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AboutS_AOF_Maintenance_Defect_C17001891_190205DEPARTMENTOFCOMMUNITYANDECONOMICDEVELOPMENT—““Renton0ASSIGNMENTOFFUNDSApplicant’sNameandAddressName:RADHoldingsLLCTOCITYOFRENTONAddress1:1040W.LakeSammamishPkwySEAddress2:Bellevue,WA98008ProjectNo.(PR)/ConstructionPermitNo.(C/U)ProjectNameLUA16-000272/UCI7001891,PLR-3953ValleyVueDepositAmountSiteLocation$9906.253112TalbotRoadS.Renton,WA98055TheBankofAmericaFinancialInstitution,authorizedtodobusinessintheStateofWashington,herebycertifiesthatthesumof$9906.25isondepositwiththeFinancialInstitutioninAccountNumberIS‘ast7So%4a.underthenameRoryP.DestosecurefortheCityofRenton,hereinaftercalledtheCITY,theabove-namedApplicant’s,hereinaftercalledAPPLICANT,performanceofcertainworkandconditionsrequiredinconnectionwiththeabove-referencedproject.THECONDITIONOFOBLIGATIONisthat:1.TheAPPLICANThasexecutedan“Agreement”entitledMaintenanceandDefectAgreement“,acopyofwhichisattachedheretoandincorporatedhereinbythisreference.2.UndertheprovisionsoftheAgreement,theAPPLICANTisrequiredtofurnishguaranteetosecuretheAPPLICANT’ScompliancewiththetermsoftheAgreement.ITISFURTHEREXPRESSLYPROVIDEDthat:1.TheFinancialInstitutionherebycertifiesandagreesthatthesefundswillnotbereleasedwithoutwritteninstructionsfromanauthorizedagentoftheCITY.ThisAssignmentofFundsisirrevocableandmaynotbeterminatedorcancelledbytheAPPLICANTorFinancialInstitutionforanyreasonexceptuponspecificwritteninstructionsfromtheCITY.2.TheFinancialInstitutionagreesthatthesefundswillbepaidtotheCITYwithin10daysofreceivingwrittennoticethattheCITYhasdeterminedthatrequirementsoftheAgreementhavenotbeensatisfactorilyperformedwithinapplicabletimelimitsorthatrequiredfeeshavenotbeenpaid.TheFinancialInstitutionshallhavenodutyorrighttoevaluatethecorrectnessorappropriatenessofsuchnoticeordeterminationbytheCITYandshallnotinterpleadorinanymannerdelaysaidpaymentoffundstotheCITY.AnyunexpendedfundsshallbereturnedtotheAPPLICANTuponcompletionofthetermsoftheAgreement.3.TheobligationsoftheFinancialInstitutionandAPPLICANTshallnotbedischargedandshallremainineffectintheeventofanyextensionoftimefortheAPPPLICANT’SperformanceoftheAgreementorofanyamendmentoftheengineeringplansusedforconstructionoftheproject.TheFinancialInstitutionherebywaivesnoticeofanysuchextensionoramendments.4.TheAPPLICANT’SobligationtoperformtheworkorpayfeesandotheramountsisnotlimitedtotheamountofthisAssignmentofFunds.12/1)2018 //?/‘/a-oI(Date)’ProjectNo.(PR)/ConstructionPerrLUA16-000272‘itNo.Cc/u)fUCI700891,PLR-3953ProjectNameValleyVueFINANCIALINSTITUTIONICIAL(Signa’reFINANCIALINSTITUTION’SMAILINGADDRESS:LPJ[EC4ac-a--’t(PrintName)-J5tateofWashington,CountyofKinIcertifythatIknoworhaveseen5i(FinancialInstitutionOfficial)signedfortheusesandpurpose5mentione(NotarySealorStampforFinancialInstitutionOfficialSignatuNotaryPublicStateofWashinWonDREWMORELANDCCMMISSION#202814MYCOMMISSION$(PIRES12,2022(Phone’Number)—-tisfactoryevidencethat__________________________________________thisinstrumentandacknowIdgesittobehisJherfreeandvoluntaryactJinthisinstrument.Dated:Cl/ti/zojqe)SignatureofNotaryPublic:Title:J%,jj7,hIMyappoIntmentexpires:%aIa.2o7-ZIItistheAPPLICANT’SresponsibilIty10notifytheCityofRentonofanychangeinaddress,telephonenumberorchangeofownershipofthepropwty.ItistheAPPLICANT’Sresponsibilitytoarrangeforreplacementofany/allfinancialguaranteespriortornv.charm&ofownership.APPLICANT:RADHoldingsLLC21‘Ci!19ate)ReceivedforCityofRentonByDate22/1/2018 pDEPARTMENTOFCOMMUNITYANDECONOMICDEVELOPMENT—“RentonIVIAINTENANCEANDDEFECTAPPLICANTNameandMailingAddress(pleaseprintclearly)..RADHoldingsLLC‘Name.AGREEMENT(Twoyears)Forpublic.Address1’1040WestLakeSammamishPkwySEroads,publicandprivatelandscaping,drainagefacilities,andotherpublicimprovementsAddress2:Bellevue,WA98008PhoneNumber:2067154559ProjectNo./PermitNo.ProjectNameLUA16-000272/UC17001891,PLR-3953ValleyVueGuaranteeAmountSiteLocation$9906.253112TalbotRoadS.,Renlon,WA98055ThisagreementismadeandenteredintothisIdayofftfPZIñ524u),203._,betweentheCityofRenton,hereinaftercalledtheCITY,andtheabovenamedapplicant,hereinaftercalledAPPLICANT.BasisforAGREEEMENT:WHEREAS,theundersignedAPPLICANThasconstructedpublicroads