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HomeMy WebLinkAboutC-2543 - Building Permit Agreement at 116 Kings Place (see C-2557)i CITY OF NEWPORT BEACH OFFICE OF THE CITY CLERK P.O. BOX 1768, NEWPORT BEACH, CA 92658 -8915 November 22, 1988 (714) 644 -3005 Mr. Guy Walter Ticor Title Insurance Company 1717 Walnut Grove Ave. Rosemead, CA 91770 Subject: SEWER MAIN RELOCATION AT 116 KINGS PLACE (C- 2543A) - Release of Faithful Performance Bond Attn: Mr. Walter On November 14, 1988, the City Council of Newport Beach authorized the City Clerk to release the faithful performance bond (Bond No. 83 SB 100181180). Please notify your surety company, The Aetna Casualty and Surety Company, to release the bond. Sincerely, Wanda E. Raggio City Clerk WER:pm cc: Public Works Department 3300 Newport Boulevard, Newport Beach f U • • TO: CITY COUNCIL FROM: Public Works Department �j November 14, 1988 CITY COUNCIL AGENDA p ITEM NO. F -13 NOV 14 1988 - z.-5- AJTROVE ) SUBJECT: AGREEMENT FOR SEWER MAIN RELOCATION AT 116 KINGS PLACE (LOT 2 OF TRACT NO. 1219) RECOMMENDATION: Authorize the City Clerk to release the faithful performance bond (Bond No. 83 SB 100181180 BCA). DISCUSSION: Ticor Title Insurance Company entered into an agreement with the City to guarantee payment of fifty percent of the cost of relocating the existing sewer main from under the newly remodeled portion of the residence, located at 116 Kings Place, to the southerly property line. The sewer has been relocated as part of a City contract at a cost of $44,203.82 with Ticor Title Insurance Company paying one half or $22,101.91 as their portion of the construction cost. The City paid for the other fifty percent of the sewer relocation costs as the new sewer line will benefit the City with a new connection to the Orange County Sanitation District main. The faithful performance bond from Ticor Title Insurance Company may be released at this time as all sewer main relocation work has been completed; Ticor Title Insurance Company has paid $22,203.82 to the City, on November 30, 1988, to cover their portion of the construction costs; and the portion of the old sewer easement located under the remodeled residence has been abandoned. An exhibit is attached for reference. ' �2 k-4 Benjamin B. Nolan Public Works Director DH:so Attachment f r r r I r r � I � , cli IL ral l� r� as I,r /t 6 v Q\ 41 1 g 0. W . oS r%Y �o �4/ l u e A n2 I 0 CO I 1 II r I r II 1 1 1 r rr r vl Y. � 3 e. , c a•� M s . •0/ o WP / � /� .Q old - yw *N Q\ o �// // o� A A.SANDONED �WE,2 flND EASEMENT o�- TO: CITY COUNCIL FROM: Public Works Department January 27, 1986 CITY COUNCIL AGENDA ITEM NO. F -3(b) BY THE CiVI CGUNM CITY OF RENORT BEACH SUBJECT: AGREEMENT FOR SEWER MAIN RELOCATION AT 116 KINGS PLACE (LOT 2 OF TRACT NO. 1219) JAN 2 7 1986 APPROVED RECOMMENDATION: Approve agreement; and authorize the Mayor and City Clerk to execute the agreement. DISCUSSION: On October 15, 1985, the City Council approved a building permit agreement allowing Donald Ward to continue construction on a remodel at 116 Kings Place (see attached staff report). Ticor Title Insurance Company desires to enter into an agreement with the City to guarantee satisfactory completion of the sewer improvements to replace the City's agreement with Donald Ward. Ticor Title Insurance Company has executed an appropriate agree- ment. Upon receipt of a faithful performance bond from Ticor in the amount of $25,000, the City will release the $50,000 deposit Mr. Ward has posted. Upon satisfactory relocation of the sewer main, the old easement under Mr. Ward's house will be abandoned. Benjamin B. Nolan Public Works Director BBN:jw Att. 66e Q SpPr„4 " i23 1985 CITY COUNCIL AGENDA ITEM NO. F -3(f) TO: CITY COUNCIL FROM: Public Works Department SUBJECT: BUILDING PERMIT AGREEMENT FOR 116 KINGS PLACE (Lot 2 of Tract No. 1219) RECOMMENDATION: Approve the Building Permit Agreement; and authorize the Mayor and the City Clerk to execute the agreement. DISCUSSION: A building permit for an extensive remodel of the existing residence was issued in error allowing the remodel to encroach over an existing City sewer which was not shown on the building plans. The property owner has executed an appropriate agreement guaranteeing relocation of the public sewer and dedication of an appropriate easement in order that he may continue construction on the remodel. The property owner has also given the City an assignment of $50,000 in order to guarantee relocation of the existing sewer. An exhibit is attached for reference. Benjamin B. Nolan Public Works Director RLH:jd Att. 6 Ja d J c i• 2 .14 W�� W l T1 r i a ' l e � n C! Co 0; ;, x U 3 s.�ivia, I EC Ul 1 \^ `V \ �h AGREEMENT THIS AGREEMENT is made and entered into this %- day of i!i , 19869 by and between TICOR TITLE INSURANCE COMPANY, hereinafter referred to as " TICOR", and DONALD R. WARD and BARBARA G. WARD hereinafter collectively referred to as "WARD ", and the CITY OF NEWPORT BEACH, a municipal corporation, organized and existing under and by virtue of its Charter and the Constitution and Laws of the State of California, hereinafter referred to as "CITY ", with reference to that certain Building Permit Agreement between WARD and the CITY dated August 222 1985 concerning the relocation of a CITY sewer across Lot 2 of Tract 1219 described in a deed recorded on December 31, 1958 in Book 4533, Pages 498 through 500 inclusively, in Official Records of Orange County, California. WHEREAS, TICOR issued Policy No. NB 80769 dated January 109 1978 to DONALD R. WARD and BARBARA G. WARD insuring Lot 2 of Tract 1219 without reference to the sewer described in the deed referred to above. WHEREAS, WARD commenced construction of improvements over the sewer and WARD and CITY have agreed to equally share the cost of relocating the sewer and constructing a new sewer. WHEREAS, WARD has deposited the sum of $50,000.00 with CITY to secure performance of his agreement with CITY. WHEREAS, TICOR desires to enter into an agreement regarding the respective obligations of TICOR, WARD and CITY with respect to the relocation of the sewer and construction of a new sewer. NOW, THEREFORE, the parties hereto agree as follows: 1. CITY agrees to relocate the sewer from under the proposed structure on Lot 2 of Tract 1219 and construction of a new sewer affecting said property. -1- 0 2. The parties hereto agree that any bids, proposals or contracts submitted to CITY shall be subject to review by Millett and Associates, 101 South Kraemer Boulevard, Placentia, California prior to commencement of work of relocating the sewer. 3. TICOR shall pay one -half the cost of the relocation of the sewer and construction of the new sewer, not to exceed $25,000.00, which is one -half of the Director of Public Works' estimate of the cost of this work, and shall file a bond, the purpose of which shall be to assure full and faithful performance of the work of relocation of the sewer and the construction of a new sewer. 4. Upon the filing of the bond by TICOR, CITY agrees to release the $50,000.00 deposit to WARD. 5. Upon completion of the new sewer, CITY agrees to release the deed recorded on December 31, 1958, in Book 4533, Pages 498 through 500, inclusively, in Official Records of Orange County, California from Lot 2 of Tract 1219. 6. WARD shall be responsible to fulfill any and all other conditions imposed by CITY for the issuance of any applicable building permits and any and all conditions imposed by CITY for final approval of improvements constructed by WARD. WARD and CITY agree that TICOR is not to be responsible for payment of any other improvements necessary for final approval other than the relocation of the sewer and the construction of a new sewer as it affects Lot 2 of Tract 1219. 