HomeMy WebLinkAboutCaldera Springs Release AgrmtsDeschutes County Board of Commissioners
1300 NW Wall St., Suite 200, Bend, OR 97701-1960
(541) 388-6570 - Fax (541) 385-3202 - www.deschutes.o g
AGENDA REQUEST & STAFF REPORT
For Board Business Meeting of January 28, 2008
DATE: 1/23/08
FROM: Will Groves
CDD - Planning 388-6518
TITLE OF AGENDA ITEM:
Consideration and Signature of Document No. 2008-042 Authorizing Partial Release of Improvement
Agreement Bonds (IA -05-7, IA -05-08, IA -06-1, IA -06-2) in the amount of $20,441,446.
PUBLIC HEARING ON THIS DATE? No.
BACKGROUND AND POLICY IMPLICATIONS:
The applicant, 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.
A number of improvement agreements were implemented to accomplish this bonding.
The applicant requested the release of bonds for the completed work.
The applicant is presently bonded for $33,418,267. County ordinances require that bonds for
infrastructure work be 120% of estimated construction costs and that bonds for overnight
accommodations, recreational facilities and visitor -oriented facilities be 110% of estimated construction
costs. Thus, the existing bonds secure the performance of work that was estimated to cost $29,310,106.
Of this amount, $20,441,446 has been completed and $8,868,660 remains to be completed. The
applicant has proposed to reduce the existing bonds where necessary to guaranty completion of the
remaining work at the required percentage. Upon release/reduction, the remaining bonds will total
$11,800,821, of which $9,756,676 is completion bonding and $2,044,145 represents warranty bonding
(at 10% of the estimated construction costs).
In addition, Staff notes that the release of $21,617,446 requires that the applicant submit a warrant)
bond of ten percent of the released amount that guarantees the completed work for one year. The
applicant submitted riders to the original bonds to clarify that those riders constitute the warranty
bonds.
FISCAL IMPLICATIONS:
None.
RECOMMENDATION & ACTION REQUESTED:
Staff recommends that the Board approve and sign Document No. 2008-042.
ATTENDANCE: BOCC, Legal, Will Groves
DISTRIBUTION OF DOCUMENTS:
BOCC, Legal, Will Groves
January 23, 2008
Community Development Department
Planning Division Building Safety Division Environmental Health Division
117 NW Lafayette Avenue Bend Oregon 9701-1925
(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.
BACKGROUND
The applicant, 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. A number of improvement agreements were implemented to
accomplish this bonding.
The applicant requested the release of bonds for the completed work.
The applicant is presently bonded for $33,418,267. County ordinances require that bonds
for infrastructure work be 120% of estimated construction costs and that bonds for overnight
accommodations, recreational facilities and visitor -oriented facilities be 110% of estimated
construction costs. Thus, the existing bonds secure the performance of work that was
estimated to cost $29,310,106. Of this amount, $20,441,446 has been completed and
$8,868,660 remains to be completed. The applicant has proposed to reduce the existing
bonds where necessary to guaranty completion of the remaining work at the required
percentage. Upon release/reduction, the remaining bonds will total $11,800,821, of which
$9,756,676 is completion bonding and $2,044,145 represents warranty bonding (at 10% of
the estimated construction costs).
In addition, Staff notes that the release of $21,617,446 requires that the applicant submit
a warranty bond of ten percent of the released amount that guarantees the completed
work for one year. The applicant submitted riders to the original bonds to clarify that
those riders constitute the warranty bonds.
Quality Services Performed with Pride
The applicant has submitted bond and construction information from W&H Pacific that
was evaluated and deemed correct by George Kolb. Please see the attached memos
for detailed cost information.
SCHEDULE
This item is scheduled for the Board's regular meeting on January 28, 2008. Please feel
free to contact me with any questions or concerns.
11$ DE0-20-2007 THU 10:41 Ali Deschutes County Road
■
■■11
DATE: - r
FAX N0, 5413882719
FAX COVER SHEET
P, 01/02
Road Department
61150 SE 27th St. • Bond, Oregon £37702
(541) 38s-6581- FAX (541] 3813.2718
PAGES SENT INCLUDING COVER: --
SEND TO: Company Name: (7 N i P...
