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r <br />Name of Project: <br />Apartment and Office &ildin¢ <br />Construction Site Address: <br />811 Madison Saerett. Wa. <br />Fermit Reference: _ ,��4 <br />� / <br />ASSIGM�fENf OF FUNDS 1'0 Tl� CI'fY OF EVEREIT <br />For: (describe improvements) <br />Grading �tld atorm drainage plan at the above referenaed construction site. <br />Improvements to be installed per City standards by Oct. 30 19� <br />We leereby agree that the sum of $ 3� �� will be held in T:scrow <br />Account No. 05Z-1310367-5 in 4lashington NutuaT 6avings Bank_ (heTe;naftei' <br />reEerred to as "Bank") in tl[e name of C.E. Closser b Sue Closse(rliereinafter <br />reFerred to as "Applicant") to assure performance of tlie above-described <br />improvemenLs and guarantee that these funds will not be released witliout <br />prior written approval from the City of Everett Public Yforks Department <br />(liereinaE:er reFerred to i5 "City"). We agree tliat upon completion of tl�e <br />installation •�f tl�e improvements per City standards and approval by tl�e <br />City, tlie City wi11 provide written notice to the Dank autliorizing tl�e <br />release of tliese fwids. We further agree that these funds will be released <br />to tlie City upon notice by the City that tlie improvements have not been <br />installed per City standards. <br />Provided furtlier, however, tliat in tlie evei�t the above-described <br />improvements are installed per City standards and a certificate of partial <br />compliance is signed Uy the City, then in that event, we are furtlier <br />instructed to release progress payments for that amotcit of improvements <br />installed per City standards and approved by tlie City, The City sliall liave <br />first claim aiid priority to the remaining balance of said stun of <br />� �g ��' Washington Mutual Saui7gs Qank� <br />`• South Evereit Branch � <br />' �, 8519 Evergreen �lay <br />��;:.�.;.:.� Euerett, WA_98203, <br />' 4lashington Mutual Savings Bank <br />ne o • Ban c <br />IIy: � L�C-L_ �� <br />AddresS:�519 Evergreen 4!ay, Everett, lJA ?8203 <br />Title: 1lanager <br />Teleplione no.: _ 206-355-5�11 Z <br />Contact Person: Loralee L Shea <br />�%�i6/�/.9L /� S'F�.�c�" y/i3/87 <br />