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PROMISSORY NOTE <br />,y <br />April .L• 1981 <br />l <br />V1 <br />cC <br />$87,_ 8_ 6_ 8_880 <br />x <br />RECITALS <br />I <br />1, The City of Everett has, pursuant to Ordinance No. <br />556-78, required the posting of a payment guarantee for street <br />N <br />and road improvements necessitated by residential development <br />on Casino Road prior to the issuance of any permits required <br />for the development of real property in the vicinity of Casino <br />Road between Airport Road and Evergreen Way. <br />2. The amounts to be collected as provided for in Ordinance <br />No. 556-78 according to the ordinance are to provide for the <br />construction of the interim improvements to Casino Road in <br />order to alleviate a serious existing traffic problem. <br />3. As required by the City and pursuant to Ordinance No. <br />556-78, 921 Associates entered into an agreement with the City <br />of Everett dated May 13, 198C, which agreement is hereby incorpora- <br />ted by this reference aj if fully set forth. <br />4. As part of the above -referenced agreement, 821 Associates <br />provided a letter from Great Northwest Federal Savings and Loan <br />Association, dated May 15, 1980, signed by Grover J. liaistings, <br />Assistant Vice President, and addressed to the City Engineer of <br />the City of Everett certifying that 821 Associates had the <br />amount of Eighty -Seven Thousand Eight Hundred Sixty -Eight and <br />80/100 Dollars (487,868.80) available in the Seattle branch of <br />Great Northwest Federal Savings and Loan as a guarantee of the <br />payment required by Ordinance No. 556-ib. <br />6. The City of Everett has agreed to accept a thirty -day <br />demand promissory note in lieu of the certification referenced <br />above as adequate guarantee of payment and to authorize Great <br />QC <br />