Letter of Credit AssignmentLETTER OF CREDIT AND ASSIGNMENT
This letter of Credit and Assignment is made pursuant to the provisions of Section 16.20.030 and 16.20.040 of the Yelm Municipal Code for the purposes of bonding in lieu of completion
of required improvements and repairs described in the Agreement attached hereto and made a part hereof. The undersigned does hereby assign, transfer, and set over unto City of Yelm,
all rights, title, and interest in and to Savings Account No. in , in the name of with full power and authority to demand, collect, and receive said deposit for
the use and purpose of completing the required improvements and repairs described in said Agreement not completed by , pursuant to said agreement.
It is understood and agreed that holds the certificate covering said account in its possession and agrees to hold the sum of $1,000.00 therein until release or partial release
of this Assignment is received from the City of Yelm pursuant to the terms of the attached Agreement, or demand made by the City of Yelm pursuant to Section 16.20.030 of the Yelm Municipal
Code and the provisions of said attached Agreement.
DATED this day of , 20
Developer
ATTEST:
BY:
Secretary
The undersigned hereby confirms the deposit of $1,000.00 in Savings Account No. in accordance with the terms set forth herein and agrees to administer said account as provided
herein above until all such funds are released by the City of Yelm.
ATTEST:
Financial Institution
BY:
TITLE: