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CITY OF EVERETT PUBLIC WORKS <br />Project Later Phase Eclipse Mill Park Project -= EVERETT <br />Contractor Strider Construction Co., Inc. <br />Bank Washington Federal <br />RETAINAGE ESCROW AGREEMENT <br />1.Escrow Agreement. The Contractor on a public improvement project for the City exercised <br />its option pursuant to RCW 60.28.011 to place Retainage in escrow with the Bank. This <br />Agreement constitutes both the escrow agreement between the City and Contractor and <br />instmctions to the Bank for handling of the Escrow Account. This Agreement is not effective <br />until (a) the Agreement has been signed by the Contractor, Bank and City and (b) Contractor, <br />Bank and City have entered the appropriate information in Exhibit A. <br />2.Check Issuance, Endorsement, and Deposit. From time to time, the City will issue a Check <br />payable to the Bank and Contractor jointly. Contractor expressly authorizes and grants the <br />power to the Bank to endorse the check on its behalf, to negotiate the check, collect the funds <br />represented by the Check, and to deposit the funds so collected into the Escrow Account. These <br />powers shall be deemed to be powers coupled with an interest and shall be irrevocable during the <br />tenn of this escrow. <br />3.Investment of Funds. Funds and cash balances in the Escrow Account may be invested in <br />Eligible Securities at the direction of the Contractor. For purchase of Eligible Securities, the <br />Bank may follow the last written direction it received from the Contractor, provided such <br />direction provides for investment in Eligible Securities. The Bank shall not invest any funds, <br />cash balances, or proceeds of sale of Eligible Securities in any securities, bonds or accounts that <br />are not Eligible Securities. Eligible Securities purchased pursuant to this Agreement shall be <br />held by the Bank as custodian as part of this escrow. Eligible Securities shall be held in the <br />Bank's name. Interest on the purchased Eligible Securities, if any, shall be paid to Contractor <br />when, as and if any accmed interest is received by the Bank. <br />4.Eligible Securities. The following securities are deemed Eligible Securities, and the Bank <br />may invest funds and cash balances in such securities at the direction of Contractor without <br />further approval of the City, provided that any maturity dates are no later than twenty-five (25) <br />calendar days after the Completion Date and provided they are held in a manner and fonn that <br />allows Bank alone to liquidate the securities as provided for in the Agreement. <br />A.Bills, certificates, notes or bonds of the United States; <br />B.Other obligations of the United States or its agencies; <br />C.Obligations of any corporation wholly owned by the Government of the United <br />States; <br />D.Indebtedness of the Federal National Mortgage Association; <br />E.Time deposits in commercial banks; and <br />F.Mutual funds, pools, or investment trusts, provided the investments of the fund, <br />pool or trust consists solely of securities listed in herein. <br />Retainage Escrow Agreement and Instructions <br />Page 1 of 5