HomeMy WebLinkAboutT-6028 - Cashier Memo - 3/3/2014 City of MEMORANDUM
PUBLIC WORKS DEPARTMENT LAND DIVISION 2600 FRESNO STREET FRESNO,CA 93721
DATE: March 3, 2014
TO: BETH REUSCH
Public Works Department
FROM: JONATHAN BARTEL
Public Works Department
SUBJECT: SUBMITTAL OF PAYMENT FOR TRACT NO. 6028
THE FOLLOWING ITEMS ARE SUBMITTED FOR PROCESSING:
1. Performance Bond in the amount of$1,227,000.00
2. Payment Bond in the amount of $646,000.00
3. Certificate of Deposit in the amount of $65,000.00 (California Bank &Trust)
4. Check in the amount of$435,464.69 (JPMorgan Chase Bank, N.A. No. 00496160)
5. Copy of the Subdivision Agreement identifying itemized applicable charges.
If you have any questions, please contact me at 621-8684.
Thank you, r
Jonathan Bartel
ty
c'- MEMORANDUM
PUBLIC WORKS DEPARTMENT LAND DIVISION 2600 FRESNO STREET FRESNO,CA 93721
N
DATE: February 26, 2014
-r1
rrt
TO: LORI NAJERA P-'
Personnel Services Department
FROM: JONATHAN BARTEL
Public Works Department
SUBJECT: REQUEST FOR BOND APPROVAL FOR THE FINAL MAP OF TRACT NO. 6028
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: $1,227,000.00
2. Payment Bond in the amount of: $646,000.00
If you have any questions, please contact me at 621-8684.
Thank you,
Jonathan Bartel GEMVT 000011
R�SKMA Approved �9�o
ed VilG1�l
0
r
Bond No.: 388415S Premium: $9,816.00 initial 2-year term
The Laurels, Lots 1-93, inclusive and Outlot A Subject to annual renewal premium thereafter
SUBDIVISION IMPROVEMENT
PERFORMANCE BOND
Whereas, the City Council of the City of Fresno, State of California, and
Lennar Fresno, Inc.
("principal") will be entering into an agreement whereby principal agrees to install and
complete certain designated public improvements, which said agreement, identified as
Subdivision Agreement for the Final Map of Tract No. 6028 is hereby referred to
and made a part hereof; and
Whereas, principal is required under the terms of said agreement to furnish a bond for
the faithful performance of said agreement.
Now, therefore, we, the principal
and Developers Surety and Indemnity Company as surety, are held and firmly
bound unto the City of Fresno ("City"), in the penal sum of
One million two hundred twenty seven thousand and 00/100 dollars($ 1,227,000.00
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.
-rhe 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 February 24 20 14
Principal: Lennar r no, I c., a C I nia corporation
By:
(Print'
Sur Dev o r it and IndemnityCompany
(Surety) Irene Lau, Attorney-in-Fact
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
State of California
County of Orange
On FER 24 2014 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 person(&) whose name(&) is/a-Fe
subscribed to the within instrument and acknowledged to me that he/she/" executed the same
in h-Wher/the+r authorized capacity(ies), and that by h-Wher/their signature(s) on the instrument
the person(&), 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.
�o WITNESS my hand and official seal.
KATHY R. MAIR
Commission #2021597 1
Z - Notary Public -California n f
z `t: Orange county 1
My Comm. =vnires May 22 2017 l
Signalure of No y 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�3 / before me, Christine Collins, Notary Public , personally appeared
who proved to me on the basis of satisfactory 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.
/z-1
t; CHRISTINE COLLINS No Public Si nature
COMM.$1959883 g
NOTARY PUBLIC•CAUPONOA
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 C 1994, All Rights Reserved,California School of Notary Public, Inc.
'r
Bond No.:388415S Premium: Included in Perf. Bond
The Laurels, Lots 1-93, inclusive and Outlot A
SUBDIVISION IMPROVEMENT
PAYMENT BOND
Wherea,s, the Cit Council of the City of Fresno, State of California, and
Lennar Fresno, I�c.
("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. 6028 is
hereby referred to and made a part hereof; and
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, therefgre, the prii cipal and
Developers urety an Indemnity 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
Six hundred forty six thousand and 00/100 dollars
($646,000.00 ), 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 February 24 12014 .
Principal: r F n , In ali#ornia corporation
By.
