10500 EVERGREEN WAY 2018-01-02 MF Import

!'� . �' Name of Project: PIGNATARO N7SSAN, INC. _ ; Construction Site Address: j 10500 HIWAY 99 S. EVERETT 98204 ? Permit Reference: 15359 assicr��xr oF �nvns To �r� ci�r or• �rr For: (describe improvements) LANDSCAPING AND D�SIGNATED PNRKING AND STRIPPING Improvements to be installed per City standards by ocT. 1 19 86 We hereby agree that the s�nn of $ �.z85.30 will be held in Escrow F .Count NO. 9401 ip FIRST INTERSTATE BANK (hereinafter iefCifed t0 SS "B3nk��) iTI th0 n3m2 Of FIGNATARO NISSAN (hereinafter referred to as "Applicant") 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 improvements per City standards and approval by the City, the City will provide written notice to the Bank authorizing the release of these fimds. We further agree that these fimds 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 atove-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 that amo�mt of improvements installed per City standards and approved by the City. The City shall have first claim and priority to the remaining balance of said swn of $ -o- PIRST vTERSTATE BANK /� e Ban c By: =' %irr ✓ AddT6Ss: EVERETT DEALER BANKING CENTER P.O. BOX 940 EVERETT 98206 Title: ASSISTANT VICE PRESIDENT AND PSPNAGER Telephone no. : 206-258-3790 Contact Person: Wri. A. HICKMAN �I Page 1 of 2 3/66 i