PROM:
Attention; -},;tr--
Fax Number: 30 e zz g
Subject: Qa.< _
Name
Phone #
• Name
r Phone #
Phone #
■ John Anderson
322-7102
■ Scott Freshwaters
322-7129
_Name
0 Dennis Morris
0 Roger Olson
0 Vikki Opie
0 Kristi Putschler
• Paul Richardson
322-7125
0 Mika Berry
322-7112
• Ken Grantham
322-7145
_
322-7120
322-7149
322-7118
322-7123 ,
0 Tcmn Biust
322-7105
■ Eric Kellie
322-7107
❑ Karen Bolf
322-7141
0 BiIly Henry
0 Margy Henry
322-7128
322-7101
❑ Wanda Callahan
322-7103
❑ Ana Cambra
322-7142
0 Bob Kirk
322-7109
0 Chuck Schutte
322-7124
III Kelli Candeila
322-7104eorge
Kolb
322-7113
• Dan Sherwin
322-7135
• Greg Dawley
322-7126
322-7115
0 Ed Landers322-7121
❑ Torina Wilson
322-7111
Cl Bob Dean
111Dee Martin
322-7122
■
• Linda Elliot
322-7119
• Mike Martin
322-7150
Quality Services Performed with Pride
DEC --20-2007 THU 10:41 AM Deschutes County Road
FAX NO, 5413882719 P, 02/02
FAX MEMORANDUM
Road Department
01150 SE 27th 5's. • Bend, Oregon 517702
(S41)313E3.8581 • MX 1541) 886.2719
DATE: 12/20/2007
TO: Will Groves, Associate Panner
FROM: George Kolb, County Engineer
RE: Request for Partial Bond Release — Caldera Springs Phase T Facilities
CC: Jim Frost, W&I I Pacific
Laurie Craighead, Deschutes County Legal Counsel
The Road Department has reviewed and approved the attached cost estimate for construction bond
release dated 12/12/07 for Caldera Springs Phase T Facilities.
The Road Department has worked with W&11 Pacific on the verification of the estimate and based
on site visits and correspondence with W&B Pacific, we are satisfied that the attached estimate is
a accurate representation of the work left to be completed.
Based on the above information, security in the amount of $9,513,104.00 will be required to
remain in affect until final completion of the project.
Please give me a call if I can be of Further assistance,
partial release phase 1 12-20-07.Qality Services Performed with Pride
W:
PACIFIC
AN ASOb On
PANY
December 12, 2007
Mr. George Kolb, P.E.
Deschutes County Public Works Road Department
61150 SE 27th
Bend, Oregon 97701
Re: Caldera Springs Facilities
Revised Request for Partial Bond Release, 12/07
WHP File No.: 31840.1014
Dear George:
920 SW Emkay, Suite CI00
Bend, Oregon 97102-1041
541.388.4255
Fax 541.388.4229
Caldera Springs Real Estate has substantially completed the construction of Caldera Springs. The only
major construction item that is not complete is 39 of the 40 VOA overnight units. Unit #25, the model
home, is complete. Construction is complete for the golf course, lakes, streams, recreational paths, Lake
House building and infrastructure for the Core Area. The infrastructure for the Phase 1 and 2 homesites,
including the Sunriver roundabout and turn lanes is also completed. The perimeter berm is constructed
and vegetated.
On January 29, 2007 you approved construction of the golf course, the majority of the lakes and
recreational paths, a portion of the Lake House, a portion of the Core Area infrastructure, the majority of
the Phase 1 homesites and off-site street improvements, and the perimeter berm.
The water mains and sewer mains were completed per the approved plan sets for the Phase 1 and Phase 2
homesites and for the Core Area. The water and sewer mains passed performance testing. Trench
backfill was tested with acceptable results. The base rock and pavement were also tested, and all results
were acceptable with the exception of the 700 lineal foot VOA Loop Road off the Core Area access road.
The RICE compaction values were lower than the 92% expected, so we are keeping $13,800 to cover
120% for a 1-1/2" overlay.
