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Home My WebLink AboutPK05-121 - Original - Retainage Escrow Agreement I Records M eme KENT _A4 Document WA9HIHOTOH 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, if you have questions, please contact Mary Simmons, City Clerks Office. Vendor Name: L��ylCTli'- Contract Number pKor' a This is assigned by Mary Simmons Vendor Number: f? 730 Project Name: Contract Effective Date: ��L10.S✓ Contract Termination Date: Contract Renewal Notice (Days): Number of days required notice for termination or renewal or amendment Contract Manager. ,[/ 0050" Department: ` Abstract: ADCL7832 07/02 RETAINAGE ESCROW AGREEMENT F Escrow Number: e4e1 City of Kent Project Name & Number:Service Club Park, PR-05-01 Contractor's Federal ID Number. 91-0919645 Contractor's State License: Df+NU CC Z54- S Bank Name: Cascade Bank Address: 200200 108th Avenue NE Belleype,WA 98004 j4251.956-1101 The undersigned, Ohno Construction Quivanv, herein referred to as Contractor, has directed City of Kent, herein referred to as the Agency, to deliver to you its warrants which shall be 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. 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. 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 the form which shall allow you alone to convert such bonds or other securities into money if you are required to do so by the Agency as provided to do so in Paragraph 7 of this Escrow Agreement. 2. When and as interest on the securities held by you pursuant to this agreement assures and is paid, you shall collect such IrAerest 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 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 instructions shall relieve you from further liability related thereto. The estimated completion date on the contract underlying this Escrow Agreement is December 30, 2005, 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 the 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 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 litigation with respect to property held by you hereunder, or in the event that the conditions of this escrow are not promptly Ohno Construction Company 1 of 3 05/05/05 Service Club Park Escrow Agreement 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 reimbursemer>t from the Contractor for all costs and expenses, including attorney fees occasioned by such default, delay, controversy of Litigation. 6. This agreement shall 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; yotishall not be required to take notice of any default or any other matter nor be bourt by noIr required to take any action whatever except as herein expressly provided, and you shaft not be liable for any loss or damage not caused by your own negligence or willful misconduct. 8. The forgoing provisions shall be binding upon the assigns, successors, personal representatives and heirs of the parties hereto. 9. The attached Addendum "A" authorizes the types of investments allowed by the City of Kent for this agreement. The undersigned have read and hereby approve the instructions as given above governing the administration of this escrow agreement and hereby execute this agreement on this _ day of May, 2005. Ohno Construction Companv City of Kent (Contractor) (Agency) By: By: Q5 Yos o n Jim Whit Presid nt May 9 M. L. King Jr.Ways S. 220 4"'Avenue South Seattle, WA 98118 Kent, WA 98032 (206) 325-1529 (253)856-5110 The above escrow instructions received and accepted by the authorizing officer of the named Bank. 0001b2�r�� Cascade Bank B : f Date: O icer Ohno Construction Company 2 of 3 05/05/05 Service Club Park Escrow Agreement r c ADDENDUM "A" AUTHORIZED INVESTMENT TYPES All municipal corporations in Washington State, including the City of Kent, are empowered by statute to invest in the following types of securities. (The enabling legislation is contained in RCW 36.29.020, as amended, and as limited by RCW 39.58.080, as amended). Investment deposits, including certificates of deposit, with qualified public depositories as defined in Chapter 39.58 RCW. Certificates, notes, or bonds of the United States, or other obligations of the United States or its agencies, or of any corporation wholly owned by the government of the United States (such as the Government National Mortgage Association). Obligations of government-sponsored corporations which are eligible as collateral for advances to member banks as determined by the Board of Governors of the Federal Reserve System. (These 4` include but are not limited to Federal Home Loan Bank notes and bonds, Federal Farm Credit Bank consolidated notes and bonds, Federal National Mortgage Association notes, debentures, and guaranteed certificates of participation). Banker's acceptances purchased on the secondary market. Repurchase agreements for securities listed in 2, 3, and 4 above, provided that the transaction is structured so that the City of Kent obtains control over the underlying securities and a Master Repurchase Agreement has been signed with the bank or dealer. State Investment Pool. Federal Reserve Bank SLGS for debt irtcome not spent in required three-year period. Investment interest rate must be restricted based on each debt issuance rate entitled. Ohno Construction Company 3 of 3 05/05/05 Service Club Park Escrow Agreement