HomeMy WebLinkAboutOverland Park ApartmentsADA COUNTY RECORDER Christopher D. Rich 2016-030841
BOISE IDAHO Pgs=4 LISA BATT 04/13/2016 01:27 PM
-MERIDIAN CITY NO FEE
00213784201600308410040046
City ®f Meridian
WARRANTY SURETY AGREEMENT
Overland Park Apartments
THIS WARRANTY SURETY AGREEMENT is made and entered into this 5�4h day of
Y 9 , 20jk by and between the CITY OF MERIDIAN, a Municipal Corporation,
hereinafter referred to as CITY, and S.A.N.C. Investments LLC, hereinafter referred to as
DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on March 19, 2015, of the
construction plans ("Construction Plans"), for the development known as Overland Park
Apartments ("Subdivision Plat") located in the City of Meridian, which Construction Plans include
improvements for public life, safety and health ("Required Public Improvements") and
improveraents for non -life, non -safety and non -health improvements ("Required Development
Improvements") (The Required Public Improvements and Required Development Improvements
may be collectively referred herein as "Improvements"); and
WHEREAS, DEVELOPER has posted performance surety with CITY to guarantee the,
completion of the Improvements; and,
--1THEIKEAS, DEVELOPER has completed the installation of the Improvements; and
WHEP.EAS, the Unified Development Code of the City of Meridian Section 11-5C-3 regt1ires
Chat the DEVELOPER execute and file with the CITY an agreement providing for, among ether
things, a warranty surety in the amount of twenty percent of the cost of improvements for
period of two years; and
WHEREAS, the CITY is agreeable to acceptance of the improvements and release of the
perfon- lance surety 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, TEIEREFORE, 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 Required Public
Improvements from any defects, omissions or irregularities in the construction, materials
o:- work thereof for a period of two (2) calendar years from the date of written accept:ince
of such Improvements.
WARRAI< TY SURETY AGREEMENT — Overland Park Apartments — Page I
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
it writing, the following shall occur:
A. The DEVELOPER shall submit a written request to the CITY to release the
Performance Surety, including:
i. A statement from the DEVELOPER that the required Improvements are
complete and have been constructed in accordance with the City's
Requirements.
B. The DEVELOPER shall submit to the CITY a Warranty Surety in a form
approved by the CITY in the estimated sum of $97,884.17 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 itemized bid, as set forth on Exhibit "A"
attached hereto and incorporated herein, for the completion of the Required Public
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 Required Public Improvements
continue to meet City's Requirements at the end of the two year warranty period.
After receivi: rg such request the CITY shall conduct an inspect on of the Reqs ired
Public Improvements to determine if any defects are present. If there are no
defects, CITY shall release/return the Warranty Surety to DE'qLOPER.
3. T te CITY agrees to accept the Required Public Improvements and rel(ase the
pi ,rformance surety upon certification by the City Engineer that all Required Public
Ir ,provements have been constructed in accordance with the City's Re,juirements. Sr ch
cc ctification is not intended to relieve DEVELOPER or any contractor or material
si . pplier of their responsibility for any defects in materials or workmanship of such
Ir -�provements.
4. Ir 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
it t1ude the plural, the masculine, and neuter, and that generally all grammatical changes
sl. Il be made, assumed and implied to make the provisions hereof apply equally to a
si iigle or several individuals.
WARR,10 TY SURETY AGREEMENT — Overland Park Apartments — Page 2
IN W- -CTESS WHEREOF, the parties shall cause this Development Surety Agreement to be
executed by their duly authorized officers the day and year first above written.
S.A.N.C. Investments LLC:
By: /z %�,,--�v
Derk Pardoe, Director
(-0dikrm'-,
STATE CF IDAHO )
J SS. N
County of� ) ,elegy
0 r this' day of r, 2QG- , before me, the undersigned, a Notary
K')' personally appeared Derk Pardoe, known or identified to me to be the
Public in and for the State ofjaff
Director of S.A.N.C. Investments LLC., who executed this instrument on behalf of said LLC Corporation,
ano aclaiewledged to me that such LLC Corporation 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 �, .• Fr;.,
Notary Public f6TJdeio
My commission Expires:
rniotary public or other officer completing this certificate verifies only the identity of thevidual who signed the document to which this certificate is attached, and not thehfulness,acquacy,orvalidityo(thatdocumont.
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personally appeared �e r K , "e _
who proved to me on the basis of satisfactory evidence to be'the persons
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whose names) isfare subscribed to the within instrument and acknowledged( to
that he/shelthey
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me executed the same Inhisther/their authorized capacity(ies),•�
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entity upon behalf ofwhichthe persoh(s)acted, executed the Instrument. I certify
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under PENALTY OF PERJURY under the laws of the State of California that the
foregoing
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paragraph is true and correct. WITNESS my hand and official seal.
WARRANTY SURETY AGREEMENT — Overland Park Apartments — Page 3
CITY OF MERIDIAN:
Pal
STATE. OF IDAHO )
ss.
County of Ada )
C1n this day of . 1 20 , 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 M<your 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 dad and
year fig �t :above written.
,a.=a.-
Notary PAYiefor Idaho
My commission Expires:_ C? 1
`'CARR �NTY SURETY AGREEMENT - Overland Park Apartments - Page 4