Based on periodic inspections by WH Pacific staff, Caldera Springs Development staff, Sunriver
Environmental and Water LLC, it is my professional opinion that the project was constructed in
conformance with the intent of the approved plan sets. Approved plan sets include the Phase lA and 1B
residential homesite construction plans, the Core Area construction plans, the VOA Loop Road
construction plans, and the Phase 2 homesites construction plans.
Please schedule any appropriate field inspections and contact me if you have any questions or comments.
If construction is acceptable, please notify the Deschutes County Planning Department that construction
has been successfully completed with the exception noted.
Sincerely,
Pacific Inc.
es E. Frost, P.E.
roject Manager
Cc: Steve Runner, Terry Penhollow, Walt West
P:1 untie wort LP'.031840,ManagemenPe espondencelLetith31840-LANA-Letter to George Kolb re Caldera Springs Ph 1 Facilities Revised Hoed Re -JEF 121207.doc
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TOTALS: $26,499,628 $29,310,106 $33,418,267 $20,662,8751 $8,647,231 $9,513,104
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Description
Par 5 Construction
(Golf Course)
Lakes & Recreational Paths
Clubhouse-(Lakehouse)
VOA Overnight Units
Infrastructure for Core Area,
Road, Utilities, Parking
Phase I Homesites Includes
Roundabout at Sunriver and
Tum Lanes
Perimeter Berm
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Infrastructure
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Note: Destination Resort construction is bonded at 110%, residential construction is bonded at 120%.
Warranty Bond is 10%
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REVIEWED
LEGAL COUNSEL
•
For Recordin• Stam. Onl
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 and that certain Improvement Agreement recorded February 17, 2006 at 2006-11381 :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 7 separate bonds; 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. 8813700. Bond No. 8813700 guarantees construction of the golf course.
The golf course has been completed and accepted by the County. The total
construction cost was One Million Six Hundred Thousand Dollars ($1,600,000).
Accordingly, such bond may be reduced to a warranty bond in the amount of ten
percent (10%) of such cost or One Hundred Sixty Thousand Dollars ($160,000).
B. Bond No. 8835801. Bond No. 8835801 guarantees construction of the lake. The
lake has been completed and accepted by the County. The total construction cost
was Two Million Two Hundred Eighty Thousand One Hundred Thirty -One Dollars.
($2,280,131). Accordingly, such bond may be reduced to a warranty bond in the
amount of ten percent (10%) of such cost or Two Hundred Twenty -Eight Thousand
Thirteen Dollars ($228,013).
C. Bond No. 8835802. Bond No. 8835802 guarantees construction of paths. The
paths have been completed and accepted by the County. The total construction
cost was Four Hundred Twenty -Nine Thousand Two Hundred Sixty -Nine Dollars
($429,269). Accordingly, such bond may be reduced to a warranty bond in the
amount of ten percent (10%) of such cost or Forty -Two Thousand Nine Hundred
Twenty -Seven Dollars ($42,927).
PAGE 1 OF 2 — CALDERA SPRINGS RESORT PARTIAL RELEASE OF IMPROVEMENT
AGREEMENT BONDS — Deschutes County Document No. 2008-042
D. Bond No. 8835803. Bond No. 8835803 guarantees construction of the Iakehouse
(formerly called the "clubhouse") and road and utility infrastructure within the core
area. The Iakehouse and all road and utility infrastructure covered by this bond has
been completed. However, CSRE and the County's road engineer have noted that
an additional overlay might be necessary during 2008 for a 700 lineal foot portion of
the loop road off the core area access road. The estimated cost of that additional
overlay is Eleven Thousand Five Hundred Dollars ($11,500). As per County
bonding requirements, CSRE must continue to provide bonding for 120% of this
cost, or Thirteen Thousand Eight Hundred Dollars ($13,800). The construction cost
of the completed work is Four Million Three Hundred Sixty Thousand Five Hundred
Forty -Six Dollars ($4,360,546). The warranty bond should be ten percent (10%) of
this amount or Four Hundred Thirty -Six Thousand Fifty Five Dollars ($436,055).
