Agmt10 Robert A. Bothman, Inc. - Laserfiche WebLink

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. ' UPON REQUEST THIS SECTION WILL BE PROVIDED TO THE SUCCESSFUL BIDDER FOR-EXECUTION Escrow No(J/5c;.C//:330? SECTION 00680 p .C.C. ~22300 ESCROW AGREEMENT FOR SECURITY DEPOSIT~ IN LIEU OF RETENTION THIS ESCROW AGREEMENT CCEscrow Agreement") is made and entered into this Thirteenth dayof April , 2010 , by and between the CITY OF REDWOOD CITY, a Charter City and municipal corporation of the State of California (the "City"), whose address is 1017 Middlefie!d Road, " Redwood City, California, and Robert A Bothrnan, Inc. (Contractor"). whose prace of business is focated at 650 Quinn Ave, San Jose, CA9511~ and City or a state or federally chartered bank in the State of California, whose place of bUSiness is located at Private Bank of Peninsula,406 Emerson St. Palo Alto, CA 94301 ("Escrow Agent"). For the consideration hereinafter set forth, the C~ty. Contractor and Escrow' Agent agree as follows: 1. Pursuant to Section 22300 of Public Contract Code of the State of California, Contractor has the option to deposit securities with Escrow Agent as a substitute for retention -earnings required to be withheld by City pursuant to for HAWES PARK RENOVATION, in the amount of I, 4 2 I, 12 8 . 1 0 - dated 0 3 /2 6 /2 0 1 0 (the, "Contract"). Alternatively, on written request of Contractor, City shan make payments of the retention earnings directly to Escrow Agent. When Contractor deposits the securities as a substitute for Contract earnings, Escrow Agent shalf notify City within ten (10) calendar days of the deposit. - The market value of the securities at the time of substitution shall be at least equat to the cash amount then required to be withheld as retention under terms of 'Contract between City and Contractor. Securities shall be held in name of the C i t Y _, and shall designate Contractor a~ the beneficial owner. - 2. City shall make progress payments to Contractor for those funds which otherwise would be withheld from progress payments pursuant to Contract provisions. provided that Escrow Agent holds securities in form and amount specified above. 3. When City makes payment of retention earned directly to Escrow Agent, Escrow Agent shall hold" them for the benefit of Contractor until the time that the escrow created under this Escrow Agreement is terminated. Contractor may direct the investment - of the payments into securities. All terms and con.ditions of this Escrow Agreement and the rights and responsibilities of the Parties shall be eq ually applicable and binding when City pays Escrow Agent directly~' 4. Contractor shall be responsible for paying all fees for the expenses incurred by Escrow Agent in administering ~he Escrow Account. and all expenses of the City. Such expenses and payme~t term~ shall be determined by City. Contractor and Escrow Agent. ESCROW AGREEMENT FOR SECURITY DEPOSITS IN UEU OF RETENTION 00680-1