HomeMy WebLinkAboutParamount Self Storage Warranty Surety AgreementADA COUNTY RECORDER Phil McGrane 2019-078877
BOISE IDAHO Pgs=5 LISA BATT 08/26/2019 08:46 AM
CITY OF MERIDIAN, IDAHO NO FEE
Cityof Meridian
WARRANTY SURETY AGREEMENT
Paramount Self Storage
THIS WARRANTY SURETY AGREEMENT is made and entered into this _Zffda-y of
) 20 /q by and between the CITY OF MERIDIAN, a Municipal Corporation,
hercifthher referred to as CITY, and BRIGHTON STORAGE, LLC, hereinafter referred to as
DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on October 17, 2018, of the
construction plans ("Construction Plans"), for the development known as Paramount Self
Storage ("Project") 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
WHEREAS, 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 —Paramount Self Storage— 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:
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 $6,113.39 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
Improvements.
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 —Paramount Self Storage— 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.
BRIGHTON STORAGE, LLC, an Idaho Limited
Liability Company:
By Brighton Corporation its Manager
By.Z4��/"'"" _—
Blake R. Alder, President
STATE OF IDAHO
ss.
County of Ada )
On this i,'� t day of L "" 20Ji, before me, the undersigned, a Notary
Public in and for the State of Idaho, p • onally appeared Blake R. Alder, known or identified to me to be
the President of Brighton Storage, LLC, an Idaho Limited Liability Compay, by Brighton Corporation, who
executed this instrument on behalf of said LLC, and acknowledged to me 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 IdandU
My commission Expires:3-
SHARIVAUGHAN
Notary Public - State of Idaho
Commission Number 20181002
My Commission Expires Jun 1, 2024
WARRANTY SURETY AGREEMENT —Paramount Self Storage— Page 3
STATE OF IDAHO
ss.
CITY OF MERIDIAN:
T y de Wee ,
County of Ada )
On this '1' day of 20�LN, before me, the undersigned, a Notary
Public in and for the State of Idaho, pers 4ally 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
�.••• < N'otaty,Public for Idaho
••�• I V �•• My commission Expires: 0 r' . .-.w
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A .
• COMMISSION
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WARRANTY SURETY AGREEMENT —Paramount Self Storage— Page 4
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