Accordingly, this bond may be reduced to a completion bond in the amount of
$13,800 and a warranty bond in the amount of $436,055 for a total bond amount of
Four Hundred Forty -Nine Thousand Eight Hundred Fifty -Five Dollars ($449,855).
E. Bond No. 8835804. Bond No. 8835804 guarantees construction of overnight
accommodations. One building is completed. The construction cost for that
building was Two Hundred Twenty -One Thousand Four Hundred Twenty -Nine
Dollars ($221,429). The warranty bond should be ten percent (10%) of this amount
or Twenty Two Thousand One Hundred Forty -Three Dollars ($22,143). The cost to
complete the remaining buildings is estimated to be Eight Million Six Hundred
Thirty -Five Thousand Seven Hundred Thirty -One Dollars ($8,635,731). The
completion bond should be one hundred and ten percent (110%) of this estimate or
Nine Million Four Hundred Ninety -Nine Thousand Three Hundred Four Dollars
($9,499,304). Accordingly, this bond may be reduced to a warranty bond in the
amount of $22,143 and a completion bond in the amount of $9,499,304, for a total
bond amount of Nine Million Five Hundred Twenty -One Thousand Four Hundred
Forty -Seven Dollars ($9,521,447).
F. Bond No. 8813698. Bond No. 8813698 guarantees construction of the roads and
utilities within Phase 1 of Caldera Springs. Construction of the roads and utilities
within Phase 1 of Caldera Springs has been completed and accepted by the
County. The total construction cost was Eight Million Two Hundred Eighty -Two
Thousand One Hundred Dollars ($8,857,160). Accordingly, such bond may be
reduced to a warranty bond in the amount of ten percent (10%) of such cost or
Eight Hundred Twenty Eight Thousand Two Hundred Ten Dollars ($828,210).
G. Bond No. 8813699. Bond No. 8813699 guarantees construction of berm and
irrigation improvements within Phase 1 of Caldera Springs. Construction of the
berm and irrigation improvements has been completed and accepted by the
County. The total construction cost was Four Hundred Eighty -Five Thousand Four
Hundred Dollars ($485,400). Accordingly, such bond may be reduced to a
warranty bond in the amount of ten percent (10%) of such cost or Forty -Eight
Thousand Five Hundred Forty Dollars (48,540).
2. Riders. Riders for each of the above bonds are attached and incorporate by reference
herein.
SIGNATURES ON THE FOLLOWING PAGES
PAGE 2 OF 2 — CALDERA SPRINGS RESORT PARTIAL RELEASE OF IMPROVEMENT
AGREEMENT BONDS — Deschutes County Document No. 2008-042
Dated this of , 2008 BOARD OF COUNTY COMMISSIONERS
ATTEST:
Recording Secretary
STATE OF OREGON )
) ss.
County of Deschutes )
DENNIS R. LUKE, CHAIR
TAMMY (BANEY) MELTON, VICE -CHAIR
MICHAEL M. DALY, COMMISSIONER
Before me, a Notary Public, personally appeared DENNIS R. LUKE, TAMMY (BANEY) MELTON, and
MICHAEL M. DALY and the above-named Board of County Commissioners of Deschutes County,
Oregon and acknowledged the foregoing instrument on behalf of Deschutes County, Oregon.
DATED this day of , 2008.
Notary Public for Oregon
My Commission Expires:
Dated this of January 2008 DEVELOPER:
CALDERA SPRINGS REAL ESTATE LLC
By
Its
STATE OF OREGON )
) ss
County of Deschutes )
Before me, a Notary Public, personally appeared and acknowledged
the foregoing instrument as of Caldera Springs Real Estate LLC.
