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HomeMy WebLinkAboutSurety - Cash Surety Deposit Performance Assurancerentonwa.gov/permitservices | developmentengineering@rentonwa.gov | 425-430-7240 2/24/2023 | Page 1 of 1 CITY OF RENTON Ι PERMIT SERVICES CASH SURETY DEPOSIT PERFORMANCE ASSURANCE The City of Renton (the “CITY”), hereby acknowledges receipt from the above-named APPLICANT, who has paid the cash surety deposit amount noted above. The APPLICANT hereby authorizes that the sum referenced above be kept on deposit with the City of Renton Finance Department for the purpose of guaranteeing that the above-referenced project will be completed in accordance with approved plans and conditions and applicable City Standards no later than __________________________. These improvements are described on the above referenced permit(s). THE CONDITION OF OBLIGATION IS THAT: 1.Until written release of this obligation by the CITY, this cash financial guarantee may not be terminated or cancelled by the APPLICANT for any reason. 2.The obligations of the APPLICANT shall not be discharged or affected by any amendment of the engineering plans used for construction of the project. 3.Upon failure of the APPLICANT to perform any of the terms of the AGREEMENT, the CITY may use the funds to complete the work and pay outstanding fees and other amounts. The APPLICANT shall have no duty or right to evaluate the correctness or appropriateness of the CITY’S determination that requirements have not been satisfactorily completed. Any unexpended funds shall be returned to the above-named APPLICANT upon completion, to the CITY’S sole satisfaction, of the terms of the AGREEMENT. 4.The APPLICANT’S obligation to perform the work or pay fees and other amounts is not limited to the amount of this cash surety deposit. It is the APPLICANT’S responsibility to notify the CITY of any change in address, telephone number or change of ownership of the property. It is the APPLICANT’S responsibility to arrange for replacement of any/all financial guarantees prior to change of ownership. APPLICANT: (Print Name) (Signature) (Date) APPLICANT’S NAME: MAILING ADDRESS: PHONE: PROJECT NO./PERMIT NO.: PROJECT NAME: SITE LOCATION: CASH SURETY DEPOSIT AMOUNT: