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EXHIBIT 10.103
SUBDIVISION IMPROVEMENT AGREEMENT
THIS AGREEMENT, made and entered into this 7th day of March, 1995, by
and between PREFERRED EQUITIES CORPORATION (hereinafter referred to as
"DEVELOPER"), party of the first part, and the BOARD OF COUNTY COMMISSIONERS OF
THE COUNTY OF XXX, STATE OF NEVADA (hereinafter referred to as "BOARD"), party
of the second part,
W I T N E S S E T H :
WHEREAS, at a regular meeting of the BOARD, held on the 7th day of
March, 1995, the DEVELOPER submitted a final Subdivision Map entitled "Calvada
Valley North Unit 4" consisting of 97 lots, and relating to the following
described property located within Xxx County, Nevada:
A portion of Section 00, Xxxxxxxx 00 Xxxxx, Xxxxx 53 East, Mount Diablo
Base and Meridian, Xxx County, State of Nevada; and
WHEREAS, approval of said final Subdivision Map was conditioned upon,
and subject to, certain improvements required by the laws of the State of
Nevada, the ordinances of the County of Xxx, or in order to provide for the
health, safety, welfare and morals of the citizens of Xxx County; and
WHEREAS, said final Subdivision Map has been examined by Xxx County and
found to be in compliance with current laws and ordinances in effect as of the
date of this Agreement, excepting that certain required improvements have not
been completed.
NOW, THEREFORE, in consideration of the approval of said final
Subdivision Map by the BOARD, DEVELOPER promises and agrees, at no expense to
Xxx County nor its citizens, to complete the following improvements:
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1. IMPROVEMENTS
The estimated cost of roads, water system, sewer system, and amenities
is provided by Xxxxxx, Xxxx, Xxxxxx and Associates (see Exhibit A). The
estimated cost of surveying is provided by Sher-Rich Enterprises (see Exhibit
B).
1.1 Roads
Developer shall improve all portions of streets and roads which appear on said
map; namely, Atoll Drive, Megan Avenue, Xxxxx Avenue, Edleen Place, Xxxxx
Place, Fleetwood Place, Cosmic Place and Xxxxx Street, in conformance with
plans submitted to, and approved by, the Public Works Department.
Cost: $58,010.00
1.2 Sewer Lines and Lift Station
Developer shall construct all sewer lines to service each lot including
laterals to each lot abutting Xxxxx Street only; also including the required
lift station in conformance with plans and specifications approved by the
Nevada Division of Health.
Cost: $176,959.10
1.3 Water System
Developer shall construct water system lines to provide service to each lot
including laterals to each lot abutting Xxxxx Street only, in conformance with
plans and specifications approved by the Nevada Division of Health.
Cost: $203,975.00
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1.4 Amenities
Developer shall construct all amenities related to the lift station
including 56 linear feet of 6' high masonry and 12' wide chain link gate.
Cost: $2,400.00
1.5 Surveying
Developer shall cause each lot to be properly surveyed and monumented in
accordance with Nevada Revised Statutes.
Cost: $3,800.00
Total Cost of Improvements: $445,144.10
2. SECURITY
The complete performance of construction of the roads, water system,
sewer system, amenities and surveying is secured by: A Performance Bond
numbered 000-00-00 and dated March 13, 1995 (see Exhibit C) in the amount of
$489,658.51, representing 110% of the estimated cost of said improvements.
3. APPROVAL OF WORK AFTER INSPECTION
Whenever an authorized representative of the BOARD inspects portions of
work as mentioned above, and finds the work performed to be in a satisfactory
condition for inclusion in the completed project, the BOARD's representative
shall issue a statement of inspection that shall approve the work.
Inspection and approval of any item of work shall not forfeit the right
of the BOARD to require the corrections of workmanship quality or materials at
any time during the course of work, although previously approved by oversight.
The BOARD shall have the right to require reasonable corrections by the
Developer of any improvements contained in this Agreement that does not conform
to present State and
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County standards, specifications, or ordinances even though the plans for the
improvement in question may have been approved by the BOARD's representative.
