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CC - Item 4C - Approval of undertaking agreement for tract map 60712 - 3441 Ivar AvenueTO: BILL CROWE, CITY MANAGER FROM: KEN RUKAVINA, CITY ENGINEER4--- DATE: OCTOBER 5. 2004 RE: APPROVAL OF UNDERTAKING AGREEMENT FOR TRACT MAP 60712 3441 IVAR AVENUE Attached for consideration and approval is an Undertaking Agreement to guarantee the construction of miscellaneous right-of-way improvements, i.e. curb, gutter, sidewalk, driveways, sewer lateral and survey monuments subsequent to the recordation of the tract map. A Certificate of Deposit in the amount of $9,000.00 has been submitted to the City in lieu of surety bonds. Pursuant to Title 21 of the Los Angeles County Subdivision Ordinance, the subject tract map does not require City Council approval. RECOMMENDATION Approve the undertaking agreement for the installation of the improvements. Attachment. COWICIL ACE, D OCT 12 2004 REM No. ~ ~e _C CITY OF ROSEMEAD UNDERTAKING AGREEMENT THIS AGREEMENT made and entered this j0 day of sC , 2004, by and between the CITY OF ROSEMEAD, State of California, acting by and through its City Council, hereinafter referred to as "CITY" and WL LIELOPM61VT WC (NAME) 3 ~W / zVA-R A vzr- . k4~ D. cA 9/ hereinafter called the "CONTRACTOR." WITNESSETH: FIRST: The CONTRACTOR, for and in consideration of the approval of the final map of that certain land division known as Tract Map 60712 hereby agrees, at the CONTRACTOR'S own cost and expense to furnish all labor, materials, and equipment necessary to perform and complete, and within twenty-four (24) months from the date of filing of said map, to perform and complete in a good and timely manner, the following work, to .wit: Construction of curb & gutter, sidewalk, driveways, sewer lateral and survey monuments. Said work shall be done to the satisfaction of the City Engineer and shall not be deemed complete until approved and accepted as completed by the City Council of the O CITY. The estimated cost to do all work and furnish all materials necessary to complete the work is $6,000. SECOND: The CITY shall not nor shall any officer or employee thereof, be liable or responsible for any accident, loss, or damage happening or occurring to the work specified in this agreement prior to the completion and approval of same; nor shall the CITY, nor any officer or employee thereof, be liable for any persons or property injured by reason of the nature of said work, or by reason of the acts or omissions of the CONTRACTOR, his agents, or employees, in performances of said work. All of said liabilities shall be assumed by the CONTRACTOR. The CONTRACTOR further agrees to protect and hold harmless the CITY, its officers, and employees, in performance of said work. All of said liabilities shall be assumed by the CONTRACTOR. The CONTRACTOR further agrees to protect and hold harmless the CITY, its officers, and employees, from any and all claims, demands, causes of action, liability, or loss of any sort because of, or arising out of, the acts or omissions of the CONTRACTOR, his agents, and employees, in the performance of this agreement, or arising out of the use of any patent or patented article, in the performance of said agreement. THIRD: The CONTRACTOR hereby grants to the CITY, the Surety upon any Bond, and to the agents, employees, and CONTRACTOR or either of them, the irrevocable permission to enter upon the lands of the subject land division for the purpose of completing the work. This permission shall terminate in the event that the CONTRACTOR or the Surety has completed the work within the time specified or any'extension thereof granted by the City Council. FOURTH: It is further agreed that the CONTRACTOR shall have the control of the ground reserved for the installation of said work, and the streets in which they are to be placed, as is necessary to allow him to carry out this agreement. FIFTH: Contemporaneously with the execution of this Agreement, CONTRACTOR shall file with the CITY a Time Certificate of Deposit in an amount of Nine Thousand Dollars ($9,000) to guarantee faithful performance of all the provisions of this agreement and for the payment of all persons performing labor and furnishings materials in connection with this agreement. If the Time Certificate of Deposit, in the. opinion of the CITY, becomes insufficient, CONTRACTOR agrees to renew said Time Certificate of Deposit within ten days of receiving notice that Time Certificate of Deposit is insufficient. SIXTH: If the CONTRACTOR neglects, refuses, or fails to prosecute the work with such diligence as to ensure its completion within the time specified, or within such extensions of said time as have been granted by the City Council, or if the CONTRACTOR violates or neglects, refuses, or fails to perform satisfactorily any of the provisions of the