HomeMy WebLinkAboutSouthridge Apartments S. Grand Fork Way Roadway ExtensionADA COUNTY RECORDER Christopher D. Rich 2018-075059
BOISE IDAHO Pgs=5 BONNIE OBERBILLIG 08/09/2018 09:36 AM
CITY OF MERIDIAN, IDAHO NO FEE
City of Meridian
WARRANTY SURETY AGREEMENT
Sout hrid ge Apartments S. Grand Fork Way Roadway Extension
'n -TIS WARRANTY SURETY AGREEMENT is trade and entered into this 1 -8th day of
July 2018 by and between the CITY OF MERIDIAN, a Municipal Corporation,
Hereinafter referred to as CITY, and SOIJTFIRIDGE FARM, LLC, hereinafter referred to as
DEVELOPER,
Wi'l-'NESSETI 1:
WHEREAS, DEVELOPER received approval from the CITY on Septernber 21, 2017, of the
construction plans ("Construction Plans"), for the development known as Southridge
Apartnients S. Grand Fork Way Roadway Extension ("Project") located in the City of
Meridian, which Construction Plans include Improvements for public life, safety and health
(,"Required Public Improvements") and nuprovernents for non -life, non -safety and non -health
improvements ("Required Development Improvements") (The Required Public Improvements
and Require(] Development Improvements may be collectively referred herein as
"I rn provernet its"), and
WHEREAS, DEVELOPER has posted performance surety with CITY to guarantee the
completion of the Improvements; and,
WHEREAS, DEVELOPER has complete(] 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 agreernent providing for, among other
things, a warrant), surety in the amount of twenty percent of the cost of improvements for a
period oftwo 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 cornpliance 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 agreernents
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.
WARRANTSURETV AGREEMENT Sotithridge Apailunents S. Grand Fork Way Roadway Exiensioll
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
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 1rorn the DEVELOPER that the required Improvements are
complete and have been constructed in accordance with the City's
Requirements.
B, The DEVELOPFR, shall submit to the CITY a Warranty Surety in a form
approved by the CITY in the estimated sun) of $10,095.70 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 froin the DEVELOPER That the Required Public Improvements
Continue to meet City's
v'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. It" 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 Requiretr)CntS. 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
Improvements.
4. In construing this Agreement, it is understood that either party may be more than one
person and jr the context so requires, the singular pronoun shall be taken to ifleall 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 Southridge Apartments S. Grand Fork Way Roadway Extension
Page 2
IN WITNESS WHEREOF, the parties shall cause this Development Surely Agreement to be
executed by their duly authorized officers the clay and year first above written.
STATE OF IDAI-IO )
ss.
County of Ada
SOUTHRLDGE FARM, LLC:
}
By: _
Timothy Eck
Member of TAMI, LLC its Manager
ry "�
On this day of i 20 �6' , before me, the undersigned, a Notary
Public in and for the State of Idaho, persorrah`y appeared Timothy Eck, known or identified to me to be
the Member of EAMI, LLC its Manager of SOUTHRIDGE FARM, LLC, who executed this
instrument on behalf of said LLC, and acknowledged to ine that 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.
SEAL
��• ,� Notary Public for Idaho
,�= My commission Expires: E ;` �q; ,r
1,Ui 0�
WARRANTY SURETY AGREEMENT Southridge Apartments S. Grand Fork 'ay Roadway Extension
Page. 3
STATE OF IDAHO
ss.
County of Ada
CITY OF MERIDIAN:
By:z.
Ta 'n
On this -T�day of betbre tire, the unders"gired, a Notary
I
Public in and for the State oHdaho, personally appeaxed'fairrmy de Weerd. known or identified to me to
be the Mayor of the City of Meridian, Idaho and who subscribed her name to tire within instrument and
acknowledged to me that the City of'Meridian executed the same.
IN WITNESS WIJEREOF, I have hereunto set my hand and affixed illy official sea] the day and
year first above written.
SEAL
-040600-
clab
Notary Pu lic for daho
My commission Expires:_____
_--
WA ANTV SU ETV AGREEMENTSouthridge Apartments S. Grand Fork Way Roadway Extension
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