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HomeMy WebLinkAbout10/11/1988, C-1 - FINAL MAP APPROVAL FOR TRACT NO. 1544, A 27-LOT PLANNED UNIT DEVELOPMENT AT 786 MIRADA DRIVE (CLEARVIEW III LIMITED, SUBDIVIDER) Ip�I1p��pp����pp��II�� OCTOBER 11, 1988 1u1uY11IM11II city of san lues osiSpo ITEM NO. COUNCIL AGENDA REPORT FROM: Dave Romero, Director Via: Wayne Peters Prepared By. Gerald A. Kenny Public Works Department City Engineer Supervising Civil Engineer SUBJECT: ' Final Map Approval for Tract No. 1544, a 27-lot Planned Unit Development at 786 Mirada Drive (Clearview III Limited, Subdivider) RECOMMENDATION: Adopt Resolution Approving The Final Map For Tract No.1544 DISCUSSION: This tract consists of 27 residential lots with a common lot. The subdivider has complied with the conditions of the tentative map as prescribed in Resolution No. 6398 (1988 Series) as follows- Plans have been approved by the City Engineer and Community Development Director for installation of the public improvements and the other conditions are to be met as conditions of the building permits. The subdivider is planning to build all of the residences. A subdivision agreement has been executed by the subdivider and Irrevocable Commitments of Funds have been submitted to guarantee the required improvements (including onsite private retaining walls, driveway, etc.) and for Labor & Materials. All fees and deposits have been paid as indicated on the attached Fee and Bond List. No park-in-lieu fees were required based on prior park dedication under Tract Nos. i 603 & 608. The final map has been checked and found to be in substantial conformance with the tentative map. ALTERNATIVES: Option 1: Adopt resolution approving final map for Tract 1544 Option 2 Deny approval of the final map if Council finds that conditions have not been satisfactorily met CONSEQUENCES OF NOT TAKING RECOMMENDED ACTION: Delay in recording the final map and financing of constructing currently underway. CONCURRENCES: The Community Development Director and City Attorney concur with the recommendation. No department has expressed any opposition. I r - City Of San=MIS OBI SPO d1loGe COUNCIL AGENDA EPORT October 11, 1988 Tract 1544 Page Two RECOMMENDATION: Adopt resolution approving the final map for Tract No. 1544. Attachments. 1. Draft Resolution 2. Map 3. Checklist. 4. Subdivision Agreement (including Fee and Bond List) 5. Resolution No: 6396 (1988 Series) 6. Irrevocable Commitments of Funds (2) IP I II N/jkt1544 jk �,s .l y RESOLUTION NO. (1988 SERIES) A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS OBISPO APPF40TIM THE FINAL MAP FOR TRACT NO.1544 (QFARVIEW III, LTD. , SUBDIVIDER) WHEREAS, the City Council made certain findings concerning Tract No. 1544 as contained in Resolution No. 6396 (1988 Series) , and, WHEREAS, all conditions required for Tract No. 1544 have been met or bonded for and/or are conditions of building permits, NOW THEREFORE BE IT RESOLVED that final approval is hereby granted for Tract No. 1544 . On motion of seconded by and on the following roll call vote: AYES: NOES: ABSENT: the foregoing Resolution was passed and adopted this day of , 1988. MAYOR RON DUNIN ATTEST: CITY CLERK PAMELA VOGES Resolution No. k1988 Series) APPROVED: /City A inistrative Officer _l City torne' � I City E gineer Community Development Director N/jktl544 jk $$- $$y 3Aiva 1079VIQ $Eq $Rq $Eq $Eq NIL= 3A 0.1,9 a A= N.W.".b■co ... .. i C\1�is .v+Nr N.W,n.n x v A1IDr N Ai Y.w N I pp pQ �OOO�O8 OrN ONS O` .NCIDI ill illi `li —\ Qf S N��mN�f�NN Nr I I .Nem 1A 13 AQ Qi I I .. �_ $g$e000g$$cc \JI A $ N.w fi.wN I . S$ Coco Cc qk NN__N=NNRNNP AOlOi I $ $ I$ Q - sA k= Ya O 06e16m:„77 „mma� gp gw-.- $l IIQO 8 ti 7i ---�f.b.na■ --1' �= 1' tyecYiv�n:n'nom'_'c i. 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MAP NUMBER Tr 1544 SPECIFIC PLAN REZONING GEN.PLAN USE PERMIT VARIANCE ARC OTHER PUBLIC IMPROVEMENT CONDITIONS p DESCRIPTION INITIAL 'DATE COMMENTS 1 GRADING Including planting&retaining walls H.B. 28 8 Plans approved, bonds in 2 STORM DRAINS&DRAINAGE STRUCTURES rr- 3 SEWERS&SERVICES 1. 4 WATERLINES&SERVICES rr IT it IT It -11 5 FIRE HYDRANTS n if n if n it 8 CONCRETE „ if if to „ if Curbs and Gutters „ „ „ „ is IT Sidewalks n n n n IT n Driveways n if IT n it n 7 STREETS&PAVING n rr it n n Is Pavement n rr it n to if Signing,striping and Curb painting n n IT n IN IT 8 NON-CITY UTILITIES n n if n n IT P.G.