7. If any legal action is necessary to enforce any provision hereof or for damages by reason of an alleged breach of any provision of this Agreement, the prevailing party shall be entitled to receive from the losing party all costs and expenses in such amount as the court may adjudge to be reasonable attorneys' fees. IN WITNESS WHEREOF, TICOR and WARD have executed this Agreement and the CITY has caused its corporate name and seal to -2- be affixed by its ?Mayor and City Clerk thereunto duly authorized as of the day and year first above written. rove as Cit Attorney TICOR TITLE INSURANCE COMPANY OF CALIFORNIA BY: >' Roge herien, Vice President BY: zmjik 1Ak U� acMiIIan, ssistant Vice President Donald R. Ward Barbara G. Ward City Clerk -3- � X Bond No. 83 SB 100181180 Premium: $450.00 (2 years) CITY OF NEWPORT BEACH SUBDIVISION FAITHFUL PERFORMANCE BOND WHEREAS, the City Counc '4.l of the City of Newport Beach, County of Orange, State of California, and Ticor Title Insurance Company, hereinafter designated as "Principal," are about to or have entered into an Agreement pursuant to the State of California Subdivision Map Act and the Newport Beach Municipal Code with reference to that certain Building Permit Agreement between Donald R. Ward and the City of Newport Beach dated August 22, 1985 for the installation and completion of certain designated public improvements as required by the Newport Beach Municipal Code, which said Agreement, dated January 27 19 86 , is hereby referred to and made a part hereof; and WHEREAS, said Principal is required under the terms of said Agreement to _furnish a bond for the faithful performance of said Agreement. NOW, THEREFORE, we, the Principal and THE AEM CASUALTY AM 9= C"ANy whose place of business is 700 W. Broadway, Glendale, CA 91203 , a corporation organized and doing business under and by virtue of the laws of the Statte of CT. n and duly licensed by the State of California for the purpose of making, guaranteeing, or becoming sole surety upon bonds or undertakings required or authorized by the laws of the State of California, as Surety, are held and firmly bound unto the City of Newport Beach, hereinafter called "City," in a penal sum not to exceed TWENTY -FIVE. THOUSAND DOLLARS ($25,000.00), lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, successors, executors, and administrators, jointly and severally, firmly by these presents. The condition of this obligation is that if the above bound Principal, his or its heirs, executors, administrators, successors, or assigns, shall in all things stand to and abide by, and well and truly keep and perform the covenants, conditions and provisions in the same Agreement and any alteration thereof made as therein provided, on his or their part, to be kept and performed at the time and in the manner therein specified, and in all respects according to their true intent and meaning, and shall indemnify and save harmless City, its officers, agents, and employees, as therein stipulated, then this obligation shall become null and void; otherwise, it shall be and remain in full force and effect. As part of the obligation secured hereby and in additio- to the face amount specified therefor, there shall be included costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by City in successfully enforcing such obligation, all to be taxed as costs and included in any Judgment rendered. The Surety and Principal further agree that in the event the work and improvements are not completed within the time allowed by the said Agreement or any extension or extensions thereof as may be granted by the City, the City may, at addition to any other remedies available arrange for completion of said work and costs and expenses therefor shall become City, as set forth in said Agreement. k its option, and in by law, complete or improvements, and all a debt due and owing said The Surety hereby stipulates and agrees that no change, extensions of time, alternation or addition to the terms of the Agreement or to the work to be performed thereunder or the specifications accompanying the same shall in anywise affect its obligations on this