9424 EVERGREEN WAY 2018-01-02 MF Import

Name of Project: Construction Site Address: 9424 Evergreen Way, Everett, WA Permit Reference: Permit Application No. 35500 ASSIGNMENT OF FUNDS TO THE CITY OF EVERETT For: (describe improvements) Buildino.Proiect - Public Improvement llnprobements to he installed per City standards by May 26 19 94 . We hereby agree•Lhat the sum of•I Three Thousand Nine Hundred Forty Eight Dollars (._34948.00 ) will be held in Escrow Account lio: 01-09-1949-7 1n Everett Mutual Savings Bank (hereinafter referred to as "Bank") whose address is 1502 Wall Street, Everett, WA in the name of G.A. Building Company, 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 Dank authorizing the release of these funds. Via 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 City standards -and a certificate of partial compliance is signed by the City, then in that event, we are further instructed to release progress pay,ients for the amount of improvements installed per City standards and approved by the City. the City ,shall have first cleim and priority to Lhe remaining balance of said sum of. Three Thousand Nine Hundred Forty E} M ars ( 3,948.00 ). 5/oe