HomeMy WebLinkAboutDocs - Partial Release of Bonds - Caldera SpringsDeschutes County Board of Commissioners
1300 NW Wall St., Suite 200, Bend, OR 97701 -1960
(541) 388 -6570 - Fax (541) 385 -3202 - www.deschutes.org
AGENDA REQUEST & STAFF REPORT
For Board Business Meeting of November 30, 2009
Please see directions for completing this document on the next page.
DATE: 11/24/09
FROM: Will Groves CDD x6518
TITLE OF AGENDA ITEM:
Consideration and Signature of Document Nos. 2009 -660 and 2009 -678, Authorizing Partial Relerse of
Improvement Agreement Bonds (IA -05 -7, IA- 05 -08, IA -06 -1, IA -06 -2) in the amount of $2,349,1X9.
PUBLIC HEARING ON THIS DATE? No.
BACKGROUND AND POLICY IMPLICATIONS:
The developer of Caldera Springs Destination Resort, Caldera Springs Real Estate, bonded for
improvements required as conditions of approval in prior land use decisions TP -05 -961, SP- 05 -53, SP-
06-61 SP- 06 -52, V- 06 -16, and MA -6 -23. At present, the developer only remains bonded for the
completion of overnight accomidation cabins. The cabins consist of either 3 or 4 room configurati ms.
Each room in the cabin may be locked off and rented separately on a nightly basis. A total of 160
overnight units (lock -off rooms) were initially secured with bonding. Of these, 28 were completed prior
to 2009, 26 have been completed in 2009, and 106 are bonded for future construction.
The bond is currently a warranty bond in the amount of $114,213 for overnight accommodations
completed in 2008 and a completion bond in the amount of $8,726,011 for overnight accommodations
yet to be completed. Presently, the total amount of the bond is $8,840,225.
The required one -year warranty period for 24 overnight units cabins completed in 2008 expired on or
before May 9, 2009. The required improvements have been inspected and accepted by the County.
Accordingly, warranty bonding may be reduced in the amount of $114,213.
Twenty -six additional overnight units have been completed in 2009. The required improvements have
been inspected and accepted by the County. The construction cost for these 26 additional overnight
units was $1,141,583. County code requires the developer to maintain a one -year warranty bond on
these overnight accommodation cabins. The new warranty bond is ten percent (10 %) of the cost for
these seven buildings ($114,158).
The developer is required to maintain bonding for the remaining overnight accommodation cabins hat
have not yet been constructed. The cost to complete the remaining 106 overnight units is estimatec by
the developer to be $5,772,230. The completion bond is required to be one hundred and ten percen :
(110 %) of this estimate or $6,349,453.
Accordingly, bonding may be reduced to a warranty bond in the amount of $114,158 and a completion
bond in the amount of $6,349,453, for a total bond amount of $6,491,036.
FISCAL IMPLICATIONS:
None.
RECOMMENDATION & ACTION REQUESTED:
Staff recommends that the Board approve and sign Document No. 2009 -660 and 2009 -678.
ATTENDANCE: Will Groves, Legal
DISTRIBUTION OF DOCUMENTS:
BOCC, Legal, Will Groves
Community Development Department
Planning Division Building Safety Division Environmental Heath Division
00,t 414,
November 24, 2009
117 NW Lafayette Avenue Bend Oregon 97701 -1925
(541)388 -6575 FAX (541)385 -1764
http : / /www.co.deschutes.o ..us /cdd/
MEMORANDUM
To: Deschutes Board of County Commissioners
From: Will Groves, Senior Planner
Subject: Partial Release - Improvement Agreements for Caldera Springs (Doc.
Nos. 2009 -660 and 2009 -678).
BACKGROUND
The developer of Caldera Springs Destination Resort, Caldera Springs Real Estate, bonded
for improvements required as conditions of approval in prior land use decisions TP -05 -961,
SP- 05 -53, SP -06 -61 SP- 06 -52, V- 06 -16, and MA -6 -23. At present, the developer only
remains bonded for the completion of overnight accomidation cabins. The cabins consist of
either 3 or 4 room configurations. Each room in the cabin may be locked off and rented
separately on a nightly basis. A total of 160 overnight units (lock -off rooms) were initially
secured with bonding. Of these, 28 were completed prior to 2009, 26 have been completed
in 2009, and 106 are bonded for future construction.
