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For <br />I <br />Name of Project: <br />Construction Site Address: <br />Permit Reference: <br />ASSIGNMENT OF FUNDS TO THE CITY OF EVERETT <br />(describe improvements) <br />Improvements to be installed p,. r City standards by <br />y <br />We hereby agree that the sum of <br />Dollars ($ Coo ) will be held in Escrow Account <br />(hereinafter <br />Ilo. in <br />referred to as "Dank") 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 the City, <br />the City will provide written notice to the Dank 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 />that in the event the above -described <br />Provided further, however, <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 />�ucAn>Zi� Dollars ($ �� 4�C�0of ) <br />,t - <br />