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Section 00 61 25 <br /> Retainage Escrow Agreement <br /> I <br /> 7. Return of Funds to City. At the City's sole option and notwithstanding any other provision of this <br /> Agreement,the City may direct the Bank in writing to liquidate any and all Eligible Securities held in or <br /> for the Escrow Account and to deliver all funds, cash, accrued interest and proceeds in the Escrow <br /> Account to the City. Such liquidation shall occur within thirty-five(35) calendar days of receipt of the <br /> written direction. <br /> 8. Compensation of Bank. Contractor shall be solely responsible for, and shall pay separately to the <br /> Bank, any and all fees, charges, or commissions of the Bank relating to the Escrow Account. No fees, <br /> charges or commissions of any kind may be deducted by the Bank from any property,funds, proceeds <br /> or Eligible Securities in the Escrow Account until and unless the City directs the release of the Escrow <br /> Account to the 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, costs or charges <br /> arising out of or relating to the Escrow Account. Said lien arises and is effective upon the City's written <br /> direction to release the Escrow Account to the Contractor.The City shall not be liable for any fees, <br /> charges, expenses or commissions relating to the Escrow Account or any Eligible Securities. <br /> 9. Termination of Escrow By Bank. Bank may terminate the escrow by giving written noticeto the City <br /> and Contractor. Within twenty (20) calendar days of the receipt of such notice,the City and Contractor <br /> shall jointly appoint a successor escrow holder and instruct Bank to deliver all securities and funds of the <br /> Escrow Account to said successor. If Bank is not so notified of the appointment of a successor escrow <br /> holder, 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 the City, <br /> 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 extensions <br /> thereof. The initial Completion Date can be found at the top of the first page of this Agreement. <br /> "Contractor" shall mean the undersigned contractor. <br /> r "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 /> I <br /> Phil Johnson Balifields Renovation 3 of 5 <br /> I <br />