DATED this_ day of January 2008
Notary Public, State of Oregon
My Commission Expires:
PAGE 3 OF 2 — CALDERA SPRINGS RESORT PARTIAL RELEASE OF IMPROVEMENT
AGREEMENT BONDS — Deschutes County Document No. 2008-042
SURETY RIDER
To be attached to and form a part of:
Type of Bond: Subdivision bond
Bond No: 8835861
Executed By: Caldera Springs Real Estate, LLC
And By: Fidelity and Deposit Company of Maryland and Zurich American Insurance
Company
In Favor of: County of Deschutes, OR
In consideration of the mutual agreements herein contained the Principal and the Surety hereby consent to
decreasing the bond amount, of which reflects the amount of warranty and is still intended to satisfy the
obligations contained in Section 6 of the Improvement Agreement:
From: Three Million Two Hundred Seventy Nine Thousand Six Hundred and NO/100
($3,279,600.00)
To: Three Hundred Thousand Four Hundred and NO/100 ($300,400.00)
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 15th day of January, 2008
Fidelity and Deposit Company of Maryland
By:
Kristine Mendez, Attorney -In -Fact
SURETY RIDER
To be attached to and form a part of:
Type of Bond: Subdivision bond
Bond No: 8813698
Executed By: Caldera Springs Real Estate, LLC
And By: Fidelity and Deposit Company of Maryland and Zurich American Insurance
Company
In Favor of: County of Deschutes, OR
In consideration of the mutual agreements herein contained the Principal and the Surety hereby consent to
decreasing the bond amount, of which reflects the amount of warranty and is still intended to satisfy the
obligations contained in Section 6 of the Improvement Agreement:
From: Nine Million Nine Hundred Thirty Eight Thousand Five Hundred Twenty and
NO/100 ($9,938,520.00)
To: Eight Hundred Twenty Eight Thousand Two Hundred Ten and NO/100 ($828,210.00)
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 15th day of January, 2008
Fidelity and Deposit Company of Maryland
By:
Kristine Mendez, Attorney -In -Fact
AN A®QB QORP.4141"
December 12, 2007
Mr. George Kolb, P.E.
Deschutes County Public Works Road Department
61150 SE 27th
Bend, Oregon 97701
Re: Caldera Springs Facilities
Revised Request for Partial Bond Release, 12107
WHP File No.: 31840.1014
Dear George:
920 SW Emkay, Suite C100
Bend, Oregon 97702-1041
541.388.4255
Fax 541.388.4229
Caldera Springs Real Estate has substantially completed the construction of Caldera Springs. The only
major construction item that is not complete is 39 of the 40 VOA overnight units. Unit #25, the model
home, is complete. Construction is complete for the golf course, lakes, streams, recreational paths, Lake
House building and infrastructure for the Core Area. The infrastructure for the Phase 1 and 2 homesites,
including the Sunriver roundabout and turn lanes is also completed. The perimeter berm is constructed
and vegetated.
On January 29, 2007 you approved construction of the golf course, the majority of the lakes and
recreational paths, a portion of the Lake House, a portion of the Core Area infrastructure, the majority of
the Phase 1 homesites and off-site street improvements, and the perimeter berm.
The water mains and sewer mains were completed per the approved plan sets for the Phase 1 and Phase 2
homesites and for the Core Area. The water and sewer mains passed performance testing. Trench
backfill was tested with acceptable results. The base rock and pavement were also tested, and all results
were acceptable with the exception of the 700 lineal foot VOA Loop Road off the Core Area access road.
The RICE compaction values were lower than the 92% expected, so we are keeping $13,800 to cover
120% for a 1-1/2" overlay.
Based on periodic inspections by WH Pacific staff, Caldera Springs Development staff, Sunriver
Environmental and Water LLC, it is my professional opinion that the project was constructed in
conformance with the intent of the approved plan sets. Approved plan sets include the Phase lA and 1B
residential homesite construction plans, the Core Area construction plans, the VOA Loop Road
construction plans, and the Phase 2 homesites construction plans.
Please schedule any appropriate field inspections and contact me if you have any questions or comments.
If construction is acceptable, please notify the Deschutes County Planning Department that construction
has been successfully completed with the exception noted.
Sincerely,
Pacific nc.
....._rte
es E. Frost, P.E.
'roject Manager
Cc: Steve Runner, Terry Penhollow, Walt West
P9auris esortLP031840,hianageenPC esponknce�Lettcr131840-LAND-Lel ter toGeorge Kolb reCaldera Springs Ph1Facilities Revised fondRe-JEF121207.doe
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Note: Destination Resort construction is bonded at 110%, residential construction is bonded at 120%.
