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CITY OF EVERETT PUBLIC WORKS 00 61 25 <br /> SPECIAL PROVISIONS RETAINAGE ESCROW AGREEMENT <br /> the City and Contractor. Within twenty(20) calendar days of the receipt of such notice, the City <br /> and Contractor shall jointly appoint a successor escrow holder and instruct Bank to deliver all <br /> securities and funds of the Escrow Account to said successor. If Bank is not so notified of the <br /> appointment of a successor escrow holder, Bank may return all funds, securities and contents of <br /> the Escrow Account to the City. <br /> 10. Definitions <br /> "Agreement" shall mean this document, including exhibit,when completely executed by the <br /> City, 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 and <br /> the City with respect to this Escrow Account. This Agreement binds the assigns, successors, <br /> personal representatives and heirs of the parties hereto. Those persons executing this Agreement <br /> represent and warrant they are duly authorized to bind their principals to this Agreement and to <br /> execute this Agreement on their behalf. Venue for any dispute arising out of, or related to, this <br /> Agreement shall be Snohomish County, Washington. This Agreement shall be executed in <br /> triplicate, each of which shall be deemed to be an original. <br /> I <br /> I <br /> I <br /> I <br /> Legion Golf Course Stormwater Detention Project November 30,2017 <br /> WO#UP3620 00 61 25 - 3 <br />