1988 AGN SEP 06 AGN I14 - Laserfiche WebLink

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II AMENDMENT 'iOF AGRFFum THIS AMENDMENT N � T O F AGREEMENT (the endure " entered into in triplicate this 3�5` day of nt ), is 'made by and between the CITY OF COLTON, CA IF RNIA, a municipal, corporation, hereinafter called "City,' and OSSROADS TRADE CENTRE, LTD., a California limited Partnership, hereinafter called "Subdivider." I' WHEREAS, City and Subdivider made and entered into an Agreement on senter2t,Pr t 9 87wherein Subdivider agreed to complete certain improvement work as a condition of City's approval. of the final subdivision map of Tractf} No. 1 637 (the "Improvement Work"); and WHEREAS, Subdivider agre d to complet the Improvement Work "on or before one year from date of approval"; nd WHEREAS, the completion of the Impro ement Work is secured by an irrevocable set-aside letter from Subdi ider's lender in the aggregate amount of $966,406, 200,000 of which represents the estimated cost of installing he Landscaping portion of the Improvement Work; and WHEREAS, Subdivider would like Ci y to consent. to a $200,000 reduction in the amountof the set-aside letter and a modification of its terms so hat it no longer secures the installation of the landscaping improve eats; and WHEREAS, Subdivider would also like City to allow Subdivider to defer the installation of the 1 ndsca ing Poroftion the Improvement Work so that landscaping improvements need not be installed prior to building Occup ncynd the only along that lot upon which the occupied building is located and along that portion of any public right-of-way abutting and adjacent to such lot; and WHEREAS, provided Subdivider agrees to install certain landscaping improvements as soon as, reasonably racticable after the date of this Amendment, City is wi l ng,to consent to such reduction k and modification of the set-aside 1 tter and is illing to permit the deferral of Subdividers obligation to install the remaining landscaping improvements; and WHEREAS, Subdivider would like to rec eive a one ( 1 extension from City of the deahe d ine for the completionoy f t of Improvement Work and Cit is willing to grant Subdivider such extension, NOW, THEREFORE, IT I hereto as follows; S MUTUALL AGREED between the parties ¢ 1. As soon as reasonably practicable after the date of this Amendment, Subdivider shall a) hydroseed a six foot strip ' behind the sidewalk along the south side Of Fairway Drive with grass, (b) plant twenty-one trees along the back slope of Tract No. 12637 C abutting the San Bernardino Freeway (I-10) in accordance with landscaping plans prepared by the SWA Group and d ted March 20, 1988, (c) install a total of twelve palm trees three on each side of the road at each of the two entrances from Fairway Drive to Crossroads Drive, (d) install all irrigation equipme't and facilities to support the growth of such grass and trees, and (e) hydr'seed the back ope SUBAGMT.AMD 83088 G'