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HomeMy WebLinkAboutPK1995-0185 - Original - Golf Landscaping, Inc. - Riverbend Golf Complex - Driving Range Improvements - 05/22/1995 Escrow No: - Agency:STY []F (CFNT Contract No:gIVFRBEND COi F C-WAPLEX I)RIVItIG 1tAN111; FIELD IA1P. ESCROW AGREEMENT TO: KEY BANK OF WASIIINGOTN The undersigned, GOLF LANDSCAPING, INC. _herein referred to as the Contractor, has directed CITY OF KEN hereinafter referred to as the Agency, to deliver to you is warrants w is s a e payable to you and the Contractor Jointly. Such warrants to be held and disposed of by you in accordance with the following instructions and upon the terms and conditions hereinafter set forth. INSTRUCTIONS 1 . Warrants or checks made payable to you and the contractor Jointly upon delivery to you shall be endorsed by you and forwarded for collection, The moneys will then be used by you to purchase, as directed by the Contractor, bonds or other securities chosen by the Contractor and approved by the Agency. Attached is a list of such bonds, or other securities approved by the Agency. Other bonds or securities, except stocks may be selected by the Contractor, subject to express written approval of the Agency. Purchase of such bonds or other securities shall be in a form which shall allow you alone to reconvert such bonds or other securities into money if you are required to do so by the Agency as provided in paragraph 4 of this Escrow Agreement. 2. When and as interest on the securities held by you pursuant to this agreement accrues and is paid, you shall collect such interest and forward it to the Contractor at its address designated below unless otherwise directed by the Contractor. 3. You are not authorized to deliver to the Contractor all or any part of the securities held by you pursuant to this agreement (or any moneys derived from the sale of such securities, or the negotiation of the Agency's warrants) except in accordance with written instructions from the Agency. Compliance with such ins ructions shall relieve you of any further liability related thereto. The estimated completion date on the contract underlying this Escrow Agreement is 60 cAT *J„en nevc 4. In the event the Agency orders you to do so in writing, you shall , within thirty-five (35) days of receipt of such order, reconvert into money the securities held by you pursuant to this agreement and return such money together with any other moneys held by you hereunder, to the Agency. 5. The Contractor agrees to pay you as compensation for your services hereunder as follows: Payment of all fees shall be the sole responsibility of the Contractor and shall not be deducted from any property placed with you pursuant to this agreement until and unless the Agency directs the release to the Contractor of the securities and moneys held hereunder whereupon you shall be granted a first lien upon such property released and shall be entitled to reimburse yourself from such property from the entire amount of your fees as provided for herein above. In the event that you are made a party to any litigation with respect to the property held by you hereunder, or in the event that the conditions of this escrow are not promptly fulfilled or that you are required to render any service not provided for in these instructions, or that there is any assignment of the interests of this escrow or any modification hereof, you shall be entitled to reasonable compensation for such extraordinary services from the Contractor and reimbursement from the Contractor for all costs and expenses, including attorney fees occasioned by such default, delay, controversy or litigation. 6. This agreement shall not be binding until executed by ti►e Contractor and ti►e Agency and accepted by you. 7. This instrument contains the entire agreement between you, the Contractor, and the Agency with respect to this escrow and you shall no not a tabey to nor requiredbtontake notice of any instrument or agreement other than this; y default or any other matter nor be bound by nor required to give rooticedory emandll not not required to take ally saction whatener ot caused by yourt as iownxnegligence or willful misconduct. be liable for y e. The foregoing provisions shall be binding upon the assigns, successors, personal representatives and heirs of the parties hereto. 9. The Contractor's Federal Income Tax Identification number is 91-0884891 ' Tile undersigned have read and hereby approve the instructions sgi en ab ve on governing the administration of this escrow and do Y exectethis 22nd day of MAY , 19 95 GOLF LANDSCAPING, INC._ A ency (Con racl0r) By (T i ti e 38016 MILITARY RD. SO. AUBURN, WA 98001 re ss (T1N—re s5I Tile above escrow instructions received and accepted this ft day of &IA Y 19 95 KEY BANK OF WASHINGTO14 By u or z ni y 0 cer Securities Authorized by Agency: Circle (One) Specified: V l Bills, certificates, notes or bonds of ti►e United States;2 Other obligations of the United States or its agencies; t of the United States. overnmen 3 Obligations of any corporation wholly-owned by the g 4 Indebtedness of the Federal Natksnal Mortgage Association; and 5) Time deposits in commercial ban