CC - Item IV.CC-J - Release Of Bonds- Tract map 3414 Eckhart Ave.staf epor
TO: HONORABLE MAYOR
AND MEMBERS
ROSEMEAD CITY COUNCIL
FROM: G. TRIPEPI, CITY MANAGER
DATE: MAY 17, 2000
RE: RELEASE OF BONDS -TRACT MAP 52629
3414 ECKHART AVENUE
A Faithful Performance Bond and a Labor and Material Bond was required to guarantee
construction of street and drainage improvements. In lieu of bonds, a Letter of Credit was
issued to the City in the amount of $157,500.
The City Engineer has inspected the improvements and has found them to be installed
satisfactorily. -Attached are the..undertaking-agreement, required surety, and_a.map-that-
indicates the location of the tract.
RECOMMENDATION
It is recommended that the City Council accept the public improvements and release the
bonds for Tract Map No. 52629. -
Attachment
2000rsmd/staff rpUcity
COUNCIL 1'.GfE;DA
MAY 2 3 2000
ITEM No. V 08-.3-
APR. -15'99(THG) 11 14 CITY OF ROSE.MEAD TEL 818-a0%-9218 P.002
CITY OF ROSEMEAD
UNDERTAKING AGREEMENT
THIS AGREEMENT made and entered this day of., 1 9by
and between the CITY OF ROSEMEAD, State of California, acting by and through its City
Council, hereinafter referred to as 'CITY' and
EVERLAND INC.
(NAME)
1807-A S. San Gabriel Blvd., San Gabriel Ca 91776
(ADDRESS)
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
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 all streets. highways and public ways sanitary sewerage and
drainage facilities, fences, underground utilities, installation of street signs,
street lights, water system, setting of survey monuments and all related
facilities, and such other improvements required by the ordinances of the
City of Rosemead.
Said work shall be done to the satisfaction of the City Engineer and shall not
deemed complete until approved and accepted as completed by the City Council of the
CITY. The estimated cost to do all work and fumish all materials necessary to complete
the work in accordance with plans and specifications on file in the office of the City
Engineer is as shown on Attachment 'A.'
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
speed 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 in zd by
reason of the nature of said work, or by reason of the acts or omissions of the
CONT RACTOR, his agents, or employees, in performances of said work All of.said
APR.- 15'99(THLI Il ld CITY OF ROSEMEAD TEL818-30'-9?18 P. 003
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, (lability, 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, its agents and employees,
irrevocable permission to enter upon the lands of the subject land division for the purpose
of completing the work. T This permission shall terminate in the event that the
CONTRACTOR 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 contiotof the
ground reserved for the installation of said worm 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 an Irrevocable Letter of Credit in an amount of-One-Hundred Fifty- - - -
- - Sever Thousand Five Hundred Dollars (5157,500.00) to guarantee faithful performance
of all the provisions of this Agreement and for the payment of all persons performing labor
and furnishing material in connection with this Agreement. If the Letter of Credit, in the
opinion of the CITY, becomes insufficient, CONTRACTOR agrees to replenish said Letter
of Credit within ten (10) days of receiving notice that said Letter of Credit Is insufficient.
- SIXTH: If the CONTRACTOR neglects, refuses, or falls 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 con-
tract. 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 fea to be fixed by the Court
,r
APR -IS' 99(TRII II 14 CITY OF ROSDIEAD TEL:818-30;-9218 P. 004
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
necessaryto 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 valldity of this contract
or release the Surety of Sureties on any Bond attached hereto.
IN WETNESS 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.
Sy ~ President
By
Secretary
- (Seal) - -
Note:
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 Rosemead
I
f
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
State of California
County of Los Angeles
On 04/22/99 before me, Anna Choi Lo, notary public
personally appeared TOM Y. LEE AND CHANGHHWA LEE
❑personally known to me - OR - ® 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.
WITNESS my hand and official sea(. ~u
/ J ANNA aHa w
eonnvwm @ 1140393
/ ~ ~ ~"'~~=NoRry. Ribnc - Cc.;forraa
1 lll///~t~ ^r to Angeles Ca 'Y
/SIGNATURE OF NOTARY ._"N? My corm E,;;'W J ^ 16.2J01
-OPTIONAL
Though the data below is not required by law, it may prove valuable to persons relying on the
document and could prevent fraudulent reattachment of this form.
