12222 19TH AVE SE 2016-01-01 MF Import

i� . '� - . � , - ; � � , ��I . Name of Pro,ject: ' Si�•cR,a�',�n��_ I : Cunstruction Site Add�-egs: • f Z ? 2 7 /`/'� .4i�� .5� - : Permit Reference: �-��_ % ��fi � ASSIGNh1ENT OF FUNUS TO TIIE CITY OF EVERETT For: (describe improvements) . : S'�r�_e.�` �rr�nrn,�p f- f cR Z7 �/��c�, . � �e�ea�,+,p?��-Fe,et—of ��.�.aZ ��i� R„e. � ��.v�ceb l,�/t • ' Improliements to be lnstalled per City standards by — �g — , 41e hereby agree� Chat Yhe suin of L�� r,1�0 /wedU � ,-�,x,,.l „(�,l(n/n �� ' Dollars ( .�'. �. � "= �—� s�svin9= ��52,�._� _) will be held in -tser�q Account • IJo: � g- jS Sy$-(D in�n;ver�;�1 �llriNaS �qnk (iiereinafter � � referred to as "Oank") whose address is fC73 7 NF �S�' S� ' �Q7"f/e ��!`r' `��/5� in the name of ^ ✓�� li� � ��say7 � .�Alr�F S G. O�So h v r ' to assure performance of tlie above-described improvements and guarantee that tiiese fur.ds will not be released riitViout prior written ap�rroval from tlie C1ty of Everett f�ublic 4lorks De��artment (liereinafter referred to as "City"). We agree thaL• upon completion of the installation oF the above-described iinpravements per City standards and approval by tlie City, the City will provide wrltten notice to tlie Uank autiiorizing tlie release of tliese funds. 41e further agree that these funds will. Ue released to the City upon notice by the City Chat the improvements have` not been installed per . City stdndards. Such�pavments will 1� disbursed under Ban]c's constsuction loan aqreenent with James C: olson and Marie P, Olson. ' Provided furtlier, liowever, lliat in tlie event tlie above-described lntprovements are lnstalled per City standar•ds •and a cert( Picate of partial compliance 1s signed by Clie C1ty, then in that evenL, we are furtlier instructed to i�elease progress payments for tlie amount of improvements lnstalled per City standards and approved by the City. lhe City ,shall have first claim and priority to Lhe remaining balance of said sum I uF'� y,, � {�ta�. �N/.� GCo��o✓S Uollars ( �. ObD, �� ). . Bank makes no warranties of any kinc� regarding the adequacy of the funds to complete the requir treet improv�nents, nor for the quality or adequacy of wvrk v •completed. The respon ibility'of &3nk is limited to disbursinq funds for 5/00 said street i�rov�nents in accordance with the cronstruction loan agree�nent with James C. Olson and Marie P. Olson. In the event there is a default by the Olsons in their obligation to the City of E�erett under this Assignment of �luzds, all funds relnaining. in said savings account shall be available to the City of �erett 'to complete said street improveTents, unless Banlc is in any way restrainecl from paying such funds by the order of any court in the State of Washington.