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0 <br />a <br />n <br />Nanie oF I'roJect; <br />Cunslruc N mi S1te Address: <br />/��8 J• i�. �2 — .Si-� � .St. <br />Permit Ileference: <br />ASSIGNMENT OP FUNUS i0 111E CITY OF EVERETT <br />For: (describe lmprovements) <br />AI.LGY.IMPKOVEMEN'L' AS RGQUINGU liY '1'lIE CI'PY OF GVERE'f'C <br />Improvements tU be lnstalled pei' C1L) standards by SEPTEdBER 1 19 90 . <br />HC IICYCby agree �lliat tI1C SUIO uF � pW0 THOUSAND FIVE HUNDRED AND NO/100 <br />Unilars (.;2,,500.00----------1 w(11 be IielJ 1n [scrow Accaunt <br />��a�_(�l51761 �n LyNNW00D MORTGAGE C.O2tPORATION (herelnafter <br />referred :o as "Oank") wllose aJdress is p,o, BOX 5857: LYNNWooD, WA 98046 <br />, in Che name of SCl1ARRACN CONSTRUCTIQN, INC. <br />to assure perfoimiance of tlie above-described im�irovements and guarantee that <br />these funds d111 not be relcased withoul• prlor written approval From the <br />C1ty aF Everett Pub11c Works Department (herelnafter referred to as <br />"C1ty"1. He agree that upon cmnplel:iwi of the installation of the <br />above-descri�ed improvements per City standards and approval Uy the City. <br />the C1ty will provide wriCten noCice Co lhe Dank authorizing the release of <br />tl�ese funds. Fle furtlier agree tliat I:licse funJs wil,l� be released to tlie C1ty <br />upon notice by the C1ty lhaC the lmprovements have not Ueen installed per <br />City standards. <br />Provlded further, however, lhaC in lhe event Che above-descrlbed <br />improvements are installed per C1Cy slanclards •and a cerl•tficate of p�rtial <br />compllance 1s slgned by the City, then in that event, we are further <br />inslructed to release progress paymenCs for Che anwimC of lmprovements <br />installed per C1ty standards and appruved by Hie C1ty, llie City shall have <br />flrst claim and priorll,y to lhe reuialning balance of said sum <br />oF TW0 TItOUSAND FIVE IIUNDRtiD pOI.i.ARS Uollars ($Z,500.00-----------------t, <br />L:K-�Lztt�7/-a�_ lN S�-\'�� <br />5 -7.�-9U <br />5/00 <br />� <br />