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City of Everett 00 61 25 - 3 <br /> Fire Administration Building Tenant Improvements 18-1080 <br /> calendar days of receipt of the written direction. <br /> 8. Compensation of Bank. Contractor shall be solely responsible for, and shall pay separately <br /> to the Bank, any and all fees,charges, or commissions of the Bank relating to the Escrow <br /> Account. No fees, charges or commissions of any kind may be deducted by the Bank from any <br /> property, funds, proceeds or Eligible Securities in the Escrow Account until and unless the City <br /> directs the release of the Escrow Account to the Contractor, in which case the Bank is hereby <br /> granted a lien upon the property,proceeds or Eligible Securities in the Escrow Account for the <br /> entire amount of unpaid Bank fees, costs or charges arising out of or relating to the Escrow <br /> Account. Said lien arises and is effective upon the City's written direction to release the Escrow <br /> Account to the Contractor. The City shall not be liable for any fees, charges, expenses or <br /> commissions relating to the Escrow Account or any Eligible Securities. <br /> 9. Termination of Escrow By Bank. Bank may terminate the escrow by giving written notice to <br /> the City and Contractor. Within twenty(20)calendar days of the receipt of such notice,the City <br /> and Contractor shall jointly appoint a successor escrow holder and instruct Bank to deliver all <br /> securities and funds of the Escrow Account to said successor. If Bank is not so notified of the <br /> appointment of a successor escrow holder, Bank may return all funds, securities and contents of <br /> the Escrow Account to the City. <br /> 10. Definitions <br /> "Agreement"shall mean this document, including exhibit,when completely executed by the <br /> City, Contractor and Bank. <br /> "Bank" shall mean that national or state chartered bank identified in Exhibit A that holds the <br /> escrow. <br /> "Check" shall mean a check or warrant payable jointly to the Bank and Contractor, representing <br /> accrued Retainage. <br /> "City" shall mean the City of Everett, a municipal corporation of the State of Washington <br /> "Completion Date"shall mean that date occurring immediately after the expiration of the project <br /> duration(as defined by the contract for the public improvement), including any agreed <br /> extensions thereof. The initial Completion Date can be found at the top of the first page of this <br /> Agreement. <br /> "Contractor" shall mean the undersigned contractor. <br /> "Escrow Account" shall mean the escrow created by this Agreement. <br /> "Eligible Securities"are those bonds and securities identified in the paragraph entitled,Eligible <br /> Securities on page 1 above. <br /> "Retainage"shall mean moneys reserved by the City under the provisions of a public <br /> improvement contract. <br /> 11. Miscellaneous. With the possible exception of any agreement between the Bank and <br /> Contractor regarding amount and payment of fees,commissions and charges related to the <br /> Escrow Account,this document contains the entire agreement between the Bank, Contractor and <br /> 00 61 25 - 3 RETAINAGE ESCROW AGREEMENT <br />