,publicandprivatelandscaping,drainagefacilitiesand/orotherpublicimprovementstobedeededtotheCITYinconnectionwiththeabove-referencedproject;andWHEREAS,theAPPLICANThasagreedtosecurethesuccessfulmaintenanceandoperationofsaidimprovementsforthereferencedprojectpursuanttoRMC4-6-030andRMC9-10-5.NOWTHEREFORE,theAPPLICANTherebyagreesandbindsitselfanditslegalrepresentatives,successors,andassignsasfollows:TermsoftheAGREEMENT:1.TheimprovementsconstructedbytheAPPLICANTorhisrepresentativeshallsuccessfullyoperateandshallremainfreeofdefectsindesign,workmanship,andmaterialsforaperiodoftwo(2)yearsfromthedateofsatisfactorycompletionoftheimprovementsorfinalplatapproval,whicheverislater.AsusedinthisAGREEMENT,theterm“defects”includesbutisnotlimitedto,damageresultingfromconstructionactivitiesand/oruseduringthetwo(2)yearperiod.2.TheAPPLICANTisresponsibleformaintenanceofthepublicroad,publicandprivatelandscaping,drainagefacilitiesandotherpublicimprovements,includingtheroadwaysurfaceforthetwo(2)yearperiodfromthedateofsatisfactoryconstructionapprovalorfinalplatapproval,whicheverislater.3.Intheeventofanyfailureoftheimprovementstosatisfactorilyoperateorintheeventofadefectindesign,workmanship,ormaterials,theAPPLICANTshallpromptlyandadequatelyrepairand/orcorrectthefailureordefect.4.TheCITYwillperformmaintenanceinspectionsduringthetwo(2)yearperiod.5.Duringthetwo(2)yearperioduponnotificationbytheCITY,theAPPLICANTshallcorrectand/ormakerepairstotheright-of-wayimprovementswithinthetimeperiodspecifiedbytheCITYwhendefectsinthedesign,workmanship,ormaterialsoccur. ProjectName/UC17001891,PLR-3953ValleyVue6.IntheeventtheCITYdeterminesthatrepairsmustbeperformedimmediatelytopreventrisktoperson(s)andproperty,theCITYmaymakenecessaryrepairsandthecostsofthoserepairsshallbepaidbytheAPPLICANTupondemand.7.TheAPPLICANTshallpayallrequiredfeesinaccordancewithRentonMunicipalCode.8.Attheendofthetwo(2)yearperiod,theAPPLICANTshallcleanthedrainagefacilitiespriortotheCITY’sfinalinspection.9.If,attheconclusionofthetwo(2)yearperiod,theCITY,atitssolediscretion,determinestheimprovementsarenotadequatelymaintained,theAPPLICANTshallperformpromptmaintenancetotheCITY’ssatisfaction.IntheeventthismaintenanceisnotperformedwithinthetimeperiodspecifiedbytheCITY,theCITYwillinvoketheenforcementprocessesfoundinRMCChapter1-3.10.AnyfailurebytheAPPLICANTtocomplywiththetermsofthisAGREEMENTinatimelymannershallconstitutedefault.AnyactionorinactionbytheCITYfollowinganydefaultinanytermorconditionofthisAGREEMENTshallnotbedeemedtowaiveanyrightsoftheCITYpursuanttothisAGREEMENT.11.TheAPPLICANTshallindemnifyandholdtheCITYanditsagents,employeesand/orofficersharmlessfromandshalldefendatitsownexpenseallclaims,damages,suitsatlaworequity,actions,penalties,losses,orcostsofwhatsoeverkindornature,broughtagainsttheCITYfornegligencearisingoutof,inconnectionwith,orincidenttotheexecutionofthisAGREEMENTand/ortheAPPLICANT’sperformanceorfailuretoperformanyaspectoftheAGREEMENT.Provided,however,thatifsuchclaimsarecausedbyorresultfromconcurrentnegligenceoftheAPPLICANTandtheCITY,itsagents,employeesand/oroffices,thisprovisionshallbevalidandenforceableonlytotheextentofthenegligenceoftheAPPLICANT,andprovidedfurther,thatnothinghereinshallrequiretheAPPLICANTtoholdharmlessordefendtheCITYfromanyclaimarisingfromthesolenegligenceoftheCITY’sagents,employeesand/orofficers.12.IntheeventthatanypartdeemsitnecessarytoinstitutelegalactionorproceedingstoenforceanyrightorobligationunderthisAGREEMENT,thepartiesheretoagreethatanysuchactionorproceedingshallbebroughtinacourtofcompetentjurisdictionsituatedinKingCounty,Washington.13.TheAPPLICANTisgrantedtherighttoaccessCITYright-of-way,tracts,andeasementsdedicatedtotheCITYforthepurposeofperformingworkrequiredbythisMaintenanceandDefectAgreementuntiltheAGREEMENTisreleased.(PrintedName)(Title)notbereleaseduntilallProjectNo./PermitNo.LUA16-000272E1&INTENANCEANDDEFECTAGREEMENT(C0NT’o)writtenAPPLlReleaseRequirements:ThisAGREEMENTshallremaininforceandeffectandshalltermsofthisAGREEMENThavebeencompletedtothesatisfactionoftheCITY.INWITNE5SJH€R!6E.thepartiesheretohaveexecutedthisAGREEMENTasofthedayandyearfirstabove(Signaturej—____——”(Date)14€A4(M1JPV’46n1Th)E,ZcPage2of2IPublished:2/1/2018