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Home My WebLink AboutPK04-363 - Other - Summit Central Construction, Inc. - Escrow Agreement - Centennial Garage Seismic Retrofit - 12/13/2004 •/ 0 . ecords M eme KENO 4, Document W A9 NIMOTOM CONTRACT COVER SHEET This Is to be completed by the Contract Manager prior to submission to City Clerks Office. All portions are to be completed, 9 you have questions, please contact City Clerks Office. Vendor Name�(,riwv�. L 3-iy� Vendor Number: JD Edwards Number Contract Number: This is assigned byDeputy City Clerk Description: Detail: i Project Name: - Contract Effective Date: Termination Date: Contract Renewal Notice (Days): Number of days required notice for termination or renewal or amendment S Contract Manage Department. Abstract: S Public\RecordsManagement\Forms\ContractCover\ADCL7$32 07102 �F r s Escrow(Account)Number: Agency: �;C �C�Ijd1rS Contract: ESCROW AGREEMENT To: mnn f Y�Rtt�itrt� I �r�vi � n�. (Bank or Trust Company, Branch) 501 vt',E Acre- ErU.twjow wA g9b2r-2)' (Address) The undersigned, Summit Central Construction, Inc.,herein referred to as Contractor,has directed CI ki f yr- ia1E m l i+Hd herein referred to as Agency, to deliver to you its warrants or checks which shall be payable to you and the Contractor jointly. Such warrants or checks are 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 monies will then be used by you to purchase, as directed 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 monies derived from the sale of such securities,or the negotiation of the Agency's warrants or checks)except in accordance with written instructions from the Agency. Compliance with such instructions shall relieve you of any further liability related iereto. The estiniated co eon to on the contract underlying this Escrow Agreement is 4. In the event the Agency orders you do so in writing,you shall,within thuty-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 monies 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 Contractoor and shall not be deducted from any property placed with you pursuant to this agreement until and unless the Agency directs X 4 the release to the Contractor of the securities and momes held hereunder whereupon you shall be granted a first lien upon such property released and shall be entitled to reimburse yourself from such property for 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 properly fulfilled or that you are required to render any service not provided for in these instructions,or that there is any assignment of the interest of this escrow or any modification hereof,you shall be entitled to reasonable compensation for such extraordinary services for 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 the Contractor and the 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 are not a party to nor bound by any instrument or agreement other than this;you shall not be required to take notice of any default or any other matter,nor be bound nor required to give notice or demand,nor required to take any action whatever except as herein expressly provided;you shall not be liable for any loss or damage not caused by your own negligence or willful misconduct i j8. The foregoing provisions shall be binding upon the assigns,successors,personal representatives, and heirs of the parties hereto. The undersigned have read and hereby approved the instructions as given above governing the administration of this escrow and do hereby execute this agreement on this day ofi�'�- , 20_Dq--. Mmj -�ev�-tral (': 5n r.IAN. Contract r Ag By: - By- Name/Title N itle The above escrow instruction received and accepted this I L4_day of , 20_C4 . Bank or Trust Company By(Authorized Signature) v The above signed escrow agent holding the retained funds shall invest such funds in one of the following: Bills, Certificates,Notes or Bonds of the United States Other obligations of the United States or its Agencies Obligations of any corporation wholly owned by the U.S. Government Indebtedness of the Federal National Mortgage Association Time deposits in commercial banks _,Zo"* Interest Bearing Account(account: bLSQDI SSO 1 )