Twelve Oaks Warraty Surety AgreementADA COUNTY RECORDER Christopher D. Rich 2017-118421
BOISE IDAHO Pgs=5 BONNIE OBERBILLIG 12/12/2017 10:20 AM
CITY OF MERIDIAN, IDAHO NO FEE
City of Meridian
WARRANTY SURETY AGREEMENJ
THIS WARRANTY SURETY AGREEMENT is made and entered into this J54- day of
20_M by and between the CITY OF MERIDIAN, a Municipal Corporation,
hereinafter referred to as CITY, and TWELVE OAKS, LLC, hereinafter referred to as
DEVELOPER.
WHEREAS, DEVELOPER received approval from the CITY on April 4, 2016 of the
construction plans ("Construction Plans"), for the development known as Twelve Oaks
Subdivision ("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 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 — Twelve Oaks Subdivision — Page 1
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 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 $12,216.06 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 — Twelve Oaks Subdivision — 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,
I
TWELVE OAFS, LLC:
LLC:
Michael1. r2,deler, Manager
04�rqv
STATROF*Ii"� I
ss
County ofAda-
On this 9 �-ay of /VVV C"-eoe- _2C��/ before me, the undersigned, a Notary
Public in and for the State of Idaho, personally appeared Michael J. Shideler, known or identified to me to
be the Manager, 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 seat the day and
year first above written.
SEAL
Notary Public for Uhth& 04ejO—L'
My commission Expires:_ 64-/
0 FFICIACS—TAMP
MICHAEL P YOST
NOTARY PUBLIC -OREGON
COMMISSION NO. 961682
My COMMISSION EXPIRES JUNE 22, 2020
WARRANTY SURETY AGREEMENT — Twelve Oaks Subdivision — Page 3
CITY OF MERIDIAN:
B
Tammy &erd, Mayor
STATE OF IDAHO )
ss.
County of Ada
On this day of
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
Notary Public for(idaho
My commission Expires: 4,:-b-2-3
WARRANTY SURETY AGREEMENT — Twelve Oaks Subdivision — Page 4
Exhibit A
" i
SURETY BREAKDOWN
FOR
Twelve Oaks Subdivision
�....
Sanitary Sewer (internal)
Date Compiled: March 15, 2017'
Letter ofCredit/Bond No.:
Issued By:
Expiration Date:
Check No.:
43,386.70 125% ' $ 64,2,32A3 $ 54,232A3 $ -
a
(✓ jV ' II�—
D pcd tyDzvelopmenl
DePalmenY
Public Works
2
Sanitary Sewer (Offshe)
125% $
- $
Public Works
.3
Water(Intemai)
17,694.60 125% $
r 22,118125: $ 22;118.26 $
Public Works
i 5
Water(Off.4ite)
1025°%0 $
- $ -
Public Works
6
Reclaimed Water
125% $
$ :
Public Works
7
Street lights
410% $
$
Building
I8
Landscaping
1101 $
is
Planning
9
Pathways
110% $
$
Planning
10
Fencing
110% $
- $ -
Planning
11
Pressurized Irrigation
110% $
- $
Public Warks
12
Gravity irrigation
i10% $
- $ -
Public Works
'.13
Other :
110% $
$
14
Other.
110% $
$
'.15
Other
110% $
- $ -
16
Other.
110"!
- $
4417
Other.
110% $
$
TOTAL:'
61,080.30 $ 76,350.381 $ 76,350.38 $
WARRANTY SURETY (20% OF LINE ITEMS 1-5) $ 12,216.08
BALANCE TO REMAIN: $I -