&E. —Electrical IT n it to if n Street Lights Cable TV n n n n n n Telephone Co. " '+ " " IT " Gas Company n n n n n 9 FEES RECEIVED(Water,Sewers " 10 PUBLIC IMPROVEMENTS payments received 11 AGREEMENT CONDITIONS have been met " " On plans and bonded for 12 MONUMENTATION " " On map if it if 13 STREET TREES 14 OFFSITE WORK. rr rr 15 BOND/GUARANTEE deposited " " Irrevocable commitment of funds 18 PARK dedication or Indieu fees N/A " Dedicated park in prior Tract 608 17 OTHER CONDITIONS 18 Board of Adjustments 19 Planning Commission b, 20 Architectural Review Commission K6 9ADA6 r 21 City Council a a u 22 Abandonments 23 Other ATTACH LIST OF CONDITIONS&SUBDIVISION AGRREMENT COMMUNITY DEVELOPMENT APPR VAI (tso 52'B1 PUBLIC SERVICES APPROVAL STANDARD SUBDIVISION AGREEMENT THIS AGREEMENT is dated this day of by and between Clearview III Ltd. , herein referred to as "Subdivider, " and the CITY OF SAN LUIS OBISPO, herein referred to as the "City. " RECITALS REFERENCE IS HEREBY MADE to that certain proposed subdivision of real property in the City of San Luis Obispo, County of San Luis Obispo, State of California, a description of which is shown on final map of Tract 1544, City of San Luis Obispo, California, as approved by the City Council, on the day of , 19_ The Subdivider desires that said Tract 1544 be accepted and approved as a final map pursuant to the Subdivision Regulations of the City of San Luis Obispo (Title 17 of the San Luis Obispo Municipal Code), and It is a condition of said regulations that the Subdivider agree to install the improvements as set forth on. the plans therefore. TERMS AND CONDITIONS: In consideration of the foregoing, the Subaivider does hereby agree to construct and install the following subdivision improvements in accordance with said subdivision regulations, and in accordance with approved plans and specifications on file in the office of the City Engineer, City of San Luis Obispo, to wit: 1 1 . CURBS, GUTTERS AND SIDEWALKS 2. STREET BASE AND SURFACING 3. WATER MAINS and SEWER MAINS, including sewer laterals to the property line and water services to the curb stop. 4. DRAINAGE STRUCTURES 5. ORNAMENTAL METAL ELECTROLIERS 6. ELECTRIC, GAS, TELEPHONE AND CABLE TELEVISION: In addition to the inspection and approval of such facilities by the City, each public utility shall be required to file a letter stating that the developer has properly installed all facilities to be provided by him, and that the said utility is prepared to provide service to residents upon request. 7. ANY & ALL OTHER IMPROVEMENTS shown on plans or required by City regulations. All of the above facilities shall be installed in the locations designated and to the plans and specifications on file and approved by said City Engineer. The lines and grades for all of said improvements shall be established by the Subdivider in accordance with said approved plans and .specifications. The Subdivider agrees that the work of installing the above improvements shall begin within thirty (30) days from the date of recording of the final map, and that the work shall be completed within eighteen (18) months of said recording date, unless an extension has been granted by the City, provided that if completion of said work is delayed by acts of God or labor disputes resulting in strike action, the Subdivider shall have an additional period of time equivalent to such period of delay in which to complete such work. Any extension of time hereunder shall not operate to release the surety on the Improvement 2 C- /40 Security filed pursuant to this agreement. In this connection, the surety waives the provisions of Section 2819 of the Civil Code of the State of California. No building permits will be issued nor occupancy granted after the expiration date of the agreement until completion and acceptance of all public improvements unless specifically approved by the City. The Subdivider does also agree to comply with the following conditions established by the Planning Commission and/or the City Council and has posted the necessary fees. See attached fee and bond list (Exhibit A). 1 . A monumentation guarantee of $2, 000.00 to cover the installation of survey monuments in accordance with the approved map and payment for some. Said deposit will be released to the Subdivider upon receipt by the City of a letter from the Engineer/Surveyor indicating he has completed the work and has been paid. 2. Water acreage fees (previously paid with Tract 603). 3. Laguna sewer lift station fees of $945.00 ($35.00/lot x 27 lots) . 4. Construction inspection deposit in the amount of $12,300.00 (see page 5) . 5. The Subdivider shall be responsible for landscaping the common areas according to the conditions of the approval and plans and shall be responsible for maintenance for one year after acceptance of work as complete. 6. Pork-in-lieu fees are not required due to prior park dedication with Tract 603. 7. The Subdivider shall be responsible for any damage and wear to local and collector city streets per Municipal Code Sections 16.44. 