DEVELOPER must provide the BOARD copies of all reports, tests, inspections,
etc. that are required to be provided to state agencies. Also, DEVELOPER must
provide written certification that the construction was completed in accordance
with plans and specifications.
4. MAP REQUIREMENTS ON COMPLETION OF IMPROVEMENTS
Upon completion of all of the improvements required within this
Agreement, the DEVELOPER shall furnish the BOARD with a map that shall
accurately indicate the location of manholes; the location, size, and depth of
sewer mains, underground water, power, and other lines if any with street plans
and profiles for same, including laterals and "Y's" for connection of
individual service lines.
5. TIME LIMIT FOR COMPLETION OF IMPROVEMENTS
All of the improvements as set forth in the above paragraphs shall be
completed no later than three (3) years from the date of this Agreement,
failing which the BOARD may, at its option, avail itself of the security
provided for the enforcement hereof to cause such improvements to be made by an
independent contractor at the expense of the DEVELOPER or the security.
6. LIABILITY OF DEVELOPER
DEVELOPER shall save and hold the BOARD harmless and free from any suit
or cause of action, claim or demand, which may be brought or made against the
DEVELOPER or its successor in interest or its purchaser by any third party
arising from the performance or nonperformance of the construction of the
subdivision improvements as provided herein or any and all other conditions of
this Agreement.
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DEVELOPER shall furthermore continue to be liable to the BOARD for the
performance of all terms and conditions of this Agreement regardless of the
DEVELOPER's failure to continue work under this Agreement or assignment of its
rights to do such work and regardless of the status of ownership of the real
property or any portion thereof made the subject of the final Subdivision Map
of the Subdivision referred to in this Agreement.
In the event the BOARD is required to institute legal action to compel
performance of this Agreement, or to defend any suit or claim, or liability
resulting from or arising out of this Agreement, DEVELOPER shall pay to the
BOARD all reasonable attorney's fees, costs of suit, and all other expenses of
litigation incurred by the BOARD in connection therewith.
7. SUCCESSORS OF DEVELOPER
This Agreement shall be binding upon, and inure to the benefit of all
heirs, executors, administrators, successors, assigns, or purchasers of the
respective parties to this Agreement, and all terms and conditions contained
herein shall be equally binding on said heirs, executors, administrators,
successors, assigns, or purchasers.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
the day and year first above written.
COUNTY OF XXX DEVELOPER
/s/ Xxxxxxx Xxxxxx /s/ Xxxxxxxxx X. Xxxxx
------------------------------- -----------------------------
Xxxxxxx Xxxxxx, Vice-Chairman Xxxxxxxxx X. Xxxxx
Board of County Commissioners Executive Vice President &
Chief Operating Officer
Preferred Equities Corporation
ATTEST:
/s/ Arte Xxxx
-------------------------------
Arte Xxxx, County Clerk and
Ex-Officio Clerk of the Board
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EXHIBIT A
-------------------------------------------------------------------------------
XXXXXX XXXX XXXXXX & ASSOCIATES
0000 Xxxxxx, Xxxx. Xxxxx 000
Xxxxxx, XX 00000
Tel: (000) 000-0000
-------------------------------------------------------------------------------
FINAL
**** CONSTRUCTION COST ESTIMATE ****
Job: CVN4SW Estimate Date: 27 February 0000
XXXXXXX XXXXX XXXX XX. 0 SEWER MAIN By: Xxxxxxx
NOTE: 'c' after Item Dollar Amount Indicates Contingency Item.