Prin
ty: D/Vel)iDers2retyand Indemnity Company
By:
(Surety)
Iren . i-au, Attorney-in-Fact
II
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
State of California
County of Orange
On FEB 2 4 2914 before me, Kathy R. Mair, Notary Public
DATE (Name of Notary Public and Title"Notary Public"]
personally appeared Irene Lau - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ,
IName(s)of Signer(s)]
who proved to me on the basis of satisfactory evidence to be the person(&) whose name(&) is/aye
subscribed to the within instrument and acknowledged to me that #e/she/" executed the same
in 14&/her/th& authorized capacityoe-s3, and that by 4js/her/tl4& signature(s) on the instrument
the person(&), 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. MAI
Commission #2021597
z NotaryPublic -California
�.�. z
Orange county p
MV COMM Expires May 22,2017 t
Signature of Not l 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 OF SIGNER
Top of thumb here
❑ Individual
❑ Corporate Officer—Title(s):
❑ Partner— ❑ Limited ❑ General
® Attorney-in-Fact
❑ Trustee
❑ Guardian or Conservator
❑ Other:
Signer Is Representing:
POWER OF ATTORNEY FOR
DEVELOPERS SURETY AND INDEMNITY COMPANY
INDEMNITY COMPANY OF CALIFORNIA
PO Box 19725,IRVINE,CA 92623 (949)263-3300
KNOW ALL BY THESE PRESENTS that except as expressly limited,DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA,do each
hereby make,constitute and appoint:
"`Irene Lau, Kathy R. Mair, Mechelle Larkin,jointly or severally`*'
as their true and lawful Aftomey(s)-in-Fact,to make,execute,deliver and acknowledge,for and on behalf of said corporations,as sureties,bonds,undertakings and contracts of surety-
ship giving and granting unto said Attorney(s)-in-Fact full power and authority to do and to perform every act necessary,requisite or proper to be done in connection therewith as each of
said corporations could do,but reserving to each of said corporations full power of substitution and revocation,and all of the acts of said Attorney(s)-in-Fact,pursuant to these presents,
are hereby ratfed and confirmed.
This Power of Attorney is granted and is signed by facsimile under and by authority of the following resolutions adopted by the respective Boards of Directors of DEVELOPERS SURETY
AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA,effective as of January 1st,2008.
RESOLVED,that a combination of any two of the Chairman of the Board,the President,Executive Vice-President,Senior Vice-President or any Vice President of the
corporations be,and that each of them hereby is,authorized to execute this Power of Attorney,qualifying the attorney(s)named in the Power of Attorney to execute,on behalf of the
corporations,bonds,undertakings and contracts of suretyship;and that the Secretary or any Assistant Secretary of either of the corporations be,and each of them hereby is,authorized
to attest the execution of any such Power of Attorney;
RESOLVED,FURTHER,that the signatures of such officers may be affixed to any such Power of Attorney or to any certificate relating thereto by facsimile,and any such
Power of Attorney or certificate bearing such facsimile signatures shall be valid and binding upon the corporations when so affixed and in the future with respect to any bond,undertaking
or contract of suretyship to which it Is attached.
IN WITNESS WHEREOF,DEVELOPERS SURETY AND INDEMNITY COMPANY and INDEMNITY COMPANY OF CALIFORNIA have severally caused these presents to be signed by
their respective officers and attested by their respective Secretary or Assistant Secretary this November 21,2013.
By .�� ANtl �N•.y ?ANY,
Daniel Young,Senior Vice-President E` .db c
`:yJ,`ORPOL'grF.•�y=: hCGpPPORq� 9
'n"'-':' O1 T n 5 z ? OCT.5 �� 0
Mark J.Lansdon,Vice-President
By: 1936 w 1967
a
yOWP . i g41FOp�
Slate of California
County of Orange
On _ November 21,2013 before me, _ _ _ _ _ Anlooio Alvarado,NotaryPublic
Date Here Insert Name and Title of the Officer
personally appeared Daniel Young and Mark J.Lansdon
Name(s)of Signer(s)
who proved to me on the basis of satisfactory 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
�@ ANTONIO ALVARAW which the person(s)acted,executed the instrument.
2033W
certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is
NOTARY ZMC CAM"
ORANGE COUNYy nn�� true and correct.
My wwn.expires Aug-9,2017
WITNESS my hand and official seal.
Place Notary Seal Above Signature — •_ ___
Antonio Alvarado,Notary Public
CERTIFICATE
The undersigned,as Secretary or Assistant Secretary of DEVELOPERS SURETY AND INDEMNITY COMPANY or INDEMNITY COMPANY OF CALIFORNIA,does hereby
certify that the foregoing Power of Attorney remains in full force and has not been revoked and,furthermore,that the provisions of the resolutions of the respective Boards of Directors of
said corporations set forth in the Power of Attorney are in force as of the date of this Certificate.
This Certificate is executed in the City of Irvine,California,this day of FEB 4 r7 4 -20}4
By: I
Cassie J.Berrisfor , ssistant Secretary
ID-1380(Rev.11/13)
OFFICIAL CALIFORNIA NOTARIAL CERTIFICATE
Acknowledgment
State of California )
County of Fresno )
On���U/ before me, Christine Collins, Notary Public , personally appeared
who proved to me on the basis of satis actory 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.
