AGREEMENT FOR CONSTRUCTION OF IMPROVEMENTS
wHere por anders, Riverside gasty One, Heterod to herin ge the "Developer",
500 Fifth Avenue Suite 1530, NY, NY 10110 whose mailing address, if different, is
telephone number is 212-355-7800, has made an application to the City of Riverside, referred to herein as the "City", for approval of project designated Parcel Map 38638; and
WHEREAS, the Developer has not completed all of the work, or made all of the improvements required as a condition of approval of the project and desires to enter into a contract for the completion of the work and the installation of the improvements and to furnish security for the performance of this contract;
NOW, THEREFORE, in consideration of the approval of above designated project by the City, and as a condition of such approval, the Developer promises and agrees at the Developer's own expense to do all of the work and make all of the improvements required which work and improvements, without limitation by enumeration, consist of the following:
Curb and gutter, curb, curb and gutter removal, sidewalk, sidewalk removal, driveway approaches, driveway removal, wheelchair ramps, cross gutters and aprons, A.C. paving, aggregate base material, A.C. overlay, A.C. paving removal, landscaping, irrigation, tree removal, traffic signs, signal modification, sewer laterals and cleanouts, storm drain and appurtenances, underground electrical; all or some of which as shown on the street, electric and sewer improvement plans.
The above enumeration of items is understood to be only a general designation of the work and improvements, and not a binding description thereof. All of the work shall be done and improvements made and completed as shown on and in strict compliance with applicable plans and specifications, and any subsequent alterations thereto. Alterations in the plans and specifications and the work to be performed may be accomplished without giving prior notice thereof to the surety; however, the amount of the surety's obligations shall not be changed. In no event shall such change result in exonerating the surety's obligations. Such work shall be completed and improvements made within one year from the date of this agreement, unless such time be extended by the City upon written application of the Developer.
As a condition of granting a time extension, the City at its option may require a new security and agreement to reflect any revised estimated cost, as determined by the City, of the work and the improvements for the period covered by the time extension.
It is understood that by providing security for this agreement, the 311-56/CL 212 (Rev. 5/87) 1
surety consents in advance to any extension of time as may be given by the City to the Developer and waives notices of such extension. The making of an application for an extension of time by the Developer shall, upon granting of the application by the City, constitute a waiver by the Developer and by the surety of all defenses of laches, estoppel, statutes of limitations, and other limitations of action, in any action, or proceeding filed by the City within the period of four years immediately following the date to which the time of performance was extended.
The Developer further agrees that any and all grading done or to be done in conjunction with the herein described project shall conform to the requirements of the Riverside Municipal Code and any other applicable ordinances regulating excavations and fills (e.g., grading regulations) and shall be completed within the period of time described above and prior to the acceptance by or on behalf of the City of the work and improvements and prior to the release by the City of the surety guaranteeing performance of this agreement.
The Developer promises and agrees to maintain all of the improvements required by this agreement after any construction has been started under this contract in a state of good repair, until all of the work and agrenate after improvements are completed and accepted by the City in writing and until the security for the performance of this agreement is released in its entirety. It is further agreed that once work has started that all work shall be performed in an expedient and diligent manner as determined by the City. Should the City determine that cessation of work or incomplete construction poses possible health or safety hazards or inconvenience to the public, the City may, upon giving written notice, declare the Developer to be in default.
The Developer shall be responsible for maintaining all improvements for a period of one year following completion of the work, and acceptance by the City in writing, against any defective work or labor done, or defective materials furnished, in the performance of the contract. It is further agreed that upon completion and acceptance of the improvements by the City of Riverside, the liability of the surety for no less than ten percent (108) of the face amount thereof, or $300.00, whichever is greater, will continue for the purpose of guaranteeing maintenance of the improvements for a period of one year following the completion and acceptance by the City in writing against any defective work or labor done, or defective materials furnished in the performance of this contract with the City of Riverside. Said maintenance shall include, but shall not be limited to, repair of pavement, curbs, gutters, sidewalks, parkways, slopes, sewers, storm drains and removal of debris from sewers and storm drains; said maintenance shall also include, but not be limited to by this enumeration, sweeping, repairing and maintaining in a good and safe condition all streets and street improvements as required by the City. It shall be the Developer's responsibility to initiate this work, but if the Developer should fail to do so, such maintenance shall be promptly 311-56/CL 212 (Rev. 5/87) 2
performed when the Developer is notified to do so by the Public Works Director of the City. Upon failure of the Developer to properly maintain the improvements as determined by the City, the City may do all necessary work required by this paragraph, the cost thereof being chargeable to the Developer and the surety by this agreement.
