HomeMy WebLinkAboutVanguard Village Sub. No. 1 Grand Mogul Way First Amendment Ada County Recorder Trent Tripple 2025-052854
Boise,Idaho Pgs=3 vbailey 08/18/2025 08:42:20 AM
CITY OF MERIDIAN IDAHO$0.00
Electronically Recorded
FIRST AMENDMENT to
City of Meridian
DEVELOPMENT SURETY AGREEMENT
Vanguard Village Subdivision No. I—Grand Mogul Way
This FIRST AMENDMENT to City of Meridian DEVELOPMENT SURETY
AGREEMENT Vanguard Village Subdivision No. 1 —Grand Mogul Way ("First
Amendment")is entered into this 15th day of August, 2025,by and between the City of Meridian,
a municipal corporation organized under the laws of the State of Idaho ("CITY"), and Pacific
West Builders, Inc., a general business corporation organized under the laws of the State of Idaho
("DEVELOPER").
WHEREAS,the Parties seek by this First Amendment to modify the City of Meridian
Development Surety Agreement Vanguard Village Subdivision No. I — Grand Mogul Way entered
into by the Parties on June 9, 2025 and recorded in Ada County on April 10, 202 as instrument
no. 2025-035834 ("June 9, 2025 Surety Agreement");
NOW, THEREFORE,in consideration of the mutual covenants of the parties, the
Parties agree as follows:
A. TERM MODIFIED. Section 4 of the of the June 9, 2025 Surety Agreement shall be modified
to read as follows:
4. Upon execution of this Agreement, the DEVELOPER shall deliver to CITY a performance
surety (Irrevocable Letter of Credit, Corporate Surety Bond or Cash Deposit) ("Performance
Surety")for the purpose of assuring DEVELOPER'S full and faithful completion of the
required Improvements as shown on the Construction Plans, and a fully executed rider
stating: "The condition of obligation is such that: WHEREAS the above Named Principal has
entered into an agreement dated June 9, 2025, and an amendment to such agreement dated
August 14, 2025, with the City of Meridian to do and perform the following work, to wit:
sanitary sewer(internal), water(internal),pathways, landscaping, street lights, and
pressurized irrigation for properties on both Grand Mogul Way and Navigator Lane."The
amount of the Performance Surety for the Improvements shall be the sum of at least
$4,146,342.70 for the amounts and purposes set forth on Exhibit"B," which is attached
hereto and incorporated herein. The amount of such Performance Surety is based upon 125%
of an itemized contractor's bid for the completion the Required Public Improvements, and
110% of all other Required Development Improvements. CITY'S acceptance of such
assurance shall not be construed as a limitation on the amount which may be spent on
completion of the Improvements.
B. No ADDITIONAL PROVISIONS. The Parties agree that except as expressly modified by this
First Amendment, all provisions of the June 9, 2025 Surety Agreement shall remain in full
force and effect. No other understanding, whether oral or written, whether made prior to or
contemporaneously with this First Amendment shall be deemed to enlarge, limit or otherwise
affect the operation of the June 9, 2025 Surety Agreement or this amendment thereto.
FIRST AMENDMENT TO JUNE 9,2025 SURETY AGREEMENT PAGE 1
Instrument # 2025-052854
08/18/2025 08:42:20 AM Page 2 of 3
IN WITNESS WHEREOF,the parties shall cause this First Amendment to be executed
by their duly authorized officers to be effective as of the day and year first above written.
TEN MI EST COMMERCIAL,LLC:
4Rya horized Agent
01-STATE OF IDAHO )
ss:
County of )
I HEREBY CERTIFY that on this I�L day of f _,2025,before the undersigned,a
Notary Public in the State of Idaho,personally appeared Ryan Clev rley,known or identified to me to be an
authorized agent of Ten Mile West Commercial,LLC,a limited liability company,and acknowledged to me that
such person executed the said instrument on behalf of same.
IN WITNESS WHEREOF,I have hereunto set my hand and affixed my official seal,the day and year in
this certificate first above written.
Notary Public for Idaho ���.••"' A'���.•��
Residing at "- " Idaho ��`�� •..•DU '•'
0.
My Commission Expires: I 'Wq�o�� A
�ypT R y
ltf PUBIACO"
CITY OF MERIDIAN: % s`�:;es:041�;:••�O.•'
BY: Y';6d 15 August 2025 isoo
Caleb Hood
Deputy Director of Community Development
FIRST AMENDMENT TO TUNE 9,2025 SURETY AGREEMENT PAGE 2
Instrument # 2025-052854
08/18/2025 08:42:20 AM Page 3 of 3
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