee GOLDENROD - Branch
A-345