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Home My WebLink AboutRelease Security - T36554-1 - Pearwood VenturesCITY OF PALM DESERT PUBLIC WORKS DEPARTMENT STAFF REPORT REQUEST: RELEASE MAINTENANCE SECURITY FOR TRACT 36554-1 SUBMITTED BY: Mark Greenwood, P.E., Director of Public Works APPLICANT: Pearwood Ventures, LLC Stuart Chelin 77682 Country Club Drive, Suite A3 Palm Desert, CA 92211 SureTec c/o Pinnacle Surety 151 Kalmus Drive, Suite A201 Costa Mesa, CA 92626 BOND NUMBER: 4392974M DATE: CONTENTS Recommendation July 14, 2016 Maintenance Bond Vicinity Map By Minute Motion, release the maintenance bond for improvements for Tract 36554-1. Background The subject property is located at Shepherd Lane and Encore Lane. A faithful performance and Labor and Materials bond was originally posted at the time of permit issuance for the construction of off -site improvements. City Council approved the release of these bonds and the acceptance of a one-year maintenance bond July 9, 2015. Staff has recently re -inspected this project to insure that all improvements remain as they were originally accepted in 2015.The one-year maintenance period is now Staff Report Release Security for TR 36554 July 14, 2016 Page 2of2 complete and staff recommends that City Council authorize the release of the maintenance obligation. Fiscal Analvsis There is no fiscal impact associated with this action. Prepared By: Christina Canales, Assistant Engineer c�m J4ie�/fVl. Moore, Director of Finance Approval: dt ?uin cCarthy, Interim nager Department Head: Mark Greenwood, P.E., Director of Public Works MAINTENANCE BOND BOND NO.: 4392974M Premium included in Performance Bond KNOW ALL MEN BY THESE PRESENTS: THAT we, Pearwood Ventures LLC , as Principal, and SureTec Insurance Company , a corporation organized and doing business under and by virtue of the laws of the State of Texas and duly licensed to conduct surety business in the State of California, as Surety, are held and firmly bound unto City of Palm Desert as Obligee, in the sum of forty seven thousand two hundred twenty seven & 00/10D (S 47.227.00 ) Dollars, for which payment, well and truly to be made, we bind ourselves, our heirs, executors and successors, jointly and severally firmly by these presents. THE CONDITION OF THE OBLIGATION 1S SUCH THAT: WHEREAS, the above named Principal entered into an agreement or agreements with said Obligee to: The Final Subdivision Map of Tract No. 36554-1 and the Related Improvement WHEREAS, said agreement provided that Principal shall guarantee replacement and repair of improvements as described therein for a period of one year following final acceptance of said improvements; NOW, THEREFORE, if the above Principal shall indemnify the Obligee for all loss that Obligee may sustain by reason of any defective materials or workmanship which become apparent during the period of one year from and after acceptance of the said improvements by Obligee, then this obligation shall be void; otherwise to remain in full force and effect. IN WITNESS WHEREOF, the seal and signature of said Principal is hereto affixed and the corporate seal and the name of the said Surety is hereto affixed and attested by its duly authorized Attomey-in-Fact this 19th day of May Pearwood Vent res Principal V Nw.m'. Sh f Cat -A 2015 YEAR SureTqc�nsurance Company BY: , Anorney-in-Fact CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 4C11Y„R2,R,,,�3.,`,1a^�wu.,fast,,•�,fi,,.q.�,iu.,,,c,�,�h2t.glwD .,.� .:._ ,,.e. •,_ :.-:.:..s,.� _, AVI,.a.,,,a,., u'�,Au�1 toeoo�..]�i..,.�fxi.�...,R..�a,we„ A notary public or other officer completing this certificate verifies only the identity of the Individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of & sr On ,01 C before me, 'Zo-Ri t(. eaa= _ Ta2y loirez ate Here Insert Name and Trtle of the Officer personally appeared ��rftQR� per. in NameKof SigneV who proved to me on the basis of satisfactory evidence to be the person.(Br whose nameW is/aW subscribed to the within instrument and acknowledged to me that het�;Wtbey executed the same in his/ijef/tFjeffrr authorized capacity(Jes`j, and that by his/ tI)e signatureKon the instrument the person or the entity upon behalf of which the person'acted, executed the instrument. LQRI J. CA80T COMMW1101" 11081411 Notary Pudic - Ciltlomli z Rlverslde County Mr Comm Excites Oct 17. 2018 Place Notary Seal Above I certify under PENALTY OF PERJURY under the laws of the State of Califomia that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature =� N Si attire of Notary Public OPTIONAL Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document:%..-��,�,. Number of Pages: Signer's) Other Than Named Capacity(�KClaimed by Sign . Signer's Name: er 1 Corporate Officer — Title(s): Partner — - Limited =i General Individual Attorney in Fact Trustee Guardian or Conservator Other: Signer Is Representing: 2" _ 3..Sd Document Date: t! r) 9•�o/s Above: $t-."�lw� Signer's Name: Corporate Officer — Title(s): Partner — ;_, Limited _ ! General Individual - Attorney in Fact Trustee Guardian or Conservator Other: Signer Is Representing: (02014 National Notary Association • www.NationaiNotary.org - 1-800-US NOTARY (1-800-876-6827) Item #5907 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE 1189 r . n ..... r. ,......,,.., r.., n ✓� �.�� vr�� y� .x .