3420 HAYES ST 2018-01-02 MF Import

Name of Project: Alley Paving behind proposed Warehouse Building 34?o 14a�es St Construction Site Address: 1725 Eaat Marine View Drive Permit Reference: Gary G. Davis ASSIGI,MM OF FUNDS 110 THE CITY OF EVMUIT For: (describe improvements) As—perserib ed by Larry Crawford in letter dated 30th May 1986(Copv enclosed) Improvements to be installed per City standards by Jye ✓ .j ro 19 88 We hereby agree that the sum of $ 4,000.00 will be held in Escrow Account No3214 662334 in Frontier Bank (hereinafter referred to as "Bank") in the name of Gary G. Davis (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 funds. We 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 payments for that amount 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 sum of $ 4,000.00 Frontier Bank - Main Office Name of Ban By: Address: P.O. Box 2215 Everett, WA 98203 Title: New Accounts Officer Telephone no.: Contact Person 347-0600 Betty Mercier 0/e1&1'A1,4e ro urY ��Ez Page 1 of 2