If the Developer and the surety fail to install all or any of the work or to install all or any part of the improvements required by this contract within the time set forth herein, or fail to comply with any other obligation contained herein, they shall be jointly and severally liable to the City for any administrative expenses and attorney's fees incurred in obtaining compliance with this agreement and any such expenses and fees incurred in processing any action for damages or for any other remedies permitted by law.
It is further understood and agreed that upon default of any obligation hereunder, and at any time after any such default, the City may make written demand upon the Developer or surety or both to immediately remedy the default or complete the work. If the remedial activities or the completion of work are not thereafter diligently prosecuted to completion and fully completed within thirty days after the making of such demand (or such other time as may be contained in the demand), the City may then complete or arrange for completion of all remaining work or conduct such remedial activity as in the sole judgment of the City may be required, all at the full expense and obligation of the Developer and surety and all without the necessity of giving any further notice to the Developer or surety before the City performs or arranges for performance of any remaining work or improvements, whether or not the Developer or surety have constructed any of the required improvements at the time. In the event the City elects to complete or arrange for completion of the remaining work and improvements, the Public Works Director, upon such election, may require all work by the Developer or surety to cease in order to permit adequate coordination by the City for completing any remaining work and improvements not yet completed. The Developer and the surety further agree under this agreement to hold the City and its officers and employees free and harmless from any claim, demand or action for damages, injury or death, and to indemnify the City for any loss, arising out of or incurred as the result of or in connection with improper maintenance or dangerous conditions or any act or omission in connection with any of the improvements required, existing or occurring or arising out of any act or omission occurring prior to written release by the City of the security guaranteeing maintenance.
It is agreed that all work and improvements done pursuant to this agreement shall conform to the standards applicable at the time work is actually commenced.
For purposes of enforcing this agreement, the term "City" includes the City Council, the City Manager, the City Attorney, the Public Works Director, or any of them, or any of their authorized representatives. 311-56/CL 212 (Rev. 5/87)
It is further agreed that the amount of security to guarantee the performance of this contract will be Three Million Nine Hundred Thirty-Four Thousand Six Hundred Iwenty-Five and 00/100 dollars ($3,934, 625.00) . In addition, the Developer shall provide security in the amount of One Million Nine Hundred Sixty-Seven Thousand Three Hundred Iwelve and 00/100 dollars ($1,967,312.00) to guarantee payment to any contractors, subcontractors, and persons furnishing labor, materials, and equipment to them for the performance of the work herein described. The labor and material security may be released six months after written acceptance of the improvements by the City providing no claims have been filed with the City against the security. The security to guarantee performance and payment to laborers and material suppliers shall be in the form of
Corporate suretubondletter of credit, time certificate of deposit, passbook account, cash deposit, or corporate surety bonds).
The Developer acknowledges and agrees to City regulations governing signs and advertising structures. Developer agrees and consents to removal by the City of all signs erected, placed, or situated in violation of any City ordinance governing size, location or required permits. Removal shall be at the expense of the Developer and Developer shall indemnify and hold the City free and harmless from any claim or demand arising out of or incurred as a result of such removal, excepting negligent acts or omissions by the City, its agents or employees. Developer agrees that said signs may be erected only pursuant to a permit issued by the City upon payment of necessary fees or deposits.
The Developer acknowledges that installation of the required improvements under this agreement is the Developer's sole responsibility and the Developer is not relieved of this responsibility should the Developer sell or transfer title to the property for which these improvements are required. Should the Developer wish to transfer responsibility for the required improvements, written application must be made to the City requesting agreement and bond forms be prepared for the new Developer reflecting the current estimated cost, as determined by the City, to construct all of the required improvements. Upon submittal by the new Developer, and acceptance of the new agreement and security by the City, the previous agreement and security may be released in its entirety.
