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Name of Project: <br />Cons�ruction Site Address: <br />Permit Reference: <br />ASSIGNMENT OF FUNDS TO THE CITY OF EVERETT <br />For: (describe improvements) <br />Improveinents to be installed per City standards by 19_ <br />We hereby agree that the sum of <br />Dollars (E ) will be held in Escrow Account <br />IJo. in (hereinafter <br />referred to as "Bank") whose address is <br />i n the name of <br />to assure performance of the above-described improvements and guarantee that <br />these funds will not be released without prior written approval from the <br />City of Everett Public Works Department (hereinafter referred to as <br />"City"). We agree tliat upon completion of the installation of the <br />above-described improvements per City standards and approval by the City, <br />the City will provide written notice to tiie Qank authorizing the release of <br />ttiese funds. We further agree that these funds will be released to the City <br />upon notice by the City that the improvements h��re not been installed per <br />City standards. <br />Provided further, however, that in tre event the above-described <br />improvements are installed per City standards and a certificate of partial <br />compliance is signed by the City, then in that event, we are further <br />instructed to release progress payments for the amount of improvements <br />installed per City standards and approved by the City. The City shall have <br />first claim and priority to the remaining balance of said sum <br />� <br />llars (S <br />5/ee <br />