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Home My WebLink AboutRelease Security - T36554-2 - Pearwood Venturesj CITY OF PALM DESERT PUBLIC WORKS DEPARTMENT STAFF REPORT REQUEST: RELEASE MAINTENANCE SECURITY FOR TRACT 36554-2 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: 4392982M DATE: July 14, 2016 CONTENTS: Maintenance Bond Vicinity Map Recommendation By Minute Motion, release the maintenance bond for improvements for Tract 36554-2. 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 36554-2 July 14, 2016 Page 2of2 complete and staff recommends that City Council authorize the release of the maintenance obligation. Fiscal Analysis There is no fiscal impact associated with this action. Prepared By: Christina Canales, Assistant Engineer J ne . Moore, Director of Finance Approval: J in McCarthy, Interim nager Department Head: i Mark Greenwood, P.E., J Director of Public Works MAINTENANCE BOND BOND NO.: 4392982M 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 two thousand seven hundred sixty four & 201100 (S 42,764.00 ) 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 IS SUCH THAT: WHEREAS, the above named Principal entered into an agreement or agreements with said Obligee to - Subdivision Map of Tract No. 36554-2 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 dunng the penod 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 WHERE -OF, the seal and signature of said Principal is hereto affixed and the corporate scat and the name of the said Surety is hereto affixed and attested by its duly authorized Anorney•in-Fact this 23rd day of dune Pearwood Ventu s v_ Pr}ncrysal 2015 YEAR SureTec Insurance Company BY S p a a Hoang, ntiomcy-in-Face CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE 1189 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 ) Countv of Orange ) On ,A'3 -before before me,_______ V. Copeland , Notary Public, personally appeared Stephanie Hoang Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(s) whose names) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their 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. V. COPELANO Commission 8 2046542 Notary Public - Calllorn)a i Orange County My Comm. Expires Oct 24, 2017 r Mace Notary Seal Above I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNES y h d and official scat. Signature ignaiure orNoiary Public OP770NAL 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 or this form to another document Description of Attached Document Type or Title of Document Document Date- Number of Pages _ Slgncr(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Capacity(ies) Claimed by Signer(s) Signer's Name: Stephanie Hoang _ Signer's Name: ❑ Individual ❑ Individual ❑ Corporate Officer - Title(s) _ _ ❑ Corporate Officer - Title(s): ❑ Partner ❑Limited ❑ General ❑ Partner: ❑Limited ❑ General ® Attorney in Fact ❑ Attorney to Fact ❑ Trustee ❑ Trustee ❑ Guardian or Conservator ❑ Guardian or Conservator ❑ Other. ❑ Other Signer Is Representing. _ Signer Is Representing,_ _ _— Rev. 1-15 POA tl: 510006 SureTec Insurance Company UNMD POWER OF ATTORNEY Know AU 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 Houston, 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 -fact, with full power and authority hereby conferred in its name, place and stead, to execute, acknowledge and deliver any and all bonds, recognizances, 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 (S5,000,000.00) 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 Attorney -in -Fact may do in the premises. Said appointment shall continue in force until 1013112015 and is made under and by authority of the following resolutions of the Board of Directors of the SureTec Insurance Company: Be ItResolved 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 act for and on behalf of the Company subject to the following provisions: Attorney -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, recogninuxes, contracts, agreements at indemnity and other conditional or obligatory undertakings and any and all notices and documents canceling or terminating the Company's liability thereunder, and any such instruments so executed by any such Anomey-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 200 oJAprll, 1999.) In Witrim ►f'hcreof, SURETEC INSURANCE COMPANY has caused these presents to be signed by its President, and its corporate seal to be hereto affixed this list day of March, A.D. 2013. `aSVRANL`F SURETEC INSURANCE COMPANY /X oo By: w 5 V John 1 os Jr. resident State of Texw ss: County of Hfuris On this 11st day of March, A-D. 2013 before me personaUy came John Knox Jr., to me known, who, being by me duly sworn, did depose and say, that he resides in Houston, Texas, that he is President of SURETEC INSURANCE COMPANY, the company described in and which executed the above instrument; that be knows the seal of said Company, that the seal affixed to said instrument is such corporate scat; that it was so affixed by order of the Board of Directors of said Company, and that he signed his name thereto by like order. sue' JACOUELYN MALMNADO Notary Pubic /� state of Taos / i 'r T�r Mytorrm.Pxp. sltanotr 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 Hill force and effect; and ttutbertnom, the resolutions of the Board of Directors, set out in the Power of Attorney arc in full force and effect. Ytl Given under my hand and the seal of said Company at Houston, Texas this 2-3 day of c7U n� oi11 A.D. —n24#Z111,Ze— . BreiTt Beaty, Assistant §ecretary Any Instrument Issued in excess of the penalty stated above is totally void and without any validity. For verification of the authority of this power you may call (713) 012-MOD any business day between 8:00 am and 5:00 pm CST. CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 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. i State of California ) County of1I��6S1�-c } On iS before me, Ls If 14-15L8 Or- fin- rrm ., Date Here insert Name and Title of the Officer personally appeared ��. � (" .4 mac.. ._�_ NameXof SignerK who proved to me on the basis of satisfactory evidence to be the person( whose name is/apt* subscribed to the within instrument and acknowledged to me that he/sto/tho executed the same in his/hX/th/ir authorized capacity(ieA, and that by his/hp(/thXr signature(p'Jon the instrument the personX,, or the entity upon behalf of which the person acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws LORI J. CABOT of the State of California that the foregoing paragraph Commission 0 20M73 9 is true and correct. Notary Public•County y Californiattomla Rivwelds County WITNESS hand and official seal. Ksbs Mr Comm. Writs Oct 17„ 20161 Signature Sig tune of Notary Public Place Notary Seal Above OPT/ANAL 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: `�J�� saw*Y_ZT2f9z&n Document Date: Number of Pages: -,2— . Signer(s) Other Than Named Above: Capacity(ieA Claimed by Signer(o Signer's Name _ i- - ----- Signer's Name: ----- —------ Corporate Officer — Title(s): Corporate Officer — Title(s): Partner — Limited General Partner — Limited General Individual Attorney in Fact Individual Attorney in Fact Trustee Guardian or Conservator Trustee Guardian or Conservator Other: Other: Signer Is Representing: j/y&; Signer Is Representing: 02014 National Notary Association • www.NationalNotary.org - 1-800-US NOTARY (1-800-876-6827) hem #5907 TRACT 36554-2 A#APN: 694300015 Howe#: 0 APN: 69430004.% . �! , • House#: 0 ! ■ APN- RW ' . APN: 694331019 s ti House#:0 ERI LA ` • � TRACT 36554-2 APN: RW " 01 House#:0 " !s . I 1 q z a .. W x r, 40 r a ;p fA D.10 r f APN:6941900Q5 o House#:0 ANASTACIA LANE ' I� y — Circulation Network Legend -- Streets 1: 1,363 City Boundary ❑ Parcels (M2015) 2013 . Red: Sand-1 Notes Green: Band_2 ■ Blue: Band_3