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Surety - Assignment of Funds DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT 1 2/1/2018 ASSIGNMENT OF FUNDS TO CITY OF RENTON Applicant’s Name and Address Name: Address 1: Address 2: Project No. (PR)/Construction Permit No. (C/U) Project Name / Deposit Amount Site Location The Financial Institution, authorized to do business in the State of Washington, hereby certifies that the sum of is on deposit with the Financial Institution in Account Number under the name to secure for the City of Renton, hereinafter called the CITY, the above-named Applicant’s, hereinafter called APPLICANT, performance of certain work and conditions required in connection with the above-referenced project. THE CONDITION OF OBLIGATION is that: 1. The APPLICANT has executed an “Agreement” entitled “____________________________________________________________________________”, a copy of which is attached hereto and incorporated herein by this reference. 2. Under the provisions of the Agreement, the APPLICANT is required to furnish guarantee to secure the APPLICANT’S compliance with the terms of the Agreement. IT IS FURTHER EXPRESSLY PROVIDED that: 1. The Financial Institution hereby certifies and agrees that these funds will not be released without written instructions from an authorized agent of the CITY. This Assignment of Funds is irrevocable and may not be terminated or cancelled by the APPLICANT or Financial Institution for any reason except upon specific written instructions from the CITY. 2. The Financial Institution agrees that these funds will be paid to the CITY within 10 days of receiving written notice that the CITY has determined that requirements of the Agreement have not been satisfactorily performed within applicable time limits or that required fees have not been paid. The Financial Institution shall have no duty or right to evaluate the correctness or appropriateness of such notice or determination by the CITY and shall not interplead or in any manner delay said payment of funds to the CITY. Any unexpended funds shall be returned to the APPLICANT upon completion of the terms of the Agreement. 3. The obligations of the Financial Institution and APPLICANT shall not be discharged and shall remain in effect in the event of any extension of time for the APPPLICANT’S performance of the Agreement or of any amendment of the engineering plans used for construction of the project. The Financial Institution hereby waives notice of any such extension or amendments. 4. The APPLICANT’S obligation to perform the work or pay fees and other amounts is not limited to the amount of this Assignment of Funds. 2 2/1/2018 Project No. (PR)/Construction Permit No. (C/U) Project Name / FINANCIAL INSTITUTION OFFICIAL: FINANCIAL INSTITUTION'S MAILING ADDRESS: (Signature) (Date) (Print Name) (Phone Number) State of Washington, County of King I certify that I know or have seen satisfactory evidence that ________________________________________ (Financial Institution Official) signed this instrument and acknowledges it to be his/her free and voluntary act for the uses and purposes mentioned in this instrument. (Notary Seal or Stamp for Dated: Financial Institution Official Signature) Signature of Notary Public: Title: My appointment expires: It is the APPLICANT’S responsibility to notify the City of Renton 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 any change of ownership. APPLICANT: (Print Name) (Signature) (Date) Received for City of Renton By Date