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<br />. ~ <br /> <br />, <br />. <br /> <br />, . <br /> <br />'5. - "Interest earned on securities or money market accounts held in escrow and aU interest <br />earned on that interest sharI be for sole account of Contractor and shalf be subject to <br />withdrawal by Contractor at any time, and from time to time without notice to the City. <br /> <br />6. Contractor shall have the right to withdraw all or any part of the principal in the Escrow ' <br />Account only by written notice to Escrow Agent accompanied by written authorization from <br />the City to Escrow Agent that City consents to withdrawal of amount sought to be withdrawn <br />by Contractor. <br /> <br />7. The City shall have the right to draw upon the securities ;n event of default by Contractor. <br />Upon seven (7) Days written notice to E,scrow Age~t from the City of the default, Escrow <br />Agent shall immediately convert the securities to cash and shall distribute' .the cash as <br />instructed by City. <br /> <br />, 8. . Upon receipt- of written notification from City certifying that the Contract is final and <br />complete, and that Contractor has complied with all requirements and procedures <br />-applicable to the Contract, Escrow Agent shall release to Contractor all securities and <br />interest on deposit less escrow fees and charges of the Escrow Account. The escrow sha n <br />be closed immediately upon disbursement of aU moni~ and securities on deposit and <br />payments of fees and charges. <br /> <br />9. Escrow Agent shall rely on written notifications from the City and Contractor pursuant ,to <br />Paragraphs 5 through 8. inclusive. of this Escrow Agreement and City and Contractor shan <br />hold Escrow Agent harmless from Escrow Agent's release and disbursement of securities <br />and interest as set forth above. ' <br /> <br />10. Names of persons who are authorized to give written notice or to receive written notice on <br />behalf of the City. and on behalf of Contractor in connection with the foregoing, and <br />exemplars of their respective signatures are as follows: <br /> <br />. " On behalf of the City: <br /> <br />C \ 'C1 ~ C:nl ~~6(L- <br />Title <br />-S, ?e1f;~ V()~~S'A-N~J, <br /> <br />Name dZ.ot. V~ <br />Signature I I ~ I 0 . n A <br />(0 ( ( (VlllA'l tc- c-\ ~ \ <-P'l · <br />Address <br />~t?~ct G~1: CA 0<fo~~ <br />City/state/Zip <br /> <br />On behalf of Contractor: <br /> <br />Title <br /> <br /> <br />Si nature <br />650 Quinn Ave <br />Addre~s <br />San Jose, CA 95112 <br />City/State/Zip <br /> <br /> <br />Name <br /> <br />ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION <br /> <br />. 00680-2 <br />