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7. Return of Funds to City. At the City's sole option and notwithstanding any other <br />provision of this Agreement, the City may direct the Bank in writing to liquidate any and <br />all Eligible Securities held in or for the Escrow Account and to deliver all funds, cash, <br />accrued interest and proceeds in the Escrow Account to the City. Such liquidation shall <br />occur within thirty-five (35) calendar days of receipt of the written direction. <br />8. Compensation of Bank. Contractor shall be solely responsible for, and shall pay <br />separately to the Bank, any and all fees, charges, or commissions of the Bank relating <br />to the Escrow Account. No fees, charges or commissions of any kind may be deducted <br />by the Bank from any property, funds, proceeds or Eligible Securities in the Escrow <br />Account until and unless the City directs the release of the Escrow Account to the <br />Contractor, in which case the Bank is hereby granted a lien upon the property, proceeds <br />or Eligible Securities in the Escrow Account for the entire amount of unpaid Bank fees, <br />costs or charges arising out of or relating to the Escrow Account. Said lien arises and is <br />effective upon the City's written direction to release the Escrow Account to the <br />Contractor. The City shall not be liable for any fees, charges, expenses or commissions <br />relating to the Escrow Account or any Eligible Securities. <br />9. Termination of Escrow By Bank. Bank may terminate the escrow by giving written <br />notice to the City and Contractor. Within twenty (20) calendar days of the receipt of <br />such notice, the City and Contractor shall jointly appoint a successor escrow holder and <br />instruct Bank to deliver all securities and funds of the Escrow Account to said <br />successor. If Bank is not so notified of the appointment of a successor escrow holder, <br />Bank may return all funds, securities and contents of the Escrow Account to the City <br />10. Definitions <br />"Agreement' shall mean this document, including exhibit, when completely executed by <br />the City, Contractor and Bank. <br />"Bank' shall mean that national or state chartered bank identified in Exhibit A that holds <br />the escrow. <br />"Check" shall mean a check or warrant payable jointly to the Bank and Contractor, <br />representing 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 <br />project duration (as defined by the contract for the public improvement), including any <br />agreed extensions thereof. The initial Completion Date can be found at the top of the <br />first page of this 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, <br />Eligible Securities on page 1 above. <br />"Retainage" shall mean moneys reserved by the City under the provisions of a public <br />improvement contract. <br />Reservoir 3 Replacement Phase 1 <br />Work Order No. UP3739 00 61 25 <br />RETAINAGE ESCROW AGREEMENT March 2024 <br />