130-A and 15.44.200, at the rate of one dollar per ton of soil hauled per mile. Such charges shall be paid prior to final acceptance of tract improvements and release of performance bonds (Irrevocable Letter of Credit) if said local/ collector streets are used. 8. The Subdivider previously deposited $10,000.00 for restoration of the site to a safe condition in case the project were not completed. This deposit will be refunded to the Subdivider after he has completed grading, drainage and erosion control improvements satisfactorily, without City's need to use the funds for the intended purpose. The restoration of lost section corners and retracement of section lines within the Subdivision shall be in accordance with Division 4, Chapter 15 of the Land Surveyors Act of the Professions and Vocations Code of the State of California, paragraph 8771 et seq. 3 The Subdivider attaches hereto, as an integral part hereof, and as security for the performance of this agreement, an instrument of credit or bond approved by and in favor of the City of San Luis Obispo, and conditional upon the faithful performance of this agreement. Said instrument of credit or bond is in the amount of $410,000.00, which is the amount of the estimated cost of said improvements. Subdivider agrees to remedy any defects in the improvements arising from faulty workmanship or materials or defective construction of said improvements occurring within twelve (12) months after acceptance thereof. In accordance with Sections 66499.7 and 66499.9 of the Government Code of the State of California, upon final completion and acceptance of the work, City will release all but 10% of the improvement security, that amount being deemed sufficient to guarantee faithful performance by the Subdivider of his obligation to remedy any defects in the improvements arising within a period of one year following the completion and acceptance thereof. Completion of the work shall be deemed to have occurred on the date which the City Council shall, by resolution duly passed and adopted, accept said improvements according to said plans and specifications, and any approved modifications thereto. Neither periodic nor progress Inspections or approvals shall bind the City to accept said improvements or waive any defects in the some or any breach of this agreement. If the Subdivider fails to complete the work within the prescribed time, the Subdivider agrees that City may, at its option, declare the instrument of credit or bond which has been posted by Subdivider to guarantee faithful performance, forfeited and utilize the proceeds to 4 c-�-�a complete said improvements, or city may complete said improvements and recover the full cost and expense thereof from the Subdivider or his surety. The Subdivider agrees to deposit with the City a labor and material bond in the amount of 50% of the above described subdivision improvements in accordance with State law. Said Subdivider has deposited with the City the sum of $12, 300.00 from which deposit the City will pay the salary and expenses of on inspector or inspectors to inspect installation of said subdivision improvements and certify that they have been completed in accordance with the plans and specifications. Any unexpended monies will be returned to the Subdivider. In the event the inspection fees exceed the sum of $12, 300.00, the difference is to be paid by the Subdivider. The City reserves the sole discretion in determining the amounts to be paid for salary and expenses of said inspector or inspectors. Title 16 of the San Luis Obispo Municipal Code, entitled "Subdivision, " all plans and specifications on file with said City Engineer as a part of said Subdivision Map, and all other documents filed with the City by the Subdivider and approved by the City Engineer are hereby referred to for further particulars in interpreting and defining the obligations of the Subdivider under this agreement. It is understood and agreed by and between the Subdivider and the City hereto that this agreement shall bind the heirs, executors, administrators, successors and assigns of the respective Parties to this agreement. 5 It is agreed that the Subdivider will furnish copies of the successful bidder's contract unit prices and total bid prices for all of the improvements herein referred to. IN WITNESS WHEREOF, this agreement has been executed by: CITY OF SAN LUIS OBISPO SUBDIVIP R MAYOR Clearview' III Limited ' A California Limited Partnership Ry. The rg*air Group_, Inc A California Corporation as General Ptnr By: Thomas G. Carey, President ATTEST: CITY CLERK Approved as to form: City Attorney City Engineer Agr- bv 6 f Y � EXHIBIT A TRACT 1544 FEE AND BOND LIST BONDS - PUBLIC IMPROVEMENTS: Amount Recd Faithful Performance $410,000 (letter of credit) Labor & Materials $205,000 (letter of credit) '//2 FEES: Monumentation Deposit $ 2,000 - #679-9210-220-130 Construction Inspection Deposit $12,300 - #679-9210-220-130 Park-in-lieu fee Not applicable - park N/A dedicated with Tract 603 Water Acreage Fee (Water acreage fees paid N/A with Tract 603) Sewer fee - Laguna Lift Station $945.00 - #052-0017-074-030 ($35/lot x 27 lots) Grading Restoration Deposit $10,000 - #679-9210-220-130 hb pr A 06251000 2 $ 945 . 