7502 EVERGREEN WAY 1ST INTERSTATE BANK 2018-01-02 MF Import

H C3 K A A I.n0O H d OH N@8 yQ Y (] t' H H•H gy 00rn H1-3M- .....-._..,,.,.. I a e 7. t 0 Name of Project: First Interstate Bank Remodel -Evergreen Way Branch Construction Site Address: 7502 Evergreen Way, Everett, WA 98203 Permit Reference: ASSIGNMENT OF FUNDS TO THE CITY OF EVERETT For: (describe improvements) Provide off site curbs gutters and sidewalks as rpnliirpd by +hp City of Fyprptt on 75th Street and Evergreen Way. Improvements to be installed per City standards by June 1990. We hereby agree that the sum of Forty -Six Thousand Five Hundred and Eig Uollars ($ 46,518.00 . ) will be held in RRRXRY'X Account No. 303143238 in First Interstate Bank of Washington (hereinafter referred to as "Bank") whose address is 999 Third Avenue, Fl. 5, Seattle, WA 98104 , in the name of Evergreen Way Remodel 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 above -described 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 pet - City standards. Provided further, however, that in tire event tire auove-uescrrueu improvements are installed per City standards and a certificate of partial compliance is signed by the City, their in that event, we are further instructed to release progress payments for the 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 sun of Forty -Six Thousand Five Hundred Uullars ($ 46 518.00 )• and Eighteen 5/8B SArG IZ r3-Y� teen