� �.vn� �; ,: r -, • ,.:y r... . , r.. A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached and not the truthfulness, accuracy, or validity of that document. State of California ) County of Orange J r ) On _ 011,1 ! _L ___before me, V. Copeland . Notary Public, personally appeared Stephanie Hoang Names) of Signers) who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/afe subscribed to the within instrument and acknowledged to me that he/she/dwy executed the same in his/her/tfteir authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the V. COPELANO laws of the State of California that the foregoing Commission * 2046542 paragraph is true and correct. < -+ Notary Public, California Orange County WITNES y and and official . My Comm. Expires Oct 24.2017 Signature: S lure Notary Public — Place Notary Seal Above OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could present fraudulent and reattachment of this form to another document - Description of Attached Document Type or Title of Document: Document Date: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name Stephanie Hoang ❑ Individual ❑ Corporate Officer - Title(s): ❑ Partner ❑Limited ❑ General ® Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other. Signer Is Representing: Number of Pages: Capacity(ies) Claimed by Signer(s) Signer's Name: ❑ Individual ❑ Corporate Officer - Title(s): ❑ Partner: ❑Limited ❑ General ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing. ..,.V ��Y..�, r._. ,...., n�:`n!�r. .r ..nrr,, r.r..�i..•. i.'r-,^,!✓ems.!.-,'r..!-... r. .-,, r.n nn .r �. .�nnrn ..•n.i�. .`...r ..r r. ,. r.nnr r. r. r. Rev. 1-15 PQA s; 510006 o reTec Insurance Company LB=D POWER OF ATTORNEY Know Aft Men by These Presents, That SURETEC INSURANCE COMPANY (the "Company"), a corporation duly organized and existing under the laws of the State of Texas, and having its principal office in Holston, Harris County, Texas, does by these presents make, constitute and appoint Eric Lowey, Mark Richardson, Stephanie Hoang, Shawn Blume its true and lawful Attorney -in -tact, with full power and authority hereby conferred in its name, place and stead, to execute, acknowledge and deliver any and all bonds, recognizences, undertakings or other instruments or contracts of suretyship to include waivers to the conditions of contracts and consents of surety for. Five Million and 00/100 Dollars ($5,000,000.00) and to bind the Company thereby as fully and to the same extent as if such bond were signed by the President, sealed with the corporate seal of the Company and duly attested by its Secretary, hereby ratifying and confirming all that the said Attomey-in Fact may do in the premises. Said appointment shall continue in force until 10/3112015 and is made under and by authority of the following resolutions of the Board of Directors of the SureTec Insurance Company: Be it Resolved that the President, any Via -President, any Assistant Vice -President, any Secretary or any Assistant Secretary shall be and is hereby vested with full power and authority to appoint any one or more suitable persons as Attorneys) -in -Fact to represent and ad for and on behalf of the Company subject to the following provisions: Atorney-in-Fact may be given full power and authority for and in the name of and of behalf of the Company, to execute, acknowledge and deliver, any and all bonds, recognizances, contracts, agreements or indemnity and other conditional or obligatory undertakngs and any and all notices and documents canceliog or terminating the Company's Iiability thereunder, and any such instruments so executed by any such Attorney -in -Fact shall be binding upon the Company as if signed by the President and sealed and effected by the Corporate Secretary. Be it Resolved that the signature of any authorized officer and seal of the Company heretofore or hereafter affixed to any power of attorney or any certificate relating thereto by facsimile, and any power of attorney or certificate bearing facsimile signature or facsimile seal shall be valid and binding upon the Company with respect to any bond or undertaking to which it is attached (Adopted at a meeting held on 20* of April, 1999.) In WtM= Whereof, SURETEC INSURANCE COMPANY has caused these presents to be signed by its President, and its corporate seal to be hereto affixed this 21st day of March, A.D. 2013. 30RANo SURETEC INSURANCE COMPANY .�c q0 By: w w ° John eoxfresident State o; Te :as ss: Ccr:nty of Hr,-ris On this 21 st day of Mack . A.D. 2013 before me personally came John Knox Jr., to me known, who, being by me duly sworn, did depose and say, that be resides im Houston, Texas, that he is President of SURETEC INSURANCE COMPANY, the company described in and which executed the above instrument; that he knows the seal of said Company, that the seal affixed to said instrument is such corporate seal; that it was so affixed by order of the Board of Directors of said Company, and that he signed his name thereto by lire order. JACOUEIYN MALDONADO NatW Pub0c State of Texas 11"J�r My Comm. Exp. SIIWM17 Jacq elyn Maldonado, Notary Public My commission expires May 18, 2017 1, M Brent Beaty, Assistant Secretary of SURETEC INSURANCE COMPANY, do hereby certify that the above and foregoing is a true and correct copy of a Power of Attorney, executed by said Company, which Is still in full force and effect; and furthermore, the resolutions of the Board of Directors, set out in the Power of Attorney are in full force and effect. Given trader my band and the seal of said Company at Houston, Texas this l" t day of " * �. , A.D. ty, Assistant Secretary Any bmttument issued in excess of the penalty stated above Is totally void and without any validity. For verification of the authority of this pourer you may call (713) 812-MOU any business day between 6:00 am and 6:00 purr CST. TR 36554-1 PROJECT SITE W 4 APN: 694331019 House#: 0 w 4 W N \ APN: RW \1 House#: 0 \ oo \ i / I \ - --- - - - — --- - - -- - --ACADEME(-L-ANE E— I a I i Circulation Network City Boundary I f I Legend 1 I I Streets 1: 1,415 - ❑ Parcels (04/2015) Notes APN: 694190005 House#: 0 APN: 694190005 House#: 0