bond, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the Agreement, or to the work, or to the specifications. IN WITNESS WHEREOF, this instrument has been duly executed by the Principal and Surety above named on January 23 , 19 86 Approved as to Sufficiency: City Manager —r A7 roved as to Form: City A torney Stab of CALIFORNIA I SL County of LOS ANGUEs wwrw.n�carow,xcornnrow ruowr THE AETNA CASUALTY AND SURETY COMPANY In ..A On this the 23rd ay of ffi " 19. before me, SHim.F.y URDANC the undersigned Notary Public, personally appeared ' ROBERT A. OPPELT ® personally known to me O proved Some on the balls 01 eatle1ec10ry widens to be the pereon} who executed the within Instrument Y Attorney -in -Fact or on behalf of the corporation tMriin named, and acknowledged to me that the corporation executed it. WITNESS my hand and official seal. kAl* "%Orly. "&0rAAllpr. x=IS V~610A • V"5W "dit C0 URET .SY COMPANY i THE /ETNAASUALHarNovd, Connectwt 06115 ATE OF AUTHORITY OF ATTORNEY{S)-jN-FACT LIFE&CASUALTY' Y AND CERTIFIC a tytlanaxtheaYreai the POWER OF ATTORNE SURETY COMFANY, a op".,nn d0v organ "ado, cohstituted and THATTHE x1NA CASUALTY AND ,H °rdord. State of Cwsn °chcut' afHmslord Cowry^ alt, D. Lawrence Langley, KNOW ALL MEN BYTNm htni SENTS.. t Robert A. IIPP Stain M conn°cocat• end hed.A^9 its prmdpal aHae in +De City _ th6*e Presents mete. constitute and aPPOin 1 °ppoinied, and does DY Harlan �. CampbP.11 William L Higgins or ul Attarneyts4in- Factwithfull Down antl thin Obe are. Oneren des 9 hanr .wtllswf . Angeles' CalifOrt is stoner is,' doNer writings obli9etory in the nature ofebond, of LOS ua and acknowmdfo at is Pleca within tha United. States, W. ii the following line be /filled m, w the following in a %°t nitancea. C.evatte Of IndemmtV. noted and all bond...... by his fier orm si9 IoSnr nal undMaking, and env and 011 aoncenb ineidenu Neleta recognizance, ar Con harabV °s tu11y and In the same erne' as if the .ems were h.w by Ne duly AND SURETY COMPANY. t I kTNA CASUALTY OSURETY COMPANY, and all the eOS of saitl Anomeylspin.Fac6 purauam 1b the authority herein and to biM THE THE kiNACASUALTY A" lull force atone corelrmed" m env which Resolution° are now in given, are hereby ratified erW 5 said Co P and DY authorip of fibs lollowin9 Standing flesWutio^s o An SeniorVlce President A ^Y V'ce intmeM is made under Rasi,iens This aHec PrasieenLAPV Executive Victim eaitleQint Resident Vice Presidents, and eNect', homtimam time I, suchappantec such auNOrenhTo i1 Hi cea:Chairman.Vke Chairmen, aed maV9rve any nuances..onSpen of ateac,.,,hefoilowin90 An SOcrettoN Any Assistant5�rlotN,CmCp.m enYS Seal ponds, reco9 VOTED:Th Pr6siden+. Y no and a ^Y Of said officers" N °Board of PresidOm, Am Assistant Vic° sirvFa6 and AgardstO actrorandtI home and seal with the COmD °taries,A".1-y with Ne Company ntaartCa, or oondalonal a ^d.nek11 ' A.owntsecr .unda, to sign i s pond, rscdB a obggetorv, h,.n°tareu er en0 au+hori[Y g' °°^ c0n9icnte of aunoriH m °V P zenca.orcondhiwal unaenaking tndemntsy, Ind other enit'Nfemove mY wch appoi ^tea and revoke +he Dow xecutive Vic° President, a may at any writirtg ophottoniPthena+ureotabontl. r¢co9 ^' 'n preacrib.d in the ptrectms aaCpfindemnitY� or rte Vice Chairman tb. prasitlent anE std. recognizance. co^ red by the Chairman, President Pursuant to Ne POw Assistant Sac *nary VOTED' "Tryst enY Dg oche GOmPanY when tat si9 by a Resident Vice enY sseal by °S.'earyor binding upe [ an ASSiamnt Vice sealed 4Ah thecomP fsuchft ditrn"list"aSecrO +arv'. orlbldu0 ,hall be valid and a Vim pastdan t and duW nnes1Bd C� their certificate or cerggcatas o1 Senior Vice Pneaiden4 rpnesCnWtn Nacentificete owe D"esaibed In his or Sarni., of °uthmit yoisuchpeaidan +VicaPrestden• suant-to N.P dent Assistant$acrnarv• mna antto the Pow° ad) by one w atone A „prneYi-in -fact Wr Standing Readthnit n 'I or by. Poo do uir thetollawino execotad iundessen.” °D auth.,cY Or sled by facsimile under a,'e .win full force and effete auNOrM horny