Quantity Unit Cost Item Total
*** SANITARY SEWERS ***
Mains:
10" Pipe, PVC SDR-35.......... 3800 LF 14.30 54,340.00 c
8" Pipe, PVC SDR-35.......... 3995 LF 12.70 50,736.50 c
6" Pipe, PVC................. 606 LF 12.10 7,332.60 c
----------
Mains Subtotal: 112,409.10
Manholes:
Standard Manhole............ 27 EA 1,045.00 28,215.00 c
----------
Manholes Subtotal: 28,215.00
Miscellaneous:
Wye......................... 97 EA 55.00 5,335.00
Lift Station................ LS 31,000.00 c
----------
Miscellaneous Subtotal: 36,335.00
SANITARY SEWERS Subtotal: 176,959.10
Contingencies: 17,695.91
SANITARY SEWERS Total: 194,655.01
Page 1 of 2
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EXHIBIT A
Construction Cost Estimate - CVN4SW
Quantity Unit Cost Item Total
*** AMENITIES & SPECIAL CONSTRUCTION ***
Walls & Fences:
6' Masonry Wall.................... 56 LF 35.00 1,960.00 c
12' Chain Link Gate................ 1 EA 440.00 440.00 c
---------
Walls & Fences Subtotal: 2,400.00
AMENITIES & SPECIAL CONSTRUCTION Subtotal: 2,400.00
Contingencies: 240.00
AMENITIES & SPECIAL CONSTRUCTION Total: 2,640.00
*** MAJOR CATEGORY TOTALS (Does Not Include Contingency Costs):
SANITARY SEWERS: 176,959.10
AMENITIES & SPECIAL CONSTRUCTION: 2,400.00
----------
TOTAL COST WITHOUT CONTINGENCIES: 179,359.10
*** SUMMARY (Including Contingency Costs):
TOTAL OF COSTS SUBJECT TO CONTINGENCY: 179,359.10
CONTINGENCIES @ 10%: 17,935.91
TOTAL OF COSTS NOT SUBJECT TO CONTINGENCY: 0.00
----------
TOTAL ESTIMATED CONSTRUCTION COST: 197,295.01
AVERAGE COST PER LOT (97 LOTS): 2,033.97
NOTES:
1. Since Crosby, Mead, and Xxxxxx has no control over the cost of labor,
materials, or equipment, or over the contractor's methods of determining
prices, or over competitive bidding or market conditions, our opinions of
probable project cost or construction cost provided for herein are to be made
on the basis of our experience and qualifications and represent our best
judgment as design professionals familiar with the construction industry, but
Crosby, Mead, and Xxxxxx cannot, and does not, guarantee that proposals, bids,
or the construction cost will not vary from opinions of probable cost prepared
by the firm.
Page 2 of 2
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EXHIBIT A
XXXXXX XXXX XXXXXX & ASSOCIATES
0000 Xxxxxx Xxxx. Xxxxx 000
Xxxxxx, XX 00000
Tel: (000) 000-0000
FINAL
**** CONSTRUCTION COST ESTIMATE ****
Job: CVN4W Estimate Date: 27 February 1995
XXXXXXX XXXXX XXXX XX. 0 XXXXX XXX. By: XXXXXXX
NOTE: 'c' after Item Dollar Amount Indicates Contingency Item.
Quantity Unit Cost Item Total
*** WATER DISTRIBUTION ***
Mains:
8" P.V.C., C-900 DR-18......... 4,631 LF 11.50 53,256.50 c
10" P.V.C., C-900 DR-18......... 2,950 LF 15.40 45,430.00 c
12" P.V.C., C-900 DR-18......... 1,355 LF 18.70 25,338.50 c
----------
Mains Subtotal: 124,025.00
Valves:
8" Valve Assembly............... 9 EA 495.00 4,455.00 c
10" Valve Assembly............... 7 EA 660.00 4,620.00 c
12" Valve Assembly............... 2 EA 990.00 1,980.00 c
----------
Valves Subtotal: 11,055.00
Meters:
1" House Service................ 97 EA 55.00 5,335.00
1" Meter & Box.................. 97 EA 275.00 26,675.00
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Special Assemblies:
Fire Hydrant & Assembly......... 15 EA 2,200.00 33,000.00
1" Combo Air/Vac Relief Valve... 1 EA 1,540.00 1,540.00
2" Blowoff...................... 2 EA 550.00 1,100.00
Elbow........................... 3 EA 55.00 165.00
Reducer (10"x8")................ 1 EA 55.00 55.00
