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(7)AR 090710 Diversified Pacific
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09/07/2010 6:00 pm
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(7)AR 090710 Diversified Pacific
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Last modified
2/23/2014 5:52:50 PM
Creation date
2/20/2014 12:58:58 AM
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Agenda Item
Item Number
7
Subject (2)
- Authorize Reduction of the Performance Bond with the Diversified Pacific for the Subdivision Improvements for Tract 16912 by 75%. [Staff Person: M. Tapia]
Submitted On
9/2/2010
Submitted By
Sabdi Espinoza
Item Title
AR 090710 Diversified Pacific
ATRequest
3430
Status (2)
2
Department
City Clerk
Meeting Date
9/7/2010
Meeting Time
6:00:00 PM
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FIRST TERM PREMIUM F1,11,YEARNED <br />Bond Nurnber: SU5021217 <br />Premium; $12,011.00 2 year term <br />SUBDIVISION BOND <br />FAITHFUL PERFORMANCE <br />KNOW ALL MaBY THESE PRESENTS: That, DPDG Fund XI, LLC. <br />as Principal, and the Arch Insurance Company a <br />corporation organized and existing under the laws of the State of Missouri— and authorized to <br />transact surety business in the State of California as Surety, are held and firmly bound unto <br />City of Colton . as Obligee, in the <br />sun of Eight Hundred Thousand Seven Hundred Twenty Dollars and 00/100 <br />DOLLARS ( $800,720M ), for which the payment whereof, well and truly to be made, said <br />Principal and Surety bind themselves, their heirs, administrators, successors, and assigns, jointly and <br />severally, firmly by these presents. <br />THE Condition of the foregoing obligation is such that, whereas the above bounden Principal has entered <br />into a contract/agreement, dated _.. August 21— 2006 with the Obligee to do and perform the <br />following work; to wit: <br />Improvements for Tract 16912 - Off of Rosedale Avenue <br />NOW, THEREFORE, if the above bounden Principal shall well and truly perform the work contracted to be <br />performed under said contract, then this obligation shall be void'. otherwise to remain in full force and <br />effect. <br />SIGNED,. SEALED, DATED: August 10, 2006 <br />(Principal) (Surety) <br />DPDG Fund XI, LLC, ArCbFnic�u ra hice C <br />By: iBy: <br />See Attached Signature Page Janinq Mdnroe , Attorney In Fact <br />Surety Pyone No. (949) 252-4405 <br />
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