The bond is currently a warranty bond in the amount of $114,213 for overnight
accommodations completed in 2008 and a completion bond in the amount of $8,726,011 for
overnight accommodations yet to be completed. Presently, the total amount of the bond is
$8,840,225.
The required one -year warranty period for 24 overnight units cabins completed in 2008
expired on or before May 9, 2009. The required improvements have been inspected and
accepted by the County. Accordingly, warranty bonding may be reduced in the amount of
$114,213.
Quality Services Performed with Pride
Twenty -six additional overnight units have been completed in 2009. The required
improvements have been inspected and accepted by the County. The construction cost for
these 26 additional overnight units was $1,141,583. County code requires the developer to
maintain a one -year warranty bond on these overnight accommodation cabins. The new
warranty bond is ten percent (10 %) of the cost for these seven buildings ($114,158).
The developer is required to maintain bonding for the remaining overnight accommodation
cabins that have not yet been constructed. The cost to complete the remaining 10E
overnight units is estimated by the developer to be $5,772,230. The completion bond is
required to be one hundred and ten percent (110 %) of this estimate or $6,349,453.
Accordingly, bonding may be reduced to a warranty bond in the amount of $114,158 and a
completion bond in the amount of $6,349,453, for a total bond amount of $6,491,036.
Please see the attached materials for detailed cost information.
STAFF DISCUSSION
Documents
This agenda item consists of two documents. Under Doc. 2009 -660, the Board agrees
to reduce the total required bonding, as described above, for the overnight
accommodations. Doc. 2009 -678 is a bond rider that implements this agreement.
Cost Estimates
The developer- estimated cost -to- complete for the overnight units has decreased
significantly since last year. This is a result of a return to more normal construction costs
following the bubble of previous years. The developer provided the following historical
information on the estimated cost -to- complete the required overnight accommodations.
October 2005: $42,818.83 per unit
August 2007: $53,857.25 per unit
October 2008: $58,596.50 per unit
October 2009: $54,455.00 per unit
The reduction from 2008 to 2009 is 7% per unit. This is a near return to 2007
construction costs.
SCHEDULE
This item is scheduled for the Board's regular meeting on November 30, 2009. Please
feel free to contact me with any questions or concerns.
REVIEWED
LEGAL COUNSEL
For Recording Stamp Only
CALDERA SPRINGS RESORT
PARTIAL RELEASE OF
IMPROVEMENT AGREEMENT BONDS
Whereas, Deschutes County (the "County ") and Caldera Springs Real Estate LLC ( "CSRE')
previously entered into that certain Improvement Agreement recorded February 17, 2006 at 2006-
11382, that certain Improvement Agreement recorded February 17, 2006 at 2006 - 11381, that certain
Partial Release of Improvement Agreement Bonds recorded February 26, 2008 at 2008 - 08452, and
that certain Caldera Springs Resort Partial Release of Improvement Agreement Bonds recorded
February 17, 2009 at 2009 -74 (as amended, the "Agreements "); and
Whereas, pursuant to the Agreements, CSRE provided security for the construction of the Required
Improvements (as defined in the Agreements) in the form of a bond; and
Whereas, pursuant to Section 17 of the Agreement, CSRE has completed the majority of the
Required Improvements and seeks to reduce the bonds to cover the remaining work and the warranty
period required by Section 6 of the Agreements, and the County has agreed as provided herein; now,
therefore;
1. Partial Release of Bonds. The County hereby approves a release and /or reduction of
the bonds provided pursuant to the Agreements as follows:
A. Bond No. 8835804. Bond No. 8835804 guarantees construction of overnight
accommodations. Presently, this bond is a warranty bond in the amount of
$114,213 and a completion bond in the amount of $8,726,011, for a total bond
amount of $8,840,225.
Six buildings presently under warranty bond have been completed and the required
one -year warranty period expired on May 9, 2009. The required improvements
have been inspected and accepted by the County. Accordingly, this bond may be
reduced in the amount of $114,213.
