1820 32ND ST 2018-01-02 MF Import

Name of Project: Newton. Newt( Construction Site Address: 1820 - 32nd Street _ Everett, Washington Permit Reference: 86-447 ASSIGi,ZM OF FUNDS TO THE CITY OF EVEREYP For: (describe improvements) Alley paving adjoining property frontace and curt) and gu uer replacement adjoining property along 32nd Street. Improvements to be installed per City standards by z /i 19_21 (_. i lie hereby agree that the sum of $ 7,980.00 will be held in Escrow 300-500-374 Everett Branch (hereinafter Account No. in First T r r + A1nY referred to as "Bank") in the name of Henry T. Newton (hereinafter referred to as "Applicant") to assure performance of the above -described improvements and guarantee that these funds will not be released witl(out 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. Tile City shall have first claim and priority to the remaining balance of said s(un of $ 7,980.00 FIRST INTERSTATE BANK OF WASHINGTON, Name of Bank) N.A. Address: P. 0. Box 59, Everett, WA 98206 Title: �L t_"V',J C / GCCL Telephone no.: 3588--37322 Contact Person: Richard J. Morrison L. Dion I of 2