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Development Surety Agreement~ ~ `t ADA COUNTY RECORDER Christopher u. Rich AMOUNT .00 4 BOISE IDAHO 05!09!13 10:2(1 AM DEPUTY Vicky Bailey ~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~ ~~~ RECORDED-REQUEST OF 11~E~5~~77 Meridian City City of Meridian DEVELOPMENT SURETY AGREEMENT THIS DEVELOPMENT SURETY AGREEMENT is made and entered into this ~( _day of ~~Y ~ ~ , 20~ by and between the CITY OF MERIDIAN, a Municipal Corporation, hereinafter referred to as CITY, and BRIGHTON DEVELOPMENT, INC. hereinafter referred to as DEVELOPER. WITNESSETH: WHEREAS, DEVELOPER has petitioned the CITY to accept a subdivision plat known as Commercial Southwest Subdivision No. 2, located in the City of Meridian; and WHEREAS, Meridian Unified Development Code, Section 11-SC-1 through 11-SC-4 and applicable ordinances and laws of the CITY require that the DEVELOPER execute and file with the CITY an agreement providing for, among other things, the period within which all required improvements shall be made within said subdivision and that if such work is not completed within the period specified, the CITY may complete the same and recover the full cost and expense thereof from the DEVELOPER; and WHEREAS, the CITY is agreeable to acceptance and filing of said subdivision plat upon the execution of this Agreement and compliance by the DEVELOPER with the provisions of the Meridian City Code. 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 install all of the required public improvements as shown on the approved development construction plans dated the 5th day of April, 2013, and bind themselves to use such materials and to so construct all of the improvements according to CITY standards as defined by the applicable Ordinances, and Standards and Specifications of the CITY. 2. The DEVELOPER agrees to restore at no cost to the CITY any monument erected or used as a survey marker or boundary of any tract, plat or parcel of land which monument is broken down, damaged, obliterated, removed or destroyed, whether willfully or not, by the DEVELOPER, or the agents, employees or contractors of the DEVELOPER. /'~ /'1 . ' *~ 3. The DEVELOPER agrees that all said public improvements shall be completed on or before the 5~' day of April, 2014, and that the DEVELOPER will correct, repair and maintain all such 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 formal acceptance of such improvements. The DEVELOPER agrees that in case they shall abandon the work, fail to make satisfactory progress on the work, or fail to complete the work by the date specified, the CITY may cause the work to be completed by another person under contract, by its own forces, or both. The DEVELOPER shall be jointly and severably liable to the CITY for any and all loss and damage from such abandonment or failure, either from the greater expense of so completing or repairing faulty or damaged work, or from any other related cause. 4. Upon execution of this Agreement, the DEVELOPER shall deliver to CITY performance surety (Irrevocable Letter of Credit, Corporate Surety Bond or Cash Deposit) for the purpose of assuring DEVELOPER'S full and faithful completion of the required improvements within said Subdivision. The amount of the performance surety for the required improvements shall be the sum of $112,647.94. The amount of such surety assurances is based upon 125% of an itemized contractor's bid for the completion the required public infrastructure 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 required improvements. 5. At such time as all required public infrastructure improvements within the Subdivision have been completed in accordance with the CITY'S requirements, 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, the DEVELOPER will submit to the CITY a Warranty Surety in a form approved by the CITY in the estimated sum of $12,300.15 to provide for correction of any defective materials or workmanship in such 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 final itemized contractor's invoice for the completion the required public improvements. 6. The CITY agrees to accept the completed required subdivision improvements upon certification by the City Engineer: 1. That all required subdivision public improvements have been constructed in accordance with the City Public Works Construction Code; 2. That the DEVELOPER has fulfilled the requirements of the City Development Code; and /'~ n 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. 7. 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. IN WITNESS WHEREOF, the parties shall cause this Compliance Agreement to be executed by their duly authorized officers the day and year first above written. BRIGHTON O~DE®®VELOPME T, INC.: By: i~~~~LL Blake R. Alder, COO/CFO STATE OF IDAHO, County of Ada, ) . ss. On this ~'~'day of (~i J 20 ~?/' ,before me, the undersigned, a Notary Public in and f r the State of Idaho, personally appeared Blake R. Alder, known or identified to me to be the Chief Operating Officer/Chief Financial Officer of BRIGHTON DEVELOPMENT, INC., 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 AMANDH McCURRY NOTARY PUBLIC STATE OF IpgHO Residing at: My commission Expires: ~ ,5 2A 1 CITY OF MERIDIAN: By: _ Tammy de ,Mayor STATE OF IDAHO, County of Ada, ) . ss. On this ~~ day of I~-t~r l ~ 2013 ,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 their names 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. ~....~ .••GA Jp~,•• ~~T A "' • ~ R.~ `:c1~ ~ :'~~ '~ ~ • ~ ~ ~ • • • • ~•~' p[1BU1C' 4~`O• •. ~ OF ~•• •....•• Residing at: ~-(~,r~ d« 1 ~a~ o My commission Expires:~~ ~, ~ , ~ , ~ ~