IN WITNESS WHEREOF, this agreement
Developer above named on ()EC+MBER Zangs been duly executed 3250
LIVERSAVE PROPERTY ONNER UC
(Names and signatures must be
the same as on security and Develope
City Attorney's Office must
approve both this agreement By
and the security) Signature
Name and Title
311-56/CL 212 (Rev. 5/87) 4
CITY OF RIVERSIDE
Nathan Mustafa
Deputy Director Public Works
By.
Checked by: Chris Scully
Approved as to Form:
By:
Anthony L. Beaumon
Deputy City Attorney
311-56/CL 212 (Rev. 5/87)
DUPLICATE ORIGINAL
Effective: 11/06/2025
Surety Bond No. SPA150986_001
FAITHFUL PERFORMANCE BOND
(CONSTRUCTION)
WHEREAS the City of Riverside, a municipal corporation of the State of California, and RIVERSIDE PROPERTY OWNER LLC
"Principal", have entered into an agreement whereby
Principal agrees to install and complete certain designated publio improvements, which said agreement, dated
and identified as Agreement for Construction of Improvements for project designated as Parcel Map 38638, is hereby referred to and made a part hereof; and
WHEREAS, said Principal is required under the terms of said agreement to furnish a bond for the faithful performance of said agreement;
SIRIUSPOINT AMERICA
NOW, THEREFORE, we, the Principal and INSURANCE COMPANY, a corporation organized and doing business under and by virtue of the laws of the State of New York _ and duly licensed by the State of California for the purpose of making, guaranteeing or becoming sole surety upon bonds or undertakings required or authorized by the laws of the State of California, as Surety, are held and firmly bound unto the City of Riverside, in the penal sum of Three Million Nine Hundred Thirty-Four Thousand Six Hundred Iwenty- Five and 00/100 dollars ($3,934,625.00) lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly by these presents.
The condition of this obligation is such that is the above bounded principal, his, her or its heirs, executors, administrators, successors, or assigns, shall in all things stand to or abide by, and well and truly keep and perform the covenants, conditions and provisions in the said agreement and any alteration thereof made as therein provided, on his, her or their part, to be kept and performed at the time and in the manner therein specified, and in all respects according to their true intent and meaning, and shall indemnify and save harmless the City of Riverside, its officers, agents and employees, as therein stipulated, then this obligation shall become null and void; otherwise it shall be and remain in full force and effect.
The Surety and Principal further agree that in the event the work and improvements are not completed within the time allowed by the said agreement or any extension or extensions thereof as may be granted by the City of Riverside, the City of Riverside may, at its option, and in addition to any other remedies available by law, complete or arrange for completion of said work and improvements, and all costs and expenses therefor shall become a debt due and owing said City of Riverside, as set forth in said agreement. 311-57/CL 215B (Rev. 6/86) 1
As a part of the obligation security hereby and in addition to the face amount specified therefor, there shall be included costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by the City of Riverside in successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered.
The Surety and Principal further agree that this bond may be reduced to ten percent of the face amount of this bond or $300, whichever is greater, guarantee said improvements against any defective work or labor done, or defective materials furnished, in performance of the contract with the City of Riverside.
The Surety hereby 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 obligations on this bond, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the agreement or to the work or to the specifications.
IN WITNESS WHEREOF, this instrument has been duly executed by the Principal above named on December 31st , 20 25 .
RIVERSHOE PROPENT OUNERLL
Surety SIRIUSPOINT AMERICA INSURANCE COMPANY
Dl 1 Cata
ByL
Attorney-in-fact Derek J. Elston
MATHEN FERNAND
1 World Trade Center 285 Fulton Street, 47th Floor, Suite 47J.
Address of Corporate Surety
VECE PRESIDENT New York 10007
City (Zip Code)
212-312-2500
Approved as to Form: Phone
Aon Risk Services Central, Inc.
Producer (Bond Issuing Agent)
By: 7
Anthony L. Beaumon 200E. Randolph, 4th Floor
Deputy City Attorney Address
Chicago 60601
City (Zip Code)
312-381-1000
Phone
311-57/CL 215B (Rev. 6/86) 2
Note: Signature of Attorney-in-fact to be acknowledged before a Notary Public. Attach Power of Attorney.