TOTALS: $26,499,6281 $29,310,1061 033,418,267 $20,662,8751 $8,647,231 $9,513,104
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Phase 2 Homesites
Infrastructure
Perimeter Berm
Phase 1 Homesites Includes
Roundabout at Sunriver and
Tum Lanes
Infrastructure for Core Area,
Road, Utilities, Parking
VOA Ovemight Units
Clubhouse - (Lakehouse)
Lakes & Recreational Paths
Par 5 Construction
(Golf Course)
Description
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REVISED 1/18/2007 to match the latest bond estimate submitted to Deschutes County.
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SURETY RIDER
To be attached to and form a part of:
Type of Bond: Subdivision bond
Bond No: 8813699
Executed By: Caldera Springs Real Estate, LLC
And By: Fidelity and Deposit Company of Maryland and Zurich American Insurance
Company
In Favor of: County of Deschutes, OR
In consideration of the mutual agreements herein contained the Principal and the Surety hereby consent to
decreasing the bond amount, of which reflects the amount of warranty and is still intended to satisfy the
obligations contained in Section 6 of the Improvement Agreement:
From: Five Hundred Eighty Two Thousand Four Hundred Eighty and N0/100
($582,480.00)
To: Forty Eight Thousand Five Hundred Forty and NO/100 ($48,540.00)
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 15th day of January, 2008
Fidelity and Deposit Company of Maryland
By:
Kristine Mendez, Attorney -In -Fact
SURETY RIDER
To be attached to and form a part of:
Type of Bond: Subdivision bond
Bond No: 8813700
Executed By: Caldera Springs Real Estate, LLC
And By: Fidelity and Deposit Company of Maryland and Zurich American Insurance
Company
In Favor of: County of Deschutes, OR
In consideration of the mutual agreements herein contained the Principal and the Surety hereby consant to
decreasing the bond amount, of which reflects the amount of warranty and is still intended to satisfy the
obligations contained in Section 6 of the Improvement Agreement:
From: One Million Seven Hundred Sixty Thousand and NO/100 ($1,760,000.00)
To: One Hundred Sixty Thousand and NO/100 ($160,000.00)
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 15th day of January, 2008
Fidelity and Deposit Company of Maryland
By:
Kristine Mendez, Attorney -In -Fact
SURETY RIDER
To be attached to and form a part of:
Type of Bond: Subdivision bond
Bond No: 8835801
Executed By: Caldera Springs Real Estate, LLC
And By: Fidelity and Deposit Company of Maryland and Zurich American Insurance
Company
In Favor of: County of Deschutes, OR
In consideration of the mutual agreements herein contained the Principal and the Surety hereby consent to
decreasing the bond amount, of which reflects the amount of warranty and is still intended to satisfy the
obligations contained in Section 6 of the Improvement Agreement:
From: Two Million Five Hundred Eight Thousand One Hundred Forty Four and 10/100
($2,508,144.10)
To: Two Hundred Twenty Eight Thousand Thirteen and NO/100 ($228,013.00)
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 15th day of January, 2008
Fidelity and Deposit Company of Maryland
By:
Kristine Mendez, Attorney -In -Fact
SURETY RIDER
To be attached to and form a part of:
Type of Bond: Subdivision bond
Bond No: 8835801
Executed By: Caldera Springs Real Estate, LLC
And By: Fidelity and Deposit Company of Maryland and Zurich American Insurance
Company
In Favor of: County of Deschutes, OR
In consideration of the mutual agreements herein contained the Principal and the Surety hereby consent to
decreasing the bond amount, of which reflects the amount of warranty and is still intended to satisfy the
obligations contained in Section 6 of the Improvement Agreement:
From: Four Hundred Seventy Two Thousand One Hundred Ninety Five and 90/100
($472,195.90)
To: Forty Two Thousand Nine Hundred Twenty Seven and NO/100 ($42,927.00)
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 15th day of January, 2008
Fidelity and Deposit Company of Maryland
By:
Kristine Mendez, Attorney -In -Fact