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Home My WebLink AboutS_Release_Letter_AOF_Permit_Bond_190208DenisLawMayorCommunity&EconomicDevelopmentC.E.“Chip”Vincent,AdministratorFebruary8,2019RoryDeesRADHoldingsLLC1040WLakeSammamishPkwySEBellevue,WA98008SUBJECT:RELEASEOFASSIGNMENTOFFUNDS-BANKOFAMERICAVALLEYVUESHORTPLATIUTILITYPERMIT#C17001891DearMr.Dees:ThisletteristoconfirmthattheCityhasreceivedthetwo-yearmaintenancesuretyintheformofAssignmentofFundsaccount#138125475042intheamountof$9,906.25andthemaintenanceanddefectagreementonFebruary4,2019whichsecuresthesuccessfulmaintenanceandoperationoftherequiredimprovementsfortheabovereferencedproject.Accordingly,thisletterwillalsoserveasauthorizationtoreleasetheAssignmentofFundsfromBankofAmericaissuedtoRoryDees,RADHoldingsLLConSeptember4,2018intheamountof$22,660.90.TheseitemswerepostedtotheCityofRentononbehalfoftheValleyVueShortPlatproject.Enclosedaretheoriginaldocumentsforyourreference.Ifyouhaveanyquestions,pleasecontacttheprojectmanager,JustinJohnsonat(425)430-7291.Sincerely,JenniferHenningPlanningDirectorEnclosure(s):BankofAmericaAs5ignmentofFundsccJustinJohnson,DevelopmentEngineeringProjectManagerBrianneBannwarth,DevelopmentEngineeringManager1055SouthGradyWay,Renton,WA98057rentonwa.gov DEPARTMENTOFCOMMUNITY_______FANDECONOMICDEVELOPMENT_______-“iIL.Ofl-ASSIGNMENTOFFUNDSApplicant’sNameandAddressName:12o1a1-t9cz€_sTOCITYOFRENTONAddress1:LQi{QUiJLcM’€..¶fl,rl,flliiiPAddress2:RW’t%6.1t1iProjectNo.(PR)/Con5tructionPermitNo.(C/U)ProjectName/crffc’gV4LUTh’VicDepositAmountSitel.ocationt%O1LL’t2The1iuiL:fJ%’iQ/t11FinancialInstitution,authorizedtodobu5inessfltheStateofVashington,lerebycertifiesthatthesumofLIvL?L41isondepositwiththeFinancialInstitutioninAccountNumber____________________________________________________underthename[t14dl,iqc(1ctosecurefortheCityofRenton,hereinaftercalledtl’eCITY,theabove-namedApplicant’s,hereinaftercalledAPPLICANT,performanceofcertainworkandconditionsrequiredinconnectionwiththeabove-referencedproject.ThECONDITIONOFOBLIGATIONisthat:1.TheAPPLICANThasexecutedan“Agreement”entitled[Blanki“,acopyofwhichisattachedheretoandincorporatedhereinbythisreference.2.UndertheprovisionsoftheAgreementtheAPPLICANTisrequiredtofurnishguaranteetosecuretheAPPLICANT’ScompliancewiththetermsoftheAgreement.ITISFURTHEREXPRESSLYPROVIDEDthat:1.TheFinancialInstitutionherebycertifiesandagreesthatthesefundswillnotbereleasedwithoutwritteninstructionsfromanauthorizedagentoftheCITY.ThisAssignmentofFundsisirrevocableandmaynotbeterminatedorcancelledbytheAPPLICANTorFinancialInstitutionforanyreasonexceptuponspecificwritteninstructionsfromtheCITY.2.TheFinancialInstitutionagreesthatthesefundswillbepaidtotheCITYwithin10daysofreceivingwrittennoticethattheCITYhasdeterminedthatrequirementsoftheAgreementhavenotbeensatisfactorilyperformedwithinapplicabletimelimitsorthatrequiredfeeshavenotbeenpaid.TheFinancialInstitutionshalthavenodutyorrighttoevaluatethecorrectnessorappropriatenessofsuchnoticeordeterminationbytheCITYandshallnotinterpleadorinanymannerdelaysaidpaymentoffundstotheCITY.AnyunexpendedfundsshallbereturnedtotheAPPLICANTuponcompletionofthetermsoftheAgreement.3.TheobligationsoftheFinancialInstitutionandAPPLICANTshallnotbedischargedandshallremainineffectintheeventofanyextensionoftimefortheAPPPLICANT’SperformanceoftheAgreementorofanyamendmentoftheengineeringplansusedforconstructionoftheproject.TheFinancialInstitutionherebywaivesnoticeofanysuchextensionoramendments.4.TheAPPLICANT’SobligationtoperformtheworkorpayfeesandotheramountsisnotlimitedtotheamountofthisAssignmentofFunds.bA)1211/2018 ProjectNo.(PR)/ConstructionPermitNo.(C/U)ProjectName,,6}co1691VL.E%t/ti_.FINANCIALINSTITUTIONOFFICIALFINANCIALINSTITUTION’SMAIUNGADDRESS::dinYo71m(VFVM-9Tft)(Signature)(Date)lip.C1Vbri-71(PrintName)(honeumber)StateOfWashington,CountyofKingVIcertifythatIknoworhaveseensatisfactoryevidencethatCWGrILMti’j(FinancialInstitutionOfficial)signedthi5instrumentandacknowledgesfttobehis/herfreeandvoluntaryactfortheusesandpurposesmentionedInthisInstrument..(NotarySealorStampforFinancialInstitutionOfficialSignature)NotitrypublicStateofWashingtonLISA.MMCKAY.MVCOMtiSSIONEXP!RESSepternbor2l.2021ReceivedforCityofRentonByDateDated;-SignatureofNotaryPublic:;.Title:6’Myappolntmentexpires:APPLICANT:ItIstheAPPLICANT’SresponsibilitytonotifytheCityofRentonofanychangeinaddress,telephonenumberorchangeofownershipoftheproperty.ItistheAPPLICANT’Sresponsibilitytoarrangeforreplacementofany/allfinancialguaranteespriortoanychangeis22(1/2018 nipIadorCashiers:Check—CustomerCopyNo.08859098.93‘Iejj;jwcmlIepl:nLaid-y‘3IIinipcriod.jlIbru1rciLccnrcplxencrtiTfbhc4VoidAfter9O.Days1—I70fl22iDütb09/04/I8•0241:48.PM;SAQUM1NAZ003:00316000223PayOFjSJ9O**$20,660,90***TwefltyThausandSix[kindredSixtyand.90/100DotarstToTheREDHOLDINGSLLCDrderOt.-xl-1-.)ASSIGNMENTOFFUNUSFORCITYOFRENTONINot-r(egouauLeCustomcrCbpycmLucr(Purdiasedfl3)RORYPPEESRetainforyourRecoWsank.oiAnierca,NA457002931.6941-IOENIX,AZ