311-57/CL 215B (Rev. 6/86) 3
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
State of ILLINOIS
County of COOK
On 12-31-2025 _ before me, _ Richard G. Casas Notary Public, personally Derek J. Elston who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacityies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature.
Signature of Notary Piblic
OFFICIAL SEAL
NOTAR POSON BOILINOIS
MY COMMISSION EXPIRES MAY 22, 2028
DUPLICATE ORIGINAL Effective: 11/06/2025
Surety Bond No. SPA150986_002
LABOR AND MATERIAL BOND
(CONSTRUCTION)
WHEREAS, the City of Riverside, a municipal corporation of the State of California, and RIVERSIDE PROPERTY OWNER LLO _ hereinafter referred to as "Principal", have entered into an agreement whereby Principal agrees to install and complete certain designated public improvements, which said agreement, dated_ December 22nd _, 2025 and identified as Agreement for Construction of Improvements for project designated as Parcel Map 38638, is hereby referred to and made a part hereof; and
WHEREAS, under the terms of said agreement, Principal is required before entering upon the performance of the work, to file a good and sufficient payment bond with • the City of Riverside to secure the claims to which reference is made in Title 15 (commencing with Section 3082) of Part 1 of Division 3 of the Civil Code of the State of California;
SIRIUSPOINT AMERICA
NOW THEREFORE, said principal and_ INSURANCE COMPANY _ a corporation organized and doing business under and by virtue of the laws of the State of New York and duly licensed by the State of California for the purpose of making, guaranteeing or becoming sole surety upon bonds or undertakings required or authorized by the laws of the State of California, as Surety, and held firmly bound unto the City of Riverside and all contractors, subcontractors, laborers, material suppliers and other persons employed in the performance of the aforesaid agreement and referred to in the aforesaid Code of Civil Procedure in the sum of One Million Nine Hundred Sixty-Seven Thousand Three Hundred Iwelve and 00/100 dollars ($1,967,312.00) for materials furnished or labor thereon of any kind, or for amounts due under the Unemployment Insurance Act with respect to such work or labor, that said Surety will pay the same in an amount not exceeding the amount hereinabove set forth, and also in case suit is brought upon this bond, will pay, in addition to the face amount thereof, costs and reasonable expenses and fees, including reasonable attorney's fees incurred by the City of Riverside in successfully enforcing such obligations, to be awarded and fixed by the court, and to be taxed as costs and to be included in the judgment therein rendered.
It is thereby expressly stipulated and agreed that this bond shall inure to the benefit of any and all persons, companies and corporations entitled to file claims under Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code, so as to give a right of action to them or their assigns in any suit brought upon this bond.
Should the condition of this bond be fully performed, then this obligation shall become null and void, otherwise it shall be and remain in full force and effect.
The Surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of said agreement or the 1 311-59/CL 427B (Rev. 6/88)
specifications accompanying the same shall in any manner affect its obligations on this bond, and it does hereby waive notice of any such change, extension, alteration or addition.
IN WITNESS WHEREOF, this instrument has been duly executed by the Principal and Surety above named on December 31st , 2025 •
SIRIUSPOINT AMERICA INSURANCE COMPANY
Surety
By_ 2l1 Cata
Attorney-intfact Derek J. Elston
1 World Trade Center 285 Fulton Street, 47th Fioor, Suite 47J_ Address of Corporate Surety
New York 10007
City Zip Code
Approved as to Form: 212-312-2500
Phone
Aon Risk Services Central, Inc.
By: Producer (Bond Issuing Agent)
Anthony L. Beaumon 200 E. Randolph, 4th Floor
Deputy City Attorney Address
Chicago 60601
City Zip Code
312-381-1000
Phone
NOTE: Signature of Attorney-in-fact to be acknowledged before a Notary Public.
Attach Power of Attorney.
