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S_Assignment_of_Funds_Landscape_Maintenance_Agreement_171016
DEPARTMENTOFCOMMUNITYANDECONOMICDEVELOPMENT—-“RentonASSIGNMENTOFFUNDSApplicant’sNameandAddressNordicRidge,LLCTOCITYOFRENTON15LakeBellevueDrive,Ste102Bellevue,WA98005ProjectNo.(PR)/ConstructionPermitNo.(U)ProjectNamePR16-000154U16-001701KinkadeCrossingDepositAmountSiteLocation$93,662.1817709116thAveSERenton,WA98058TheUSBankFinancialInstitution,authorizedtodobusinessintheStateofWashington,herebycertifiesthatthesumof$93,662.18isondepositwiththeFinancialInstitutioninAccountNumber153596117926underthenameNordicRidge,LLCtosecurefortheCityofRenton,hereinaftercalledtheCITY,theabove-namedApplicant’s,hereinaftercalledAPPLICANT,performanceofcertainworkandconditionsrequiredinconnectionwiththeabove-referencedproject.THECONDITIONOFOBLIGATIONisthat:1.TheAPPLICANThasexecutedan“Agreement”entitled5yearLandscapeMaintenanceAgreement“,acopyofwhichisattachedheretoandincorporatedhereinbythisreference.2.UndertheprovisionsoftheAgreement,theAPPLICANTisrequiredtofurnishguaranteetosecuretheAPPLICANT’ScompliancewiththetermsoftheAgreement.ITISFURTHEREXPRESSLYPROVIDEDthat:1.TheFinancialInstitutionherebycertifiesandagreesthatthesefundswillnotbereleasedwithoutwritteninstructionsfromanauthorizedagentoftheCITY.ThisAssignmentofFundsisirrevocableandmaynotbeterminatedorcancelledbytheAPPLICANTorFinancialInstitutionforanyreasonexceptuponspecificwritteninstructionsfromtheCITY.2.TheFinancialInstitutionagreesthatthesefundswillbepaidtotheCITYwithin10daysofreceivingwrittennoticethattheCITYhasdeterminedthatrequirementsoftheAgreementhavenotbeensatisfactorilyperformedwithinapplicabletimelimitsorthatrequiredfeeshavenotbeenpaid.TheFinancialInstitutionshallhavenodutyorrighttoevaluatethecorrectnessorappropriatenessofsuchnoticeordeterminationbytheCITYandshallnotinterpleadorinanymannerdelaysaidpaymentoffundstotheCITY.AnyunexpendedfundsshallbereturnedtotheAPPLICANTuponcompletionofthetermsoftheAgreement.3.TheobligationsoftheFinancialInstitutionandAPPLICANTshallnotbedischargedandshallremainineffectintheeventofanyextensionoftimefortheAPPPLICANT’SperformanceoftheAgreementorofanyamendmentoftheengineeringplansusedforconstructionoftheproject.TheFinancialInstitutionherebywaivesnoticeofanysuchextensionoramendments.4.TheAPPLICANT’SobligationtoperformtheworkorpayfeesandotheramountsisnotlimitedtotheamountofthisAssignmentofFunds.111/07/2016 ProjectNo.(PR)/ConstructionPermitNo.(U)ProjectNamePRI6-000154,U16-001701KinkadeCrossingFINANCIALINSTITUTIONOFFICIAL:ignature(PrintName)tifn(Date)FINANCIALINSTITUTION’SMAILINGADDRESS:.it?iAG(QC‘(L/lSc7—2-t/(PhoneNumber)StateofWashington,CountyofKing/IcertifythatIknoworhaveseensatisfactoryevidencethat//-////PjL)7½?(FinancialInstitutionOfficial)signedthisinstrumentandacknowledgesittobehis/herfreeandvoluntaryactfortheusesandpurposesmentionedinthisinstrument.Dated:/7SignatureofNotaryPublic:Title:Myappointmentexpires://Z/ItistheAPPLICANT’SresponsibilitytonotifytheCityofRentonofanychangeinaddress,telephonenumberorchangeofownershipoftheproperty.ItistheAPPLICANT’Sresponsibilitytoarrangeforreplacementofany/allfinancialguaranteespriortoanychangeofownership.APPUCANTMJLGADDRESS:Cl:(-tV14(CfO(PrintNani)viAgcô5(i-it)?c)ReceivedforCityofRentonBy/c//’PtCff//VF/A’2-PL9rDate(PhoneNumber)11/07/2016