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AG 96-094 R~~~y 1. ORIGINATINGOEPT.!OIV.: 7~1...\c..." ~1t.,,"S~ De.v-€.Jopl'YleJ 6~f1Ill;/~ 2. ORIGINATING STAFF PERSON: ~illi y- ~~~ EXT:1.l25 3, DATE REIO. Bv: O:!.\¡2..19\o , L l CITY OF FEDERAL WAY LAW DEPARTMENT CONTRACT PREPARATION/DOCUMENT REVIEW/SIGNATURE 4. TVPE OF' DOCUMENT REQUESTED (CHECK ONE): 0 PROFESSIONAC SERVICES AGREEMENT 0 MAINTENANCE/LASOR AGREEMENT 0 PUSCIC WORKS CONTRACT 0 SMACC PUSCIC WORKS CONTRACT 'Ln. THAH .25,CCCI 'MATE.'A--, eUNNUU. EOU'NMENT' ){SECUI.cry DoCUMENT IE...tA.."MENT & P".'HA'N egN.'¡".".NMEHT o. FUNO' 'N LIEU g. BOHO' 0 CONTRACTOR SECECTION OODUMENT IE.... ..e, .FP. .FQI 0 CONTRACT AMENOMENT 0 EASEMENT 0 OTHER AG#: 0 PURCHASE AGREEMENT 0 REAC ESTATE PURCHASE & SACES AGREEMENT 5. PRO.JECT NAME: \Å-1'G IrI ~O I \jì 6. NAME OF' CONTRACTOR: ~\<- \IT (s: LA-9D- ?P 11-+- ADDRESS: PHONE: TVPE OF PERSON OR ENTlTV (CHECK ONE): 0 INOIVIOUAC 0 PARTNERSHIP 0 SOCE PROPR'ETORSHIP 0 CORPORATION TAX ID#/BB#: SIGNATURE NAME: TITLE: 7. SCOPE OF' WORK: ATTACH EXHIBIT A - A COMPLETE AND DETAILED DESCRIPTION OF THE SERVICES OR SCDPE DF WORK, INCLUDING COMPCETION DATES FOR EACH PHASE DF WORK AND LOCATION OF WORK, B. TERM: COMMENCEMENT DATE: CDMPLETIDN DATE: 9. TOTAL COMPENSATION: $ (INCLUDES EXPENSES AND SALES TAX, IF ANVI '" CA.CU"TEO ON HOUO.T ...0. CHA..E - ATTACH OCHEcum "' EM"COmO TOTLEO AHO HOU"", "'E.' REIMBURSABLE EXPENSES: 0 YES OND IF VES, MAXIMUM DOCCAR AMOUNT: $ Is SALES TAX OWED? 0 VES 0 No IF YES, $ 0 CONTRACTOR OCITV 10. SECECTION PROCESS USED (CHECK DNE : 0 REQUEST FDR BIOS 0 REQUEST FDR PRO PO SACS 0 REQUEST FDR QUOTES 0 REQUEST FDR QUAUFICATOONB 0 ARCHITECT & ENGINEER LIST 0 SMACC WORKS ROSTER 1 1. CONTRACT REVIEW A.1,;,;t~DA3l;;Ì7? ;>'CAW (ACC CONTRACTS) 0 0 RISK MANAGEMENT ~ '~~~~::.'"-c":::~~:.,"T~~: ';,';,~:':.:~~;o. 12k~.. b-c~ J 0 PURCHASING J 'J 0 DIRECTOR 12. ONTRACT SIGNATURE ROUTING ~~ :::.::=:j O'i W/q (p 0 A~Gs7::E:0:: ";Ct}~::Z¡¡;ATING DEPT. 0 PURCHASING: PCEASE DHARGE TO: Cr.~TS Ih\J. ~~ £XwdJ~ ~ ft5 .Q..Q~ 0 WH'TE - OO'.'HAC OTA" W'"" COHTOACT CANARV - mo..o AW. P'"" - .AW om- ODLDENRDD - OO'.'NAnN. ..." LOA" 'R.v ."5O AG¡ qil-qf Applicant: UNIVERSITY INVESTMENT CORP. Project: HIGH POINT PARK DIVISION 1\1 Property Address: East of Hoyt Rd S.W. and South of S.W. 328th Street Federal Way, WA Bond #: 4204075 Permit#: IlA90-PP14 Bond Amount: $450,950.00 Cash Deposit Amount: $11,274.00/ CITY OF FEDERAL WAY AGREEMENT AND PERFORMANCE/MAINTENANCE BOND THIS AGREEMENT ("Agreement") is dated effective this 8th day of March, 1996. The parties ("Parties") to this Agreement are the City of Federal Way, a Washington municipal corporation ("City") and University Investment Corp., a Washington corporation ("Applicant"). A. The Applicant is required to perform certain work and/or complete certain improvements, including clearing and grubbing for plat roadways and associated grading, street grading, storm drainage, installation of curbs, gutters and sidewalks and street paving at the above referenced address located in Federal Way, Washington in connection with Applicant's land Use Application under the above-referenced permit number ("PermitO); B. The improvements will be constructed or the work performed in accordance with record drawings and approved plans on file with the City ("Plans"); C. The City has determined that the Applicant must post security with the City pursuant to Sections 22-146 through 22-159 of the Federal Way City Code ("FWCC") as now existing or hereafter adopted or amended, to guarantee Applicant's performance of the required construction of improvements or performance of work, maintenance or repair in accordance with the Plans as a condition of granting the Permit. NOW, THEREFORE, the Parties agree as follows: 1. ImDrovements. Applicant shall construct all improvements and perform all maintenance pursuant to the Plans, to the City's satisfaction ("WorkO). The obligation to maintain the improvements shall continue for a period of two (2) years after issuance of the certificate of occupancy or final inspection, or such longer period as required by the FWCC or other applicable law, rule or regulation. 2. ComDletion of Work. The Applicant shall complete the Work to the City's satisfaction, within the time period prescribed by the City, and in full compliance with the Plans, including any approved amendments thereto, and in conformance with all applicable laws, rules or regulations. 