07-061.00 Sterling Savings Bank Letter of Credit%~
STERLING~~
SAVINGS BANK
SI'LCiAL ACCOUNT ASSIGNI~<iEN"1" 1 OR CONS 1`RUC"1"lON F'ERFORivIANCE
130NI~
for secw-ity purposes only; Jerry J. Stroh, (Developer) has deposited finds in a special
account for the purpose of surety i'rn• the full and faithfiil performance by the
Dl/VF:T OP> ;R of the construction of certain roads, monuments and drainage facilities for
I~ellea~ Road Estates (Project) specified in the typical section and roadway improvement
plans for said PROJECT on file in the Office of Spokane Valley 1~~ngincer.
The llEVELOPER hereby designates SPOK.AI~L VALLEY, a code City of the State of
Washington, as beneficiary of the following;
Special account number----5999395512
in the rnax_itnum amount of $55,177.00
and held in and by lea°ry J. Stxoh-
Sterling Savings Bank.
Argonne Branch (the `BANK") 507 N Mullah Spokane, Wa. 99206
H'unds deposited in this account (up to the maximum amc-unt) may be released to
the T)LVT.LUPFaTl or any other party only with the prior written consent and
a~rcernent of the Spokane Valley Engineer.
The undersigned Dl•/VELOYER hereby authorizes the BANK to pay over to S1'OK.Ar~IE
VAT~LE•Y all; or a sufficient portion of the mollies on deposit in the special account
referenced hereinabo~~e, upon (1) written documentation being received from the
Spoka~~e Valley Engineer indicating that the purposes f'or which the special account vas
assigned have not been fully a.nd :faithfully performed as required; and (2) a statement
from the City Engineer of thai amount of money which the CIl Y deems necessary to
complete such obligation. Upon receipt of such written documentation; the Dp:VET OPLR.
hereby aut:horires the BANK to release to Spokane. Valley that amount of money
requested, up to the maximum amount in the special account..
Said SF'LCIAL ACCOUI~rT ASSIGivvIEN"l' FOR CONS"1`RUCTI.OI~r BOND
PiJRPOSI~S is made as security for the full and Faithful perforrna~ice by the
Dr~~~1;LO:E'E.~R to complete the improvements in accordance with the accepted plans.
During the construction period, Spokane Valley may request payment from the BAi~IK
for the purposes of completion of improvements, by providing documentation to the
BANK. Spokane Valley's docunlentaxion shall indicate that the construction of the
irnprovcmeuts has not been performed in accordance with the accepted plans for the
PROJECT and tllerefore the purposes of said SPECIEIL ACCOUNT ASSIVNIv1EN'I"
have not been fully and faithfi211y perforn~ed as required. The City p:~ngineer's
documentation shall also include a statement of the amotult of money that the Spokane
Valley deems necessary to conlplcie such obligation. CJpon the BAI~r.K's receipt of such
.Page 1 of 3
501 Morth tAullan
Spokane Valley, VGA 99206
Phone: 509-921-9550 Fax: 509-926-0459
C07-61
I
STERLING~~
SAVINGS BANK
written documentation, the DFVELOPhR hereby authorizes the Bt~'K to release to
SPOKE-ENE V~11 LEY that anloiu~tt of money rEquested, up to the ma_aimum amount in
the special account.
A copy of'all such documentation and correspondence with the I3~~TK shall be provided
by the City Engineer to the .DEVFLOPIIR at the address noted below.
``++++uu-uu~~„ ~~~
\~~~.~` P MCGHFF ~~,,~~~
Dated this ~_tp day of ~,~ , 200~~`` ~•\SStoN'f~ •• '~•,,
Bank: Sterling Savings F3ank = _.-.
Address: X07 N iVlullan "Suite E1". Spokane, ~Va. 9206 '•: pUg~~C
Phone: 509-921-9550 ~-~, ~',,~~q' ~igY31 ~o,'~w~o=
.~
?~~ge-~: l~~ix~~e~ gin. l,~ u.tJ ~ ,,~~lF •........
Tlrr~~ A.--r,~-~;~ - C;US-~-~~ ~~
State of 1~~ashington C~ ~
County of Spokane
I certify that I know or h~n~e satisfactory evidence that.'' .. is the person.who
appeared before me, and said person acknotivledged that she signed this instrumetat, on
oath stated that she was authorized to execute the inst~lunent and acknowledged it as the
Branch Manager of Sterling Savings Raiilc to be the .free and voluntary act of such party
for the uses and purposes tncntioncd in the instnunent.
Dated ~-~ ~(v' ~~
~~ ~l ` ~~ .
Notary Public in a~~d for the State of Washington
viy appainttnent expires ~ -3 i - ~! ~ ;
Dated this
Developer: Jerry J
Address: S l20 N 1Ccller IZd
Phone: 509-927-0095
Page 2 of 3
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507 North Mullen
Spokane Valley, 41'A 99206
Phone:509-922-9550 Fax: 509-926-0459
STERLING
State of \Vashngton SAVINGS BAN K
County of Spokane
I certify that I know or have satisfactory evidence that Jerry J. Stroh is the person who
appeared before me, and said person ackno~~7ledged that he signed this instrument, on
oath stated that he was authorized to execute the instrument and acknowledged it as the
Developer of Keller Road Lstates to be the free and voluntary act oi'such party for the
uses and purposes mentioned in the instrument.
Dated •~ ~' ~.~ G
~.~`` P.tr!'CGH ~''~
F
~
''~,,
~,•~~ ~ `SSiow ~~ F Flo ary Public in and for the State of ~\~ashington
`
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,
~ ~O1AAY '" • -
:
i~1y appoinimeut expires ~`3 ~- ~Cil~
PU611~ z
Page 3 of 3
507 North p~ullan
Spokane Valley, 4VA 99206
Phone: 509-921-9550 Fax: 509-926-0459