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S_Assignment_of_Funds_153596077310_Monterey_Meadows_LUA14-001280
DEPARTMENTOFCOMMUNITYANDECONOMICDEVELOPMENT—“RentonASSIGNMENTOFFUNDSandAddress15LakeSellevueOr,Ste.102TOCITYOFRENTONBellevue,WA98005ProjectNo.(PR)/ConstructionPermitNo.(U)ProjectNameLUA14-001280MontereyMeadows,LLCDepositAmountSiteLocation$34,863.053767MontereyPLSERenton,WA98056TheUSSankFinancialInstitution,authorizedtodobusinessintheStateofWashington,herebycertifiesthatthesumof$3486305isondepositwiththeFinancialInstitutioninAccountNumber153596077310underthenameMontereyMeadows[ICtosecurefortheCityofRenton,hereinaftercalledtheCITY,theabove-namedApplicant’s,hereinaftercalledAPPLICANT,performanceofcertainworkandconditionsrequiredinconnectionwiththeabove-referencedproject.THECONDITIONOFOBLIGATIONisthat:1.TheAPPLICANThasexecutedan“Agreement”entitled“5yearLandscapeMaintenanceAgreement“,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)ProjectNameLUA14-001280/MontereyMeadowsLLCFINANCIALINSTITUTIONOFFICIAL:FINANCIALINSTITUTION’SMAILINGADDRESS:/LD7/15/yUSBank(Signature)(Date)10800NE8thSt.,Ste.1000PhilipJ.DavisBellevue,WA98004(425)637-2481(PrintName)(PhoneNumber)StateofWashington,CountyofKingIcertifythatIknoworhaveseensatisfactoryevidencethatPhilIp35&vis(FinancialInstitutionOfficial)signedthisinstrumentandacknowledgesittobehis/herfreeandvoluntaryactfortheusesandpurposesmentionedinthisinstrument.(NotarySealorStampforDated:7511FinancialInstitutionOfficialSignature)c:N,ii/1iSignatureofNotaryPublic:CL-50U-AJ’O3t,1/Lpppp___ppppp!NotaryPubhcTitle:&01tt4’i_j‘StateofWashingtonpiJANICEGALVERSONMyappointmentexpires:-2—9r(MyAppointmentExpiresApr29,2018IwwwwwwwwwwwIItistheAPPLICANT’SresponsibilitytonotifytheCityofRentonofanychangeinaddress,telephonenumberorchangeofownershipoftheproperty.ItistheAPPLICANT’Sresponsibilitytoarrangeforreplacementofany/allfinancialguaranteespriortoanychangeofownership.APPLICANT’SMAILINGADDRESS:TaylorDevelopment15LakeBelleuveDr.Ste102__________________Bellevue,WA98005(425-869-2020)(PhoneNumber)R2,GdforCityofRenpnBy7/3/ilDate(Date)JeffreyE.Hamilton(PrintName)211/07/2016