00 A 06251000 $2000 . 00 RESOLUTION N0. 6396 (1988 Series) A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS OBISPO GRANTING APPROVAL OF TENTATIVE TRACT NO. 1544 (LAGUNA GARDEN HOMES - PHASE III) LOCATED AT 786 MIRADA DRIVE BE IT RESOLVED, by the Council of the City of San Luis Obispo as follows: SECTION 1. Findings That this council, after consideration of the tentative map of Tract 1544 and the Planning Commission's recommendations, staff recommendations, and reports thereon, makes the following findings: 1. The design of the subdivision and proposed improvements are consistent with the general plan. 2. The site is physically suited for the type and density of development allowed in a R,l and C/OS-40 zones. 3. The design of the subdivision and the proposed improvements are not likely to cause serious health problems, substantial environmental damage or substantially and unavoidably injure fish or wildlife or their habitat. 4. The design of the subdivision or the type of improvement will not conflict with easement for access through (or use of property within) the proposed subdivision. 5. The City Council has reviewed the revised initial study, prepared by the Community Development Director and determined that the proposed subdivision will not have a significant effect on the environment and hereby grants a negative declaration. 6. Buildings which will be constructed as part of this Subdivision will be afforded adequate solar exposure. SECTION 2. Conditions. That the approval of the tentative map for Tract 1544 be subject to the following conditions: 1. Setback along the Mirada Drive/Cordova Drive frontage of this project shall be as specified by conditions of Use Permit A 159-87. 2. Landscaped "bulb-outs" provided along the west side of the private street shall be modified to the approval of .the Architectural Review Commission and the Community Development Director. 3. Grading and alignment of driveways at Diablo Drive and Cordova Drive shall be revised to the approval of the Community Development Director and City Engineer. 4. Street cross section, curb, and individual driveway design shall be revised to the approval of the City Engineer and Community Development Director to prevent drainage from flooding garages or landscaped areas. R6396 Resolution No. 6396 (1988 Series) Page 2 5. Public and private storm drainage catch basins, connection points, etc., shall be revised to the approval of the City Engineer. Individual water and utility meters shall be provided for each unit. 6. Sewer and water mains in the private streets shall be public and shall be located in a utility easement to the approval of the City Engineer. 7. Subdivider shall record an irrevocable offer to dedicate a 12-foot utilities easement between the private street and the northwesterly boundary of the tract to provide for possible future extension of public sewer and water mains to the approval of the City '�Y•t-l4� Engineer. This easement may be reduced to not less than 8-feet in width if the developer installs the utility line extensions to the approval of the City Engineer. 1 8. Subdivider shall prepare conditions, covenants, and restrictions to be approved by the City Attorney and Community Development Director prior to final map approval. CC&R's shall contain the following provisions: a. Creation of a homeowner's association to enforce the CC&R's and provide for professional, perpetual maintenance of all common area including private driveways, private utilities, drainage, parking not area, walls and fences, lighting, and landscaping in a first class condition. b. Grant to the city the right to maintain common area if the homeowner's association fails to perform, and to assess the homeowner's association for expenses incurred and the right of the city to inspect the site at mutually agreed times to assure conditions of CC&R's and final map are being met. C. No parking except in approved, designated spaces. d. Grant to the city the right to tow away vehicles on a complaint basis which are parked in unauthorized places. e. Prohibition of storage or other uses which would conflict with the use of carports and uncovered parking spaces for parking purposes. f. No outdoor storage of boats, campers, motorhomes, or trailers nor long-term storage of inoperable vehicles. g. No outdoor storage by individual units except in designated storage areas. h. No change in city-required provisions of the CC&R's without prior City Council approval. i. Homeowner's association shall file with the City Clerk the names and addresses of all officers of the homeowner's association within 15 days of any change in officers of the association. 