Cross........................... 2 EA 55.00 110.00
Tee............................. 9 EA 55.00 495.00
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Special Assemblies Subtotal: 36,465.00
Page 1 of 2
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EXHIBIT A
Construction Cost Estimate - CVN4W
Quantity Unit Cost Item Total
Miscellaneous:
Thrust Blocks................ 15 EA 28.00 420.00 c
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Miscellaneous Subtotal: 420.00
WATER DISTRIBUTION Subtotal: 203,975.00
Contingencies: 20,397.50
WATER DISTRIBUTION Total: 224,372.50
*** MAJOR CATEGORY TOTALS (Does Not Include Contingency Costs):
WATER DISTRIBUTION: 203,975.00
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TOTAL COST WITHOUT CONTINGENCIES: 203,975.00
*** SUMMARY (Including Contingency Costs):
TOTAL OF COSTS SUBJECT TO CONTINGENCY: 203,975.00
CONTINGENCIES @ 10%: 20,397.50
TOTAL OF COSTS NOT SUBJECT TO CONTINGENCY: 0.00
----------
TOTAL ESTIMATED CONSTRUCTION COST: 224,372.50
AVERAGE COST PER LOT (97 LOTS): 2,313.12
NOTES:
1. Since Crosby, Mead, and Xxxxxx has no control over the cost of labor,
materials, or equipment, or over the contractor's methods of determining
prices, or over competitive bidding or market conditions, our opinions of
probable project cost or construction cost provided for herein are to be made
on the basis of our experience and qualifications and represent our best
judgment as design professionals familiar with the construction industry, but
Crosby, Mead, and Xxxxxx cannot, and does not, guarantee that proposals, bids,
or the construction cost will not vary from opinions of probable cost prepared
by the firm.
Page 2 of 2
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EXHIBIT A
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XXXXXX XXXX XXXXXX & ASSOCIATES
0000 Xxxxxx Xxxx. Xxxxx 000
Xxxxxx, XX 00000
Tel: (000) 000-0000
--------------------------------------------------------------------------------
FINAL
**** CONSTRUCTION COST ESTIMATE ****
Job: CVN4ST Estimate Date: 27 February 0000
XXXXXXX XXXXXX XXXXX XXXX XX. 0 STREET By: XXXXXXX
NOTE: 'c' after Item Dollar Amount Indicates Contingency Item.
*** ROADWAY/STREET IMPROVEMENTS ***
Quantity Unit Cost Item Total
-------- --------- ----------
Pavements:
26'W-6" Gravel (60R/W full improv.) 4750 LF 5.50 26,125.00 c
13'W-6" Gravel (30R/W 1/2 ST imp).. 2495 LF 4.00 9,980.00 c
26' wide 2" AC ON 6" Base (XXXXX St) 1685 LF 13.00 21,905.00 c
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Pavements Subtotal: 58,010.00
ROADWAY/STREET IMPROVEMENTS Subtotal: 58,010.00
Contingencies: 5,801.00
ROADWAY/STREET IMPROVEMENTS Total: 63,811.00
*** MAJOR CATEGORY TOTALS (Does Not Include Contingency Costs):
ROADWAY/STREET IMPROVEMENTS: 58,010.00
---------
TOTAL COST WITHOUT CONTINGENCIES: 58,010.00
*** SUMMARY (Including Contingency Costs):
TOTAL OF COSTS SUBJECT TO CONTINGENCY: 58,010.00
CONTINGENCIES @ 10%: 5,801.00
TOTAL OF COSTS NOT SUBJECT TO CONTINGENCY: 0.00
---------
TOTAL ESTIMATED CONSTRUCTION COST: 63,811.00
Page 1 of 2
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EXHIBIT B
[SHER-RICH ENTERPRISES LETTERHEAD]
Feb. 24, 0000
Xxx Xxxxxx Xxxxxxxx
Xxx 000
Xxxxxxx, Xxxxxx 00000
ATT: Xxx Xxxxxxxx
RE: XXXXXXX XXXXXX XXXXX XXXX 0
The monuments will be of the character shown and occupy the positions indicated
by the Calvada Valley unit 4 Plat and to be installed by February 1, 1997 and a
appropriate performance bond of $40.00 per lot to be posted with the Governing
Body to assure their installation.
Thank You
/s/ XXXXXXX X. XXXXX
-------------------------
Xxxxxxx X. Xxxxx
PLS 4428
[PROFESSIONAL LAND SURVEYOR STATE OF NEVADA No. 4428 SEAL]
XXXXXXX X. XXXXX
2/24/95
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EXHIBIT C
[INSURANCE COMPANY OF THE WEST LETTERHEAD]
Bond No. 000-00-00
Subdivision Bond
Faithful Performance--Public Works
SUBDIVISION BOND
KNOW ALL MEN BY THESE PRESENTS: That PREFERRED EQUITIES CORPORATION as
Principal, and the INSURANCE COMPANY OF THE WEST, a corporation organized and
existing under the laws of the State of California and authorized to transact
surety business in the State of Nevada as Surety, are held and firmly bound
unto COUNTY OF XXX, NEVADA in the sum of FOUR HUNDRED EIGHTY NINE THOUSAND SIX
HUNDRED FIFTY EIGHT AND 51/100 Dollars ($489,658.51), for the payment whereof,
well and truly to be made, said Principal and Surety bind themselves, their
heirs, administrators, successors, and assigns, jointly and severally, firmly
by these presents.
The condition of the foregoing obligation is such that, whereas the
above bounden Principal has entered into a contract dated March 7, 1995, with
the COUNTY OF XXX, NEVADA to do and perform the following work, to wit OFFSITE
IMPROVEMENTS AT CALVADA VALLEY NORTH UNIT 4, LOCATED WITHIN XXX COUNTY, NEVADA
NOW, THEREFORE, if the above bounden Principal shall well and truly
perform the work contracted to be performed under said contract, then this
obligation shall be void; otherwise to remain in full force and effect.
SIGNED and SEALED this 13th day of MARCH, 1995.
Witness:
BY: /s/ [SIG]
----------------------------
PREFERRED EQUITIES CORPORATION
COUNTERSIGNED THIS 13th DAY OF BY: /s/ [SIG]
MARCH 1995 ----------------------------
BY: /s/ [SIG] Principal
----------------------------- Executive Vice President
(NEVADA AGENT)
INSURANCE COMPANY OF THE WEST
/s/ XXXXXX X. XXXXXXX, XX.
---------------------------------
XXXXXX X. XXXXXXX, XX.
ATTORNEY-IN-FACT
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STATE OF NEVADA
ss
COUNTY OF XXXXX
[XXXXX XXXXXXXX SEAL]
XXXXX XXXXXXXX
Notary Public - Nevada
Xxxxx County
My appt. exp. Nov. 15, 1998
On this 13TH day of MARCH, in the year 1995, before me, the undersigned Notary
Public, in and for the State of NEVADA, personally appeared XXXXXX X. XXXXXXX,
XX., personally known to me (or proven to me on the basis of satisfactory
evidence) to be the person who executed the written instrument as
Attorney-in-Fact on behalf of the Corporation therein named and acknowledged to
me that the Corporation executed it.
Given under my hand and the Notary Seal this 13TH day of MARCH A.D. 1995.
My Commission expires NOVEMBER 15, 1998.
/s/ XXXXX XXXXXXXX
-----------------------
Notary Public
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INSURANCE COMPANY OF THE WEST
HOME OFFICE: SAN DIEGO, CALIFORNIA
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS: That INSURANCE COMPANY OF THE WEST, a
Corporation duly authorized and existing under the laws of the State of
CALIFORNIA and having its principal office in the City of San Diego,
California, does hereby nominate, constitute and appoint:
XXXXXX X. XXXXXXX, XX.
its true and lawful Attorney(s)-in-Fact, with full power and authority hereby
conferred in its name, place and stead, to execute, seal, acknowledge and
deliver any and all bonds, undertakings, recognizances or other written
obligations in the nature thereof.
