Agmt01 MCH General Engineering - Laserfiche WebLink

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5. The interest earned on the securities or the money market accounts held in escrow and all interest earned on that interest shall be for the sole account of Contractor and shall be subject to withdrawal by Contractor at any time, and from time to time, without notice to the Owner. 6. Contractor shall have the right to withdraw all or any part of the principal in the Escrow Account only by written notice to the Escrow Agent accompanied by written authorization from the owner to the Escrow Agent that Owner consents to the withdrawal of the amount sought to be withdrawn by Contractor. 7. The Owner shall have a right to draw upon the securities in the event of default by the Contractor. Upon seven days written notice to the Escrow Agent from the Owner of the default, and without requiring the agreement or consent of contractor the Escrow Agent shall immediately convert the securities to cash and shall distribute the cash as instructed by the Owner. 8. Upon receipt of written notification from the Owner certifying that the Contract is final and complete, and that the Contractor has complied with all requirements and procedures applicable to the Contract. Escrow Agent shall release to Contractor all securities and interest on deposit less escrow fees, and charges of the Escrow Account. The escrow shall be closed immediately upon disbursement of all moneys and securities on deposit and payment of fees and charges. 9. Escrow Agent shall rely on the written notifications from the Owner and the Contractor pursuant to Section (5) to (8), inclusive, of this agreement and the Owner and Contractor shall hold Escrow Agent hannless from Escrow Agent's release and disbursement of the securities and interest as set forth above. 10. The names of the persons who are authorized to give written notice or to receive written notice on behalf of the Owner and on behalf of Contractor in connection with the foregoing, and exemplars of their respective signatures are as follows: On Behalf of Owner: On Behalf of Contractor: M.c.H. General Engineering Contractors, Inc. Title ~:Y tL61Q 1 Namf;;?¡ j~ Dean M. Romeo, Controller ~~q~ Signature Signature ~.o. ~x. ð'\ \ Ad~A~ ~ 1817 Stone Avenue C4 q1a;~ San Jose, CA. 95125-1311 r-