31 SE EVERETT MALL WAY VALLEY PROPANE 2018-01-02 MF Import

Name of Project: VALLEY PROPANE. INC. Construction Site Address: 31 S.E. Everett Mall Way, Everett Permit Reference: ASSIGR4BNf OF FUNDS TO Tif CITY OF EVIRETT For: (describe improvements) Grading, Pipe and Drains, Catch Basins, and Asphalt. Improvements to be installed per City standards by 19 We hereby agree that the sum of $ t�,nnn nn will be held in Escrow Account No. 026 300 5477 in Rainier National Rank (hereinafter referred to as "Bank") in the name of valley Propana Tnr (hereinafter referred to as "Applicant") to assure performance of the above -described improvements and guarantee that these funds will not be released without prior written approval from the City of Everett Public Works Department (hereinafter referred to as "City"). We agree that upon completion of the installation of the improvements per City standards and approval by the City, the City will provide written notice to the Bank authorizing the release of these funds. We further agree that these funds will be released to the City upon notice by the City that the improvements have not been installed per City standards. Provided further, however, that in the event the above -described improvements are installed per City standards and a certificate of partial compliance is signed by the City, then in that event, we are further instructed to release progress payments for that amount of improvements installed per City standards and approved by the City. The City shall have first claim and priority to the remaining balance of said stun of $ 15,000.00 Rainier National Bank Name of Ban By: �ngk rw-w-W Lynda McCLure Address: 306 Main Street Title: Personal Banking Officer Telephone no.: Contact Person: 206 774 6684 Mae Barton 0 Non 1 nr