1806 BROADWAY 2016-01-01 MF Import

' _ . �6/0� i'' ��. AQC� Conuenixnce Store Name of Project l8D6— roc�tva. � ;f Const uction Site Add�s 99fo59 P niit Referenc�: ASSiGNMENT OF FUNDS TO TFIE CITY Or EVERETI' For: (describe improvemcnls) C��rb a„N„r d' Src/ewnLk ov, Rhoaclwav av,o� J Oh �8fhs�' �'ranfGqQ.S Improvements to be installed per City standards by �G+ 1=�� , 19Q�. We hereby agme lhat lhe sum ot ��;_'\��q��, Dollars ($ 3000°�) will be held in Escrow Account No '-�1�in�tvQ.SY� �`1��(hereinafter referred to as "Bank") whose address is_�j�I�-�a��T'�,L�L,�r-�j1 in lhe name of � � p�� to assin•e p�rformance of the above-described � 'm�� L, S.r�h improvements and guaran ee that these funds will not be released without prior written approval from the City of Everelt Public Works Department (hereinafler referred to as "City"). We agree that upon complelion of the installation of the above-described improvements per City standards and approval by the Cily, the City will provide written notice to the Bank authorizing the release of these flmds. We furtlier agree that these funds will be released to lhe Ciry upon nolice by lhe City that the improvements have not been installed per Ciry standards. Provided further, however, that in the even[ the above-described improvements are inslalleci per City stanclards and a certilicalc of partial compiiance is signed by the City, Iheq in dtal event, we are further inslructed tn release progress payments for the amount of improvements installed per Ciry standards and approved by the City. The Ciry shall have tirst claim and prioriry to the remaining balance of said sum � of \ i�s�. 1rr3;�.�.1�f Dollars ($ �OUO00 ).