4730 COLBY AVE YMCA 2021-03-31 - Laserfiche WebLink

NEW EVRETT YMCA FACILITY */#177 Name of Project 4730 C-OL.BY AVE EVERETT) WA Construction Site Address: PW18401 - 05 Permit Reference: ASSIGNMENT OF FUNDS TO THE CITY OF EVERETT For: (describe improvements) &i'JITAR? SEWER: SYSTEM) STORM DPf4iNA,Ge.,gys ). WATE :_ SV$-reM) $L.DgWAL-<S) CURB Gv-rTER . Improvements to be installed per City standards by O C TO B E R I 2 O 1 q THREE HUNDRED SIXTj We hereby agree that the sum of TH REE HUNDRED TWENTY-SEVEN THoUSANPollars ($ 3 27)360' )will be held in Escrow Account No. 16 204 888g8 in WELLS FA RGo BANK (hereinafter referred to as `Bank")whose address is 205 IOST" AVE NE) Su1rE 500 BELLEVUE) WAgNO4in the name of YOUNG MENDS CHRISTIAN ASSOCIATION OF)HQfla&sinepertoiinanceofthe above-described improvements and guarantee that these funds will not be released without prior written approval from the City of Everett Public Works Department thereinafter 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 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 the amount of improvements installed per City standard and approved by the City. The City shall have first claim and priority to the remaining balance of said sum of THREE HUNDRED TWENTY-SEVEN 41 Dollars ($ 327) 3G0 ) THOUSANO THREE HUNDRED SIXTY Assignment of Funds,Page 1 of 3