HomeMy WebLinkAboutReso 1979-9873Form No. 352
Rev. 11-67
RESOLUTION N0. 9873
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA
APPROVING AGREEMENT FOR THE COMPLETION OF IMPROVEMENTS IN
CHULA VISTA TRACT NO. 78-2 - BONITA HACIENDAS
AND AUTHORIZING THE MAYOR TO EXECUTE SAME
The City Council of the City of Chula Vista does hereby
resolve as follows:
NOW, THEREFORE, BE IT RESOLVED that that certain agreement
between the CITY OF CHULA VISTA, a municipal corporation, and Sub-
divider, L & L Development Company
dated the Sth day of December 1979 for the completion
of improvements in that certain subdivision known as Chula Vista
Tract No. 78-2 - Bonita Haciendas
a copy of which is attached hereto and by reference made a part here-
of, the same as though fully set forth herein be, and the same is
hereby approved.
BE IT FURTHER RESOLVED that the Mayor of the City of Chula
Vista be, and he is hereby authorized and directed to execute said
agreement for and on behalf of the City of Chula Vista.
Presented by
n
J n P. Lippitt, C ty Engineer
Approved as to form by
George Lindberg, Ci Attorney
ADOPTED AND APPROVED by the .CITY COUNCIL of the CITY OF CHULA
VISTA, CALIFORNIA,. this 6th day of December 1979 by the
following vote, to-wit:
AYES: Councilmen
NAYES: Councilmen
ABSENT: Councilmen None
McCandliss, Scott, Gillow, Cox
~ ~ l~y~
~-- Mayor of the City of Chula Vista
ATTE yam.
City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I~ City Clerk of the City of Chula
Vista, California, DO HEREBY CERTIFY that the above is a full, true and
correct copy of Resolution No. , and that the same has not been
amended or repealed. DATED
City Clerk
Form No. CA-410
Rev. 8/76
SUBDIVISION IMPROVEMENT AGREEMENT(}
THIS AGREEMENT, made and entered into this `~> I'~ day of
~_~~~.~Nil?~=_~ , 19~, by and between THE CITY OF CHULA VISTA, a
municipal corporation, hereinafter called "City", and L & L DEVELOPMENT
COMPANY, 591 Camino de la Reina, Suite 510, San Diego, CA. 92108
hereinafter called "Subdivider";
W I T N E S S E T H
WHEREAS, Subdivider is about to present to the City Council of
the City of Chula Vista for approval and recordation, a final subdivision
map of a proposed subdivision, to be known as CHULA VISTA TRACT NO. 78-2
BONITA HACIENDAS pursuant to the provisions of
the Subdivision Map Act of the State of California, and in compliance with
the provisions of Title 18 of the Chula Vista Municipal Code relating to
the filing, approval and recordation of subdivision maps, and
WHEREAS, the Code provides that before said map is finally
approved by the Council of the City of Chula Vista, Subdivider must
have either installed and completed all of the public improvements
and/or land development work required by the Code to be installed in
subdivisions before final maps of subdivisions are approved by the
Council for purpose of recording in the Office of the County Recorder
of San Diego County, or, as an alternative thereof, Subdivider shall
enter into an agreement with City, secured by an approved improvement
security to insure the performance of said work pursuant to the require-
ments of Title 18 of the Chula Vista Municipal Code, agreeing to install
and complete, free of liens at Subdivider°s own expense, all of the
public improvements and/or land development work required in said sub-
division within a definite period of time prescribed by said Council,
and
WHEREAS, Subdivider is willing, in consideration of the
approval and recordation of said map by the Council, to enter into this
agreement wherein it is provided that Subdivider will install and com-
plete, at Subdivider's own expense, all the public improvement work
required by City in connection with the proposed subdivision and will
deliver to City improvement securities as approved by the City Attorney,
and
WHEREAS, a tentative map of said subdivision has heretofore
been approved, subject to certain requirements and conditions, as con-
tained in Resolution No. 9119 , approved on the 6th day of June,
19 78 , and
WHEREAS, complete plans and specifications for the construction,
installation and completion of said public improvement work have been
prepared, submitted to and approved by the Director of Public Works,
as shown on Drawings No. 79-130D through 79-136D , on file in the Office
of the Director of Public Works, and
WHEREAS, an estimate of the cost of constructing said public
improvements according to said plans and specifications has been sub-
mitted and approved by the City, in the amount of FOUR HUNDRED SEVENTY
SIX THOUSAND, FOUR HUNDRED DOLLARS AND NO CENTS ($476,400.00).
