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HomeMy WebLinkAboutT-5770 - Cashier Memo - 3/17/2014 (2) Cit ff MEMORANDUM ff gow PUBLIC WORKS DEPARTMENT LAND DIVISION 2600 FRESNO STREET FRESNO,CA 93721 DATE: March 17, 2014 TO: BETH REUSCH Public Works Department FROM: JONATHAN BARTEL Public Works Department SUBJECT: SUBMITTAL OF PAYMENT FOR TRACT NOS. 5770 AND 5567 THE FOLLOWING ITEMS ARE SUBMITTED FOR PROCESSING: 1. Performance Bond in the amount of$1,709,000.00 2. Payment Bond in the amount of$899,500.00 3. Certificate of Deposit in the amount of$90,000.00(California Bank&Trust) 4. Copy of receipts of credit card payment from Lennar Fresno on 03/06/14 in the amount of $186,030.88 and $132,000.00 5. Copy of the Subdivision Agreement identifying itemized applicable charges. If you have any questions, please contact me at 621-8684. Thank you, 7 z Jonathan Bartel City of MEMORANDUM PUBLIC WORKS DEPARTMENT LAND DIVISION 2600 FRESNO STREET FRESNO,CA 93721 r.a DATE: March 13, 2014 TO: LORI NAJERA Personnel Services Department w FROM: JONATHAN BARTEL Public Works Department SUBJECT: REQUEST FOR BOND APPROVAL FOR THE FINAL MAPS OF TRACT NO. 5770 AND 5567 Attached are original bonds required for the subdivision agreement for the Final Map. Please review the following bonds for conformity to City acceptance policies: 1. Performance Bond in the amount of: $1,709,000.00 2. Payment Bond in the amount of: $899,500.00 If you have any questions, please contact me at 621-8684. Thank you, Jonathan Bartel Bond No.: 024053974 Premium: $7,691.00 per annum SUBDIVISION IMPROVEMENT PERFORMANCE BOND Whereas, the City Council of the City of Fresno, State of California, and Lennar Fresno, Inc. ("principal")will be entering into an agreement whereby principal agrees to install and complete certain designated public improvements, which said agreement, identified as Subdivision Agreement for the Final Map of Tract No.5567 & 5770, is hereby referred to and made a part hereof; and (Autumnwood Ranch VII) Whereas, 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 Liberty Mutual Insurance Company_ as surety, are held and firmly bound unto the City of Fresno ("City"), in the penal sum of One million seven hundred nine thousand and 00/100 dollars ($1,709,000.00 ) lawful money of the United States, for the payment of which sum well and truly to 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 its heirs, executors, 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 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 a part of the obligation secured 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 judgment rendered. The surety 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 anywise affect its obligations on this bond, and it does hereby waive notice of any such change, extension of time, alteration or addition 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 March 12 , 204_. Principal: Le r sno, I California corporation BV: RISK MANAGEMENT DIVISION nci ? Approved [ +� uret . L rt Jual Ins ranee Company Approved w/Changes �] By: — newd 9AEe (Surety) Irene Lau, Attorney-in-Fact - 9 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of Orange On MAR 12 2014 before me, Kathy R. Mair, Notary Public , DATE [Name of Notary Public and Title"Notary Public"] personally appeared Irene Lau - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - --- [Name(s) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ,[Name(s)of Signer(s)] who proved to me on the basis of satisfactory evidence to be the personal whose names} is/aye subscribed to the within instrument and acknowledged to me that Wshe/ executed the same in #is/her/thei-r authorized capacity(, and that by #is/her/#herr signature(s) on the instrument the personko, or the entity upon behalf of which the persons} acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. KATHY R.MAIR Commission#2021597 Z . Notary Public.California Z Orange County My Comm.Ex fres May 22,2017 Signatur ary Public (Seal) --------------------------------------------- OPTIONAL -------------------------------------------- Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer RIGHT THUMBPRINT Signer's Name: Irene Lau O F SIGNER Top of thumb here ❑ Individual ❑ Corporate Officer—Title(s): ❑ Partner—❑ Limited ❑ General ® Attorney-in-Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: OFFICIAL CALIFORNIA NOTARIAL CERTIFICATE Acknowledgment State of California ) County of Fresno ) On 1ria before me, Christine Collins, Notary Public , personally appeared who proved to me on the basis of tisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. =CO"' S No 1c ignature 663ALIFWagATY 7,2 115 ADDITIONAL INFORMATION DOCUMENT INFORMATION Document Date Number of Pages TYPE OF IDENTIFICATION [ ] Satisfactory Evidence — identification card [ ] One Credible Witness acknowledging identity of principal [ ] Two Credible Witnesses acknowledging identity of principal Copyright© 1994, All Rights Reserved,California School of Notary Public,Inc. Bond No.: 024053974 Premium: included in Perf. Bond SUBDIVISION IMPROVEMENT PAYMENT BOND Whereas, the City Council of the City of Fresno, State of California, and Lennar Fresno, Inc. ("principal") have entered or will be entering into an agreement whereby the principal agrees to install and complete certain designated public improvements, which agreement, identified as Subdivision Agreement for the Final Map of Tract No. 5567 & 5770 , is hereby referred to and made a part hereof; and (Autumnwood Ranch VII) Whereas, under the terms of the agreement, the principal is required before entering upon the performance of the work, to file a good and sufficient payment bond with the City of Fresno ("City") to secure 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, the principal and Liberty Mutual Insurance Company as corporate surety, are held firmly bound unto the City and all contractors, subcontractors, laborers, material men, and other persons employed in the performance of the agreement and referred to in Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code in the sum of Eight hundred ninety nine thousand five hundred and 00/100 dollars ($_899,500.00 ), for materials furnished or labor thereon of any kind, or for amounts due under the Unemployment Insurance Act with respect to this work or labor, that the 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 expenses and fees, including reasonable attorney's fees, incurred by City in successfully enforcing this obligation, to be awarded and fixed by the court, and to be taxed as costs and to be included in the judgment therein rendered. It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of any and all persons, companies, and corporations 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 remain in full force and effect. The surety hereby stipulates and agrees that no change, extension of time, alteration, or addition to the terms of the 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 named, on March 12 , 2014 Principal: Len540ZInc RISK MANAGEMENT DIVISION Approved [d,By: Approved w/Changes U rinci , zz S r y: , ,e M I surance�Com an By: A , (Sure. Irene Lau, Attorney-in-Fact CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of Orange On MAR 1. 2 7014 before me, Kathy R. Mair, Notary Public , DATE [Name of Notary Public and Title"Notary Public"] personally appeared Irene Lau - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [Name(s)of Signer(s)] who proved to me on the basis of satisfactory evidence to be the personk&) whose namek&) is/a-re subscribed to the within instrument and acknowledged to me that ate/she/they executed the same in h+s/her/#herr authorized capacitykie�, and that by hjs/her/#herr signature(s) on the instrument the personk&), or the entity upon behalf of which the person{} acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. KATHY R. Commission#202 2021597 Z ,=s Notary Public -California = Z Orange County My Comm.Expires May 22,2017 ig o ary Public (Seal) --------------------------------------------- OPTIONAL -------------------------------------------- Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer RIGHT THUMBPRINT Signer's Name: Irene Lau O F SIGNER Top of thumb here ❑ Individual ❑ Corporate Officer—Title(s): ❑ Partner— ❑ Limited ❑ General ® Attorney-in-Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: THIS POWER OF ATTORNEY IS NOT VALID UNLESS IT IS PRINTED ON RED BACKGROUND. 