batgnetl a^d°B URETY COMPANY which Resolution isn Senior Vice pf Awlray antl....... f THE ACASUALTY ANDS Ex ecNivaYic°Pr°s'r,m aythr affixed DV This Power rs ai THE zETN President, AnY m enY may n; Chairmen, Vice Chairman, nerY, antl the seal of the Co P steel Becmta tae or vpipd by Ne Board of Directo f Ilowi^9 otDC° SscrearY. AnY Pastnnm Sou Vim Presidents. Resident Assi r a^y each or Na o t An oind send ent i atory inthe nature Neneof,?ndsucry VOTED: lho,the.ignature of AasinentVl� m{e alapng thereto eDP sand otherwritings obY9 the onto ands Y plaideOt AM Itt"PrenidM4 A^Y pro any bonds and undanskir+9 m enY in Na ialara with tmilero any Sower of attorney endahening iscA1 ile seal Mall bevafid end bindilgnuD„ Co P nl otexacmtrtg aturam AROrryaja'iTFembrpur,POSeefiYa baaringsachtacaimiie° �toCe imia Seel ena4 be valid and bi ^ding uP orcerti spph iacsimtle si9newas Assistant retch DOW.' of attorney can" by uted and m this instrument to be signed by no power so exec ip whicry it to sttndte0. ANY has mused respect to enY bond or undenekin9 SURETY COMP heron affixed Nis 7th AND rate see to ba WHEREOF, THE &T Ind CASUALTY ,and is corpo SURETY COMPANY IN yIe Pro ..e..s THE RTNA CASUALTY A!1 Vice President ,19 85 • day or dune y t yt,_ w r BY "...... -'• Cseph P. Kiernan Assistant Vice President Sine of Connecticut Hartford ss. Ha IF,RNAN of t Di Hartford JOSEPH P . F t coo^v 19 85 before me Pereon0.5s1s� ant Vice Presiden that helahe is utan above insrument; Nal he /She kno behalf day of June a hd. °V� In end Which exec navumanl on On this 7th being by me duly Sworn. didtdhem� end NathelshaexacN°d the aaitli COMPANY, r retest dasrnbed ea leah to me %now", WY'o• AND SURETY said instrumahtts such mrPOr THE ATNA CASUALTY Resolutions thereof. ratio" thatte son Olrxatl rocs dot the StandirW �Ne corporation by auHlodty of bi.A6, ofAc° un ... ...,, i'.. +� itx" -�' Natary paNtc 't 1^`N Nry mission sashes March Jl. t9 Q,y M pd. non •......•. Johanna anon of the - SURETY COMPANY .stock Corp ar CERTIFICATE of THE ,ETNA CASUALTY AND SU remains'n iu111prce an Power of Anorr+ey and C°nificatealAmboriry I secretary aMcb.tl tortb in Me Certificate o{PethOriry, Bre'tow Y thatih0fwegoing and board of pinxtors. as sot L th. tndnsigned, pO HEREBY GERTIF pesafutiMSat Ne 23 days SMmof Co1noChca6 more. +Dot the Standing hearet Daen revoked: andfunher i the compa ny the C'rry of Harvrd. Satz m force. Sigd and S °*lad at the Hame OfRc° ° tg 86 Secreta,J8t1uarY ' ^- By Vincent A. lshI PWNTED IN US A. ISt WL-El pal 3-" CITY OF NEWPORT BEACH OFFICE OF THE CITY ATTORNEY P.O. BOX 1768, NEWPORT BEACH, CA 92658 -8915 Newport Balboa Savings Westcliff Branch 1100 Irvine Avenue Newport Beach, CA 92660 (714) 644 -3131 January 30, 1986 Attention: Kathy Gibson, Vice President Re: Savings Certificate Number 95- 14554 -6 Dear Ms. Gibson: Pursuant to our telephone conversation of today, the City of Newport Beach is releasing the Assignment of Savings Account from Wards Investment Company in the above of $50,000 numbered 95- 14554 -6 as set forth in the attached copy of the Assignment of Savings Account. The City of Newport Beach does not have the savings certificate in its possession. Please take all necessary steps to release this savings certificate and contact me if you have any questions. Thank you for your cooperation. Very truly yours, 1 Carol A. Korade Assistant City Attorney CAK /jc cc: Mr. George Pappas, Finance Director Mr. Dick Hofstadt, Public Works 3300 Newport Boulevard, Newport Beach J BY THE CITY COUNCIL CITY OF NEWPORT BEACH • OCT 151985 APPROVED TO: CITY COUNCIL FROM: Public Works Department 6Yw) September 23, 1985 CITY COUNCIL AGENDA ITEM NO. - F-etfj BY THE CITY COUNCIL CITY OF NEWPORT BEACH SUBJECT: BUILDING PERMIT AGREEMENT FOR 116 KINGS PLACE S EP 23 1985 (Lot 2 of Tract No. 1219) f �1 Gs1i�C�Y Co f�L� /.ter: RECOMMENDATION: Approve the Building Permit Agreement; and authorize the Mayor and the City Clerk to execute the agreement. DISCUSSION: A building permit for an extensive remodel of the existing residence was issued in error allowing the remodel to encroach over an • existing City sewer which was not shown on the building plans. The property owner has executed an appropriate agreement guaranteeing relocation of the public sewer and dedication of an appropriate easement in order that he may continue construction on the remodel. The property owner has also given the City an assignment of $50,000 in order to guarantee relocation of the existing sewer. An exhhi/bbiiifit is attached for reference. BY THE CM COUNCIL Benjamin 1. Nolan CITY OF NrM,1711RT BEACH Public Works Director GC i 151535 RLH:jd APPROVED Att. ,.. .._ F s t d Jd I y 1 ' � O iLl So it a rN Ul vi 1 i NN i;. o,. tu tiW d;e 'r WARD INVESTMENT CO. September 23, 1985 2110 NEWPORT BLVD., COSTA MESA, CALIFORNIA 92627 (714) 642 -2000 n; _... City Council of Newport Beach ' 3300 Newport Blvd. ..- ..._. :.1: , Newport Beach, CA 92658 Re.: Building Permit Agreement for 116 Kings Place (Lot 2 fo Tract 1219) on item number F -3(F) on your calender for the 23rd of September. Dear Council, I would like above said item taken fran pour agenda and continued to a later date. I have not had sufficient time to council with city personel regarding the matter and too my rmther passed away on the 22nd of September while on a trip. i) BUILDING PERMIT AGREEMENT THIS AGREEMENT, made and entered into thisD�)0 1�, day of ,iciy 19S' by and between hereinafter referred to as "OWNER," and the CITY OF NEWPORT BEACH, a municipal corporation, organized and existing under and by virtue of its Charter and the Constitution and laws of the State of California, hereinafter referred to as "CITY "; WITNESSETH: r WHEREAS, OWNER proposes to construct permanent structural improvements, over a CITY public utility easement for public utility purposes (hereinafter "EASEMENT ") across Lot 2 of Tract 1219 and recorded in Book 4533, Pages 498 through 500 inclusively, in Official Records of Orange County, California; and WHEREAS, CITY has sewer facilities located within said EASEMENT; and WHEREAS, CITY desires to condition approval of construction of said structural improvements over said facilities; and WHEREAS, the parties hereto desire to execute an agreement providing for fulfillment of the condition required by1CITY to permit owner to construct said structural encroachment; NOW, THEREFORE, in consideration of their mutual promises, the parties hereto agree as follows: 1. OWNER agrees to relocate CITY sewer facilities from under the pro- posed structure and dedicate an appropriate ten -foot EASEMENT or take other such action approved by the Public Works Department as a condition of approving the Building Permit. OWNER agrees to complete sewer improvements within a period of six months from the date hereof. 2. Said improvements shall be completed to the satisfaction of the City Engineer of CITY, and OWNER of said work. , 111-7` , < sic / r 1 of 3 i i I 3. If OWNER shall fail to complete said improvements within the period set out above, CITY may resort to any security deposited by 0'4NER or call upon the surety for OWNER to pay for said improvements or to supply the money for the completion of said improvements in accordance with this contract. OWNER shall also be responsible for said improvements and the cost thereof. 4. The time within which said improvements must be completed, as set out in Paragraph 1 hereof, may be extended by the Public Works Director upon the request of OWNER when the CITY determines that circumstances justify an exten- sion of time. 5.. OWNER shall file with this Agreement with CITY a bond or other security as provided in the Newport Beach Municipal Code in an amount of the Director of Public Works' estimate of the cost of said improvements, the purpose of which shall be to assure full and faithful performance by OWNER of the work of construction of -said improvements and dedication of new EASEMENT. 