2 311-59/CL 427B (Rev. 6/88)
POWER OF ATTORNEY AONCHI01_0323
SIRIUSPOINT AMERICA INSURANCE COMPANY
NEW YORK
NOW ALL MEN BY THESE PRESENTS: That SiriusPoint America Insurance Company (the "Company"). a New York corporation, having its principal office in the City of New York, pursuant to the following Resolution, which was adopted on August 27,2024 by Unanimous Written Consent of the Board of the Directors of the Company, to wit:
RESOLVED, that the President, Senior Vice President, Chief Financial Officer, Secretary or the Assistant Secretary is hereby authorized to execute Powers of Attorney appointing as attorneys-in-fact selected employees of certain surety companies who shall have the power for and on behalf of the Company to execute and affix the seal of the Company to surety contracts as surety. Such authority can be executed by use of facsimile signature.
Does hereby nominate, constitute and appoint:
Aerie Walton, Bartlomiej Siepierski, Corinne Chapman, Dartonya Wright, Derek J. Elston, Jean Torres, Judith A. Lucky-Eftimov, Jennifer L. Jakaitis, Kristin L. Hannigan.
Nicholas Kertesz, Roger Paraison, Samantha Chierici, Sandra M. Winsted. Susan A. Welsh, Tara A. Maquinto, Barbara Pannier, Salena Wood, Jennifer Williams, Richard Casas, George F. Douaire V, Robert Nachreiner, Victoria Johnson Its true and lawful agent and attorney-in-fact, to make, execute, seal and deliver for and on its behalf, and its act and deed any and all bonds, contracts, agreements of indemnity and other undertakings in suretyship (NOT INCLUDING bonds without a fixed penalty or financial guarantee) and to bind the Company thereby as fully and to the same extent as of same were signed by the duly authorized officers of the Company, provided, however, that the penal sum $63.971,000 single bond limit
All acts of said attorneys-in-fact pursuant to the authorities herein given are hereby ratified and confirmed. The President, Senior Vice President, Chief Financial Officer, Secretary or Assistant Secretary may from time to time and at any time remove such appointee and remove the power given to him or her.
The execution of such bonds or undertakings in pursuance of these presents, within one year of the date of these present, shall be binding under said Company, as fully and amply, to all intents and purposes, as if they had been duly executed and acknowledged by the regularly elected officers of the Company at its office in New York, New York, in their own proper persons.
IN WITNESS WHEREOF, SiriusPoint America Insurance Company has caused its corporate seal to be hereunto affixed and these presents to be signed by its President this tenth day of October, 2024.
INS SiriusPoint America Insurance Company
RICA URT
•ORPORATE
2 SEAL
1979
+
State of New York NEW YOR
LIS
County of New York
On this tenth day of October 2024, before me a Notary Public of the State of New York, in and for the County of New York, duly commissioned and qualified, came Paul Mihulka, President, of SiriusPoint America Insurance Company, to me personally known to be the individual and officer described in, and who executed the preceding instrument, and acknowledged the execution of the same, and being by me duly sworn, deposed and said that he is the officer of the said Company aforesaid. and that the seal affixed to the preceding instrument is the Corporate Seal of said Company, and the said Corporate seal and his signature as officer were duly affixed and subscribed to the said instrument by the authority and direction of the said Company, referred to in the preceding instrument is now in force.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal.
Susan Stacock
SUSAN HISCOCK
Notary Public - State of New York
NO. 01HI6444797 / Notary Public
Qualified in Richmond County
My Commission Expires Dec 5, 2026 My Commission expires Dec. 9, 2026 STATE OF New York
COUNTY OF New York
1, Paul Mihulka, President of SiriusPoint America Insurance Company, a New York corporation, do hereby certify that the above and foregoing is a full, true and correct copy of Power of Attorney, is still in full force and effect and has not been revoked.
IN WITNESS WHEREOF, I have hereunto set my hand, and affixed the Seal of said Company, on the 31st dayof December ,20 25
ORPORAT
SEAL
1979 Paul Mihulka
MUSPOINT LEW YOR
President
INVA
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
State of ILLINOIS
County of COOK
12-31-2025 _ before me, _ Richard G. Casas Notary Public, personally appeared Derek J. Elston who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature —
/ Signature of Notary Public
OFFICIAL SEAL
RICHARD G CASAS
NOTARY PUBLIC, STATE OF ILLINOIS
COMMISSION NO. 991195
MY COMMISSION EXPIRES MAY 22, 2028