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M� <br />.0 � <br />C UM <br />.1 <br />rZo") <br />Name of Project: 9 <br />PnG Warehouse Buildings <br />Construction Site Address: <br />9907 7th Ave. S.E., Everett, Wa. 90208 <br />Permit ReEetrY' <br />ASSIGRV-9 OF FUNDS TO MIS CITY OF EVOIisTT <br />For: (describe improvements) <br />Improvements to be installed per City standards byoN PG �l°�—�,e� <br />We hereby agree that the sur of $187 116.00* will be held in Escrows; <br />(hereinafter <br />Account No. 18608�irt First '.teratate Bank <br />,�„�, ,� ;,, (hereinafter <br />referred to as "Bank") in the name of <br />referred to as "Applicant") to assure performance of the above -described <br />improvements and guarantee that these funds will not be released without <br />prior written approval from the Cityof <br />Everett <br />that upon completion Wurks aofment <br />tile <br />(hereinafter referred to as "City").agree <br />installation of the improvements per City standards and approval by the <br />City, the City will provide written notice to the Bank authorizing the <br />release of these funds. We further agree that these funds will be released <br />to the City upon notice by the City that the improvements have not been <br />installed per City standards. <br />Provided further, however, that in the 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 that amount e Citof y installed per City standards and approved by the City. Y <br />first claim and priority to the remaining balance of said sum of <br />•87,116.00• <br />First Interstate Bank of Wa., N.A. <br />ame o an <br />Address: P.O. Box 69 Everett Wa. 98206 <br />Title: vice President <br />Telephone no.: 258-3e09 <br />V <br />C <br />Contact Person: Tim Ritstein <br />Q� <br />I`;ige 1 of 7. <br />t/A(, <br />