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Home My WebLink AboutS_Release_Letter_Set_Aside_VIRT-16204_DEF17004749_181002.pdfDenisl.awMayorCommunity&EconomicDevelopmentC.E.“Chip”Vincent,AdministratorOctober2,2018WillHeatanVirtuosoVentures6,LLC14508NE20ihStreet,Suite200Bellevue,WA98007SUBJECT:RELEASEOFSETASIDELETtERCONSTRUCTIONLOAN#VIRT-16204LIMELITESHORTPLATIDEFERRAl.PERMIT#DEF17004749DearMr.Heaton:ThisletterwillserveasauthorizationtoreleasetheSetAsideLetter,constructionloan#VIRT-16204fromIntrustFunding,LLCissuedtoVirtuosoVentures6,LLConOctober11,2017intheamountof$349,005.36.ThisitemwaspostedtotheCityofRentononbehalfoftheLimeliteShortPlatproject.Enclosedistheoriginaldocumentforyourreference.Ifyouhaveanyquestions,pleasecontacttheprojectmanager,JustinJohnsonat(425)430-7291.Sincerely,JenniferHenningPlanningDirectorEnclosure(s):IntrustFundingSetAsideLetterconstructionLoan#VIRT-16204cc:JustinJohnson,DevelopmentEngineeringProjectManagerBrianneBannwarth,DevelopmentEngineeringManager1055SouthGradyWay,Renton,WA98057-rentonwa.gov IntrustFundingSETASIDELETTERINTRUSTFUNDING,LLChasondepositin(LENDER)ConstructionLoan#VIRT—16204thesumof$__349005.36tocovertheconstructianofDEFERALLSITEIMPROVEMENTSAT16204114THAVESE,RENTONSaidfundswillbedistributedonlyafterINTRUSTFUNDING,LLChasILENOER)satisfieditselfthattheworktobepaidforhasactuallybeenperformedtothesatisfactionoftheCityofkenton.Thesefundsset-asideshallnotbedisbursedtotheborrower,acontractorworkingfortheborrower,oranythirdpartywithoutthepriorwrittenapprovaloftheCityofkentonandthisloanshallnotbeterminatedorallfundsthereunderdistributedwithoutpriorapprovaloftheCityofkenton.IntheeventVIRTUOSOVENTURES6,LLCfailstocompleteandpay[OWNER]fortheimprovementsasrequiredbytheCityofkenton,allfundsremaininginsaiddepositshallbemadeavailabletotheCityofkentontocompleteandpayforthecostofsaidimprovements.WILLHEATONCAROLYNGOSSETTApplic(PriNameofBankOfficer(Pint)‘Vt/fl7GPAuthorizedSignatureAuthorizedSighatjireMEMBERLOANOFFICERTitle(Print)Title(Print)OCTOBER11,2017OCTOBER11,2017DateDate14508NE20THST#200AddressBELLEVUE,WA98007City,State,ZipINTRUSTFUNDING.COMTELEPHONE425.881.5131LOANS@JNTRUSIFUNDING.COM