HomeMy WebLinkAboutNorth Valley Bank 2009-03-16MAINTENANCE AGREEMENT
FOR
PUBLIC STREET IMPROVEMENTS
MINOR SUBDIVISION NO. 07-32
LOCATED AT 601 REDWOOD AVENUE
THIS AGREEMENT is made this 16 ~h day of
March
2009, between the City of
Ukiah, California, hereafter referred to as "CITY", and North Valley Bank, a Corporation, hereafter
referred to as "CONTRACTOR".
PREMI TSES
As a requirement to the acceptance of public street improvements appurtenant to Minor
Subdivision No. 07-32 ("the Subdivision"), CONTRACTOR must execute an unconditional
maintenance and repair agreement.
Such unconditional maintenance and repair agreement must be secured by a surety bond, cash
deposit, certified or cashier's check, letter of credit or other instrument of credit, acceptable to the
CITY, collectively, "the Security").
AGREEMENT
In consideration of the above premises, and the promises and agreements described below, it is
agreed as follows:
1. For a period of 24 months following CITY's acceptance of such public street improvements, the
acceptance date being the recording date of Parcel Map No. 07-32, CONTRACTOR shall maintain and
repair to the reasonable satisfaction of CITY all public street improvements constructed by
CONTRACTOR to comply with the conditions of approval for the Subdivision.
2. CONTRACTOR shall remedy any defects in such public street improvements within thirty (30)
days of receiving written notice from CITY. If the work described in the above paragraphs is not
completed by CONTRACTOR within the period of time prescribed herein, CITY shall have the right,
but not the obligation, to complete said work and recover the full cost of and expense thereof from
CONTRACTOR or from the Security described below.
3. CONTRACTOR shall indemnify and hold harmless CITY from any and all loss, damage or
liability or expense resulting from any defect of materials or workmanship in the public street
improvements constructed by CONTRACTOR to comply with the conditions of approval for the
Subdivision or from CONTRACTOR'S performance or nonperformance under this Agreement.
4. CONTRACTOR shall provide the Security in the amount of THREE THOUSAND ONE
HUNDRED THIRTY EIGHT DOLLARS ($3,138.00) to secure faithful performance by
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CONTRACTOR of the maintenance and repair herein required. Such sum, or any portion thereof, that
may be required to remedy defects may be drawn upon by CITY, at any time CITY determines that
CONTRACTOR is not in compliance with this Agreement.
CONTRACTOR elects to furnish the following Security:
[Check one]
Corporate surety bond in the amount of $ , with
acting as corporate surety, a true and correct copy of said bond
is attached hereto.
/ / Cash deposit in the amount of $
by
, which has been deposited with and is being held
at the CITY.
Letter of credit in the amount of $ issued by
a true and correct copy of the letter is attached hereto.
/X/ Other. Specify type: Cashiers Check in the amount of $3,138.00.
The parties have executed this Agreement the day and year first above written.
ATTEST:
CITY`C-LERI . - '
CITY OF UKIAH
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BY 41ML
Janrhambers, City Manager
CONTRACTOR
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1
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Print: Jack Richter, SR VP Credit Administrator
SECURITY DATA: N 1A
Name of Securer:
Address:
North Valley Bank
Type of Security:
Securer's Ref.
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