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c <br />�, <br />sEcu�m <br />M:r�� <br />SAYINQf <br />MNK <br />OctoAer 19, 1993 <br />Mr. Paul McKee <br />City of Everett - Public Works Depanmcnt <br />3200 Cedar Street <br />Everett, WA 98201 <br />1100 Sttrond Avenue <br />Suiie 302 <br />Seatlle, WA98tOt <br />elephone (206) SBSb820 <br />FAX (206)SBSb832 <br />VIA FACSIMILE 20fi-259-5£t56 <br />Re: Assignment of Funds to the City of E��eretl/Public N'orks Permit <br />Welden Pond Apartments, 9900 - 112th Avenue N'cst, Everett, WA <br />Dear Mr. McKee, <br />As a requirement of the Pubhc 1York: Permit for constrnetion of the utili�ies aixl assa:ia�ed <br />site work for the Walden Ponds Apanment project, Securi�y Pacific Savings Aank ("Bank") <br />entered into an Assignment of Funds To Thc City OF Evcrett ("Agrccmcnt") with the Ciry o( <br />Everett ("Ciry") providing Ihat $226,803.30 bc hcld to assurc performance of the work <br />required. A copy of [he Agreement is enclosed for your reference. During coaswction. <br />releases were approved by your dcp�nment based on the progress of the work per(onned. <br />The amount of thc rcleases totaled $217,2I6.52 Ieaving 59,585.78 remaining. Althouph <br />lOD% of the work rcquimd wxlcr the Agreement has bcen complcted, we undcrstand the Ciiy <br />requires that a Iwnd be provided �o warrant the work performed. We arc willing to maintain <br />thesc fwuls f�r Ihis pur�wsc. We, however, would IiAc to transfer thc fmxls to another <br />account. <br />Accordin�ly, we req�est that the Agrcement be mafified ro allow the (unds remaining o( <br />59,586.7R to be transferrc� to Securiry Pacific Savings Bank's bank accuunt Number <br />63785810 at Seafirst Bank. All olher tertns a�xl condi�ions of the Agreement remain <br />unchanged. <br />Pleasc confirm your agrccment with the terms artd conditions o( this let�er by signing whcrc <br />indicatcd and reWrning a facsimile to us. Wc apprcciatc your cooperation in this mauer. <br />Sincerely, <br />� /l:/�� <br />Grcg A. Books, VP <br />Enclosure <br />Cunfirmed and Agrced: <br />The City of Gverc�t <br />By: <br />