HomeMy WebLinkAboutAssignment of FundsDEPARTMENTOFCOMMUNITYANDECONOMICDEVELOPMENT—“i{enton0ASSIGNMENTOFFUNDSApplicant’sNameandAddressTOCITYOFRENTONName:RADHoIdingsLLCAddress1:1040W.LakeSammamishPkwySEAddress2:Bellevue,WA98008ProjectNo.(PR)/ConstructionPermitNo.(C/u)ProjectNameLUA16-000272/UC17001891.PLR-3953ValleyVueDepositAmountSiteLocation$9906.253112TalbotRoadS.Renton,WA98055TheBankofAmericaFinancialInstitution,authorizedtodobusinessintheStateofWashington,herebycertifiesthatthesumof$9906.25isondepositwiththeFinancialInstitutioninAccountNumber;g12-Sr7So’—f2...underthenameRoryP.DeestosecurefortheCityofRenton,hereinaftercalledtheCITY,theabove-namedApplicant’s,hereinaftercalledAPPLICANT,performanceofcertainworkandconditionsrequiredinconnectionwiththeabove-referencedproject.THECONDITIONOFOBLIGATIONisthat:1.TheAPPLICANThasexecutedan“Agreement”entitledMaintenanceandDefectAgreement“,acopyofwhichisattachedheretoandincorporatedhereinbythi5reference.2.UndertheprovisionsoftheAgreement,theAPPLICANTisrequiredtofurnishguaranteetosecuretheAPPLICANT’ScompliancewiththetermsoftheAgreement.ITISFURTHEREXPRESSLYPROVIDEDthat:1.TheFinancialInstitutionherebycertifiesandagreesthatthesefundswillnotbereleasedwithoutwritteninstructionsfromanauthorizedagentoftheCITY.ThisAssignmentofFundsisirrevocableandmaynotbeterminatedorcancelledbytheAPPLICANTorFinancialInstitutionforanyreasonexceptuponspecificwritteninstructionsfromtheCITY.2.TheFinancialInstitutionagreesthatthesefundswillbepaidtotheCITYwithin10daysofreceivingwrittennoticethattheCITYhasdeterminedthatrequirementsoftheAgreementhavenotbeensatisfactorilyperformedwithinapplicabletimelimitsorthatrequiredfeeshavenotbeenpaid.TheFinancialInstitutionshallhavenodutyorrighttoevaluatethecorrectnessorappropriatenessofsuchnoticeordeterminationbytheCITYandshallnotinterpleadorinanymannerdelaysaidpaymentoffundstotheCITY.AnyunexpendedfundsshallbereturnedtotheAPPLICANTuponcompletionofthetermsoftheAgreement.3.TheobligationsoftheFinancialInstitutionandAPPLICANTshallnotbedischargedandshallremainineffectintheeventofanyextensionoftimefortheAPPPLICANT’SperformanceoftheAgreementorofanyamendmentoftheengineeringplansusedforconstructionoftheproject.TheFinancialInstitutionherebywaivesnoticeofanysuchextensionoramendments.4.TheAPPLICANT’SobligationtoperformtheworkorpayfeesandotheramountsisnotlimitedtotheamountofthisAssignmentofFunds.12/1/2018
.1-ProjectNameValleyVueFINANCIALINSTITUTIONICIAL//FINANCIALINSTITUTION’SMAILINGADDRESS:-C:::111K)(SignthNI(Date)’4Ktc%_r\J.wA(PrintName)jI(Phone’Number)—StateofWashington,CountyofKinI/—IcertifythatIknoworhaveseens;:isfactoryevidencethatA/gjs,/rri(FinancialInstitutionOfficial)signedthisinstrumentandacknowIdgesittobehisJherfreeandvoluntaryactfortheusesandpurposesmentioneinthisinstrument.(NotarySealorStampforDated:ct/clf7-oigFinancialInstitutionOfficialSignatuie)jSignatureofNotaryPublic:—./FNothI7pubIIcThIe:/t%ry?4,bccStateorWashingtonDREWMORELANDMyappointmentexpires:,%q12,7y2%COMMISSION#202814]MYCOMMISSIONEXPIRES4in”t12.2O22_,,No.(PR)/ConstwctionPerritNo.(C/u)ILUA1B-000272/UC1700891.PLR-3953ItistheAPPLICANT’SresponsibilityonotifytheCityofRentonofanychangeinaddress,telephonenumberorchangeofownershipofthepropefty.ItistheAPPLICANT’Sresponsibilitytoarrangeforreplacementofany/allfinancialguaranteespriortonitckanv&ofownership.APPLICANT:RADHoldingsLLC111119ate)ReceivedforCityofRentonByDate22/1/2018