5156592 This Power of Attorney limits the acts of those named herein,and they have no authority to bind the Company except in the manner and to the extent herein stated. Certificate No. American Fire and Casualty Company Liberty Mutual Insurance Company The Ohio Casualty Insurance Company Peerless Insurance Company West American Insurance Company POWER OF ATTORNEY KNOWN ALL PERSONS BY THESE PRESENTS: That American Fire&Casualty Company and The Ohio Casualty Insurance Company are corporations duly organized under the laws of the State of Ohio,that Liberty Mutual Insurance Company is a corporation duly organized under the laws of the State of Massachusetts,that Peerless Insurance Company is a corporation duly organized under the laws of the State of New Hampshire,and West American Insurance Company is a corporation duly organized under the laws of the State of Indiana(herein collectively called the"Companies"),pursuant to and by authority herein set forth,does hereby name,constitute and appoint, CESAR F.JAVIER,JEFFREY STRASSNER, NATALIE K.TROFIMOFF,TENZER V.CUNNINGHAM,PATRICIA S.TALAVERA,BRENDA WONG,ALL OF THE CITY OF LOS ANGELES,STATE OF CALIFORNIA,IRENE LAU,KATHY R.MAIR, MECHELLELARKIN............................................................................................................................................................................................................................................................................................ all of the city of NEWPORT BEACH ,state of CALIFORNIA each individually if there be more than one named, its true and lawful attomey-in-fact to make, execute,seal,acknowledge and deliver,for and on its behalf as surety and as its act and deed,any and all undertakings,bonds,recognizances and other surety obligations,in pursuance of these presents and shall be as binding upon the Companies as if they have been duly signed by the president and attested by the secretary of the Companies in their own proper persons. IN WITNESS WHEREOF,this Power ofAttorney has been subscribed byan authorized officer or official of the Companies and the corporate seals of the Companies have been affixed thereto this 8th day of February , 2012 AN F7 � ya . � co PAL, 4y American Fire and Casualty Company � -a The Ohio Casualty Insurance Company y O yORPU9�17F. O �l' �,VSc°6RG t* OgPWtq.. CL �. �._� �_. � Liberty Mutual Insurance Company tv tv 5FAI 51EA[. ; �9tt1 z SEAL West Insurance Company E �*�U4� c6�4v �y� n}�a° " q e � West American Insurance Company cco� >, By: � M Gregory W.Davenport,Assistant Secretary STATE OF WASHINGTON ss c COUNTY OF KING M O 0 tv On this 8th day of February 2012 ,before me personally appeared Gregory W.Davenport,who acknowledged himself to be the Assistant Secretary of American Fire and >+U) —? Casualty Company,Liberty Mutual Insurance Company,The Ohio Casualty Company,Peerless Insurance Company and West American Insurance Company,and that he,as such,being 0 LL L_ M authorized so to do,execute the foregoing instrument for the purposes therein contained by signing on behalf of the corporations by himself as a duly authorized officer. C CL IN WITNESS WHEREOF,I have hereunto subscribed my name and affixed my notarial seal at Seattle,Washington,on the day and year first above written. Q M 'O 4-of N O By: �1 G!C — L_ KD Riley,Nota'o Public 3 M 60 O E Or dM c L This Power of Attorney is made and executed pursuant to and by authority of the following By-laws and Authorizations of American Fire and Casualty Company,The Ohio Casualty Insurance t o N Company,Liberty Mutual Insurance Company,WestAmerican Insurance Company and Peerless Insurance