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Home My WebLink AboutWTR2700585i � BEGINNING FILE TITLE WT1207- 1 Ara 91ha pa i ENfNw N11 _ Public Bodyi Water Project - W-585a. Contract No Completion Uato—_ ESCROW AGREEMENT X SEAMX-F/RST NATIONAL BANK P.O. Renter 3ranch P.O. BCx 88'.99 rpC.ISPtOt1�4ItxAtSNRaNYIID'�tl/J+YYr Tukwila. We. 98188 �'0+.6ik+6.SR6 s v9B4f70YE7(lOWtifAWNC�V�V 1>BM YA This Escrow Agroement is for the mavelmont of the wtaim f poroantaaes of the above contract In ercordei with Chapter 38.Iwws of 18'fl.amending IfCW 80,28A It fop, 8.0.0 and Tpt 28.0S0 The Undersigned, Richard E. Grant �ba Grant Cons suction Co. hereto attar referred In an the Contractor, has directed City 0 enton hereinafter roierrnd to a. the Public Body.he deliver to you it arcant.c checks or drafts which shall he payable to you and the Contractor Jointly Such warrants, checks or drafts are to In, hold and disposed of by yoe in acexxdarow with the following'nstructions and upon the terms and conditions hereinafter set forth. INSTRUCTIONS t Upon delivery to you, warrants.checks or drafts made payable to you am) the Contractor Jointly shall he endorsed by you and forwarded for I,,Heclloa.The moneys from all such warrants. charts or drafts mceived hereunder shall he used by you to purchase lend+or other securities selected by the Contractor anti approved br the Pubbc.Body for the purpose of each such purr ham, you mar follow the last written direction tta•ettod by cou from the Contractor pro, vkled"tit dirmction otherwise conforms with the msfractions on investments mcued herMa Attached I, a Im of such bonds. or other securities appmired by the Public Body. Other bonds or securities except stocks, may be aelacted M the Colonic tor.subtract to express written appmcat of the Pi Body. 2. The Investments seles3ed by the Contractor. approved by the Public Brady and purchased by you must mature no or War to the date set tot the completion of the contract. including extensions thereof After the complettnn date of the contract..you shall not to.required to Invest the money held by wu and derived from the sale or redemption of malured investments until outhnrired to do w by the Cnntrntor and the Public &sty which authorirdtion shalt include the com pletion date of the extension 3 When and as Interest on th,securities held by you pursuant to this agreement accrues end is peld you shall collect suchinterest andforward Itlothe Contrector at itx addmxsde-tgneed belnwunlessartherwice.do, ted bathe Contractor catiustaa an Noisiest Flea rw sou x .. 4 You an, not authorised lu deliver to the Lou iracfor all or any part of the secudties held by q,a pursuant to this agreement for any moneyx derived from the sale of so(h securities or the negotiation of the Public Body's warrants) aseW In accordance with written tnstrut.tions from the Public Body. Compliance with much Instructions shall relieve you of any further liability related thereto S. in the event the public Body onfem you to do an In writing you abet! within thirty five(95)days of racetpt of such order.mcmven into money the set urilies hold by you pursuant to this aRreement and return such factory together with any editor moneys held by you hemunder.to the Public Body 6.The Ointractor to mes to pay you lot your mnices hereunder compensation in act ordence with your published schedule of Borrow Fears-Public Works Caalreeh.Payments of all fees shalt tw tha sole nsponsibibev of the Contractor and shall not be, deducted from any property placed with you pursuant to this agreement until and unlsss the Public Body directs the release to the (41rdr,•Aor of the securities and moneys held hereunder whereupon you shall be granted a first lien upon such property released and shall 1+e entitled to reimburse yourself from such pmper•ty for the entire amount of your tars ax provided for herein above In the event that you am made a party to any litigation with respect to the property held by you hereunder. or In the t.ant that the conditions of this escrow am not promptly fulfilled or that you am required to render any arnica nal provided for in these Instructions. or that them Is any aaatgnment of the Intemses of this escrow or any modification hereof you shall be entitled to reasonable compensation for such rxtn- urdtnan•arnica,from the Cord-.actor and reimbursement item the (:ontrarior for all crisis and expenses, including at. turnery fees occaskmed by such default delay cnntmvetsy or !!legation 7 Thls agt•eemont shall not be binding until exocuted by the Contractor and the Public &dy and accepted by you B. This Instrument contains the entire agreement between you, the Contractor and the Public Body with respect to this eeu:row and you are not a party tit nor bound by any Instrument or agreement other then this:you shall not be re. quired to take notice of any default or any other matter. nor he bound by nor required to Rive notice or demand nor requlrad to take any action whatever except as herein exproaxly provided. yuu shall not tin lishir for any loss or damage nut caused by your own nogligenc a or w-rllfull misconduct g.The forogofag provisions shall be handing upon the assigns. suecoaxors personal reprosentatnns and heirs of the parties hereto. The undersigned hate mad and horehy approve the instructions as given above governing the administration of this escrow and do hereby execute this a4mement on this day of..__ Richard E. Grant dba Grant Construction Co. -- It;orftrgctwJ ~� IPuW Body) fly By- (Title) 12901 172nd S.E._ , Rentog_-ua. 98056 I Addmss I 9i_6160027__. .-- (Tax Identification Nn) The atone escrow agreement meelyavf and w:capled this___—dry SEATTLE FIRST NATIONAL BANK By i'"M Officer) E,cruw No Public &iAy City of Renton - - _ kaier-p-rlolecl.-ll __----- Contract No Completion Date _._. ESCROW INSTRUCTIONS l 1 8EAME F/RST NANONAL BANK Southcenter Branch Rif IMe/P(Alff 4#9540 g1TXX P.O. Box 88199 MMIM kfIF1fRXk1IxIFlRbkafdNlTRRxIIQaiMx Tukwila. Va. 98188 The Contractor, with the approval of the Puhhr &+dy boreby insirocts you to pun:ha,e the belvw hxred bond,or other ,eruntie+under the h•rm,of the EYLN„ Atimoment Time Certificate of Deposit Exerut,ni 1M, .._.da%of . left Richard E. Grunt grant Construttion Co, City of Renton f(:anlhitiorl --7- -- IPuWir Bodyt Irene, er.•maa• e .. Escrow Na _.__. robfya tateh city of Kenton Water Project W-712 Contract No Completion Dale ESCROW AGREEMENT rot 1 SEATTLE FIRST NATIONAL BANK Southcenter Branch x"tY UlH40-Y" r,%A"M ayytda P.D. Box 98199 rye,eDrmwa k +txR,KteONtiv6xpa^""4k Tukwite, Wa. 98188 Th" i,,row hit u nwril i, for It" rnvealmpnt u1 the retained ppnenisops of the atxwe nrotrart In accordance with Chapter!e law,of Ie70 amendingg RCIN to 28 010,80 2e 020 and 8t1 20 O50 The Undersigned Richard t. Grant dba Grant Con Stru[tf 0n Go, , bpmc, after mlerrW to as the Contractor, he, dtrvorted _« O� ntUri hprrtnaftw "Ittred to e, the Kt he Budv to deltvrr h.sou it,warrant, check,or drafts which•hall be potable to%no and the tbntactur Mull% Su.h warrant, checks or drafts are to h• held and dispos.,i of by you in accordance with the following Insiruetbmn and upon the terms and sondo0nns hereinafter set forth LSISTRUCTtonS I Upon del%,on to you warrant% checks or draft medv payebb,to you and the Contrachr lttinth %hall he endanrd hi you and forwarded for collection Th• ropy,from all%urh warrants checks or drafts teethed hpreundpr sha111s• used h you to pun'ho%r bond,or other secuntip, wlected by the Contractor and appru,ed by the p-hlu Budy For the purpo%e of each such punhow yru met inliow the last wntien direction receh*d bt you from the Contractor pro sided said dim Into Otherei,e tonfurm, with tip retinc non, an in,e,tmeni. wiled harem Alto,tied t,a 1151 of such bonds or other aacurines approved bs the Public Body Other bonds or secures. except stocks me he selocted