NOW, THEREFORE, IT IS MUTUALLY UNDERSTOOD AND AGREED. AS FOLLOWS:
1. Subdivider agrees to comply with all of the requirements
of the tentative map resolution; to do and perform or cause to be done
and performed, at its own expense, without cost to City, in a good and
workmanlike manner, under the direction and to the satisfaction and
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approval of the Director of Public Works, all of the public improvement
and/or land development work required to be done in and adjoining said
subdivision; and will furnish the necessary materials therefor, all in
strict conformity and in accordance with the-plans and specifications,
which documents have heretofore been filed in the Office of the Director
of Public Works and by this reference. are incorporated herein and made
a part hereof.
2. It is expressly understood and agreed that all monuments
have been or will be installed within thirty (30) days after the com-
pletion and acceptance of the required improvements, and that. Subdivider
has installed or will install temporary street name signs if permanent
street name signs have not been installed.
3. it is expressly understood and agreed that Subdivider will
cause all necessary materials to be furnished and all improvements re-
quired under the provisions of this contract to be done on or before
the second anniversary date of the recordation of the map of said sub-
division.
4. It is expressly understood and agreed that Subdivider will
perform said improvement work as set forth hereinabove or that portion
of said improvement work serving. any buildings. or structures ready for
occupancy in said subdivision prior. to the issuance of any certificate
of clearance for utility connections for said buildings. or structures
in said subdivision, and. such certificate-shall not be issued .until the
Director of Public Works has certified in writing the completion of said
public improvements or the portion thereof serving. said buildings or
structures approved by the City; provided, however, that the improvement
security shall not be required to cover the provisions of this paragraph.
5. It is expressly understood and agreed to by Subdivider
that, in the performance. of said. work, Subdivider will conform to and
abide by all of-the provisions. of the ordinances of the City of Chula
Vista, and the. laws. of the State of California applicable to said work.
6. Subdivider further agrees-to furnish and deliver to the
City of Chula Vista, simultaneously with the execution of this agreement,
an approved improvement security in the sum of TWO HUNDRED THIRTY EIGHT
THOUSAND, TWO HUNDRED DOLLARS AND NO CENTS ($238,200.00)
which security shall guarantee the faithful performance of this contract
by Subdivider and is attached hereto, marked Exhibit "A" and made a part
hereof.
7. Subdivider further agrees to furnish and deliver to the
City of Chula Vista, simultaneously with the execution of this agreement,
an approved improvement security in the sum of TWO HUNDRED THIRTY EIGHT
THOUSAND, TWO HUNDRED DOLLARS AND NO CENTS ($238,200.00)
to secure the payment of material and labor in connection with the instal-
lation of said public improvements, which security is attached hereto,
marked Exhibit "B" and made a part hereof.
8. Subdivider further agrees to furnish and deliver to the
City of Chula Vista, simultaneously with the execution of this agreement,
an ap roved improvement security in the sum of FIVE THOUSAND DOLLARS
AND N~ CENTS ($5,000.00)
to secure the installation of monuments, which security is attached hereto,
marked Exhibit "C" and made a part hereof.
9. It is further agreed that if the public improvements are
not completed within the time agreed herein, the sums provided by said
improvement securities may be used by City for the completion of the
public improvements within said subdivision in accordance with the
specifications contained herein. Upon certification of completion by
the Director of Public Works and acceptance of said work by City, and
after certification by the Director of Finance that all costs hereof
are fully paid, the whole amount, or any part thereof not required for
payment thereof, may be released. to Subdivider or its successors in
interest, pursuant to the terms of the: improvement security.
