05-017.00 US Banki-~~
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IRREVQCABLI/ ASSIGNM:~NT vh BI~OCKE17 ACCOUNT
Date: March 7, 2005
Beneficiary:
City of Spokane Valley
1 ] 707 L. Sprague, Ste. 106
Spokane Valley, 1~hA 99206
Applicant:
Name: Thomas Hamilton
Address: P.O. Box 14686
Spokane Valley; \~hA 99214
Phone: 924-781 1
Attn: Steve 1~l%orley
Pra.ject # & iYame: Debtoa:'s ~+Titi~;~ition Agreement SR 2? (:Dines I~.oad)/11~ansfield
Road Construction. P~:ojec;L• [ 1$ t1Cre& located on Shannon Reid, parcel number
45103.0203, 45105.0204, 45103.0`2044 and. 457,03.024a ~.
Blocked Account Number: 100-203s0-014
Lxpiry Taate: Upon release by Benefciary.
Uur Cowiters F'resentl}~ Located At: Richards, i\~ten-ill R Peterson; One Skywal.k, U.S. Tank
Building, 422 ~V. Riverside Avenue
Spokane, lVA 99201-0367
Amount: $47,582.40
Not exceeding US Dollies Forty Seven Thousand Five 1-iundred Lighty "1'~~~0 Dollars and Fort}°
Gents.
itemized as follows:
Developer's contribution to the Project for nlitigat:io^ of future. traffic impacts related to the
Development: Forty Seven Thousand f=ive Hundred Eighty T~~ro Dollars and Forty Cents
(~47,ss2.4o).
This Page I forms an interiril Part of irrevocable assignment of blocked Ficcou~it Il'-Q-20350-014
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l~~e hereb_y agree to this irrevocable blocked account for llebtor's .IV.ri.tiga~on ~g~~eement SR
27 (Pines Road)nZansfield Road. Construction Project ~ ].$ acres locrzt;ed on Sh;:innon
Road, parcel number 45103.0203, 45103.0204, 45103.02044 and 45103.0245] a_nd
will make available within fi~~e ($) business days of our receipt o~-your request to us to disburse
('unds in accordance ~~rith said vlitigation flgreement.
This Pagc 2 fom~s yin integr;il port ofirrevocable avignmcnt of blacked account I00-2030-014
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Sl~~.~CTAL CQNUITIQ\TS
1. Any and all brokerage charges are for the accotfnt of the beneficiary.
2. It is a condition of this irrevocable assignment of blocked account that it shall be
automatically extended, without amendment, for an additional period of one year from
the prEaent expiration date or each future expiration date. X111 written notification shall be
sent via registered mail.
1Zequests for funds under this irrevocable assignment of blocked account must bear the clause:
".Request for funds under Richards, Merrill ~. Peterson irrevocable assignment of blocked
account 1~io. 100-20350-O14."
~Ve hereby engage ~.vith }rou that requests for funds and/or documents presented and negotiated
under and ui compliance with die terms of this irrevocable assignment of blocked account will be
duly honored ~vitlwi 5 business days of presentation to us.
The amount of each request for funds must be endorsed on the reverse of this irrevocable
assignment of blocked account by the Richards, Merrill R Peterson.
A charge of USD $25.00 will be deducted from the proceeds of any request for funds presented
with discrepancies.
RICI-U~1RDS, iv1L]Z1ZlLl~ & Pr'ITRSON
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B.
1:.URT QRTON; Authorized Signatory
T OMAS l7. - 1\~fILTON
This Paige 3 I~rins an iijtegri~l cart oP irrevocable assigmncnt of blocked :account 100-2030-014