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Escrow #105-20820 <br /> <br />(7) The Owner shall have a right to draw upon the securities in the event of default by <br />Contractor. Upon seven days' written notice to the Escrow Agent from the Owner of the default, <br />the Escrow Agent shall immediately convert the securities to cash and shall distribute the cash <br />as instructed by the Owner. <br /> <br />(8) Upon receipt of written notification from the Owner certifying that the Contract is final <br />and complete, and that the Contractor has complied with all requirements and procedures <br />applicable to the Contract, Escrow Agent shall release to Contractor all securities and interest on <br />deposit less escrow fees and charges of the Escrow Account. The escrow shall be closed <br />immediately upon disbursement of all moneys and securities on deposit and payments of fees and <br />charges. <br /> <br />(9) Escrow Agent shall rely on the written notifications from the Owner and the Contractor <br />pursuant to Sections (5) to (8), inclusive, of this Agreement and the Owner and Contractor shall <br />hold Escrow Agent harmless from Escrow Agent's release and disbursement of the securities and <br />interest as set forth above. <br /> <br />(10) The names of the persons who are authorized to give written notice or to receive written <br />notice on behalf of the Owner and on behalf of the Contractor in connection with the foregoing, <br />and exemplars of their respective signatures are as follows: <br /> <br />On behalf of Owner: On behalf of Contractor: <br />City of Redwood City McGuire and Hester <br />Senior Civil Engineer McGUIRE and HEST~ <br />Title Title ROBERT C. DOUrJ <br />Chu Chang CHIEF FINANCIAL OF <br /> <br />· ,.¢. - - Signature <br />1017 Middlefleld Road 9009 Railroad Avenue <br />Redwood City, CA 94604 Oakland, CA 94603 <br />Address Address <br /> <br />Telephone #650-780-7380 Telephone # 510-632-7676 <br /> <br /> 2 <br /> <br /> <br />