Seven additional buildings have been completed. The required improvements haw
been inspected and accepted by the County. The construction cost for these
seven buildings was $1,141,583. The warranty bond should be ten percent (10 %)
of this amount or $114,158. The cost to complete the remaining buildings is
estimated to be $ 5,772,230. The completion bond should be one hundred and ter
percent (110 %) of this estimate or $6,349,453. Accordingly, this bond may be
reduced to a warranty bond in the amount of $114,158.00 and a completion bond if)
the amount of $6,349,453, for a total bond amount of $6,491,036.
PAGE 1 OF 2 — CALDERA SPRINGS RESORT PARTIAL RELEASE OF IMPROVEMENT
AGREEMENT BONDS — Deschutes County Document No. 2009 -660
2. Riders. A Rider for the above bond (Doc. 2009 -678) is attached and incorporated by
reference herein.
Dated this of , 2009 BOARD OF COUNTY COMMISSIONERS
OF DESCHUTES COUNTY, OREGON
TAMMY BANEY, Chair
DENNIS R. LUKE, Vice Chair
ATTEST:
Recording Secretary ALAN UNGER, Commissioner
PAGE 2 OF 2 — CALDERA SPRINGS RESORT PARTIAL RELEASE OF IMPROVEMENT
AGREEMENT BONDS — Deschutes County Document No. 2009 -660
BALL JANIK LLP
A T T O R N E Y S
15 SOUTHWEST COLORADO AVENUE, SUITE 3
BEND, OREGON 97702
www.balljanik.corn
TELEPHONE 541- 617 -1309
FACSIMILE 541- 617 -8824
LAURA CRASKA COOPER lcooper @bjllp.cori
ALSO ADMITTED IN CALIFORNIA
November 6, 2009
BY E -MAIL (w /out enclosures) and
HAND DELIVERY
Will Groves
Deschutes County Planning Department
1130 N.W. Harriman
Bend, OR 97701
Re: Bond Release for Caldera Springs
Dear Will:
This firm represents Caldera Springs Real Estate LLC ( "CSRE "), the developer of
the Caldera Springs Resort. This letter is to advise you of the completion of another 26
overnight units at Caldera Springs and to request a corresponding reduction in the bonding that
secures the completion of the overnight unit component of Caldera Springs.
Caldera Cabins
Pursuant to that certain Improvement Agreement recorded February 17, 2006 at
2006 -11382 and that certain Improvement Agreement recorded February 17, 2006 at 2006 -11381
and that certain Partial Release of Improvement Agreement Bonds recorded February 26, 2008 at
2008 - 08452, and that certain Caldera Springs Resort Partial Release of Improvement Agreement
Bonds (Deschutes County Document No. 2009 -042), the County currently holds Bond No.
8835804. The bond is currently a warranty bond in the amount of $114,213.60 and a completion
bond in the amount of $8,726,011.80 for a total amount of $8,840,225.40.
To date, fifty -four units have been completed and received final building
department permit sign -off as follows:
Building No. Number of Units Date of Building Department Sign -Off
24 3 March 12, 2009
25 4 June 22, 2007
26 4 January 9, 2009
27 3 January 27, 2009
28 4 November 20, 2009
30 4 February 2, 2009
31 4 May 9, 2008
32 4 May 12, 2008
::ODMA \PCDOCS\PORTLAND \680675 \1
BALL JANIK LLP
Will Groves
November 6, 2009
Page 2
33 4 May 15, 2008
34 4 April 29, 2008
35 4 April 25, 2008
36 4 April 25, 2008
44 4 February 18, 2009
45 4 September 8, 2009
Because construction has been completed for more than one year and no warranty
issues have arisen for Building Nos. 31 -36, we request that the warranty portion of the bond
covering these units in the amount of $114,213.60 be released.
As evidenced by the enclosed assessor's records (Exhibit A) and shown on the
enclosed spreadsheet (the "Master VOA Spreadsheet ") (Exhibit B), Building Nos. 24, 26, 27,
28, 30, 44 and 45 were all completed in 2009 and received final inspection approval.
Also enclosed is a revised construction estimate from CSRE's contractor, Sun
Forest (dated October 20, 2009), showing that the current estimated cost of completion for the
remaining 106 units is $217,820 per building (construction costs of $211,820 and landscaping of
$6,0001) or $54,455 (Exhibit C). Thus, the total current estimated cost of completion for the
remaining 106 units is approximately $6,349,453.
