HomeMy WebLinkAboutAvendale Subdivision aka Silver Oaks ApartmentsADA COUNTY RECORDER Christopher D. Rich 2016-075783
BOISE IDAHO Pgs=5 LISA BATT 08/17/2016 03:12 PM
MERIDIAN CITY NO FEE
II'II�'III�III III'I'III�' III IIIII I IIII�I"I' II SII
00261831201600767830060063
City of Meridian
WARRANTY SURETY AGREEMENT
Avendale Subdivision "aka"
Silver Oaks Apartments
T IS WARRANTY SURETY AGREEMENT is made and entered into this 0+6 day of
, 20 by and between the CITY OF MERIDIAN, a Municipal Corporation,
herei after referred to as CITY, and Silver Oaks Apartments, LLC hereinafter referred to as
DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on June 9, 2015, of the
construction plans ("Construction Plans"), for the development known as Avendale Subdivision
"aka" Silver Oaks Apartments ("Subdivision Plat") located in the City of Meridian, which
Construction Plans include improvements for public life, safety and health ("Required Public
Improvements") and improvements 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
WBEREAS, DEVELOPER has posted performance surety with CITY to guarantee the
completion of the 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 and release of the
performance 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, 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 Required Public
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.
WARRANTY SURETY AGREEMENT — Avendale Subdivision "aka" Silver Oaks Apartments — Page 1
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:
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 $26,629.29 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 receiving such request the CITY shall conduct an inspection of the Required
Public Improvements to determine if any defects are present. If there are no
defects, CITY shall release/return the Warranty Surety to DEVELOPER.
3. The CITY agrees to accept the Required Public Improvements and release the
performance surety upon certification by the City Engineer that all Required Public
Improvements have been constructed in accordance with the City's Requirements. Such
certification is not intended to relieve DEVELOPER or any contractor or material
supplier of their responsibility for any defects in materials or workmanship of such
huprovements.
4. 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 — Avendale Subdivision "aka" Silver Oaks Apartments — 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.
STATE OF IDAHO
ss.
County of Ada
Silvers Apartments, LLC:
r'
David M. Cooper, Manager
On this 2 day of � � �� � � 20 , before me, the undersigned, a Notary
Public in and for the State of Idaho, personally appeared David M. C000per, known or identified to me to
be the IV an err f ilv�r Oaks Apartments, LLC., who executed this instrument on behalf of said LLC,
and ac em ge o me tri t such LLC executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and
year first above written.
SEA�NNER 11 4.*' -"
\\� OC N....... .IO�
N��.•' �0 Notary Public for Idaho
pTAgy Z Z My commission Expires: --i
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WARRANTY SURETY AGREEMENT — Avendale Subdivision "aka" Silver Oaks Apartments — Page 3
CITY OF MERIDIAN:
By:f
Tammy de e d, Mayor
STATE OF IDAHO )
ss.
County of Ada )
On this lot—day of A"au S& 20/4�, before me, the undersigned, a Notary
Public in and for the State of Idaho, pers nally 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 �.�**ones* ,
%Sw'iS AR� p'`•j� Notary Publi6fdrdAaho
�• p �`.' My commission Expires:
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WARRANTY SURETY AGREEMENT — Avendale Subdivision "aka" Silver Oaks Apartments — Page 4
SURETY BREAKDOWN
FOR
AVENDALE SUBDIVISION
"aka'
Date Compiled:
Letter of Credit/Bond No.:
Issued By
Expiration Date:
Check No
E ID1AN
c«amty Daveiorx—t
Dapa,tma„ t
2'
Sanitary Sewer (Offsite)
''125%
$
- Is ''
- Public Works -
3
Water (internal)
64,185.60 '125%
$
80,232.00 $ 80,232.00 $
- Public Works
4
Water (Offsite) ;:
':125%
$ -
$ `.
- Public Works
5
Redaimed Water.
::125%
$ I;
$ -
- 'Public Works
6
Street Ughls -
110%
$ '
` - $ '
- Building
7
Landscaping
110%
$
$ 1.
Planning
8
Pathways
110%
$ '
$
- Planning
9
Fencing
110%
$
- $ 1.
- Planning
10
Pressurized Irrigation
110%
$ `:
$
- Public Works
11
Gravity Irrigation
'110%
$ '-
- $
Public Works -
12
Other.
110%
$
- $
13
Other
110%
is
- $
-
14
- Other.
110%
$
- $
15
Other
110%
$
- $
16 '
Other.
110%
Is `'
$ -
-
WARRANTY SURETY (20%OFLINE ITEMS 15) $ 26,629.29
BALANCE TO REMAIN: $