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_ Or�S��� l 1ti PaNI Mc%re <br /> _ y� . Washinqton Federal Blda. <br /> . Z � � � —R � Name of Project <br /> , 10414 - 19th Ave. , S.E. <br /> Construction Site Address <br /> #50782 <br /> Permit Reference: <br /> ASSIGNMENT OF FUNDS TO TI�E CITY OF EVERETT <br /> For: (describe improvements) <br /> �itv street in rovements at 10414 19th Ave, SE, Everett, WA <br /> Improvements to be installed per City standards by Auaust 1 , , 19 9fi <br /> We hereby agree that the sum of six thousand 00/1dDollars ($6 000 . 0 <br /> will be held in Escrow Account No32111i2_'62 in Frontier Bank (hereinafter <br /> referred to as "Bank") whose address is 332 sW Everett Mall Way, Everett, WA <br /> in the name ofRichard A. Johnson to assure performance of the above-described <br /> improvements and ouarantee that these fiinds will not be released without prior written <br /> approval Yrom the City of Everett Fublic Works Department (hereinafter referred to as <br /> "C:ty"). We agree that upon completion of the installation of the above-describecl <br /> improvements per City standards and approval by the Ciry, the City will provide <br /> written notice to the Bank authorizing the release of these funds. We further agree that <br /> these funds will be released to the City upon notice by the City that the improvements <br /> have not been installed per City standards. <br /> Provided further, however, that in the event the above-described improvements <br /> are installed per City standazds and a cenificate of partial compliance is signed by the <br /> City, then in that event, we are further instructed to release progress payments for the <br /> amount of improvements installed per City standards and approved by the City. The <br /> City shall have first claim and priority to the remaining balance of said sum <br /> of Six Thousand Dollars ($ 6,000.00 j. • <br />