#=CHRISTINECOLLINSLLINS Not ub is Signatur863WFOIIMANTY 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 0 1994, All Rights Reserved,California School of Notary Public, Inc.
W AUTOMATICALLY RENEWABLE
C B CALIFORNIA BANK
U TnusT TRUST
LL
F– YISSUED AT Irvine Center OFFICE Irvine CA DATE 2/12/2014
x W (CITY OR TOWN) (STATE)
W 0 **Lennar Fresno Inc. FBO The City of Fresno***************3090008123*******************
O (CUSTOMER NAME) (CUSTOMER NUMBER)
U
} I--
**Sixty-Five Thousand and No/100****************************** DOLLARS $65.000.00*****
� LU
m HAS TODAY BEEN DEPOSITED WITH CALIFORNIA BANK & TRUST PAYABLE TO City Of Fresno OR ORDER UPON MATURITY
'Q (n AS L HEREINAFTER SPECIFIEDANDUPON PRESENTATJ07 f¢ flENDER OF THIS CERTIFICATE,PROPERLY ENDORSED,AT THE ABOVE OFFICE
I-- THE MATURITY OF THIS CERTIFICATE WILL BE L/1 1 AFTER DATE,AND SUCH MATURITY WILL BE AUTOMATICALLY EXTENDED FOR SUCCESSIVE LIKE PERIODS
0 UNLESS:(A)AT LEAST TEN DAYS PRIOR TD SUCH ORIGINAL OR ANY EXTENDED MATURITY,THIS BANK HAS SENT WRITTEN NOTICE TO THE PAYEE OR OTHER HOLDER THEN DESIGNATED ON ITS
RECORDS OF BANK'S ELECTION TO PAY THE DEPOSIT AT SUCH ORIGINAL DR ANY EXTENDED MATURITY, DR(B) UPON OR WITHIN TEN DAYS AFTER SUCH ORIGINAL OR ANY EXTENDED
MATURITY DATE,THIS CERTIFICATE IS PRESENTED AND SURRENDERED FOR PAYMENT
SAID DEPOSIT BEARS SIMPLE INTEREST AT THE RATE OF 0_02 %PER ANNUM
FROM DATE HEREOF UNTIL ULTIMATE MATURITY,AS ABOVE PROVIDED,AND SUCH INTEREST WILL
I BE PAID OR CREDITED AT EACH SUCCESSIVE MATURITY DATE IN ACCORDANCE WITH THE WRITTEN r
L INSTRUCTIONS OF THE PAYEE DR OTHER HOLDER THEN DESIGNATED ON THE RECORDS OF THIS
1� BANK THE RATE OF INTEREST IS SUBJECT TO CHANGE BY BANK WITHOUT NOTICE,TD THE EXTENT
NECESSARY TO COMPLY WITH ANY LAW OR GOVERNMENTAL REGULATION AFFECTING THE DEPOSIT AUTHORIZED SIGNATURE
OPS-1(05/09)
03324799 Lennar Fresno,Inc. JPMorgan Chase Bank N.A. STUB CHS. 496160
INVOICE 900000.1010.114 I of I DA TE 02/10/14
CO.# NUMBER DATE PAYMENTADVICE GROSS DISCOUNT NET
28547 201402 43546469 CR 020314 TR6028 FINAL MAP $435,464.69 $0.00 $435,464.69
5945273 City of Fresno / Fresno Street
Fres — —
Y/ f Fresno CA 93721 $435,464.69 $0.00 /$435,464.69
Lennar Fresno,Inc. JPMorgan Chase Bank N.A.
8080 N. Palm, Suite 110 Chicago, IL 00496160
70-2322
Fresno, CA 93711 Void if over 180 days 719
DATE AMOUNT
PAY 02/10/14 $***435,464.69
FOUR HUNDRED THIRTY FIVE THOUSAND FOUR HUNDRED SIXTY FOUR AND 69/100 ***************
DOLLARS
TO
HHE City of Fresno Authorized Signatory
ORDER 2600 Fresno Street
OF Fresno CA 93721
uth 'ze ignalory
Two Signatu sIt[tequired on Amounts ver S 100,000.00
• z e V • • x
1100049616011' 1:071.9232261: 886 293 33 1110
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.
C B CALIFORNIA BANK
TRUST TRUST
TIME CERTIFICATE DEPOSIT CONFIRMATION & AGREEMENT
Account Title: LENNAR FRESNO INC Account Number:3090008123
Issue Date: 0211212014
Deposit Amount: $65,000.00 Deposit Term: 12 Months
Interest Rate: 0.020 Annual Percentage Yield: 0.020 Maturity Date:02/12/2015
Interest Frequency: 0 A Maturity ❑Annually ❑Quarterly 0 Monthly
Interest Payment Method:I]Add On CI Issue Check CI 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