6. OWNER agrees to indemnify and hold harmless CITY and its officers, agents and employees from all demands, claims, losses or liability on account of injury or damage to persons or property suffered or claimed to be suffered in, on or around the development by any person as a result of any act or omission by OWNER or his agents or employees between the date OWNER begins work on the Building Permit and the date the improvements are completed and accepted by CITY. ` i 7. If any legal action is necessary to enforce any provision hereof or for damages by reason of an alleged breach of any provision of this Agreement, the prevailing party shall be entitled to receive from the losing party all costs and expenses in such amount as the court may adjudge to be reasonable attorneys' fees. 8. This Agreement represents the full and complete understanding of every kind or nature whatsoever between the parties hereto and all preliminary negotiations and agreements of whatsoever kind or nature are merged herein. No verbal agreement or implied covenant shall be held to vary the provisions hereof. Any modification of this Agreement will be effective only by written execution signed by both CITY and OWNER. 2 o 3 go 0 IN WITNESS WHEREOF, OWNER has executed this Agreement and the CITY OF NEWPORT BEACH has caused its corporate name and seal to be affixed by its t•tayor and City Clerk thereunto duly authorized as of the day and year first above written. pp ved as to sufficiency: City Manager Approved as to form: City Attorney 3of3 I a (, WEWPORT BALBOA SAVINGS ASSIGNMENT OF SAVINGS ACCOUNT Fes' I`rr CCMPANY hereinafter called Assignor, whose principal place of business is 2110 Nms000r*- Blyft Ccst mesa Ca 92527 does hereby assign and set over to the ri= &f Netaaort each all right, title and interest of whatever nature, of assignor, in and to the insured account of assignor in the NEWPORT BALBOA SAVINGS evidenced by a Savings Certificate in the amount of S 50,000.00 numbered 95- 14554 -6 , which is delivered to the Citv of Nmmciz't Beach of Wav herewith. Assignor agrees that this assignment carries with it the right to the insurance of the amount by the Federal Savings and Loan Insurance corporation, and includes and gives the right to the . City. of PLwport Beach to redeem, collect and withdraw the full amount of such account at any time WITHOUT NOTICE TO ASSIGNOR. This assignment is given as security for ysoonluins of npwpr t in- nrrhlPm at 116 Fiirigs Plate Newport Beach „Ca Assignor hereby notifies the above named Savings and Loan Association of this assignment. Dated this 22nd day of August, 1985 X 6e -k (AnIonor) RECEIPT FOR NOTICE OF ASSIGNMENT Receipt is hereby acknowledged to the TTC ,, Ty Casri,r a A Ti of written notice of assignment to said Company and Certificate identified above. We have noted in our records the Company's interest in said account' as shown by the above assignment and have retained a copy of this agreement. We cer- tify that we have received no notice of any lien, encumbrance, hold, claim, or obligation of the above - identified account prior to the assignment to the / Hard investzrent Co. We agree to make payments to the flrisn!nyvrf ” ?�.x-r,rh ?^aanis upon request in accordance with the Savings and Loan laws applicable to this association. �Date/d this 22nd day of August 1985 (--me & /,tltl, of oHi..O Vice Pmsident l Newport Balboa Savings And Loan Vmstcliff BRANCH ADDRESS M -1865 V G RECEIPT FOR CERTIFICAT) AND DIRECTION TO PAY EARNINGS Receipt is acknowledged of the above assignment and the Certificate identified in the above assign- ment. The Savings and Loan Association named in the above assignment is hereby authorized and directed to pay any earnings on the above ident- ified account to the above named assignor until otherwise notified in wilting by the 1 Dateit this day of V c � ja.thorized ernp;oywo 1100 Irvine Ave., Newport Beach, Ca 92660 White, Assocl,tlon Copy Yellow - Assignor's Copy Pink - Assignee's Copy