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HomeMy WebLinkAboutPK07-078 - Other - JV Constructors - Town Square Plaza - Escrow Agreement at Sterling Savings Bank - 10/01/2007 -.000"'. Records Management KENT WA5H1NCTON Document 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: Contract Number: P,<o-,. Thie ie neeir.nor� by AAr mi Cimmnne ..n.. .r �.re.�..�..w wY ..w.� Vendor Number: Project Name:� C`C(Y>c Q� M-V — �o Contract Effective Date: Contract Termination Date: Contract Renewal Notice (Days): Number of days required notice for termination or renewal or amendment Contract Manager: oa Department: Q�l Abstract: ADCL7832 07/02 ESCROW AGREEMENT Escrow Account Number Agency. City of Kent/Parks, Recreation& Community Services Contract 4- PR 2007 03 To- STERLING SAVINGS BANK 1375 REGENTS BLVD FIRCREST. WA 98466 The undersigned, J V Constructors, Inc hereinafter referred to as the Contractor, has directed the City of Kent, hereinafter referred to as the Agency, to deliver to you it's warrants or checks which shall be payable to you for the Contractor 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. The Agency shall deliver to you from time to time checks and warrants payable to you for the Contractor. You are hereby authorized by the Contractor to endorse any such checks or warrant so that you may receive the proceeds thereof and invest the same The power of endorsement hereby granted to you by the Contractor shall be deemed a power coupled with an interest and shall be irrevocable during the term of this escrow. Although you may be a payee narned in such warrants or checks as shall be delivered to you, your duties and responsibilities with respect to the same shall be only those duties and responsibilities which a depository bank would have pursuant to Article 4 of the Uniform Commercial Code of the State of Washington for an item deposited with it for collection as of the date such check or-warrant shall be delivered to you The proceeds from collection shall be used by you to purchase, as directed by the Contractor, bonds or other securities chosen by the Contractor and approved by you, and the Agency For the purpose of each such purchase, you may follow the last written direction received by you from the Contractor,provided such direction otherwise conforms with the restrictions on investments recited herein Attached is a list of such bonds, or other securities approved by the Agency.No further approval is necessary if ariy of these bonds or securities are selected by the Contractor, subject to express written approval of you and 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 regi.ured to do so by the Agency as provided in paragraph 4 of this Escrow Agreement. The investment selected by the Contractor, approved by the Agency and purchased by you must mature on or prior to the date set for completion of the contract, including extensions thereof or thirty days following the final acceptance of said improvement or work Page 1 of 4 2 When and as interested 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 with your written consent you are otherwise directed in writing 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 The Agency shall inform you and keep you informed in writing of the name of the person or persons with authority to give you such written instructions Compliance with such instructions shall relieve you of any further liability related hereto. The estimated completion date on the contract underlying this Escrow Agreement is Jan 16, 2008 Upon request by you, the Agency shall advise you in writing of ay change in the estumated completion date If the estimated completion date is changed you are authorized to reinvest the momes held hereunder in accordance with the new estimated completion date 4. In the event the Agency orders you to do so in writing and notwithstanding any other provisions of this agreement,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 monies, including accrued interest on such securities held by you hereunder,to the Agency 5 The Contractor agrees to pay you as compensation for your services hereunder as follows: N/A 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 duects the release to the Contractor of the securities and momes held hereunder whereupon you shall be granted a first hen upon such property released and shall entitled to be reimburse yourself from such property for the entire amount of your fees and any unanticipated amounts which might be owing as provided for herein. In the event that you are made a party of any litigation with respect to the property held hereunder, or in the event that the conditions of this escrow are not promptly fulfilled or that you are inquired to render any services 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 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 Should you at any time and for any reason desire to be relieved of your obligation as escrow holder hereunder, you shall give written notice to the Agency and Contractor The Agency and Contractor shall within 20 days of the receipt of such notice,jointly appoint a successor escrow holder and instruct you to deliver all securities and funds held Page 2 of 4 hereunder to said successor If you are not notified of the appointment of the successor escrow holder within 20 days, you may return the subject matter hereof to the Agency and upon so doing, it absolves you from all further charges and obligations in connection with this escrow 7. This agreement shall not be binding until executed by you, the Contractor and accepted by the Agency S. 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 by 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. 9. The foregoing provisions shall be binding upon the assigns, successors, personal representatives and heirs of the parties hereto The undersigned have read and hereby approve the instructions as given above Governing the administration of this escrow and do hereby execute this agreement the 1 S6 day of J.V. Contractors, Inc (Contactor) W- 1 (Au''tl�rized Signer and Title) Address City_State (Bank) ' /r 9 (Authorized Signer) The above escrow agreement received and accepted by Bank this day of va,s-� ,�r1v7 (Agency) (� Page 3 of 4 (Authorized This escrow agreement accepted this 2 l day of o c� Page 4 of 4 city code Chapter 3 . 02 Investment Police - City of Kent, Washington 3,02,090 Authorized investment types. A. The city of Kent, as a municipal corporation in the state of Washington, is empowered by statute (RCW 6 29 020, as amended, and as limited by RCW 39 58 680 as amended) to invest in the following types of securities. 1. Investment deposits Certificates of deposit with qualified public depositories as defined in Chapter 39 58 RCW 2. Obligations of United States Treasury: a U.S Treasury certificates, notes, bonds, zero coupon, strips, receipts b. United States Treasury State and Local Government Securities (SLGS) specifically for debt issues related to arbitrage 3. Obligations of United States agencies, or of any corporation wholly owned by the government of the United States Government National Mortgage Association. 4. 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. a. Federal home loan bank notes and bonds. b. Federal farm credit bank notes and bonds. c Federal home loan mortgage corporation notes and bonds. d. Federal national mortgage association notes, debentures, and guaranteed certificates of participation. e. Student loan marketing association notes and bonds. f. Resolution Funding Corporation (REFCORP) g Financing Corporation (FICO). 5 Bonds of the state of Washington and any local government in the state of Washington, which bonds have at the time of investment one (1) of the three (3) highest credit ratings of a nationally recognized rating agency 6. General obligation bonds of a state other than the state of Washington and genera) obligation bonds of a local government of a state other than the state of Washington, which bonds have at the time of investment one (1) of the three (3) highest credit ratings of a nationally recognized rating agency. 7. Utility revenue bonds or warrants of any city or town in the state of Washington. 8. Bonds or warrants of a local improvement district which are within the protection of the Local Improvement Guaranty Fund Law. 9. Banker's acceptances purchased on the secondary market, with ratings of Al/P1. 10. State of Washington Local Government Investment Pool. 11. Mutual funds (only allowable for the Fireman's Relief and Pension Fund) http://www.ci . kent.wa.us/citycode/Kent03O2.asp 8/28/2007