HomeMy WebLinkAboutConnections Credit Union-Ten Mile BranchADA COUNTY RECORDER Christopher D. Rich 2015-061370
BOISE IDAHO Pgs=5 VICTORIA BAILEY 07/09/2015 09:36 AM
MERIDIAN CITY NO FEE
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City of Meridian
WARRANTY SURETY AGREEMENT
Connections Credit Union
THIJ -WARRANTY SURETY AGREEMENT is made and entered into this f _day of
20 ISby and between the CITY OF MERIDIAN, a Municipal Corporation,
hereinafter referred to as C]TY, and CONNECTIONS CREDIT UNION, INC., hereinafter
referred to as DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on October 24, 2014, of the
construction plans ("Construction Plans"), for the development known as Connections Credit
Union — Ten Mile Branch ("Project") located in the City of Meridian, which Construction Plans
include improvements for public life, safety and health ("Improvements"); and
WHEREAS, DEVELOPER has completed the installation of the Improvements; and
WHEREAS, the Unified Development Code of the City of Meridian Section 11-5C-3 requires
that the DEVELOPER execute and file with the CITY an agreement providing for, among other
things, a warranty surety in the amount of twenty percent of the cost of improvements for a
period of two years; and
WHEREAS, the CITY is agreeable to acceptance of the improvements upon the execution of this
Agreement and compliance by the DEVELOPER with the provisions of the Unified
Development Code of the City of Meridian.
NOW, THEREFORE, in consideration of foregoing mutual promises, covenants and agreements
of the parties, it is hereby agreed as follows:
1. The DEVELOPER agrees to correct, repair and maintain all such Improvements from
any defects, omissions or irregularities in the construction, materials or work thereof for a
period of two (2) calendar years from the date of written acceptance of such
Improvements.
2. Upon execution of this Agreement, the DEVELOPER shall notify the CITY of the
readiness for final inspection. Upon certification by the City Engineer that all
requirements of the CITY have been met and CITY formally accepts such Improvements
in writing, the following shall occur:
WARRANTY SURETY AGREEMENT — CONNECTIONS CREDIT UNION — Page 1
A. The DEVELOPER shall submit to the CITY a Warranty Surety in a form
approved by the CITY in the amount of $2,025.80 to provide for correction of any
defective materials or workmanship in such Required Public Improvements for a
period of two (2) years after final acceptance, as defined in the City Public Works
Construction Code. The amount of such surety assurances is based upon 20% of
the contractor's final construction costs, as set forth on Exhibit "A" attached
hereto and incorporated herein, for the completion of the Improvements. At the
expiration of the two year period, DEVELOPER shall submit a written request to
the CITY to release the Warranty Surety, along with a statement from the
DEVELOPER that the Improvements continue to meet City's Requirements at the
end of the two year warranty period. After receiving such request the CITY shall
conduct an inspection of the Improvements to determine if any defects are
present. If there are no defects, CITY shall release/return the Warranty Surety to
DEVELOPER.
3. In construing this Agreement, it is understood that either party may be more than one
person and if the context so requires, the singular pronoun shall be taken to mean and
include the plural, the masculine, and neuter, and that generally all grammatical changes
shall be made, assumed and implied to make the provisions hereof apply equally to a
single or several individuals.
WARRANTY SURETY AGREEMENT — CONNECTIONS CREDIT UNION — Page 2
IN WITNESS WHEREOF, the parties shall cause this Development Surety Agreement to be
executed by their duly authorized officers the day and year first above written.
CONNECTIONS CST UNION, INC.:
LE
STATE OF IDAHO
Brian
ss.
County of Ada
On this Lt—day of _ U --/ 20 L, before me, the undersigned, a Notary
Public in and for the State of Idaho, personally appeared Brian Osberg, known or identified to me to be
the President/CEO of Connections Credit Union, Inc., who executed this instrument on behalf of said
Corporation, and acknowledged to me that such Corporation executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seat the day and
year fust above written.
SEAL LZia
Notary bllc for Idaho
My commission Expires: II—U 7 - ?-0/S-
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WARRANTY SURETY AGREEMENT — CONNECTIONS CREDIT UNION — Page 3
STATE OF IDAHO
SS.
County of Ada
CITY OF MERIDIAN:
By/
_y -de rd, Mayor
On this 2 5� day of J ain 2 20-L.� before me, the undersigned, a Notary
Public in and for the State of Idaho, personally appeared Tammy de Weerd, known or identified to me to
be the Mayor of the City of Meridian, Idaho and who subscribed her name to the within instrument and
acknowledged to me that the City of Meridian executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and
year first above written.
SEAL
— 'P" , " -4 •
NotarqMbAc for Idaho
My commission Expires:
WARRANTY SURETY AGREEMENT - CONNECTIONS CREDIT UNION - Page 4
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