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ESCROW AGREEMENT <br /> THIS ESCROW AGREEMENT made and entered into between <br /> Olympic Bank hereinafter <br /> referred to as "Escrow Agent", the City of Everett, a municipal corporation,, <br /> hereinafter referred to as "City" and General Hospital of Everett, a non- <br /> profit corporation under the laws of Washington, hereinafter referred to as <br /> "Hospital". <br /> WHEREAS, the City Council of the City of Everett by Ordinance No. 577-79 <br /> provided for the vacation of Wetmore Avenue between 13th and 14th Streets ; and <br /> WHEREAS, a condition of said vacation was that compensation be paid to <br /> the City in an amount equal to fifty percent (50%) of the appraised value of the <br /> subject property; and <br /> WHEREAS, the City desires to keep the subject street area open for <br /> public us?e until "it is needed by the Hospital in its modernization plan; and <br /> WHEREAS, the Hospital desires to tender the amount of compensation due <br /> for the street vacation at this time; <br /> NOW, THEREFORE, BE IT AGREED BETWEEN THE PARTIES AS FOLLOWS : <br /> 1 . The Escrow Agent does agree to hold and deliver to either the <br /> City or the Hospital only in accordance with the terms hereof the sum <br /> of Twenty-One Thousand Five Hundred Dollars ($21 ,500) which by this <br /> agreement acknowledges that said sum is in the Escrow Agent' s possession. <br /> 2. Escrow Agent will hold the above stated monies in an interest bear- <br /> ing account returning at least eight percent (8%) interest per annum. <br /> Such interest earnings will be added to the original amount deposited <br /> in escrow and subject to the same terms and considerations as, the orig- <br /> inal amount. <br /> 3. Escrow Agent is authorized and shall deliver to the City all monies <br /> deposited in escrow and interest earned thereon upon written notifica- <br /> tion by the Hospital that it intends to proceed ahead with the subject <br /> street vacation and release its interest in said monies. <br /> 4. Escrow Agent is authorized and shall deliver to the Hospital all <br /> monies deposited in escrow and interest earned thereon upon written <br /> notification from the City that it releases any and all claims on said <br />