HomeMy WebLinkAboutS_Release_Letter_AOF_0221001126_LUA04-067_20230426
April 25, 2023
C. Thomas Foster
20840 SE 118th St
Issaquah, WA 98027
SUBJECT: RELEASE OF ASSIGNMENT OF FUNDS ACCOUNT #0221001126
HONEY BROOKE PHASE III / LAND USE CASE FILE #LUA04-067
Dear Mr. Foster:
This letter will serve as authorization to release the Assignment of Funds from Washington First
International Bank Account #0221001126 issued to Tom Foster, Langley Development Group, Inc. on March
8, 2005, in the amount of $1,250.00. This item was posted to the City of Renton on behalf of the Honey
Brooke Phase III project. Enclosed is the document for your reference.
If you have any questions, please contact the Planning Technician, Jennifer Cisneros at
jcisneros@rentonwa.gov or call 425-430-6583.
Sincerely,
Vanessa Dolbee
Planning Director
Enclosure(s): Washington First International Bank Assignment of Funds #0221001126
WashingtonfirstInternationalBankSeattle,Washington98115ASSIGNMENTOFBANKACCOUNTDeveloper:TomFosterCompany:LangleyDevelopmentGroup,Inc.Address:6450SouthcenterBlvd.Suite#106,Seattle,WA98188BankContact:PaulFong,SeniorVicePresident,ResidentialLendingPhone:206.528.9303Fax:206.528.2202KNOWALLMENBYTHESEPRESENTSthatWashingtonFirstInternationalBankhasbeenauthorizedanddirectedbyTomFosterofLangleyDevelopmentGroup,Inc.,hereinafterreferredtoasthe“Developer”,toholdfromthefundsondepositinBankAccountNumber0221001126thesumof$1,250,excludingallbankpenaltycharges,hereinafterreferredtoasthesecurity/collateralvalue,foraMaintenanceSuretyDeviceinthenameofLangleyDevelopmentGroup,Inc.,heldfortheCityofRenton.IntheeventtheCityofRentonrequirestheliquidationofpartoralloftheabovefundsbeingheldinbankaccount,WashingtonFirstInternationalBankisherebyauthorizedanddirectedbytheDevelopertopaytheCityofRentonsuchsums,withinthelimitsoftheamountheldbytheaccount,asdeterminedbytheCityofRenton,oritsauthorizeddesignate,thatarenecessaryandrequiredbytheMaintenanceSuretyDevicebetweentheDeveloperandtheCityofRenton.Further,WashingtonFirstInternationalBankwillreleasefromthisAssignment,theamount(s)certifiedbytheCityofRenton,oritsdesignate,tothedeveloperwhensuchsumsaresoapprovedinwritingorfiveyearsfromthedateofthisAssignment,whicheveristhesooner.TheCityofRentonshallhavefirstclaimandpriorityonthesecurityvalueintheaboveaccountintheeventofdefaultoftheofthemonitoringandmaintenanceofthewetlandsassociatedwithHoneyBrookeDivisionIII,asissuedandcoveredbythisAssignment.Itisfurtherunderstoodandagreedthattheaforesaidprioryclaimisparamounttoallparties,includingthedeveloper,whoagreesthatthesecurityvalueofthebalancethereof,shallbeheldavailabletosatisfysuchclaim(s)bytheCityofRenton,notwithstandingtheterminationofbankaccountagreementbetweenWashingtonFirstInternationalBankanddepositorforanyreasonwhatsoever.AuthorizedSignatures:Signed,sealedanddatedthisdayofLangleyDevelopmentGroup,Inc.By:TomFosterIts:PresidentIts:SeniorVicePresident,Lending