9. Units in the subdivision shall be addressed according to an addressing plan approved by the Community Development Department. Resolution No. 6396 (1988 Series) Page 3 10. Construction of structures on the site shall be consistent with approved tentative map and attached exhibits, consistent with these conditions of approval, and the requirements of the Architectural Review Commission. 11. Each lot shall be provided with individual sewer, water and utility connections. 12. Subdivider shall dedicate additional right-of-way needed for installation of curb returns and handicap access ramps at Diablo Drive and Cordova Drive entrances to the subdivision. 13. Subdivider shall provide a soils report specifically addressing ground water conditions affecting slab type foundations. 14. Driveway ramps for right-angle common driveways shall be widened to 20 feet, to the approval of the Community Development Director and Architectural Review Commission. 15. Street repairs required due to utility and storm drain installation shall be to the approval of the City Engineer. Blanket pavement of streets may be required . 16. Westerly side of entrance drive at Diablo Drive shall be widened to align with the driveway across the street, to the approval of the City Engineer. 17. City condominium requirements for private open space shall be met in the final building designs; minimum setback between back of curb and any building for lots 1 - 17 shall be 15 feet. 18. A detailed plan for landscaping, grading, and retaining walls, including possible consequent redesign of unit 18 at the corner of Mirada and Diablo shall be submitted to the Architectural Review Commission for approval. In reviewing this plan, the Architectural Review Commission shall explicitly consider the sight distance and the visual significance of the corner as an entry into the residential neighborhood. 19. The treatment.of lots, the rear walls, fences and grading of 2 - 5 shall be subject to the review and approval of the Architectural Review Commission. In reviewing this item, the Architectural Review Commission shall explicitly consider methods for reducing retaining wall and fence height to provide a visually compatible interface between this subdivision and the rural lands to the west. 20. Curbside parking on the private street near Cordova Drive shall be subject to the review and approval of the City Engineer to insure adequate sight distances. On motion of Councilman SetCle seconded by Councilman Reiss and on the following roll call vote: AYES: Councilmembers Settle, Reiss, Pinard, and Mayor Dunin NOES: None ABSENT: Councilwoman Rappa Resolution No. 6396 (1988 Series) Page 4 the foregoing resolution was passed and adopted this 16th day of February 1988. 'Mayor Ron Dunin ATT T: V City Clerk Pam V es APPROVED City Ad inistrative.Officer City At rney - Community Development Director II IW� MID'STATE BANK GOI.IA A VALLEY 805-967-0451 5956 Calle Real. P.O. Box 1047. Goleta. CA 93116 IRREVOCABLE COMMITMENT OF FUNDS FOR FAITHFUL PERFORMANCE FOR TRACT 1544 , CITY OF SAN LUIS OBISPO The undersigned, Mid-State Bank, being a financial institution which is subject to regulation by the State of California or by the federal government , heresy pledges that monies to the extent of $410 , 000 ( Four Hundred and Ten Thousand Dollars) are hereby assigned and transferred to the City of San Luis Obispo for the account of Clearview III Limitea, as required by the Subdivision Mao Act of the State of Cal.ifornia for the purpose of securing the faithful performance of all the terms and conditions of that certain agreement dated _ for Tract 1544 executed by and between Clearview III Limited and the City of San Luis Obispo, a municipal corporation, and, in addition, costs and reasonable expenses and fees , including reasonable attorney ' s fees, incurred by the City of Sart Luis Obispo in anforcina the terms and conditions of said agreement . The undersigned agrees that said funds are trust funds on deposit and guaranteed for payment and that upon receipt of written aemand, sianGd by City Clerk of the City of San Luis Obispo, the undersigned shall immediately pay said funds or such amount thereof as shall be set forth in said demand, to the Director of Finance of the City of San LuiS Obispo to be used for the purpose set forth above. Tha undersigned further agrees that it shall hold said funds for Clearview III Limited for the uses and purposes herein set forth , until such time as it receives written notice signed by the City Clerk of the City of San Luis Obispo authorizing the release of said funds . It is specifically recognized and understood and agreed to by the undersigned that the full amount of monies , as set forth above, are to be maintained in said account at all times during the duration of this obligation. and that any reduction or release in the fund amount to be maintained will only be done in accordance with Section 66499 . 