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For: <br />Name of Project: <br />Construction Site Address: <br />Permit Reference: <br />ASSIGNMENT OF FUNDS TO THE. CITY OF EVERETT <br />(describe improvements) <br />9�� <br />Improvements to be installed per City standards by Z <br />7 <br />We hereby agree that the sum of <br />Dollars (b �.� c9tJ 0 ) will be held in Escrow Account <br />IJo. <br />in (hereinafter <br />referred to as "Bank") whose address is <br />in the name of <br />to assure performance of the above -described improvements and guarantee that <br />these funds will not be released without prior written approval from the <br />City of Everett Public Works Department (hereinafter referred to as <br />"City"). We agree that upon completion of the installation of the <br />above -described improvements per City standards and approval by tine City, <br />the City will provide written notice to the Bank authorizing the release of <br />these funds. We further agree that these funds will be released to the City <br />upon notice by the City that the improvements have not been installed per <br />City standards. <br />Provided further, however, that in tire event the above -described <br />improvements are installed per City standards and a certificate of partial <br />compliance is signed by the City, then in that event, we are further <br />instructed to release progress payments for the amount of improvements <br />installed per City standards and approved by the City. The City shall have <br />first claim and priority to the remaining balance of said sum <br />of % <br />Dollars (b --fz c`(2C2 ) <br />