9001 AIRPORT RD BLDG 1 2025-10-21

SNO-ISLE TECH 2O23 SMALL WORKS Section 00 8120, Page 2 McGRANAHAN ARCHITECTS FORM OF RETAINAGE FUND ESCROW AGREEMENT contract, including extensions thereof or forty-five (45) days following the final acceptance of said improvement or work. 2. When and as interest 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 the 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 School District's warrants or checks) except in accordance with written instructions from the Fiscal Officer for the School District. The Fiscal Officer for the School District 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 thereto. The estimated completion date on the contract underlying this Escrow Agreement is . Upon request by you, the School District shall advise you in writing of any changes in estimated complete date. If the estimated completion date changes, you are authorized to reinvest the monies held hereunder in accordance with the new estimated completion date. 4. In the even the Fiscal Officer for the School District 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 they securities held by your 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 School District at the address stated above. The Contractor agrees to pay you as compensation for your services here under as follows: Payment of all fees shall be the responsibility of the Contractor and shall not be deducted from any funds and/or property placed with you pursuant to this agreement until and unless the Fiscal Officer for the School District directs the release to the Contractor of the securities and monies held hereunder whereupon you shall be granted a first lien upon such funds and/or property released and shall be entitled to reimburse yourself from such property for the reasonable 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 to any litigation with respect to the funds and/or property held by you hereunder, or in the event that the conditions of this escrow are not promptly fulfilled or that you are required 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 obligations as escrow holder hereunder, you shall give written notice to the School District and the Contractor. The School District and the Contractor shall, within twenty (20) days of the receipt of such notice, jointly appoint a successor escrow holder and instruct you to deliver all securities and funds hereunder to said successor. If you are not notified of the appointment of the successor escrow mcg-ARC 2120.000 February 28, 2023