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