3. Performance/Maintenance Bond. Applicant shall deliver the fully executed Performance/ Maintenance Bond to the City in the form attached hereto as Exhibit "A" and incorporated by this reference ("BondO), to guarantee Applicant's performance of the construction of the improvements and/or maintenance of the improvements pursuant to the Plans. ORIGINAL 4. Release of Bond. If the Principal constructs the improvements in accordance with the terms of the Bond, the Permit and all applicable law, the sum of the Bond shall be reduced by seventy percent (70%) after final inspection and approval of the improvements by the City and the City will deliver to Principal the fully executed Partial Release of Bond attached hereto as Exhibit 'B". Except as set forth in the preceding sentence, the Bond shall remain in full force and effect. That portion of the Bond equal to thirty percent (30%) of the original penal sum shall remain in full force and effect for two (2) years after final inspection and approval, as a maintenance bond to guarantee against defective materials and workmanship in the construction of the improvements and to insure continued maintenance of the improvements. Two (2) years after final inspection and approval of the improvements and performance of the maintenance, the City will release the remaining portion of the Bond by executing and delivering to Principal the Full Release of Bond attached hereto as Exhibit "C'. 5. Richt to ComDlete Work. In the event the Applicant fails to perform the Work, the City may, but in no event is it obligated to, request the disbursement of the Bond from the surety and perform any of the necessary Work. Upon demand, Applicant agrees to pay the City an amount equal to all of the City's costs and expenses in performing such Work in excess of the amount of the Bond. 6. Notice. The Community Development Department of the City shall be given forty-eight (48) hours notice prior to the commencement of the Work. 7. Indemnification. Applicant agrees to indemnify and hold the City, its elected officials, officers, employees, agents, and volunteers harmless from any and all claims, demands, losses, actions and liabilities (including costs and attorney fees) arising from, resulting, or connected with this Agreement and the Bond, including without limitation, the City's performance of the Work pursuant to Section 5 herein. 8. Administrative Cash DeDosit. In addition to the amount of the Bond, Applicant agrees to pay a cash deposit to the City pursuant to Section 22-151 of the FWCC, upon the execution of this Agreement equal to the following percentages of the amount of the Bond: Amount of Bond Amount of Cash DeDosit Up to $20,000 $20,001 - $50,000 $50,001 - $100,000 $100,001 and up 5% of Bond (minimum $100) 4% of Bond 3% of Bond 2-1/2% of Bond The cash deposit may be used by the City to cover its actual expenses in administering this Agreement and, if necessary, collecting and using the proceeds from the Bond. 9. Remedies Cumulative. No remedy provided for by this Agreement shall be deemed exclusive, but shall be deemed cumulative and in addition to every other remedy available to the City at law, in equity or by statute. Applicant's liability under this Agreement is not limited to the amount of the Bond. 10. license. Applicant shall record a license in the form attached hereto as Exhibit "D" and incorporated herein by this reference with the King County Department of Records, immediately upon the execution of this Agreement and at Applicant's cost. -2- 11 . General Provisions. This Agreement may not be amended except by written agreement signed by the Parties. Any provision of this Agreement which is declared invalid, shall not invalidate the remaining provisions of this Agreement. The failure or delay of the City to declare any breach or default shall not waive such breach or default. This Agreement may not be assigned by any Party without the written consent of the other Party. This Agreement shall be binding upon and insure to the benefit of the Parties' successors in interest. Time is of the essence. UNIVERSITY INVESTMENT CORP. By: // - ~ . . JIIMð ~ Nizar Say OJ Its Proj ect Manager 8549 Hunt's Point Lane Bellevue, WA 98004 CITY OF FEDERAL WAY By: ATTEST: bJT~ ;1J1aity Cle~N. Christine Green, CMC APPROVED AS TO FORM: ~~ K"bond,'h;.hpo;nt leB-OSS! ,3, Bond No. 420407S EXHIBIT A Prcject:HIGH POINT PARK DIVISION III Permit #: ILA90-PP14 CITY OF FEDERAL WAY PERFORMANCE/MAINTENANCE BOND KNOW ALL PEOPLE BY THESE PRESENTS: ~. We. the undersigned. University Investment Corp.