3827 GRAND AVE 2018-01-02 MF Import

W .- ASSIGNMM OF SAVIIIGS ACCOUNT AS SECURITY FOR PERFORMANCE The undersigned, Alconmar Co. , herein referred to as "CONTRACTOR", hereby agrees with the City of Everett, a municipal corporation, herein referred to as "CITY", to assign a savings account to CITY in lieu of a performance bond pursuant to the terms and conditions of this agreement. CONDITIONS 1. CONTRACTOR has established a savings account at Washington Federal Savings & T.nnn Annnniation_ Lynnwood, Wash. , herein referred to as "BANK", The account number of said bank account is nn_esoa_7 2. The amount of money on deposit at BANK in the account identified above by number is Two Thousand h---- ------------ 00/100 dollars ($2.000.00 ). 3. CONTRACTOR hereby assigns said savings account to CITY to secure his perfor- mance of the followings Tiring hnuae to he mnvad from 39iP7 Hoyt 3traat to 4. The time period during which CONTRACTOR shall perform the activity described above in paragraph three (3) is Six months S, if CONTRACTOR fully and faithfully performs his obligations within the requisite time period as described in paragraphs three (3) and four (4), the CITY shall by written instrument relinquish its interest in said BANK account. 6. If CONTRACTOR fails to fully and faithfully perform his obligatiuns within the requisite time period as described in paragraphs three (3) and four (4), said savings account shall be payable to CITY. Upon presentation of an af- fidavit of non-performance as hereinabove described, BANK shall pay the amount of the savings account to CITY; CONTRACTOR agrees to hold and save BANK harmless for such payment upon presentation of said affidavit. 7. CONTRACTOR hereby instructs BANK that said savings account shall not he paid to CONTRACTOR unless he shall present written evidence of CITY's release of its interest in said savings account.