N&T Holdings, LLC Warranty Surety Agreement for Raisin Angels DaycareCity of Meridian
WARRANTY SURETY AGREEMENT
THIS WARRANTY SURETY AGREEMENT is made and entered into this day of
20th day of October 2014 by and between the CITY OF MERIDIAN, a Municipal Corporation,
hereinafter referred to as CITY, and N & T Holdings, LLC, hereinafter referred to as
DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on June 17, 2013, of the
construction plans ("Construction Plans"), for the development known as Raisin Angels
Daycare ("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
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:
L 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 of the CITY have been met and CITY formally accepts such Improvements
in writing, the following shall occur:
WARRANTY SURETY AGREEMENT — RAISIN ANGELS DAYCARE — Page 1
A. The DEVELOPER shall submit to the CITY a Warranty Surety in a form
approved by the CITY in the estimated sum of $915.79 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 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 — RAISIN ANGELS DAYCARE — 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.
N & T HOLDINGS, LLC:
16j" By:
Thomas D. Hill, Managing Member
STATE OF IDAHO
ss.
County of Ada n ) f� I '
On this Lday of OC I U LC 20'before me, the undersigned, a Notary
Public in and for the State of Idaho, personally appeared Thomas D. Hill, known or identified to me to be
the Managing Member of N & T HOLDINGS, LLC, who executed this instrument on behalf of said
Corporation, and acknowledged to me that such Corporation 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 ky�yu a- 1<
Notary Public for Idaho /
My commission Expires: V
XRVI
WARRANTY SURETY AGREEMENT — RAISIN ANGELS DAYCARE — Page 3
CITY OF MERIDIAN:
By:
Tammy er Mayor
STATE OF IDAHO
ss.
County of Ada )
On this 2-��day of 004o6er- 201q, before me, the undersigned, a Notary
Public in and for the State of Idaho, personally 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
WARRANTY SURETY AGREEMENT - RAISIN ANGELS DAYCARE - Page 4
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