HomeMy WebLinkAboutExtended Stay America - MeridianADA COUNTY RECORDER Trent Tripple 2023-038803
BOISE IDAHO Pgs=5 HEATHER LUTHER 07/06/2023 03:45 PM
CITY OF MERIDIAN, IDAHO NO FEE
City of Meridian
WARRANTY SURETY AGREEMENT
Extended Stay America - Meridian
THIS WARRANTY SURETY AGREEMENT is made and entered into this 6th day of
July , 20 23 by and between the CITY OF MERIDIAN, a Municipal Corporation,
hereinafter referred to as CITY, and RREAF HOLDINGS, LLC, hereinafter referred to as
DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on June 30, 2023, of the
construction plans ("Construction Plans"), for the development known as Extended Stay America
- Meridian ("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
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
Warranty Surety 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.
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
WARRANTY SURETY AGREEMENT — Extended Stay America - Meridian — Page 1
of the CITY have been met and CITY formally accepts such Improvements in writing, the
following shall occur:
A. The DEVELOPER shall submit to the CITY a Warranty Surety in a form approved
by the CITY in the estimated sum of $10,120.80 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 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 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 — Extended Stay America - Meridian — Page 2
IN WITNESS WHEREOF, the partiesshallcause this Warranty Surety Agreement to be -
executed by their duly authorized officers the day and year first above written.
RREAF HOLDINGS, LLC,
a Texas limited liability company
M. Sowden, III, CEO
THE STATE OF TEXAS
COUNTY OF DALLAS
On this 20 day of June 2023, before me, the undersigned Notary Public, in and for the
State of Texas, personally appeared Webb M. Sowden, III, known to me to be the Chief Financial
Officer of RREAF HOLDINGS LLC, and who executed this instrument on behalf of RREAF
HOLDINGS LLC.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
day and year first above written.
�aeeYprr�r ANNIE GARZA
=aosr' f;_Nrstary Public, State of Texas
s°9 : 'P= Comm. Expires 02-17-2024
...+
Notary ID 3262550
WARRANTY SURETY AGREEMENT — ESA MERIDIAN HOSPITALITY, LLC — Page 3
CITY OF MERIDIAN:
July 6th, 2023
Dated: By: w �:
Bruce Freckleton
Director of Community Development
WARRANTY SURETY AGREEMENT — Extended Stay America - Meridian — Page 4
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