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Section 00 61 25 RETAINAGE ESCROW AGREEMENT <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 <br /> to the City and Contractor. Within twenty (20) calendar days of the receipt of such notice, the <br /> City and Contractor shall jointly appoint a successor escrow holder and instruct Bank to deliver <br /> all securities and funds of the Escrow Account to said successor. If Bank is not so notified of <br /> the appointment of a successor escrow holder, Bank may return all funds, securities and <br /> contents of the Escrow Account to the City <br /> 10. Definitions <br /> "Agreement" shall mean this document, including exhibit, when completely executed by the City, <br /> 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 <br /> and the City with respect to this Escrow Account. This Agreement binds the assigns, <br /> successors, personal representatives and heirs of the parties hereto. Those persons executing <br /> this Agreement represent and warrant they are duly authorized to bind their principals to this <br /> Agreement and to execute this Agreement on their behalf. Venue for any dispute arising out of, <br /> or related to, this Agreement shall be Snohomish County, Washington. This Agreement shall be <br /> executed in triplicate, each of which shall be deemed to be an original. <br /> City of Everett 00 61 25-3 January 2022 <br /> Evergreen Pump Station Modifications <br /> UP3747-3 <br />