Company,which resolutions are now in full force and effect reading as follows: Ma) Oc Clio) ARTICLE IV-OFFICERS-Section 12.Power of Attorney.Any officer or other official of the Corporation authorized for that purpose in writing by the Chairman or the President,and subject w aa) O C to such limitation as the Chairman or the President may prescribe,shall appoint such attorneys-in-fact,as may be necessary to act in behalf of the Corporation to make,execute,seal, :a 3 E xv acknowledge and deliver as surety any and all undertakings,bonds,recognizances and other surety obligations. Such attorneys-in-fact,subject to the limitations set forth in their respective 'R m L+-' powers of attorney,shall have full power to bind the Corporation by their signature and execution of any such instruments and to attach thereto the seal of the Corporation. When so >-0 O M '�- L- executed,such instruments shall be as binding as if signed by the President and attested to by the Secretary.Any power or authority granted to any representative or attorney-in-fact under 0� .a c>'i the provisions of this article may be revoked at any time by the Board,the Chairman,the President or by the officer or officers granting such power or authority. r 00 M c E r L ARTICLE XIII–Execution of Contracts–SECTION 5.Surety Bonds and Undertakings.Any officer of the Company authorized for that purpose in writing by the chairman or the president, ;�M ZM and subject to such limitations as the chairman or the president may prescribe,shall appoint such attorneys-in-fact,as may be necessary to act in behalf of the Company to make,execute, O o seal,acknowledge and deliver as surety any and all undertakings,bonds,recognizances and other surety obligations. Such attorneys-in-fact subject to the limitations set forth in their 0 r respective powers of attorney,shall have full power to bind the Company by their signature and execution of any such instruments and to attach thereto the seal of the Company. When so o executed such instruments shall be as binding as if signed by the president and attested by the secretary. Certificate of Designation-The President of the Company,acting pursuant to the Bylaws of the Company,authorizes Gregory W. Davenport,Assistant Secretary to appoint such attorney-in-fact as may be necessary to act on behalf of the Company to make,execute,seal,acknowledge and deliver as surety any and all undertakings,bonds,recognizances and other surety obligations. Authorization-By unanimous consent of the Company's Board of Directors,the Company consents that facsimile or mechanically reproduced signature of any assistant secretary or other officer of the Company,wherever appearing upon a certified copy of any power of attorney issued by the Company in connection with surety bonds,shall be valid and biding upon the Company with the same force and effect as though manually affixed. I,David M.Carey,the undersigned,Assistant Secretary,of American Fire and Casualty Company,The Ohio Casualty Insurance Company,Liberty Mutual Insurance Company,West American Insurance Company and Peerless Insurance Company do hereby certify that the original power of attorney of which the foregoing is a full above and foregoing is a true and correct copy of the Power of Attorney executed by said Companies,which is in full force and effect and has not been revoked. MAR 12 2014 IN TESTIMONY WHEREOF,I have hereunto set my hand and affixed the seals of said Companies this day of 20 11 INBUp y#�i8 t�ySliRAN d��yS�bER,C�f r o y � 190E � �. � By: /7 c+ SF.Ar, SEAL a$ '� n t sv SEAT- David M.Carey,Assistant Secretary T2.,; -.a,'M a'y! I }�$, x Wst�s+°� 'IE, POA-AFCC,LMIC,OCIC,PIC&WAIC LMS 12873 012012 OFFICIAL CALIFORNIA NOTARIAL CERTIFICATE Acknowledgment State of California ) County of Fresno ) O � � -moi`/d -'c/5 efore me, Christine Collins, Notary Public , personally appeared who proved to me on the basis oftisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. a::... CHRISTINE COLUNS ubli e COMM.01959663 NOTARY PUBLIC•CALIFORMA FRESNO COUNTY