Accordingly, CSRE hereby requests that the bond be reduced to a total of
$6,491,036, which represents:
A warranty bond in the amount of $141,583 for Building Nos. 24, 26, 27, 28, 30,
44 and 45 (10% of the construction costs, meaning 10% of $54,455 multiplied by 26 units); plus
A performance bond in the amount of $6,349,453 (110% of $54,455 multiplied by
106 units).
Please let me know if you have any questions or need any additional information.
Thank you for your assistance.
Sincerely,
cc: Laurie Craghead
Steve Runner
LCC:LCC
Enclosures
/v�
V
aura Craska Cooper
1 The landscaping costs for the units is shown on the Master VOA Spreadsheet (Exhibit B). The number is
$240,000 for all 160 units or $1,500 per unit.
::ODMA\PCDOCS\PORTLAND \680675\ 1
CALDERA CABINS
Residence
4 Key Cabin
Construction Estimate
November 10, 2009
CALDERA CABINS
Residence
4 Key Cabin
Cost Estimate
November 10, 2009
1818 sq ft
CATEGORIES
35 Insurance
40 Survey & Clearing
Clearing
Horizontal Control
50 Excavation & Backfill
60 Foundation & Slabs
Materials & Labor
70 Lumber
71 Fasteners/Brackets
80 Framing
ESTIMATE COMMENTS
811 The first twelve months coverage of Course of
Construction Insurance.
$811
250 This is for clearing of trees, stump removal and hauling
fees as required.
200 Establish control lines and set final grade. Does not
include the services of a professional Land Surveyor.
Surveyor by CSV
$450
3,800 Excavation and backfill.
$3,800
8,850 This is for home and garage footings, foundation walls,
strip footings for interior floor system, garage slab, A/C
enclosure and column /deck footings.
400 Sheet metal shroud for the foundation vents in crawl
space.
$9,250
Framing 44,500 Final costs to be determined, volatile market.
$44,500
2,330 Bolts, tie downs, brackets, beam hangers and structural
steel, including powder coating for exposed fasteners.
$2,330
Labor 11,850 This is for basic framing. Includes floor, walls, roof trusses,
beam work, crane time and assisting with window
installation.
750 Soffit Framing
4,450 Labor for exterior porch framing and rough sawn posts and
timbers.
$17,050
81 Exterior Finish
90 Roofing
100 Windows, Other Glass
Labor
1,150 Set exterior doors and windows, verify trueness of walls,
blocking for interior box beams,
1,550 Window wrap, shims, and misc. materials for exterior finish
work.
7,200 Apply siding and trim.
$9,900
6,250 30 year laminated fiberglass shingles. Three feet of ice
and water shield at all eaves and valleys. Includes
continuous concealed ridge vent system at main ridges.
$6,250
Windows 5,900 Jeld -Wen vinyl window. Includes 15 casements and 17
fixed windows.
110 Exterior Doors, Locks
Entry Door
Glass Doors
Balance of Exterior Doors
115 Garage Doors
120 Plumbing
$5,900
700 Allowance for entry door, depends on design.
2,800 Four 3/0x7/0 in swing patio doors.
850 Three flush panel metal doors.
$4,350
Door 900 Weather- stripped on four sides and insulated. One 9 x 8
Roughtex door.
Basic Plumbing
Fixture Allowance
Backflow Preventer
130 Heating and Related
Heating
Chimney Shroud
140 Electrical
$900
7,900 Labor and materials. Includes water line to street.
3,800 Fixture allowance, includes 4 fiberglass showers and a
soaking tub in master bath.
500 Install 3/4" backflow preventer and box
$12,200
9,150 Assume std 80% efficiency forced air gas furnace, four
zones controlled by one stat in each bedroom and one stat
in living room. A/C line set.
300 Depends on final design.
$9,450
Electrical 6,900 Labor and materials.
Lighting 800 Fixture allowance.
150 Insulation
Insulation
160 Drywall
$7,700
3,800 Insulation
$3,800
6,900 Orange peel, includes three way drywall wrap at windows.
$6,900
170 FireplaceMWoodstove
Great Room 1,700 Allowance for fireplace.
200 Interior Doors
210 Interior Trims
Materials
Hardware
Materials
Closet Systems
$1,700
1,800 Solid core paint grade doors.