~ as principal ("Principal"). and msmx** ~, the undersigned corporation organized and existing under the laws of the State of California, and legally doing business in the State of Washington as a surety ("Surety"). are held and firmly bound unto the City of Federal Way. a Washington municipal corporation ("City") in the penal sum of Four Hundred Fifty Thousand. Nine Hundred Fifty and no/1 00 Dollars ($450.950.00lfor the payment of which they firmly bind themselves and their legal representatives, successors and assigns. jointly and severally. . * and Silver Development Corporation and Luxor Investment Corporation This obligation is entered into in pursuant to the statutes of the State of Washington and the ordinances. regulations. standards and policies of the City, as now existing or hereafter amended or adopted. 11M **Developers Insurance Company The Principal has entered into an Agreement with the City of even date to perform clearing and grubbing for plat roadways and associated grading. street grading. installation of storm drainage, curbs. gutters and sidewalks, and street paving. (w. NOW, THEREFORE, if the Principal shall perform all the provisions of the Agreement in the manner and within the time period prescribed by the City. or within such extensions of time as may be granted under the Agreement. and shall pay all laborers. mechanics. subcontractors and material men or women, and all persons who shall supply the Principal or subcontractors with provisions and supplies for the carrying on of said work, and shall hold the City, their officials. agents, employees and volunteers harmless from any loss or damage occasioned to any person or property by reason of any carelessness or negligence on the part of the Principal, or any subcontractor in the performance of said work. and shall indemnify and hold the City harmless from any damage or expense by reason of failure of performance as specified in the Agreement. or from defects appearing or developing in the material or workmanship provided or performed under the Agreement within a period of two (2) years after its final acceptance thereof by the City. then and in the event this obligation shall be void; but otherwise, it shall be and remain in full force and effect. And the Surety, for value received. hereby further stipulates and agrees that no change, extension of time. alteration or addition to the terms of the Agreement or to the work to be performed thereunder or the specifications accompanying the same shall in any way affect its obligation on this bond, and it does hereby waive notice of any change, extension of time, alterations or additions to the terms of the Agreement or to the Work. The Surety hereby agrees that modifications and changes may be made in the terms and provisions of the Agreement without notice to Surety, and any such modifications or changes increasing the total amount to be paid the Principal shall automatically increase the obligation of the Surety on this Performance Bond in a like amount, such increase, however, not to exceed twenty-five percent (25%) of the original amount of this bond without the consent of the Surety. Within forty-five (45) days of receiving notice that the Principal has defaulted on all or part of the terms of the Agreement, the Surety shall make a written commitment to the City that it will either: (a) cure the default itself within a reasonable time period, or (b) tender to the City, the amount necessary for the City to remedy the default, including legal fees incurred by the City, or (c) in the event that Surety's evaluation of the dispute is not complete or in the event the Surety disputes the City's claim of default, the Surety shall notify the City of its finding and its intent, if any, to interplead. The Surety shall then fulfill its obligations under this bond, according to the option it has elected. Should Surety elect option (a) to cure the default, the penal sum of the Bond shall be reduced in an amount equal to the costs actually incurred by the Surety in curing the default. If the