Linder and Overland Apartments at SouthridgeADA COUNTY RECORDER Phil McGrane 2020-077277
BOISEIDAHO Pgs=5 NIKOLA OLSON 06/24/2020 09:44 AM
CITY OF MERIDIAN, IDAHO NO FEE
City of Meridian
WARRANTY SURETY AGREEMENT
Linder and Overland Apartments at Southridge
THIS WARRANTY SURETY AGREEMENT is made and entered into this C23 day of
,.j Ulu e- , 20,,,2 0 by and between the CITY OF MERIDIAN, a Municipal Corporation,
hereinafter referred to as CITY, and SOUTHRIDGE DEVELOPMENT COMPANY, LLC,
hereinafter referred to as DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on March 8, 2018, of the
construction plans ("Construction Plans"), for the development known as Linder and Overland
Apartments at Southridge ("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 I I -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:
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 —Linder and Overland Apartments at Southridge — 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:
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 $82,400.00 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 defincd in
the City Public Works Construction Code. The amount of such surety assurance-s
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 —Linder and Overland Apartments at Southridge — 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.
STATE OF ARIZONA
ss.
County of Maricopa )
SOUTHRIDGE DEVELOPMENT COMPANY,
LLC:
By:
H. Curtis Keller, Secretary
On this 1 V day of Jk Rt 2020, before me, the undersigned, a Notary
Public in and for the State of Arizona, personally appeared H. Curtis Keller, known or identified to me to
be the Secretary 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
**I—
Nokry Public for Arizona f
My commission Expires: �9
JORDAN 0. MAFEN
Notary public - Arizona
M ricepa County
Commission k 537264
My Canon. Expires Nov ti, 2421
WARRANTY SURETY AGREEMENT —Linder and Overland Apartments at Southridge — Page 3
STATE OF IDAHO
ss.
County of Ada
CITY OF MERIDIAN:
By: r�
obert E. S' is n, Mayor
On this azp
' day of _6}( {e _ 20Z before me, the undersigned, a Notary
Public in and for the State of Idaho, personally appeared Robert E. Simison, known or identified to me to
be the Mayor of the City of Meridian, Idaho and who subscribed his 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 ai blic for I aho (
••_•�p� jV ••• mission Expires:_ �0Ie�Vt
• ; COMMISSION
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WARRANTY SURETY AGREEMENT —Linder and Overland Apartments at Southridge — Page 4
Exhibit A
Date Compiled:
5129/2020
SURETY BREAKDOWN
Letter of Credit/Bond No.:
l
Issued By:
Codee Krausch
FOR LINDER AND OVERLAND Expiration Date:
commu,ary Development
APARTMENTS AT SOUTHRIDGE
Depodment
Check No.:
Contingency
Depi
Item
1
Description
Sanitary Sewer (Internal)
Bid Amount
%
141,000.00 125%
Surety
$ 176,250.00
Partial Unfinished
$ 176,250.00 $ -
Date Signed
Responsible Comments
For Sign -Off Off/Person
Public Works
2
Sanitary Sewer (Offsite)
125%
$ -
$ -
Public Works
3
Water (Internal)
271,000.00
125%
$ 338,750.00
$ 338.750.00
$ -
Public Works
4
Water (OKsite)
125%
$ -
$ -
Public Works
5
Lift Station
125%
$ -
Public Works
6
Street Lights
110%
$ -
$ -
Building
7
Landscaping
110%
$ -
$ -
Planning
8
Pathways
110%
$ -
$ -
Planning
9
Fencing
110%
$ -
$ -
Planning
10
Pressurized irrigation
110%
$ -
$ -
Public Works
11
Gravity Irrigation
110%
$ -
$ -
Public Works
12
Other:
110%
$ -
$ -
13
Other.
110%
$ -
$ -
14
Other:
110%
$ -
$ -
15
Other:
Ito%
$
$
16
Other.
1 110%
Is -
1
1 $ -
TOTAL:
412,000.00
$ 515,000.00
$ 516,000.00 $
WARRANTY SURETY (20% OF
LINE ITEMS 1-5) $ 82,400.00
BALANCE TO REMAIN: $