by the Control tor.subwi to express wren approval of the Pubhc lardy 2 The im eNments salaried by the Contractor sppmved by the Public Bodt and punba,"by vnu must mature on at poor Io the date sot tot the completlon of the contest Including extensions theraoi Alter the completion date of the contract you shall not be repuared to Invest the monet held by You and der»ed tram the sale Of redemption of matured Inv,%tireMa until authorized to do so in, the Contactor and the Puhltc Bdt which outhor%tudum%halt Include tht cos pletinn dale of the oxtenamn a N'her and ae Interval on the secunnas held bt you punuanl to thlf sorermen,accrue%and Is paid You shell collect such Interest and forward it tothe CAmlaelor at O% o0re,.designed below unle%,otberwtse dimi led bt the CAhtrertor Coed..,,M geNtM out. a You a", n:i •.I borltwd w ,lelry or la the Con,t%r Tor all or env part of the ssuritles held by you pursuant to tills agreement (or tons moneys derived from the sale of such secur111as or the reaottailon of That tbhc Iktdy's warrants) eseepl in eccuntance with written instructions tram the Public Body Compliance with such lnstevrlluns %hall "lievs you of any further liability related thereto 9 In the event the Public Body orders you to do so In writing. you shall. within lhuly five(351 days of receipt of sus:h ♦ order reconvert into money the M.unites held by you pursuant to this agreement and ntum such money togetner with env other munels held by)cu hereunder. to the Public Body. 6 The Contractor senors io pay you for your semices hereunder compensation In accordance with your published %chedvae of Escrow PesnPullk Weds Contests.Payments of ail fees shall be the sofa rr.ponslblllty, of the Contractor and shall not Fir deducted form anT property placed with you pursuant to this agreement until and unless the Public Body directs the please I.the COMracbr of the securities and moneys held hereunder whereupon you shall be granted a tint Ilan npm such property Worsted and shall be entitled in reimburse yourself form such property for the anti" amount of your lees as provided for herein above in the event that you an made a party To any IHlgaiton with respect to the properly held by you hereunder. or In the t sot that the conditions of this escrow are not promptly fulfilled Or that you am required to render any sent" not pm%Idad fur in 'hear inlTNclionl. or That there Is am assignment at the interests of this escrow or any modification hereof. you shall be entitled to reasonable i ompensatlon for such extra, ordinary services the Contractor and reimbursement from the Contractor for all culls end expenses including at- looney isms occas,onsd by sych default delay. controterey ter litigation y. This as moment shall not be binding until earn used by the Contractor and The Public Body and accepted by you. g This instrument connlns the ennn agreement between you. the Contractor and the Public &dy with respect to this escrow and you an riot a parry to our bound by any instrument or agreement other Then this.you shall not be re- quired :o take notice of any default or any other matter. nor be bound by nor rrgatted to give notice or demand nor required to lake any action whatever except as herein expressly provided hot, sha'I not he liable for any loss or damage not caused by ieur owe neglimn,a or willfull misconduct 9 The foregoing pntsisions shall he binding open the assigns. successors prmonal representatives and heirs of the parties hotels, The undersigned have read and herrhi approve the Inslnrctions as Riven %hove goveraing the admisninllon of this escrow and do hereby esscun this agreement on this-_—day of 1970 Richard E. Grant dba Grant Construction Co, ICoptrectorY / �, tPuhlic Ba1yT I TIlle1 12901 172nd S.E., Renton, Ma. _ 98056 _...— _91_6160027 tTs% IdentiBc%non No I The above Psrrov, xwmement recelved nerd accepted thls_ day ot_ . lWill. 84 SE.AME FIRST\ATIONAI. B.W, , Ry i'(��011ceri