Common use of Release of Proceeds Clause in Contracts

Release of Proceeds. In the event the Improvements have been installed to the satisfaction of the CITY pursuant to this Agreement and Bluffdale City ordinances within the above stated time period(s), CITY agrees, upon written request from the APPLICANT, to execute a written release of the remaining Proceeds. The CITY further agrees to notify APPLICANT of the release of Proceeds by sending a certified letter, return receipt requested, to the APPLICANT at the following address: . The burden shall be upon the APPLICANT to keep the city informed of any change in address. For the purpose of this Agreement, the APPLICANT shall have been considered to have received notice if the CITY has sent the notice to the address indicated in this paragraph or at the new address indicated in writing by the APPLICANT. The APPLICANT shall have six (6) months from the date that notice of the release of Proceeds was mailed to the APPLICANT to request release of the remaining bond Proceeds. At the expiration of six (6) months, the APPLICANT agrees that any remaining Proceeds shall be released to the CITY. APPLICANT expressly authorizes the release, to the CITY, of any remaining Proceeds, upon production to the Escrow Agent of a return receipt, showing that notice was sent to the address contained in this paragraph and showing the expiration of a six (6) month period of time.