700 Hardware allowance.
$2,500
1,600 MDF paint grade trim.
650 Single shelf and pole per closet.
$2,250
220 Finish Carpentry Labor
Interior Doors 5,150 Doors and trim installed by finish carpenter.
230 Mirrors /Shower Doors
Mirrors
Bath Hardware
240 Cabinetry
$5,150
799 Four beveled edge glass mirrors.
494 Alowance for bath hardware.
$1,293
6,400 Allowance for material and labor for cabinets.
$6,400
250 Interior Painting
Walls & Ceilings 6,650 High quality primer with Eggshell paint throughout,
including garage.
251 Exterior Painting
$6,650
3,750 One color.
$3,750
260 Countertops, Not Tile
Laminate Tops 2,775 Laminate tops throughout home with 6" back splash.
280 CarpetNinyl
300 Appliances
$2,775
Carpet 5,525 Carpet in Bedrooms,closets, living room, and dining room.
Vinyl 3,100 Kithchen, powder, bath 2, bath3, master, and utility closet.
$8,625
2,350 Allowance for all appliances.
0
$2,350
320 Cleaning /Sanitary
400 Construction Supervision
480 Pavers/Gutters
2,200 Interior and exterior site clean -up.
$2200
3,200 This is for project management.
$3,200
Pavers 7,350 Pavers.
CALDERA CABINS
Residence
4 Key Cabin
1818 sq ft
ESTIMATE COMMENTS
Estimated Final Cost $201,734 Cost of labor and materials.
Overhead & Fee at
Estimated Final Price
$10,086 Builders margin for overhead and profit
$211,820 Total estimated price for cost plus contract, before Scope
Changes, if any.
SURETY RIDER
To be attached to and form a part of:
Type of Bond: Subdivision Bond
Bond No: 8835804
Executed By: Caldera Springs Real Estate, LLC
And By: Fidelity and Deposit Company of Maryland
In Favor of: County of Deschutes, OR
In consideration of the mutual agreements herein contained the Principal and the Surety hereby
consent to:
A performance bond in the amount of $6,349,453.00 (110% of $54,455.00 multiplied by
106 units), for a total bond amount of $6,491,036.00.
Nothing herein contained shall vary, alter or extend any provision or condition of this bond
except as herein expressly stated.
Signed, sealed and dated this 10`h day of November , 2009.
Fidelity a d Deposit Company of Maryland
Accepted by Obligee:
CALIFORNIA ALL- PURPOSE ACKNOWLEDGMENT
State of California
County of Los Angeles
On NOV 10 2009 before me, Daravy Madv , Notary Public
personally appeared, Kristine Mendez
who proved to me on the basis of satisfactory evidence to be the person whose name is
subscribed to the within instrument and acknowledged to me that she executed the same in
her authorized capacity, and that by her signature on the instrument the person, or the entity
upon behalf of which the person 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.
SIGNATkftltE OF NOTARY
OPTIONAL
DARAVY MADY
p COMM, #1839912 z
Notary Public - California '
a
Los Angeles County
M Comm, Exp)res Mar. 9, 2013
Notary Public Seal
Though the data below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent reattachment of t its form.