This Power of Attorney is granted and is signed and sealed by facsimile under
and by the authority of the following Resolution adopted by the Board of
Directors of INSURANCE COMPANY OF THE WEST at a meeting duly called and held on
the 16th day of AUGUST, 1991, which said Resolution has not been amended or
rescinded and of which the following is a true, full, and complete copy:
"RESOLVED, that the Chairman of the Board, the President, an Executive
Vice President or a Senior Vice President of the Company, be, and that each or
any of them is, authorized to execute Powers of Attorney qualifying the
attorney named in the given Power of Attorney to execute on behalf of the
Company, bonds, undertakings, and all contracts of suretyship; and that a Vice
President, an Assistant Vice President, a Secretary or an Assistant Secretary
be, and that each or any of them hereby is, authorized to attest the execution
of any such Power of Attorney, and to attach thereto the seal of the Company.
FURTHER RESOLVED, that the signature of such officers and the seal of
the Company may be affixed to any such Power of Attorney or to any certificate
relating thereto by facsimile, and any such Power of Attorney or certificate
bearing such facsimile signatures or facsimile seal shall be valid and binding
upon the Company when so affixed and in the future with respect to any bond,
undertaking or contract of suretyship to which it is attached.
FURTHER RESOLVED, that the Attorney-in-Fact may be given full power to
execute for and in the name of and on behalf of the Company any and all bonds
and undertakings as the business of the Company may require, and any such bonds
or undertakings executed by any such Attorney-in-Fact shall be as binding upon
the Company as if signed by an authorized officer of the Company."
IN WITNESS WHEREOF, INSURANCE COMPANY OF THE WEST has caused its official seal
to be hereunto affixed and these presents to be signed by its duly authorized
officers this 7th day of September, 1994.
[INSURANCE COMPANY OF THE WEST SEAL] INSURANCE COMPANY OF THE WEST
INCORPORATED MARCH 1, 0000
XXXXXXXXXX
XXXXX XX XXXXXXXXXX /s/ XXXX X. XXXXXX
SS: ---------------------------------
COUNTY OF SAN DIEGO Xxxx X. Xxxxxx, Senior Vice President
On this 7th day of September, 1994 before the subscriber, a Notary
Public of the State of California, in and for the County of San Diego, duly
commissioned and qualified, came Xxxx X. Xxxxxx, Senior Vice President of
INSURANCE COMPANY OF THE WEST, to me personally known to be the individual and
officer described in and who executed the preceding instrument, and he
acknowledged the execution of the same, and being by me duly sworn, deposeth
and saith, that he is the said officer of the Corporation aforesaid, and that
the seal affixed to the preceding instrument is the Corporate Seal of the said
Corporation, and that the said Corporate Seal and his signature as such officer
were duly affixed and subscribed to the said instrument by the authority and
direction of the said Corporation.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Official Seal,
at the City of San Diego, the day and year first above written.
[XXXXXX XXXXXX SEAL]
STATE OF CALIFORNIA /s/ XXXXX XXXXXX
SS: ---------------------------------
COUNTY OF SAN DIEGO Notary Public
I, the undersigned, X. Xxxxxx Xxxxx, Vice President of INSURANCE
COMPANY OF THE WEST, do hereby certify that the original POWER OF ATTORNEY, of
which the foregoing is a full, true and correct copy, is in full force and
effect, and has not been revoked.
IN WITNESS WHEREOF, I have hereunto subscribed my name as Vice
President, and affixed the Corporate Seal of the Corporation, this 13TH day of
MARCH, 1995.
[INSURANCE COMPANY OF THE WEST SEAL] INSURANCE COMPANY OF THE WEST
INCORPORATED MARCH 1, 0000
XXXXXXXXXX
XXXXX XX XXXXXXXXXX /s/ X. XXXXXX XXXXX
XX: ---------------------------------
COUNTY OF SAN DIEGO X. Xxxxxx Xxxxx
Vice President
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[STAMP]
OFFICIAL RECORDS
XXX. CO. NEV.
Preferred Equities Corp.
'95 MAR 23 A9:38
369308
XXXXX XXXXX
RECORDER
FEE 21.00 DEP top