plans and specifications, he shall be in default of this agreement and notice in writing of such default shall be served upon him and upon any Surety in connection with this contract. The City Council shall have the power, on recommendation of the City Engineer, to terminate all rights of the CONTRACTOR or his Surety then existing or which thereafter occur because of such default. The determination by the City Engineer of the question as to whether any of the terms of the contract or specifications have been violated, or have not been performed satisfactorily, shall be conclusive upon the CONTRACTOR, his Surety, and any and all other parties who may have any interest in the contract or any portion thereof. The foregoing provisions of this section shall be in addition to all other rights and remedies available to the CITY under law. SEVENTH: In case suit is brought upon this contract, the CONTRACTOR hereby agrees to pay to the CITY a reasonable attorney's fee to be fixed by the Court. EIGHTH: It is further agreed by and between the parties hereto, including the Surety or Sureties on any Bond attached to this contract, that in the event it is deemed necessary to extend the time of completion of the work contemplated to be done under this contract, said extension may be granted by the City Council, either at its own option, or upon request of the CONTRACTOR, and shall in no way affect the validity of this contract or release the Surety of Sureties on any Bond attached hereto. IN WITNESS THEREOF, the parties hereto for themselves, their heirs, executors, administrators, successors, and assigns do hereby agree to the full performance of this agreement and affix their names, titles, and seals this day as above indicated. *VM Gon w*dan / t/?t?n Nol-u pum -caftmb (Seal) ~y O0WL=ft~2&2Wl to AM" Note: //IGIZ~ SIGNATURES MUST BE ACKNOWLEDGED BEFORE A NOTARY PUBLIC. (ATTACH APPROPRIATE ACKNOWLEDGEMENTS) By Mayor of the City of Rosemead Attested City Clerk of the City of Rosemed TRUTH-IN-SAVINGS DISCLOSURE (To be used for certificate of deposit accounts - do not use for 6 month CD Builder accounts) Date: t -.S L' Account Type: CD TYPE (111) Term: - YEAR. CD Notice: If the maturity date or rate information is not provided on this form, then information about maturity date and rates will be provided by a separate notice. Rate Information `,Re interest rate,onipRr account ism % with an annual percentage yield of You will be paid this rate until the maturity date. Compounding Frequency- Interest will IiAedmpounded daily. - Crediting Frequency - Interest will be: -credited to this account Omai d to 6ou 0transfetred to another account Omonthly - . arterly annually. Minimum Balance to Open Account - You must deposit $1,000,QQ-to open this account to open this account. Minimum Balance to Obtain The Annual Percentage Yield Disclosed - You must maintain a minimum balance of $ ~~n~ -in the account each day to obtain the disclosed annual percentage yield. Interest. is not earned on balances below $1,000.00 Daily Balance Computation Method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Accrual of Interest on Nnneash Deposits - Interest begins to accrue on the first business day after the banking day you deposit noncash items (for example, checks). - Transaction Limitations: - You may not make deposits into your account before maturity. C3 You may make unlimited deposits into your account. This applies only to IRA, SEP, and BRP accounts. Wires received after 1:00 PM Pacific Time will not cam interest until the following business day. You will be notified if the incoming wire is received after 1:00 PM. You may make withdrawals of principal from your account before maturity, but a penalty may be imposed. Any withdrawal which reduces the account balance below the minimum balance requirement shall be considered as a withdrawal of the entire account balance and shall be subject to a penalty. You can withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest any time during the tens of crediting after it is credited to the account. - Early Withdrawal Penalties - A penalty may be imposed for withdrawals before maturity. If your account has an original maturity of 89 days or less - The fee we may impose will equal thirty (30) days simple interest on the amount subject to penalty, whether earned or not. • If your account has an original maturity of 90 to less than 365 days - The fee we may impose will equal ni-,iety (90) days simple interest on the amount withdrawn subject to penalty, whether earned or not. If your account has an original maturity of 12 months to less than 24 months - The fee we may impose will equal one hundred eighty . (180) days simple interest on the amount subject to penalty, whether earned or not. • If your account has an original maturity of 24 months to less than 120 months - The fee we may impose will equal twelve (12) months simple interest on the amount withdrawn subject to penalty, whether earned or not. There are certain circumstances, such as the death or incompetence of an owner, where we may waive or reduce this penalty. See your play disclosure if this account is part of an IRA or other tax qualified pl~R, Time Requirements - You account will mature CJ ^ Automatically Renewable Time Account - This account will Ltomatically renew at maturity. You may prevent renewal by withdrawing the funds in the account at maturity (or within grace period) or if we receive written notice from you within grace period. You will have seven (7) calendar days after maturity to withdraw the funds without a penalty. We can prevent renewal if we mail notice to you within a reasonable time before maturity. Each renewal term will be the same as the original term, beginning on the maturity date or transaction date which ever comes later. The interest rate will be the same we offer on new time deposits on the maturity or transaction date whichever comes later. The new maturity date is calculated based on the terms, minimum balance (if any) and other features (if applicable) as the original time deposit. We do not guarantee product features on renewal terms. We reserve the right at any time require not less than seven (7) days notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D. Current Rates: The interest rate nd annual percentage yield are accurate as of You may call 626 285-2251 to obtain current rate inforration. The following fees may be assessed against your account and the following transaction limitations, if any, apply to your account. See attached Schedule of Fees. .,7 o 1IN19~SAL HANR 3455 Nogales Street-2nd Floor West Covina, CA 91792 FIXED RATE CERTIFICATE ACCOUNT NO. (TERMS OF W DAY OR GREATER) , UNIVERSAL BANK 1. ACCOUNT SUMMARY SECTION Account Rmmega): WL DEVELOPMENT INC NT AC TO (JTH Opening Balance: S 9 Rate Of Interem 1.4 Fr en of 0069037480- F ROSEMEAD ofIssuance Maturity o 0/05/04 Date: 10/05/06 equ cy b campauntlmg: DA+I LY Minimum ^ADtlfhons: C A UV Yom/ Balance Requirement: $ . A ;000T. 001 jp~ far Interest Distributed: QUA'RTERL:YA C Minimum Io : $l 1 g~ Beginning on 12/31/04 This account is not transferable except on the books of the Depository. 2. GENERALSECTION This certifies that the Accauntholder holds a savings account with the opening balance and for the Initial term expiring on the Maturity Date shown hereon at Universal Rank.' The Accountholder may make additions to the Account oly with the consent of the Association. An addition will rat eaen0 the Mahu ty Date of the Acmunl- 3. INTERESTSECTION This account shall receive interest at the rata arse with Frequency of Compounding as above set low, provided the balance in the account is net reduced below the Minimum Balance Requirement. If the balance is reduced below the Minimum Salaries Requirement, the Rate of Interest on the remaining balance shall thereafter be reduced to the rate then paid on regularsavings accounts. (Sae also Section 5.) Sea the Truth and Savings disclosure for stated Annual percentage Yield. 4. AUTOMATIC RENEWAL SECTION This account shall be automatically renewed at the close of business on the Initial Maturity Date or on the maturity date of any Renewal Term unless (1) withdrawn within me grace period referred to in Section 5 howl, or (2) the Depository gives written notice to the Accountholder within the time perlod permitted by applicable law for renewal notices (as discussed below), mat this account will not be renewed at me Rate of Interest and/or for the Renewal Term set forth above. In such latter event, upon maturity to account will either be extended for such additional tens and at such Rate of Interest as set forth In said notice, or the account will be converted to a regular savings account and receive interest at the rate then paitl on regular amounts. The rate of interest for any Renewal Term shall be paid on the renewal balance men being paid on new amounts of this class with a like term and balance. 5. PENALTY CLAUSE SECTION' - . - - - Except as otherwise provided herein, in the event of any withdrawal of principal from this account prior to the Maturity Date, the Accountholder shall forfeit an amount equal to. 30 Days (it me mmory, of the amount is 89 days or leas), 90 days (a the wormy is 90 days or more, but less man 355 days), 180 days (if maturity is 12 Months or more, but less than 24 months), 12 months (d the maturity is 24 months or more, but less than 120 months), 24 months (if me maturity is 120 months or more) of interest or eminence whether earned or not, on the amount withdrawn at the interest rate being paid on the account (without compounding), regardless of the length of time the funds withdrawn have remained in the account.