HomeMy WebLinkAboutT7231-2 14-276 Maint Bond Release LetterPUBLIC WORKS DEPARTMENT
NICK FIDLER • DIRECTOR • CITY ENGINEER
October 21, 2016
Froehlich Signature Homes, Inc.
P.O. Box 22617
Bakersfield, California 93390
Re: Maintenance Letter of Credit Release Tract 7231 Phases 2
Improvement Agreement No. 14 -276
Valley Republic Bank
Maintenance Letter of Credit No. 2015 -21 ($130,755.36)
To Whom It May Concern:
All improvements for the above - referenced tract were completed and a NOTICE OF
COMPLETION AND ACCEPTANCE OF WORK has been approved by the City and was recorded
on February 9, 2015.
The subdivision has successfully completed its one year warranty period and /or all
corrections have been completed, and this letter is your authorization to release Maintenance
Letter of Credit No. 2015 -21 in the amount of $130,755.36. The Maintenance Letter of Credit is
being returned to the bank along with a copy of this letter.
You may contact Michelle Mendenhall at (661) 326 -3582 if you have questions.
Very Truly Yours,
Nick Fidler
City Engineer
By: W'
Daniel Padilla
Acting Civil Engineer IV - Subdivisions
cc: Reading File
Project File
S: /LAND DIVISION /REDUCE & RELEASE/2016/T7231 -2 PW14 -276 MAINT LOC RELEASE
16(X) Truxtun Avenue www.bakersfieldcitv.us
Bakersfield • California • 93301
(661)326-3724
e
Fax (661) 852 -2120
4.` p W P
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PUBLIC WORKS DEPARTMENT
NICK FIDLER • DIRECTOR • CITY ENGINEER
October 21, 2016
Froehlich Signature Homes, Inc.
P.O. Box 22617
Bakersfield, California 93390
Re: Maintenance Letter of Credit Release Tract 7231 Phases 2
Improvement Agreement No. 14 -276
Valley Republic Bank
Maintenance Letter of Credit No. 2015 -21 ($130,755.36)
To Whom It May Concern:
All improvements for the above - referenced tract were completed and a NOTICE OF
COMPLETION AND ACCEPTANCE OF WORK has been approved by the City and was recorded
on February 9, 2015.
The subdivision has successfully completed its one year warranty period and /or all
corrections have been completed, and this letter is your authorization to release Maintenance
Letter of Credit No. 2015 -21 in the amount of $130,755.36. The Maintenance Letter of Credit is
being returned to the bank along with a copy of this letter.
You may contact Michelle Mendenhall at (661) 326 -3582 if you have questions.
Very Truly Yours,
Nick Fidler
City Engineer
By: W'
Daniel Padilla
Acting Civil Engineer IV - Subdivisions
cc: Reading File
Project File
S: /LAND DIVISION /REDUCE & RELEASE/2016/T7231 -2 PW14 -276 MAINT LOC RELEASE
16(X) Truxtun Avenue www.bakersfieldcitv.us
Bakersfield • California • 93301
(661)326-3724
e
Fax (661) 852 -2120
4.` p W P
VALLEY REPUBLIC BANK
IRREVOCABLE STANDBY LETTER OF CREDIT NO.2015 -21
Date of Issue: January 14, 2015
Beneficiary:
City of Bakersfield
1501 Truxtun Avenue
Bakersfield CA 93301
Date of Expiration: August 11, 2016
For the Account of:
FROEHLICH SIGNATURE HOMES, INC.
P.O. Box 22617
Bakersfield CA 93390
® We hereby establish Irrevocable Standby Letter of Credit No.2015 -21, in your favor, for the
account of Froehlich Signature Homes, Inc. a California Corporation, P.O. Box 22617, Bakersfield
CA 93390, up to the aggregate amount of One Hundred Thirty Thousand Seven Hundred Fifty -
Five and 36/100 U.S. Dollars ($130,755.36). This Letter of Credit is for the purpose of
Maintenance for the improvements to Phase 2 of Tract 7231.
This amount is available by presentation of your draft(s) drawn on us, at sight and duly
endorsed, accompanied by the following:
Original Letter of Credit and any amendments, a dated and signed statement by an
authorized representative of the City of Bakersfield saying that " FROEHLICH SIGNATURE
HOMES, INC., a California Corporation is in default on the improvements of Phase 2 of
Tract 7231 the amount of the drawing is due and payable.
All draft(s) so drawn must bear the cause, "Drawn under Valley Republic Bank Irrevocable
Standby Letter of Credit Number 2015 -21 dated January 14, 2015 ".
Partial Drawings are permitted.
We hereby engage with you that drafts so drawn shall be duly honored upon presentation if
drawn and negotiated in compliance with the terms hereof.
Except so far as otherwise expressly stated herein, this Letter of credit is subject to the Uniform
Customs and Practices for Documentary Credits, 1993 Revision, International Chamber of
Commerce Publication No. 500.
Valley Republic Bank
By: /
Phil McLaughlin Executive Vice President
5000 California Avenue, Suite 110 Bakersfield, CA 93309
Telephone 661.371.2000 Fax 661.371.2010
www.valleyrepublicbank.com