8417 EVERGREEN WAY 2022-05-23 - Laserfiche WebLink

• 40 CFT Development Name of Project EV ETT 8417 Evergreen Way,Everett,WA 98208 Construction Site Address: B1805-010 / 1805—©t5 Permit Reference: ASSIGNMENT OF FUNDS TO THE CITY OF EVERETT For: (describe improvements) CFT NV Development,LLC Multi Tenant Building Improvements to be installed.per City standards by November 2019 We hereby agree that the sum of Thirty Thousand Nine Hundred- Seventy Two Dollars 30,972 Bank ($ ) will be held in Cserow Account No. 1800058 in Preferred Bank (hereinafter referred to as "Bank") whose address is 601 S Figueroa St,47th Floor,Los Angeles, CA 90017 in the name of CFT NV Developments,LLC 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 per City standards. Provided further, however, that in the event the above-described improvements are installed per I 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 Thirty Thousand Nine Hundred- Seventy Two Dollars Assignment of Funds,Page 1 of 3