Surety elects option (b), then upon completion of the necessary work, the City shall notify the Surety of its actual costs. The City shall return, without interest, any overpayment made by the Surety and the Surety shall pay to the City any actual costs which exceed the City estimate, limited to the bond amount. Should the Surety elect option (c), the Parties shall first complete participation in mediation, described in the below paragraph, prior to any interplead action. - In the event a dispute should arise between the Parties to this Bond with respect to the City's declaration of default by the Principal, the Parties agree to participate in at least four hours of mediation in accordance with the mediation procedures of United States Arbitration and Mediation (OUSA&M"). The Parties shall proportionately share in the cost of the mediation. The mediation shall be administered by the Seattle USA&M office, 4300 Two Union Square, 601 Union Street, Seattle, Washington 98101-2327. The Surety shall not interplead prior to completion of the mediation. DATED this ~ day of March ,1996. CORPORATE SEAL OF PRINCIPAL: UNIVERSITY INVESTMENT CORP. Silver Development Corporation Lux~~nves:rnent co~poration BY:f1M.~ Nizar Sayani Its: Pro; ect Manager (Title) 8549 Hunt's Point lane Bellevue, WA 98004 (206) 462-1064 -2- CORPORATE SEAL OF SURETY: D ev e 1 sœ~.-I..",-s~~~n~- Com.pi'ny JU\ISIX~¡OO:QQ{ Surety By: ~O~y~/;~:;~t~ (Attach Power of Attorney) Jake W. Murphree Name of Person Executing Bond 9725 - 3rd Avenue Seattle, WA 98115 Address (206)525-8201 Phone NE, Suite 602 APPROVED AS TO FORM: ~ CERTIFICATE AS TO CORPORATE SEAL I hereby certify that I am the (Assistant) Secretary of the Corporation named as Principal in the within bond; that Nizar Say ani , who signed the said bond on behalf of the Principal, was Project Manager of the said Corporation; that I know his or her signature thereto is genuine, and that said bond was duly signed. se ted for and in behalf of said Corporation by authority of its governing bod. .,\BONDSlh;.hpoin' -3- POWER OF ATTORNEY OF ..~DEMNITY COMPANY OF CALIFOriNIA AND DEVELOPERS INSURANCE COMPANY W 236419 P.O. BOX 19725, IRVINE, CA 92713 . (714) 263-3300 NOTICE, " All powe, and "tho'ity h.'ein gmnted ,hall in any eveo! te'minate on the 3"t day ot Ma"h, 1996, 2. Thi' Powe, 01 Attomey i, void it alt.,ed 0' if any po"ion is erased. 3. This Power of Attomey Is void unless the seal Is readable, fhe text Is In brown Ink. the signetures are in blue ink end this notice is In red Ink. 4- This Power ot Attomey should not be retumed to the Attomey(s)-In-Fact, but should 'emeln a permanent pa" of the obligee's ,eco'ds. sev~~~~b~tL;o~~~t~~ ;e~;~yE ::"~~~~:s~;t~~:~;~~":;o~~t expressly limited, INDEMNITY COMPANY OF CALIFORNIA and DEVELOPERS INSURANCE COMPANY, do each """JAKE W. MURPHREE, KAREN L. STAFFANSON, MYLA F. BELSTON, JOINTLY OR SEVERALLY""" tha trua and lawful Attomey(s)-In-Fact, to make, exacutB, daliver and acknowledge, for and on behalf of each 01 said co,poration, as sureties, bonds, undertakings and COntrBcts cl suretyship In an amount not exceeding Two Million Five Hundred Thousand Dollars ($2,500,000) in any single und"'aklng; giving and granting unto said Attorney(s)-ln-FBct lull pcwar and authority to do and to pertorm every act necessary, requisite or prcper to be dcne in ccnnection Iherewlth as each of sBld corporations could do, but reserving to each cf said corporations full power ot substitution and revocation; and all of the acts of said Attomey(s)-In-Fact, pursuant to these presents, are he,eby retitled and confirmed. The authority and powers conre"ed by this Power of Attomey do not extend to eny of the following bonds, unde"eklngs or contracts of suretyship, Bank depository bonds, mo"gage deficiency bonds, mMgage guarantee bonds, guarantees of Instalfment paper, note guBrantee bcnds, bonds on flnancJallnstltutions, ,.... bcnds, Insurance company qualifying bonds, self-Insurer's bonds, fidelity bonds cr ball bends. This Power of Attomey Is granted and is signed by facsimile under and by authority of the following resolutions adopted by the respective Boards of Directors of INDEMNITY COMPANY OF CALIFORNIA and DEVELOPERS INSURANCE COMPANY, effective as of September 24, '986, RESOLVED, that the Chairman of the Board, the President and any Vice President of the corporation be, and