12115 19TH AVE SE 2016-01-01 MF Import

Name of Project: Lakeside Village Apartments CongLruction Site Address: 121ML 19th Ave. S.E. Permit Reference: SEPA it 74-87 ASSIGNMENT OP FUNDS TO THE CITY OF EVEEUIF For: (describe improvements) . Traffic signal at the intersection of 19th Ave. S.E. and Silver Lake Road. r rCNoc,> -T 2._-3 4 5 Improvements to be installed per City standards by December 31 19 89 • We hereby agree that the sum of $ 23, 730.00 will be held in Wtb Account No. 601764 in SEATTLE -FIRST NATIONAL BANK (hereinafter referred to as "Bank") in the naive of SILVER LAKE ASSOCIATES L.R(hereinafter referred to as "Applicant") to assure performance of the above-described improvements and guarantee that these funds will not be released without 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. The City shall have first claim .and priority to the remaining balance of said sun of 23,730.00 By: SEA'i.'TLE-FIRST NATIONAL BANK (Name of Bank) Address: i01 Fifth Avenue, Floor 14, Seattle, WA 98104 Title: Authorized Signatory Telephone no.: Contact Person: 358-7680 Kimberly Mace, Loan Administration Officer 00(62(14/1-(-- I rc) Sic 3,/`,'/9c) Page 1 of 2