9001 AIRPORT RD BLDG 1 2025-10-21

SNO-ISLE TECH 2O23 SMALL WORKS Section 00 8120, Page 1 McGRANAHAN ARCHITECTS FORM OF RETAINAGE FUND ESCROW AGREEMENT MUKILTEO SCHOOL DISTRICT NO. 6 8925 AIRPORT ROAD EVERETT, WA 98204 RETAINAGE FUND ESCROW AGREEMENT TO BANK ACCOUNT No. (Bank or Trust Company) (Branch) (Street)(City) (Zip Code) Project Name The undersigned, , hereinafter referred to as the Contractor, has directed Mukilteo School District No. 6, hereinafter referred to as the School District, to deliver to you its warrants or checks which shall be payable to you and the Contractor jointly. Such warrants or checks are to be held and disposed of by you in accordance with the following instructions and upon the terms and conditions hereinafter set forth. INSTRUCTIONS 1. The School District shall deliver to you from time to time checks or warrants payable jointly to you and the Contractor. You are hereby authorized by the Contractor to endorse in the Contractor's name any such checks or warrants so that you may receive the proceeds thereof and invest the same. The power of endorsement hereby granted to you by the Contractor shall be deemed a power occupied with an interest and shall be irrevocable during the term of this Escrow. Although you may be a payee named in such warrants or checks as shall be delivered to you, your duties and responsibilities with respect to the same shall be only those duties and responsibilities which a depository bank would have pursuant to the Uniform Commercial Code of the State of Washington for an item deposited with it for collection as of the date such charge or warrant shall be used by you to purchase, as directed by the Contractor, bonds or other securities chosen by the Contractor and approved by you, and the School District. For the purpose of each such purchase, you may follow the last written direction received by you from the Contractor, provided such direction otherwise conforms with the restrictions on investments recited herein. Attached is a list of such bonds, or other securities approved by the Agency. No further approval is necessary if any of these bonds or securities except stocks, may be selected by the Contractor, subject to express written approval of you and the School District. Purchase of such bonds or other securities shall be in a form which shall allow you alone to reconvert such bonds or other securities into money if you are required to do so by the Fiscal Officer for the School District, as provided in paragraph 4 of this Escrow Agreement. The investments selected by the Contractor, approved by the School District and purchased by you must mature on or prior to the date set for the completion of the mcg-ARC 2120.000 February 28, 2023