that each of them hereby Is, euthorlzed to execute _ers of Attomey, quBllfylng the attorney(s) named In the Powers of Attomey to execute, on behalf of the corporation, bonds, undertakings and controcts of suretyship: end that the Secrotary or any Assis- tant Secretary of the corporation be, and each of them hereby Is, authorized to attest the execution of any such Power of Attomey; RESOLVED, FURTHER, that the signatures of such officers may be affixed to any such Power of Attomey or to any ce"itlcete relating thereto by facsimile, and any such -er of Attcmey or certificate bearing such facsimile signatures shall be valid and binding upon the corpcration when so affixed and in the future with respect to any bcnd, undertBking or contract of suretyship to which It is attached- IN WITNESS WHEREOF, INDEMNITY COMPANY OF CALIFORNIA and DEVELOPERS INSURANCE COMPANY have severally caused thesa p,esents to be signed by theIr respec- tive Presidents ond attested by their ,espectlve Secretaries this 1st day of April, 1993- INDEMNITY COMPANY OF CALIFORNIA ~~:::f~l President DEVELOPERS INSURANCE COMPANY By By By Ndud#( ATTEST Welter C,owell Secretary By NdutÍd Walter Crowell Secretery ATTEST STATE OF CALIFORNIA) ) SS. COUNTY OF ORANGE ) On July 15, 1994, before me, the undersigned, a Notary Public in and for said State, personally appeared Dante F. Vincenti, Jr. and Walter A. Crowell, per. sonally kncwn to me (or proved to me on the basis of satisfactory evidence) to be the persons who executed the within instrument as President and Secretary on behalf of Indemnity Company of California and as President and Secretary of Developers Insurance Company, the Corporations therein named, and acknowledged to me that the corporations executed it. WITNESS my hand and official seal. K Øm!I} Notary Public fj OFFICIAL SEAL ,- J. ALVARADO lA' COMM. #1023169 , ;J. NOTARY PUBUC. CAUFORNIA . ORANGE COUNTY My CommIssion E"" Ap,. 17, 1998 Signature CERTIFICATE The undersigned, as Senior Vice President of INDEMN'TY COMPANY OF CALIFORNIA, end Senior Vice President of DEVELOPERS INSURANCE COMPANY, does hereby ce"lty thBt the foregoing and attached Power of Attomey remains in fu~ force and has not been revoked; and furthermore, thet the provisions of Ihe resolutions of'thuespectivB Boards of Directors of said corporations set fo"h in the Power of Attomey, Breln force as ofthe date of this Certiticata. " This Certificate is executed In the City of Irvine. Caritomia,thls ';;;1St'l day of ~ ,199~. INDEMNITY COMPANY OF CALIFORNIA By ~~~ LC, Fleb;ger Senior V;ce President " ,', By ~~~ LC, Fiebige' Sen;o, Vice President DEVELOPERS INSURANCE COMPANY 10.310 REV, 1/95 EXHIBIT B PARTIAL RELEASE OF BOND # The undersigned hereby acknowledges that a portion of the conditions of the Agreement and Performance/Maintenance Bond for High Point Park Division III, Permit #ILA90-PP14have been satisfied and hereby authorizes the release of an amount equal to Three Hundred Fifteen Thousand, Six Hundred Sixty Five and no/100 Dollars ($315,665.00). The remaining funds equalling thirty (30%) of the cost of the work or improvements shall be retained by the City for a period of two (2) years as security for Assignor's performance of all maintenance for the above described project and as a guarantee against defective materials or workmanship in the construction and maintenance of such improvements. DATED this day of ,199_. CITY OF FEDERAL WAY By: (Name, Title) EXHIBIT C FULL RELEASE OF BOND # TERMINATION OF LICENSE The undersigned hereby acknowledges that the two (2) year maintenance period has expired, that the work or improvements covered by the Agreement and Performance! Maintenance Bond for High Point Park Division III, Permit #ILA90-PP14 have been completed to the City's satisfaction and that the City is not aware of any defect in workmanship or materials. Accordingly, the undersigned hereby releases the sum of One Hundred Thirty-Five Thousand, Two Hundred Eighty-Five and no!100 Dollars ($135,285.00). The undersigned further releases all right, title and interest granted to the undersigned by reason of a certain License Agreement recorded under King County Recording No. ("License AgreementO) and acknowledges that all obligations and rights contained in the License Agreement are hereby terminated. DATED this day of ,19_. CITY OF FEDERAL WAY By: (Name, Title)