1117 TTEREVE DR 2016-01-01 MF Import

� Roger Olin 4-Plex Name of Project: 1117 A,B,C,D Ttereve Dr. Construction Site Address: 94-151 Permit Reference: ASSIGNMENT OF FUNDS TO THE CTi'Y OF EVERETT For: (describe improvements) Street and drainage improvements along the Trereve Dr. frontage including curb, gutter, sidewalk and street paving, Improvements to be installed per City standazds by December sist 19 94 We hereby agree that the sum of Ten �,ousana Dollars ($lo,000 ) will be held in Escrow Account No. 100012178 in American erist Nat'1 eank (hereinafter refeaed to as "Bank") whose address is 692o everqreen wav Everett wA 98203 � in the name of aoc�er olin eonstruction 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 "Ciry"). We agree that upon compledon of the insiallation of the above-described improvements per C;ty standazds 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 nolice by the City that the �. improvements have not been installed per City standazds. Provided further, however, that in the event the above-described improvements aze installed per City standards and a certificate of partial compliance is signed by the Ciry, then in that event, we are further instructed to release progress payments for the amount of improvemenu installed per City standards and approved by ihe Ciry. The City shall have first claim and priority to the remaining balance of said sum of Ten Tt,ousana Dollars ($10,000 ).