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STATE OF CALIFORNIA '
San Die o_ _ }"
COUNTY Of_ 9
On~eCember 5979 ,before me, the undersigned, a Notary Public in and for
said State, personally appeared-__._ -.. _. _ ___ _- __ ___ ___. _
ldilliam P. Lee and Charles R. Lewsader
known fo me to be_. ____the partners of the partnersh p_ ' inn iu imm~ imn nnnnnim
~~ OFFICIAL SEAL
That executed the within instrument and acknowledged to me that'- ~'(~ ~A~ r
~~„~ k JEANN~ A IVERSEN
such partnership executed the same. ~"~ f~..+~-~ r.r t v ~ i ~t !FOftYIA
SAN L F ;'.. :GUNTY
WITNESS my FjnnS1 and offdal seal. - IP+1~ Commission [xp fires Dec' S~ 1979
/ /^ Il iil 1 ~. 1 I 111114
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eanne verser
Name (Typed or Printed)
(This area for o(fcial notarial seal)
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10. It is also expressly agreed and understood by the parties
hereto that in no case will the City of Chula Vista, or any department,
aoard or officer thereof, be liable for any portion of the costs and
expenses of the work aforesaid, nor shall any officer, his sureties or
bondsmen, be liable for the payment of any sum or sums for said work or
any materials furnished therefor, except to the limits established by
`_he approved improvement security in accordance with the requirements
of the State Subdivision Map Act and the provisions of Title 18 of
the Chula Vista Municipal Code.
11. It is further understood and agreed by Subdivider that
any engineering costs (including plan checking, inspection, materials
furnished and other incidental expenses) incurred by City in connection
with the approval of the improvement plans and installation of public
improvements hereinabove provided for, and the cost of street signs and
street trees as required by City and approved by the Director of Public
Works shall be paid by Subdivider, and that Subdivider shall have de-
posited with City a sum of money sufficient to cover said cost.
12. It is understood and agreed that until such time as all
improvements are fully completed and accepted by City, Subdivider will
be responsible for the care, maintenance of, and any damage to, the
streets, alleys, easements, water and sewer lines within the proposed
subdivision. It is further understood and agreed that Subdivider shall
guarantee all public improvements for a period of one year from date of
final acceptance and correct any and .all defects or deficiencies arising
during said period as a result of the acts or omissions of Subdivider,
its agents or employees in the performance of this agreement, and that
upon acceptance of the work by City, Subdivider shall grant to City, by
appropriate conveyance, the improvements constructed pursuant to this
agreement; provided; however, that said acceptance shall not constitute
a waiver of defects by City as set forth hereinabove.
13. It is understood and agreed that City, or any officer or
employee thereof, shall not be liable for any injury to person or property
occasioned by reason of the acts or omissions of Subdivider, its agents
or employees, in the performance of this agreement. Subdivider further
agrees to protect and hold harmless City, its officers and employees,
from any and all claims, demands, causes of action, liability or loss
of any sort, because of or arising out of acts or omissions of Subdivider,
its agents or employees, in the performance of this agreement; provided,
however, that the approved improvement security shall not be required
to cover the provisions of this paragraph. Said indemnification and
agreement to hold harmless shall extend to damages or taking of property
resulting from the construction of said subdivision and the public
improvements as provided herein, to adjacent property owners as a con-
sequence of the diversion of waters in the construction and maintenance
of drainage systems and shall not constitute the assumption by City of
any responsibility for such damage or taking, nor shall City, by .said
approval, be an insurer or surety for the construction of the subdivision
pursuant to said approved improvement plans.
14. In the event that suit is brought upon this contract by
City to enforce the terms hereof, City shall be entitled to a reasonable
sum as attorney's fees.
IN WITNESS 6dHEREOF, the parties hereto have caused this agree-
ment to be executed the day and year first hereinabove set forth.
THE CITY OF CHULA VISTA SUBDIVIDER: L & L DEVELOPMENT CO.
~ ~ ~ ~ ~
Mayor gf7the City of h ista
ATTES
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ty Cle
Approved as to r by
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.~'~~ J ~ ,
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~]"~ City Attorney
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Attach Notary Acknowledgment here.
3 -
LIST OF EXHIBITS
Exhibit "A" Improvement Security - Faithful Performance:
Form: Letter of Credit
Amount: S?38,200.00
Exhibit "B" Improvement Security - Material and Labor:
Form: Letter of Credit
Amount: 5238,200.00
Exhibit "C" Improvement Security - Monuments:
Form: Letter of Credit
Amount: 55,000.00
Securities approved as to form and amount by
Improvement Completion Date: Two Years from Date of City Council Approval
of the Subdivision Improvement Agreement
~ ~ I~
THF. SUMITOMO BANK OF CALIFORNIA Cable Addrezs:
8AN DIEGO INTERNATIONAL BANKING DIVISION SU MITBANK SAN_BIEGB
IRREVOCABLE LETTER OF CREDIT N0. LG/SD 79-012 _~ecet9b~~ _g__________19.79_____.
CITY OF CHULA VISTA
276 Fourth Aveune
Chula Vista, California 92010
Gentlemen:
Subject to the recordation of Bank's Construction Loan, we hereby establish
our irrevocable letter of credit in your favor for the account of L&L DEVELOPMENT
COMPANY, 591 Camino de la Reina, Suite 11510, San Diego, California 92108, for an
amount not to exceed in aggregate of $238,200.00, which amount shall be designated
by the City of Chula Vista as an improvement security for the following purposes:
A. Improvement security given for the material and labor of that certain
agreement by and between the City of Chula Vista and L&L Development
Company in the sum of $238,200.00. Said amount is available for
payment of material and labor as stipulated herein.
1. For payment of invoices signed by the contractor covering
improvements in and adjacent to BONITA HACIENDAS SUBDIVISION
CHULA VISTA TRACT N0. 78-2 as shown in Subdivision Drawings
1179-1300 through 79-1360 on file in the Chula Vista Department
of Public Works. Said invoices must be approved for payment
by L&L Development Company and the payment of these invoices
so approved shall be made as follows:
a. Ninety percent (90%) of the amount of the work certified
to have been completed by the City Engineer as described
under la (2) below will be paid provided the contractor's
invoices approved as stated above are accompanied by:
(1) Contractor's Lien releases; and
(2) Certificates of Acceptance issued by the City Engineer
certifying completion and acceptance of the work covered
by said invoices. This Certificate of Acceptance does
not constitute approval or acceptance by the Council
of the City of Chula Vista of the work done.
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b. The remaining unpaid balance of the value of the work
completed, as certified by the City Engineer, by the
Certificates of Acceptance presented to us, together with
invoices and the contractor's lien releases, as specified
above, which balance is ten percent (10%) of the amount of
the work completed, as certified by the City Engineer,
Yours faithfully,
THE SUMITOMU BANK OF CALIFORNIA
$an Diego International Bon king Division
______________________________________
a
_ ANhonzed Signature
THF. SUMITOMO BANK OF CALIFORNIA Cable Address:
9AN DIEGO INTERNATIONAL BANKING DIVI910N SUMITBANN SAN_BIEGB
Page TWO
IRREVOCABLE LETTER OF CREDIT N0. LG/SD 79-012 __Dg~~>,~Qx_~________f9._J_9___.
plus ten percent (10%) contingency, will be paid to the
contractor when the Sumitomo Bank of California
receives, in addition to the documents requested
above, a certified copy of the resolution of the
Council of the City of Chula Vista by which the
City of Chula Vista accepts the work covered by all
of said invoices; provided, however, that the amount
available under this credit has not been previously
exhausted by payment in full to the City of Chula
Vista as stipulated under Item 2, or this letter
of credit has expired.
2. Payment in full to the City of Chula Vista of all the funds
then remaining unpaid under this letter of credit upon receipt
of a letter from the City of Chula Vista addressed to The
Sumitomo Bank of California, 410 "A" Street, San Diego,California
92101, stating that the work has not been performed as agreed,
and accompanied by the resolution of default adopted by the
Council of the City of Chula Vista to satisfactorily complete
the improvements as agreed.
B. Improvement security securing the payment to the contractor, his
subcontractors or to persons renting equipment or furnishing labor
or materials in the sum of $238,200.00. Said amount may six (6)
months after the completion and acceptance of the work, be reduced
to an amount not less than the total of all claims on which an action
has been filed and notice given in writing to the City of Chula
Vista, provided further that if there are no actions filed, said amount
may be released in full at the termination of said six (ti) month
period.
This special letter of credit expires June 4, 1981, unless previously
exhausted by payment in full of the amount available under Item A of this credit
as provided under Item 1 or Item 2 above in the aggregate sum of $238,200.00.
We hereby agree to make payments as specified above, provided you deliver
to us, on or before May 4, 1981 the documents complying with the above
stipulated terms and conditions.
~i~73
Yours faithfully,
THE SUMITOMO BANK OF CALIFORNIA
San Diego Inte rnotio nal Banking Division
/' "
~~ _~
~,_.
Aolhorized Sipnarore
THE SUMITOMO BANK OF CALIFORNIA Cable Address:
SAN DIEGO INTERNATIONAL BANKING DI V1910N SUMITBANN SAN_DIEGO
IRREVOCABLE T•~'FR OF CREDIT NO. LG SD 79-011
---December-4__-----Iy-__ 79-.
CI'T'Y OF CHUTA VISTA
276 Fourth Avenue
Chula Vista, California 92010
Gentlemen:
Subject to recordation of Bank's Constrt~tion Loan, we hereby
establish our irrevocable letter of credit in your favor for the account
of L & L DEVEiAPMENT C~ANY, 591 Camino de la Reina, Suite #510, San
Diego, California 92108, for an amount not to exceed in aggregate of
$5,000.00, which amaant shall be designated by the City of Chula Vista
as an improvement security for the following purposes:
A. Improvement security given for survey montmentation of that
certain agreanent by and between the City of Chula Vista
and L&L DeveloF[nent Company in the sum of $5,000.00.
Said amount is available for payment of survey montmentation
fees as stipulated herein.
For payment of invoices signed by the contractor
covering survey monumentation in and adjacent to
BONITA HACIENDAS SUBDIVISI~I, CHULA VISTA TRACT NO.
78-2. Said invoices must be approved for payment
by L&L Development Company and the payment of
these invoices so approved shall be made as follaas:
a. Ninety percent (90%) of the amount of the work
certified to have been oo~leted by the City
Engineer as described tinder la (2) belay will
be paid provided the contractor's invoices
approved as stated above are ac~n~r~n~ed by:
(1) Contractor's Lien releases; and
(2) Certificates of acceptance issued by
the City Engineer certifying completion
and acceptance of the work covered by
said invoices. This Certificate of
Acceptance does not constitute approval
or acceptance by the Council of the
City of Chula Vista of the work done.
~~73
Yours faithfully,
THE SUMITOMO BANK OF CALIFORNIA
San Diego International Banking Division
__-- Authorised SiQnemr
THE SUMITOMO BANK OF CALIFORNIA Ceble Address:
9AN DIEGO INTERNATIONAL BANKING DI VI910N SUMITBANK SAN_UIEGO
Page 2 IRAEVOC'~1BLE LETTER OF CREDIT NO.
IG/SD 79-011 __L~e~-4---------w--7~---
b. The r~naining unpaid balance of the Value
of the work completed, as certified by the
City Engineer, by the Certificates of
Acceptance presented to us, together with
inwices and the contractor's lien releases
as specified above, which balance is ten
percent (10%) of the aTrowzt of the
work canpleted, as certified by the City
Engineer, plus ten percent (l00) contingency
will be paid to the contractor when The
Sumitam Bank of California receives, in
addition to the dociunents requested above,
a certified copy of the resolution of the
Council of the City of Chula Vista by
which the City of Chula Vista accepts the
work covered by all of said invoices;
provided hvvever, that the amount available
under this credit has not previously been
exhausted by payment in full to the City
of Chula Vista as stipulated under Item 2,
or this letter of credit has expired.
Payment in full to the City of Chula Vista of
all funds then remaining unpaid under this letter
of credit open receipt of a letter from the
City of Chula Vista addressed to The Simtitolro
Bank of California, 410 "A" Street, San Diego,
California 92101, stating that the work has
not been performed as agreed, and accompanied by
the resolution of default adopted by the Council
of the City of Chula Vista to satisfactorily
ccxnplete the improvements as agreed.
B. Improvement security securing the payment to the
contractor, his subcontractors or to persons renting
equipment or furnishing labor or materials in the
sum of $5,000.00. Said amount may, six (6) months
after the completion and acceptance of the work, be
reduced to an amount not less than the total of all
claims on which an action has been filed and notice
thereof given in writing to the City of Chula Vista,
provided further that if there are no actions filed,
said amount may be released in full at the termination
Yours faithfully,
THE SUMITOMO BANK OF CALIFORNIA
San Diego International Banking Division
-~~ `
--~ Authorised Slpnerore
THF. SUMITOMO BANK OF CALIFORNIA Cable Address:
9AN DIEGO INTERNATIONAL BANKING DIVISION SUMITOANR SAN DIEGO
Page 3 IRREVOCABLE LETTER OF CREDIT DPOeml~r__4__________tv.73_____
N0. IG/SD 79-011
of said six month period.
This special letter of credit expires June 4, 1981, unless previously
exhausted by payment in full of the amount available under Item A of
this credit, as provided under It~[i 1 or Item 2 above, in an aggregate
s>.un of $5,000.00.