7 of the Government Code of the State of California . IRREVOCABLE COMMITMENT OF FUNDS FOR FAITXFUL PERFORMANCE FOR TRACT 1544 Page Two By execution and doiivery of this IrrevocaDic Commitment of Funds to the City of San Luis Obispo, the undersigned financial institution is relieved of anv and all liability to Clearview T_TI Limited, exc, - :s nerein specifically set forth . Dateu at Goleta, California this - �- da v of September, 1988 . MID-STATE BANK Goleta Valle;v Branch 04 By- -Z v cnard D. Lark'tn Assistant vice President Manager The unuersigned hereby agrees to all the terms and conditions of the foregoing Irrevocable Commitment of Funds and releases the financial institution executing said Irrevocable Commitment of Funds from all liability except as therein specifically set forth . Dated at Santa Barbara, California , this 2: 7 day of SEptEmber, 1988 . CLEARVIEW III LIMITED California Limited Partnership BY: THE CAREY GROUP, INC. A California Corporation as General Partner B y : Gam--- _ Thomas G, Carev, Pr •i.ient In the event Trdct 1544 is not approved by the City of San Luis Obispo, this Irrevocable Commitment of Funds becomes null and void . 1 II IW� MID-STATE BANK f tlA:T:\ VALLEY 805-9674451 i9i6 Calle Real. P.O. Box 1047. Goleta. CA 93116 IRREVOCABLE COMMITMENT OF FUNDS OR ?AYMENT OF LABOR AND MATERIALS FOR TRACT 1544 , CITY OF SAN LUIS OBISPO The undersigned, Mid-State Bank, being a financial institution whicn is subject to regulation by the State of California or by the federal government , hereby pledges that monies to the extent of ,205 . 000 (Two Hundred and Five Thousand Dollars ) are hereby assigned and transferred to the City of San Luis Obispo for the account of Clearview III Limited, as required by the Subdivision Map Act of the State of California for the ouroose of securing the obligations set forth in Title 15 ( commencing with Section 3082 ) of Part 4 of Division 3 of the Civil Code of the State of -California for payment of the contractor, subcontractors, and persons renting equipment or furnishing labor or materials to them for the improvements to be constructed pursuant to that certain agreement dated ______________ for Tract 1544 executed by and between Clearview III Limited and the City of San Luis Obispo, a municipal corporation, and, in addition, costs and reasonable expenses and fees , including reasonable attorney ' s fees , incurred in enforcing such obligations . The undersigned agrees that said funds are trust funds on de_oosit and guaranteed for payment and that it shall hold said funds for the account of Clearview III Limited for the uses and purposes herein set forth, until such time as it receives written notice signed by the Citv 'Clerk of the City of San Luis Obispo, authorizing the release of _aid funds . .t is specifically recognized and understood and agreed to bv . the undersigned that the full amount of monies, as set forth above, are to be maintained in said account at all times during thio duration of this obligation and that any reduction or release in the fund amount to be maintained will only be done in accordance with Section 66499 . 7 of the Government Code of the State of California . -/-a o IRREVOCABLE COMMITMENT OF FUNDS FOR PAYMENT OF LABOR AND MATERIALS FOR TRACT 1544 Page Two By execution and delivery of tnis Irrevocable Commitment of Funds to Lne City of San Luis Obispo, the undersigned financial institution is relieved of any and all liability to Clearview III Limited, exceut as herein specifically set fortn . Dated at Goleta, California this , - day of September, 1988 . MID-STATE BANK -oleta Valley Branch 04 B; ------ E3 chard D. Lar — - ssistant Vice President and Manager "he undersigned hereby agrees to all the terms and conditions of the foregoing Irrevocable Commitment of Funds and releases the financial institution executing said Irrevocable Commitment of Funds from all liability except as therein specifically set forth . Dated at Santa Barbara, California, this I- day of September , 1988 . CLEARVIEW III LIMITED A California Limited Partnership BY : THE CAREY GROUP, INC. '- as — O,rRla Corporation as General Partner 3 y • _ hortias G Carev, Presi Ant =n the event Tract 1544 is not approved by the Citv of San Luis Obis_oo, this Irrevocable Commitment of Funds becomes null and void .