Comm.Exp.NOV.7,2015 ADDITIONAL INFORMATION DOCUMENT INFORMATION Document Date Number of Pages TYPE OF IDENTIFICATION [ ] Satisfactory Evidence — identification card [ ] One Credible Witness acknowledging identity of principal [ ] Two Credible Witnesses acknowledging identity of principal Copyright© 1994, All Rights Reserved,California School of Notary Public,Inc. W AUTOMATICALLY RENEWABLE < Q C B CALIFORNIA BANK U Tnusr TRUST F H Y ISSUED AT Irvine Center OFFICE Irvine CA DATE 3/11/2014 x w (CITY OR TOWN) (STATE) W 0 **Lennar Fresno Inc. FBO City of Fresno*******************3090008173******************* O (CUSTOMER NAME) (CUSTOMER NUMBER) U u U **Ninety Thousand and No/100********************************** DOLLARS $90,000.00***** Hlij �j HAS TODAY BEEN DEPOSITED WITH CALIFORNIA BANK 8 TRUST PAYABLE TO City of Fresno OR ORDER UPON MATURITY Q U) AS HEREINAFTER SPECIFIEDANDUPON PRESENTATION 3A7 R ENDER OF THIS CERTIFICATE,PROPERLY ENDORSED,AT THE ABOVE OFFICE. ^ THE MATURITY OF THIS CERTIFICATE WILL BE 3/ 15 AFTER GATE,AND SUCH MATURITY WILL BE AUTOMATICALLY EXTENDED FOR SUCCESSIVE LIKE PERIODS I.L.i Z UNLESS:(A)AT LEAST TEN DAYS PRIOR TO SUCH ORIGINAL OR ANY EXTENDED MATURITY,THIS BANK H ENT WRITTE"OTICE TO THE PAYEE OR OTHER HOLDER THEN DESIGNATED ON ITS RECORDS OF BANK'S ELECTION TO PAY THE DEPOSIT AT SUCH ORIGINAL OR ANY EXTENDED MATU IT OR(B-)UPON DR WITH N TEN DAYS AFTER SUCH ORIGINAL OR ANY EXTENDED Q MATURITY DATE,THIS CERTIFICATE ISPRESENTED AND SURRENDERED FOR PeYMEN7. SAID DEPOSIT BEARS SIMPLE INTEREST AT THE RATE OF VV LL/,� PER ANNUM FROM DATE HEREOF UNTIL ULTIMATE MATURITY AS ABOVE PROVIDED,AND SUCH INTEREST WILL + BE PAID OR CREDITED AT EACH SUCCESSIVE MATURITY DATE IN ACCORDANCE WITH THE WRITTEN INSTRUCTIONS OF THE PAYEE OR OTHER HOLDER THEN DESIGNATED ON THE RECORDS OF THIS BANK.THE RATE OF INTEREST IS SUBJECT TO CHANGE BY BANK WITHOUT NOTICE,TO THE EXTENT NECESSARY TO COMPLY WITH ANY LAW OR GOVERNMENTAL REGULATION AFFECTING THEOEPOSIT. AUTHORIZED SIGNATURE OPS-1(05/09) 0C B CALIFORNIA BANK TausT TRUST TIME CERTIFICATE DEPOSIT CONFIRMATION & AGREEMENT Account Title: LENNAR FRESNO INC Account Number:3090008173 FBO City Of Fresno Issue Date: 03/11/2014 Deposit Amount: $90,000.00 Deposit Term: 12 Months Interest Rate: 0.020 Annual Percentage Yield: 0.020 Maturity Date:03/11/2015 Interest Frequency: ❑At Maturity ❑Annually ❑Quarterly 0 Monthly Interest Payment Method:0 Add On ❑Issue Check ❑Transfer to Account Number: INTEREST RATE INFORMATION • Interest Rate is effective through the Maturity Date listed above. • Your Interest Rate and annual percentage yield will not change for the term of your deposit. • The Interest Rate on your Account may change at maturity. The Interest Rate assigned will be determined by the balance in your Account on the maturity date. • Interest will begin to accrue on the Issue Date listed above. • We use the daily balance method to calculate interest on your Account on an interest accrual basis of 365/366 days. • The annual percentage yield assumes interest will remain on deposit until maturity. You must maintain the Deposit Amount to obtain the disclosed annual percentage yield. A withdrawal will reduce earnings. TRANSACTION LIMITATIONS • You must deposit$5,000.00 to open this Account. • No Additional deposits are allowed during the term of the Account. • After the Account matures,additional deposits are allowed ONLY during the grace period before the Account renews for another term. Any deposit made during the grace period will not affect the renewal interest rate established on the Account maturity date. • You may not make withdrawals from your Account until the Maturity Date. In addition to the minimum required early withdrawal penalty as described on the reverse,we may impose an early withdrawal fee as follows on the amount withdrawn before the Maturity date: • For terms less than 30 days,the fee equals accrued interest • For terms 30—179 days,the fee is 1 month simple interest • For terms 180 days to less than 2 years,the fee is 3 months