We hereby agree to make payments as specified above, provided you
deliver to us, on or before May 4, 1981, the doclunents o~ttplying with
the above stipulated terms and conditions.
~j~~3
Yours faithfully,
THE SUMITOMO BANK OF CALIFORNIA
San Diego International 8onking Division
'-~'.-
~/ __ ._ ,
Amho.ized Signawre
THF. SUMITOMO BANK OF CALIFORNIA Cable Address:
SAN DIEGO INTERNATIONAL BANKING DIVISION SUMITBANN SAN_GIEGO
__December _4_________19 __~9 ___.
IRREVOCABLE LETTER OF CREDIT NO. LG/SD 79-013
CITY OF CHULA VISTA
276 Fourth Avenue
Chula Vista, California 92010
Gentlemen:
Subject to the recordation of Bank's Construction Loan, we hereby
establish our irrevocable letter of credit in your favor for the account
of L & L DEVELOPMENT COMPANY, 591 Camino de la Reina, Suite 510, San Diego,
California 92108, for an amount not to exceed an aggregate of $238,200.00,
which amount shall be designated by the City of Chula Vista as an improvement
security for the following purposes:
A. Improvement security given for the faithful performance of that
.certain agreement by and between the City of Chula Vista and L & L
Development Company in the sum of $238,200.00.
1. For payments of invoices signed by the contractor covering
improvements in and adjacent to BONITA HACIENDAS SUBDIVISION
CHULA VISTA TRACT NO. 78-2 as shown in subdivision drawing
#79-1300 through 79-1360 on file in the Chula Vista Department
of Public Works. Said invoices must be approved for payment
by L & L Development Company and the payment of these invoices
so approved shall be made as follows:
a. Ninety percent (900) of the amount of the work
certified to have been completed by the City Engineer as
described under la (2) below will be paid provided the
contractor's invoices approved as stated above are
accompanied by:
(1) Contractor's lien releases; and
(2) Certificates of Acceptance issued by the
City Engineer certifying completion and acceptance
of the work covered by said invoices. This
Certificate of Acceptance does not constitute
approval or acceptance by the City Council of the
City of Chula Vista of the work done.
b. The remaining unpaid balance of the value of the work
completed, as certified by the City Engineer, by the
~~~~
Yours faithfully,
THE SUMITOMO BANK OF CALIFORNIA
San Diego International Banking Division
/`~. _~
V
~~ Amhorized Signature
--
THF, SUMITOMO BANK OF CALIFORNIA Ceble Address:
SAN DIEGO INTERNATIONAL BANKING DIVISION SU MITBANN SAN_OIEGO
Page 2 IRREVOCABLE LETTER OF CREDIT NO.
LG/SD 79013 _____December 4 19 79
Certificates of Acceptance presented to us, together
with invoices and the contractor's lien releases, as
specified above, which balance is ten percent (10~)
of the amount of the work completed, as certified by the
City Engineer, plus ten percent (10~) contingency, will
be paid to the contractor when the Sumitomo Bank of
California receives, in addition to the documents
requested above, a certified copy of the resolution of
the Council of the City of Chula Vista by which the
City of Chula Vista accepts the work covered by all of
said invoices; provided, however, that the amount
available under this credit has not been previously
exhausted by payment in full to the City of Chula Vista
as stipulated under Item 2, or this letter of credit has
expired.
2. Payment in full to the City of Chula Vista of all funds then
remaining unpaid under this letter of credit upon receipt of
a letter from the City of Chula Vista addressed to The
Sumitomo Bank of California, 410 "A" Street, San Diego,
California 92101 stating that the work has not been performed
as agreed, and accompanied by the resolution of default adopted
by the Council of the City of Chula Vista to satisfactorily
complete the improvements as agreed.
B. Improvement security securing the payment to the contractor, his
subcontractors or to persons renting equipment or furnishing labor
or materials in the sum of $238,200.00. Said amount may, six ((i)
months after the completion and acceptance of the work, be reduced
to an amount not less than the total of all claims on which an action
has been filed and notice thereof given in writing to the City of
Chula Vista, provided further that if there are no actions filed,
said amount may be released in full at the termination of said
six (6) month period.
Yours faithfully,
THE SUMITOMO BANK OF CALIFORNIA
San Dle go Infe rnafio nal Banking Division
Authorized SignaWre
V