Amato Development Corp - Subdivision Compliance Agreement `Jan 18 06 10: 14a M a Equities 503 639-0411 P. 2
AGREEMENT WITH DEPOSITOR AND TRUSTEE ON SAVINGS OR DEPOSIT
This agreement is for the purpose of fulfilling the requirements of Subdivision Compliance
Agreement, dated j 1 R- 2 ren between the City.of Tigard and Amato Development
Corp. and is entered i to by the 'Depositor and
Trustee. .
The undersigned depositor and trustee do hereby assign the right to the City of Tigard to
determine at its discretion the payment of all funds or securities eld by Trustee In the amount of
$32,400.0 in Sovi igs Accou t o. 7 (a ` or Deposit No.
in accordance with and for the purpose of assuring
subdivision impro ments described in the above stated Subdivision Compliance Agreement.
It is understood and agreed that the Trustee will hold such funds or securities in the amount of
$32,400.00 until an authorization or direction for payment or partial payment is received from the
City of Tigard and that the City of Tigard has the right to withdraw Principal Funds with City of
Tigard signature.only, in the event of Non-Performance.
All fund deposits shall be renewable at maturity and at rates and terms in effect at the time of
renewal, and all interest shall be paid to or accrued as directed by the Depositor notwithstanding
anything contained herein to the contrary.
That account Is to remain open until such time as all Public Improvements are completed and
accepted by the City of Tigard.
Signed and dated in Elio n c� Oregon.
This day of Q 110,At�j , 2006.
✓ Sign 0
e-City of Tigard Signature eposi or-
13125 SW Hall Blvd.,Tigard,OR 97223 5_1 S]
Address Address ��
ACCEPTANCE
(Trustee)
The andigned hereby accepts the funds or securities deposited in the amount of $32,400.00
this day of _, 2006, and hereby acknowledges receipt of the�assbavk
Seuipqi ccount No. �7.5e2 or the Certificate for Deposit
No. ; or certifies that there is no Passbook issued
for this account. It is further agreed that said account will be .held for the uses an purposes
above stated until authorization for disposition is granted by th ity of igard.
Aut zed:Si a r ste
Address
EAL don„�wd, oy
g� 610 9 7,0 5
Et lid y C� t
Page 2 of 2
STATE OF OREGON )
)ss.
County of Washington
This instrument was acknowledged before me on January 19, 2006 by Agustin P. Duenas, P.E.
City Engineer for the City of Tigard.
Notary's Signature
7MJEL
AL
DERKS My Commission xpires:NOOREGONC .373021MY COMMISSPT.25,2007
til-r•Ii:
DIANE M.I.
COMNYSBI@h.
1AY MMMIS"M EMAE.
-r:..