CAPACITY CLAIMED BY SIGNER
DESCRIPTION OF ATTACHED DOCUMENT
® INDIVIDUAL
❑ CORPORATE OFFICER
UNDERTAKING AGREEMENT
TITLE OR TYPE OF DOCUMENT
❑ PARTNER(S) ❑ LIMITED
❑ GENERAL
❑ ATTORNEY-IN FACT
❑ TRUSTEE(S)
❑ GUARDIAN/CONSERVATOR
❑ OTHER:
SIGNER IS REPRESENTING:
NUMBER OF PAGES
SIGNER(S) OTHER THAN NAMED ABOVE
4/22/99
DATE OF DOCUMENT
r
Blvd
Q 1420E Valle
General Bank
E] 800 West 6th Street
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_
Los Angeles CA 90017
TLX: 188455 GBC UT
Alhambra. CA 91801
Far. (818) 284.4632
'
-
SWIFr.GBCBU562-
:
"
"
IRREVOCABLE STANDBY LETTER OF CREDIT NO
- = -
DATE OF ISSUE:
"
SD995026A.. 4 _ .
T
A ril 26.1999
ADVISING BANK
APPLICANT
-
tre
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a
3 1807-A South San Gabriel
,
:
°
r an Gabriel, CA 91776:
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yr
-...way . _ • r W ~ .
- - -
- AMOUNT UP. TO'
Ctry of Rosemead
8838E Valley Blvd ?
..f.. -
L Rosemead, Ca. 91770.: F~ Piav onrE
,.-..-s r- EXPIRY PLACE
Gentlemen: f
This Letter of Credit is aiveti to fulfill the refluirements of the City of Rosemead,. hereinafter called the-"City", and Everland Inc.:.
hereinafter called the "Principal", covering certain street improvement on 3414 Eckhart Ave. Rosemead,. Ca 91770. s
As required by the City, General Bank, hereinafter called the "Bankdoes hereby establish in. favor of the City, and for the
account of Principal, our Irrevocable Letter of Credit No. SD995026A in the amount of 5157,500_ insuring payment of street .
improvement to be paid by drafts at sight on the principal if accompanied by the following documents:
The City's written statement, signed by the City Engineer, or the Clerk of the City, certifying that there has been non-
performance of duties on the said works on the said project in the amount accompanying a sight draft on us and that the .
amount of this draft is therefore now due and payable:
Any monies received pursuant to this Letter of Credit shall be used for the installation of, and payment for, said required
improvements and. for performance of all terms of aforesaid costs and reasonable attorney's fee, incurred by the City of
Rosemead in successfully enforcing subject obligation to be awarded and fixed by the court, and be taxed as costs and to be
included in thejudgement therein rendered. It is agreed that the above funds are on deposit in a separate fund and guaranteed for
payment, and said fund shall become a trust fund for the purpose set forth herein as required by Sections 66499 through
66499.10 of the Government Code of the State of California
. All drafts under this Letter of Credit shall be marked:
Drawn Under General Bank: 1420 East Valley Blvd., Alhambra, CA 91801
For the account of - Everland Inc. r "I
Irrevocable Letter of Credit No.: SD995026A
This Letter of Credit expires one year from the date hereof and shall be deemed automatically extended without amendment for
a one-year period upon such date and upon each anniversary of such date, unless at least sixtyy_(60)_days prior to such date or
each anniversary of such date we notify the City Clerk in «Titing by certified mail that we elect not to so extend this Letter of
Credit. Upon receipt by City of such notice City may automatically draw the full amount remaining on this Letter of Credit by a _
clean draft, with no supporting documents, and Bank will pay City upon Receipt of such draft. Principal expressly agrees with
you that all drafts drawn under and in compliance with the terms of the Letter of Credit shall meet with due honor upon
presentation.
Excel so far as otherwise e.oressly slated, this documentary credit is subject to the
'Uniform Customs and Practice for Documentary Credits' (1993 Revision) International
Chamber .1 Commerce Publication No. 500.
We hereby engage wrm drawers and of bona tide holders that drafts drawn and negotiated
in contormny with me-terms of Iris erect will be duly honored on presentation.
The amount of each draft must be endorses, on the reverse of Mrs credit by the legalizing
bank.
ALL BANKING CHARGES OUTSIDE GEtIERAL BANK. LOS ANGELES. CALIFORNIA ARE
FOR ACCOUNT OF THE BENEFICIARY.
ADVISING BANK'S NOTIFICATION:
I Pet. No., Place. Date, Name 8 Signature of the Advising Bank.
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