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o & e_ <br />Name of Project <br />Construction Site Address: <br />P114DBOI -008 <br />Permit Reference: <br />ASSIGNMENT OP FUNDS TO THE CITY OF EVERETT <br />For: (describe improvements) <br />1�4 <br />4 ✓e_ <br />Improvements to be installed per City standards by T �St 1200? <br />We hereby agree that the sum of 119 I F00 e Pe +' " Dollars <br />($ / 0 1 8,0D •�) will be held in Escrow Account No. // 300in <br />WbL"14-4 ��tttA�-;c &�b_ (hereinafter referred to as "Bank") whose address is <br />3-13.)- Rcoci4,m,4 L(VerV�k,l,JA- IP_6'I in the name of <br />C- _ to assure performance of the <br />above -described improvements and guarantee that these funds will not be released without prior <br />written approval from the City of Everett Public Works Department (hcreinaficr referred to as <br />"City"). We agree that upon completion of the installation of the above -described improvements <br />per City standards and approval by the City, the City will provide written notice to the Bank <br />authorizing the release of these funds. We further agree that these funds will be released to the <br />City upon notice by the City that the improvements have not been installed per City standards. <br />Provided further, however. that in the event the above -described improvements are installed per <br />City standards and a certificate of partial compliance is singed by the City, then in that event. we <br />are further instructed to release progress payments for the amount of improvements installed per <br />City standard and approved by the City. The City shall have first claim and priority t the <br />� p �Lf <br />remaining balance of said sum of / G. -�lt u1-�— { etA-4 `� Doll rs <br />Assignment of Funds, Page 1 of 3 <br />WJ <br />