DESCRIPTION OF ATTACHED DOCUMENT:
TITLE OR TYPE OF DOCUMENT:
NUMBER OF PAGES: DOCUMENT DATE:
CAPACITY(IES) CLAIMED BY SIGNER(S)
Signer's Name: Signer's Name
❑ INDIVIDUAL
❑CORPORATE OFFICER
Title(s)
INDIVIDUAL
❑CORPORATE OFFICER
Title(s)
❑ PARTNER(S)0 LIMITED ❑ GENERAL ❑ PARTNER(S)F1 LIMITED U GENERAL
❑ ATTORNEY -IN -FACT f I ATTORNEY -IN -FACT
❑ TRUSTEE(S) IT TRUSTEE(S)
❑ GUARDIAN /CONSERVATOR ❑ GUARDIAN /CONSERVATOR
❑ OTHER: ❑ OTHER:
Signer is representing: Signer is representing:
NAME OF PERSON(S) OR ENTITY(IES) NAME OF PERSON(S) OR ENTITY(IES)
Power of Attorney
FIDELITY AND DEPOSIT COMPANY OF MARYLAND
KNOW ALL MEN BY THESE PRESENTS: That the FIDELITY AND DEPOSIT COMPANY OF MARYLAND, 1
corporation of the State of Maryland, by FRANK E. MARTIN JR., Vice President, and GREGORY E. MURRAY, Assistant
Secretary, in pursuance of authority granted by Article V1, Section 2, of the By -Laws of said �• ;�,,.'. ny, which are se: forth on
the reverse side hereof and are hereby certified to be in full force and effect on the d:: i :Z1'�' w ereby nominate:,
constitute and appoint Kristine MENDEZ, of Los Angeles, California .1,,,-Yr.' a: Attorney -in -F act, to
make, execute, seal and deliver, for, and on its behalf as suret , . • e : • < 4 T `'Inds and
undertakings, and the execution of such bonds or u +► . sua ., '
gs, �`�" 'l ,shall be as binding upon said
Company, as fully and amply, to all inte • '� -�"' i �I xecuted and acknowledged by thr;
regularly elected officers of the ,—ar j, +I • a - ' • tot r ., in their own proper persons. This power of attorney
revokes that issued • ,,l0;s i t' . s`�+ ;.+ :' ►.'Q • . ' :y 11 2001. goo_ 11;�
IN WITNESS W " • OF, the said Vice - President and Assistant Secretary have hereunto subscribed their names and
affixed the Corporate Seal of the said FIDELITY AND DEPOSIT COMPANY OF MARYLAND, this 9th day of February,
A.D. 2006.
The said Assistant
Section 2, of the By-
hat the extract set forth on the reverse side hereof is a true copy of Article VI,
ny, and is now in force.
ATTEST:
State of Maryland is Ss:
City of Baltimore
FIDELITY AND DEPOSIT COMPANY OF MAR'+'LAND
By:
Gregory E. Murray Assistant Secretary Frank E. Martin Jr.
Vice President
On this 9th day of February, A.D. 2006, before the subscriber, a Notary Public of the State of Maryland, duly
commissioned and qualified, came FRANK E. MARTIN JR., Vice President, and GREGORY E. MURRAY, .Assistant
Secretary of the FIDELITY AND DEPOSIT COMPANY OF MARYLAND, to me personally known to be the individuals
and officers described in and who executed the preceding instrument, and they each acknowledged the execution of the same,
and being by me duly sworn, severally and each for himself deposeth and saith, that they are the said officers of the ( ompany
aforesaid, and that the seal affixed to the preceding instrument is the Corporate Seal of said Company, and that the said
Corporate Seal and their signatures as such officers were duly affixed and subscribed to the said instrument by the authority
and direction of the said Corporation.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my Official Seal the day and year first above
written.
POA -F 012 -2748K
C- y,:, , 2 a
Constance A. Dunn Notar y Public
My Commission Expires: July 14, 20( 7
SURETY RIDER
To be attached to and form a part of:
Type of Bond: Subdivision Bond
Bond No: 8835804
Executed By: Caldera Springs Real Estate, LLC
And By: Fidelity and Deposit Company of Maryland
In Favor of: County of Deschutes, OR
In consideration of the mutual agreements herein contained the Principal and the Surety hereby
consent to:
A warranty bond in the amount of $141,583.00 for Building Numbers 24, 26, 27, 28, 30,
44 and 45 (10% of the construction costs, meaning 10% of $54,455.00 multiplied by 26
units), for a total bond amount of $6,491,036.00.
Nothing herein contained shall vary, alter or extend any provision or condition of this bond
except as herein expressly stated.
Signed, sealed and dated this 10th day of November , 2009.
Fidelity an Deposit Company of Maryland
By.
Accepted by Obligee:
AI1.44/
T is ey -In -Fact
Kristine Mendez,
CALIFORNIA ALL- PURPOSE ACKNOWLEDGMENT
State of California
County of Los Angeles
On NOV 10 2009 before me, Daravv Madv , Notary Public
personally appeared, Kristine Mendez
who proved to me on the basis of satisfactory evidence to be the person whose name is
subscribed to the within instrument and acknowledged to me that she executed the same in
her authorized capacity, and that by her signature on the instrument the person, or the entity
upon behalf of which the person acted, executed the instrument.
1 certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing
paragraph is true and correct.
WITNES my hand and official seal.
SIGNAT = OF NOTARY
a
z
DARAVY MADY
COMM. #1839912 z
Notary Public - California o
Los Angeles County
M Comm. Expires Mar. 9, 201.3
Notary Public Seal
OPTIONAL
Though the data below is not required by law, It may prove valuable to persons relying on the document and could prevent fraudulent reattachment of t'vs form.
DESCRIPTION OF ATTACHED DOCUMENT:
TITLE OR TYPE OF DOCUMENT:
NUMBER OF PAGES: DOCUMENT DATE:
CAPACITY(IES) CLAIMED BY SIGNER(S)
Signer's Name: Signer's Name
❑ INDIVIDUAL nINDIVIDUAL
CORPORATE OFFICER ❑CORPORATE OFFICER
Title(s) Title(s)
❑ PARTNER(S)0 LIMITED n GENERAL
PARTNER(S)111 LIMITED n GENERAL
❑ ATTORNEY -IN -FACT ❑ ATTORNEY -IN -FACT
❑ TRUSTEE(S) ❑ TRUSTEE(S)
❑ GUARDIAN /CONSERVATOR n GUARDIAN/CONSERVATOR
❑ OTHER: ❑ OTHER:
Signer is representing: Signer is representing:
NAME OF PERSON(S) OR ENTITY(IES) NAME OF PERSON(S) OR ENTITY(IES)
❑
Power of Attorney
FIDELITY AND DEPOSIT COMPANY OF MARYLAND
KNOW ALL MEN BY THESE PRESENTS: That the FIDELITY AND DEPOSIT COMPANY OF MARYLAND, a
corporation of the State of Maryland, by FRANK E. MARTIN JR., Vice President, and GREGORY E. MURRAY, Assistant
Secretary, in pursuance of authority granted by Article VI, Section 2, of the By -Laws of said • -- -,,.. ny, which are set forth on
the reverse side hereof and are hereby certified to be in full force and effect on the d :u i., ereby nominate,
constitute and appoint Kristine MENDEZ, of Los Angeles, California • d•�' a: Attorney -in -Fact, to
make, execute, seal and deliver, for, and on its behalf as suret y � .•' ::L i " :`f `r.i nds and
undertakings, and the execution of such bonds or • - ; �+''y,.►`^ "sua +I '•T�'- :�` " s, shall be as binding upon said
Company, as fully and amply, to all inte �' i' y.:� xecuted and acknowledged by the
regularly elected officers of the - ••#�fic ' • „ ; r•:. ;, "� ., in their own proper persons. This power of attorney
g Y � .�� � P P Pe P Y
revokes that issued , aeiiIit :+' I n • y 11, 2001.
The said Assistant • • �'a at the extract set forth on the reverse side hereof is a true copy of ,•'+rticle VI,
Section 2, of the By- vet • • . y, and is now in force.
IN WITNESS W !' ' OF, the said Vice - President and Assistant Secretary have hereunto subscribed their names and
affixed the Corporate Seal of the said FIDELITY AND DEPOSIT COMPANY OF MARYLAND, this 9th day of February,
A.D. 2006.
ATTEST:
FIDELITY AND DEPOSIT COMPANY OF MARYLAND
By:
Gregory E. Murray Assistant Secretary Frank E. Martin Jr. Vice President
-4,,k 47E:-
State of Maryland ss:
City of Baltimore
On this 9th day of February, A.D. 2006, before the subscriber, a Notary Public of the State of Maryl nd, duly
commissioned and qualified, came FRANK E. MARTIN JR., Vice President, and GREGORY E. MURRAY, Assistant
Secretary of the FIDELITY AND DEPOSIT COMPANY OF MARYLAND, to me personally known to be the individuals
and officers described in and who executed the preceding instrument, and they each acknowledged the execution of he same,
and being by me duly sworn, severally and each for himself deposeth and saith, that they are the said officers of the Company
aforesaid, and that the seal affixed to the preceding instrument is the Corporate Seal of said Company, and that the said
Corporate Seal and their signatures as such officers were duly affixed and subscribed to the said instrument by the authority
and direction of the said Corporation.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my Official Seal the day and year first above
written.
POA -F 012 -2748K
Constance A. Dunn Notary Public
My Commission Expires: July 14, 20 +)7