HomeMy WebLinkAboutMiscellaneous Planner 12/21/2021City of Springfield, Oregon
Set Aside letter
ProjectTitle: Mogstad2-Parcel Partition
uffi
ProfectNumber: 811-19-000297-TYP2
ProiectDescription: Sidewalk,curb, parkway tree
Prolect Location: 404 18th Street, Springfield, OR 97477
Financial lnstitution - Bank: SELCo Community Credit Union
Applicant:Houeh Livinq lrust
The above-referenced financial institution, hereinafter referred to
cents
certifies that the surn of two-thousand dollars and no
) is on deposit with, SELqq Co!!|!tuni!rg1ed[ Ug_o1
- in the form of Certificate(s) of Deposit under the name of Hough Livine Trust
to secure for the City of springfield, oregon the Applicant's performance of certain work in
connection with the above-referenced project pursuant to the Public lmprovement Permit Project Agreement.
The dollar amounts(s), account number(s) and maturity date{s) of the Certificate(s) of Deposit are as follows:
Certificate of Deoosit AmOunt{d
s2,000.00
Certificate ofgepggi! t{ecount Numberlsl
503738-30
Matur:tv oate{s}
12117/2022
The Bank hereby certifies and agrees that those funds will not be released without written instruction from an authorized agent of the City of
Springfield,Oregon. ShouldtheCertificatesofDepositmaturepriortotheCity'swrittenapprovalauthorizingrelease,allproceedsofthe
Certificate(s) of Deposit will transfer directly into a comparable Cert:ficate of Deposit with a future maturity date of not less than 6 months from
theprecedingmaturitydate. AnyandallCertiiicatesofDepositbeingheldasfinancialsecurityfortheabovereferencedprojectmustcontinue
to be renewed in this manner until released via written approval of an authorized agent of the City of Springfield, oregon.
We further agree that those funds will be paid to the City of Springfield, Oregon within ten (10) days of receiving written notice that the City of
Springfield, Oregon has determined that the required work has NOT been performed within applicable time limits, or that lhe work has NOT
beenproperlyperformed. Weunderstandandagreethatintheeventwrittennoticefordisbursementoffundsisreceivedpriortothe
maturation date of any Certificate of Deposit, funds will be withdrawn without regard to any interest which may be forfeited or penalty which
may be incurred due to the early withdrawal. The Bank shall have no duty or right to, and shall not, evaluate the correctness or appropriateness
of any such notice or determination by the City of Springfield, Oregon and shall not interplead or, in any manner, delay payment of said funds to
the City of Springfield, Oregon. Upon receipt of City's notification Bank shall promptly pay said funds to City.
The Applicant will be responsible for any and all costs associated with this Set Aside Letter.
The Applicant hereby agrees to this assignment of fund5 and that its obligation to perform lhe required work is not limited to the amount of
funds held by the Bank,
ThisassignmentoffundsisirrevocableandcannotbecanceledbytheBankortheApplicant. TheSetAsideLettercontainsnoexpirationdate
and shall remain in force until any and all secured funds are released by written approval of an authorized agent of the City of Springfield,
Oregon. There is no provision in this Set Aside Letter for any maintenance bond requirement.
SELCO Community Credit Union Hough Living Trust
Financial lnstitution - Bank letedse erin4
925 Harlow Road, Ste 220
Name of Applicant eteose pilnt)
925 Ascot Drive
Address Please Print)
Springfield OR 97477
Address Oteose lfintt
Eugene OR 9740L
City
Megan Moreland
Commercial Loan Officer
State Zip Code
Prtnt)
lnstitution Representative
City
Title Print)
541-687-1813
State Zip Code
f ille Pleose Print)
54L-744-7539
Phone Number
/1 -2r- R (
Phone Number
L2/t7/2021
Date
S.t Aside l€ttci R.vit.d 07Ul18
Date
Crty ofSprintfhtd
DPW Permit Projcct3
22S 6frh Strurt
SprirUfLld, Oi 97477
l.F/