simple interest • For terms of 2 years or longer,the fee is 6 months simple interest The fee will be calculated using the interest rate in effect on the date your account was opened or renewed. • This Account will automatically renew at maturity. If the term of your certificate is 31 days or less,you have up to 3 days after the maturity to withdraw funds without penalty or make additional deposits. If the term of your certificate is 32 days or greater,you have up to 10 days after the maturity to withdraw funds without penalty or make additional deposits.Refer to the Early Withdrawal Policy,in the Time Certificate of Deposit Agreement(see reverse),for other penalty exceptions. • This Time Deposit Confirmation is issued in accordance with the Bank's Deposit Agreement. NON-TRANSFERABLE/NON-NEGOTIABLE TIME CERTIFICATE OF DEPOSIT AGREEMENT We appreciate your decision to open a time certificate of deposit account with us. This form sets forth certain conditions, rates, and rules that are specific to your Account. The Account Holder(s)named has placed on deposit with California Bank&Trust the Deposit Amount indicated, and agrees to keep the funds on deposit until the Maturity Date. As used in the Agreement, the words"you", "your' or"yours"mean the Account Holder(s), the word"Account"means this Time Deposit Account and the word"Agreement"means this Time Certificate of Deposit Agreement, and the words"we", "us"and"our'mean California Bank&Trust. This Account is effective as of the Issue Date. Balance Methods. As used in this Agreement, the"average daily balance"method means"the application of a periodic rate to the average daily balance in the account for the period, determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period." The"daily balance" method means"the application of a daily periodic rate to the full amount of principal and accrued interest in the account each day." Interest Rate. The"interest rate" is the annual rate of interest paid on an account which does not reflect compounding, and is based upon the interest accrual basis described on the front of this form. Automatic Renewal Policy. If you have an Automatic Renewal feature,the principal amount and all paid earned interest that has not been withdrawn,will automatically renew on each Maturity Date for an identical period of time as the original Deposit Term. Interest on renewed accounts will be calculated at the interest rate then in effect for time deposits of that Deposit Amount and Deposit Term. If you wish to withdraw funds from your Account, you must notify us during the grace period after the Maturity Date. Early Withdrawal Policy. You have agreed to keep the funds on deposit until the Maturity Date of your Account. Any withdrawal of all of part of the funds from your Account prior to maturity may result in an early withdrawal penalty. We will consider requests for early withdrawal and, if granted, the penalty as specified on the front of this form may apply. (1) Minimum Required Penalty. The Minimum Required Penalty is equal to 7(Seven)days interest. If an amount in excess of the Minimum Required Penalty is specified,the early withdrawal penalty will be calculated as a forfeiture of part of the accrued interest that has or would be earned on the Account. If your Account has not yet earned enough interest so that the penalty can be deducted from earned interest, or if the interest has already been paid,the difference will be deducted from the principal amount of your Account. (2) Exceptions. We may allow the withdrawal of all or part of your Account before the Maturity Date without imposing an early withdrawal penalty in the following circumstances:(i)one or more of you dies or is determined legally incompetent by a court or other administrative body of competent jurisdiction; (ii)where the Account is an Individual Retirement Account(IRA)and any portion is paid within 7(Seven)days after establishment(revocation); or where the time deposit is an IRA or Keogh and you attain age 59 1/2(for normal distribution), or become disabled; or within an applicable grace period(if any). Right of Setoff. Subject to applicable law,we may exercise our right of setoff against this and any and all of your Accounts(except IRA, KEOGH and Trust Accounts)without notice, for any liability or debt of any of yours,whether joint or individual, whether direct or contingent,whether now or hereafter existing, and whether arising from overdrafts, endorsements, guarantees, loans, or other obligations. Death of Account Holder. Each Account Holder agrees to notify us immediately upon the death of any other Account Holder. You agree that we may hold the funds in your Account until we have received all required documentation and instructions. Bond. If you ask us to follow instructions that we believe might expose us to any claim, liability or damages,we may refuse to follow your instructions or may require a bond or other protection, including your agreement to indemnify us. Pledge. You agree not to pledge your Account without our prior consent. You may not withdraw funds from your Account until all obligations secured by your Account are satisfied. Entire Agreement. This Time Certificate of Deposit Agreement, together with the latest versions of the Deposit Account Agreement and Disclosure and Deposit Account Rate and Fee Schedule(collectively, "Deposit Documents"), contain the entire understanding of the parties with respect to the Account and supersede all prior agreements and understanding between the parties with respect to the Account. Governing Law. The Deposit Documents and all matters concerning the Account shall be governed by and construed in accordance with the laws of the State of California, including,without limitation,Article 3 of the California Commercial Code. Attorneys' Fees. In the event any dispute between the parties concerning the Deposit Documents of the Account should result in litigation, the prevailing party shall be reimbursed for all reasonable costs including, but not limited to, fees and costs of its attorneys. lir Ut FR SNO PARKING 2600 FRESNO ST FRESNO. CA 93721 559-621.8803 O O Cn Merchant ID: 1910130319602 C r, r g� s C �v n to Sale W ' m n N n y � � n N ; A O V V nO O C Z O <r 9165 r D c a a a > $ VISA Entry Method: Swiped n � " � `° "_ m r 1 Z fn 3 9 ° fD ff_ 0_ ' S Cm O to o m - mCi oo m m M a �a C Total: 8 186,30 8 o y N o S n ; a `° " N `° -4 ,i < W m n m Ro m a a m �'»� rt� �• N x y U1 m g. ° v v m 2 y m 03r06r14 13;20,09 z 0 y U s a d InA 000001 Appr Code: 000678 m N n Z = � oID 0 ?' MD Apprud: Online Batch: 000187 C N S d _d a a n c co l N�✓ �C /�!�%l�wp aC s o o �G CD I agree to r above total amount = N y 2 accordtns card is Ler agreement o o (Merchant a ement credit voucher) L7 �n a II v N 4 0 vCD W .7 i A y to S. L, v ro x CD o CD Merchant Coav D c fu >j y THANK YOU! 'a y s COME AGAIN! m a n M a d co A Z N O y 4W M y, o o p O Vo 0 o 0 ao ao = W � v o m o o lir N O n 'w vl O O = 'w ilv l J �Oco! o V VP v c o m m0 La rn m o o C O-D 0 0�0 0 c c O 49 M Y3 p 9 z�m! 1 Lad co a m C C � MC m Co re) a Ao 69v V V � m C {� O O O 0 r Addendum to Subdivision Agreement Tract Nos. 5770 and 5567 Page 5 17. Time is of the essence to this agreement since the City may suffer certain consequences in the event of Subdivider's breach, such as inverse condemnation liability, abandonment(by operation of law) of the condemnation action, and.award to the property owner of her litigation expenses and reasonable attorney's fees and sanctions imposed by the Permit Streamlining Act(Government Code Section 65920, et seq.). 18. No partial invalidity of this agreement shall invalidate the remainder. 19. Summary of Initial Deposit. Easement Acquisition for APN: 312-061-31 (2665 N. Polk Ave.) 312-062-01 (2750 N. Polk Ave.) AMOUNT TO BE DEPOSITED ITEM $100,000 Value of Street Easement $3,000 Appraisal $2,500 Escrow and Title expenses $4,000 Rpal Estate Staff time $500 Attorney Staff time $22,000 Contingency (20% ±) $132,000 SUB-TOTAL $132,000 TOTAL (rounded to nearest $100) c 3 y V f N a d « L <: y n + L