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CONTRACT 4103E Other CLOSED410V ;. Escrow No: 23697 ESCROW AGREEMENT FOR SECURITY DEPOSITS IN UEU OF RETENTION This escrow Agreement is made and entered into by and between the City Of Ei Segundo, whose address is 350 Main Stree, El Segundo, CA 90645, hereinafter referred to as "Owner'', E M A E International, Inc. whose address is 13744 Milroy Place, Santa Fe Springs, CA 90670 hereinafter referred to as "Contractor", and Union Bank, N.A., whose address is 1980 SATURN STREET, MONTEREY PARK, CA 91755 hereinafter referred to as "Escrow Agent ". For the consideration hereinafter set forth, the Owner, Contractor and Escrow Agent agree as follows: 1. Pursuant to section 22300 of the 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 Owner Pursuant to the Construction Contract entered into between Owner and Contractor for Project: El Segundo Beach Bathroom Facility and Lifeguard Station at the El Segundo Beach in the amount of $1,111,000.00 , dated December 08, 2010 (hereinafter, referred to as the ( "Contract"). Alternatively, on Escrow request oothhe Contractor, the Owner shall make payments of the retention earrings directly to Contractor deposits the securities as a substitute for Contract earnings, the Escrow Agent shall notify the Owner within ten days of the deposit. The market value of the securities at the time of the substitution shall be at least between the own to ndContractor amount . Securities shall to be h d i withheld e nam of City Of El Segundo and hall designate the Owner and Contractor as the beneficial owner. 2. The Owner shall make progress payments to the Contractor for those funds which otherwise would be withheld from progress payments pursuant to the Contract provisions, provided that the Escrow Agent hold securities in the form -and amount specified above. 3 When the Owner makes payment of retention'searned directly to the Escrow Agent, the Escrow Agentshall hold them for the benefit of the Contractor until the time that the escrow created under this contract is terminated. The Contractor may direct the investment of the payments into securities. All terms and conditions of this agreement and the rights and responsibilities of the parties shall be equally applicable and binding when the Owner pays the Escrow Agent directly. Al. Contractor shall be responsible for of the Owner. oTheseexpenses s incurred by and payment terms shad be determmined�by the Escrow Account and all expenses the owner, Contractor and Escrow Agent. 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 Owner. 6. Contractorshall have the right to withdraw all or any part of the principal in the Escrow Account only by written notice to Escrow Agent accompanied by wriAn 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 Contractor. Upon seven days' written notice to the Escrow Agent from the Owner of the default, the Escrow Agent shall immediately convert the securities to cash and shall distribute the cash as instructed by the Owner. S. 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 payments-of fees and charges. 9. Escrow Agent shall rely on the written notifications from the Owner and the Contractor pursuant to Sections (5) to (8), inclusive, of this Agreement and the Owner and Contractor shall hold Escrow Agent harmless from Escrow Agents 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 the foregoing, o receive nd rumen once on behalf of h Owner and on behalf of the Contractor in connection signatures are as follows: On behalf of Owner: On behalf of Contractor: City Of El Segundo E M A E International, Inc. Jade: trayt Name oe ci nager T' Address: 350 Main Stree El Segundo, CA 90645 Telephone: 310- 524 -2361 On behalf of Escrow Agent: UNION BANK, N.A. Katrina McLean Assistant V e President Signatue l I " Address: UNION BANK, N.A. 1980 SATURN STREET, V03 -012 MONTEREY PARK, CA 91755 Telephone: (800) 6694661 Ehab Maamoun Name President Title L-`�.�. -? Address: 13744 Milroy Place Santa Fa Springs, CA 90670 Telephone: 562- 404 -1468 ext 227 At the time the Escrow Account is opened, the Owner and Contractor shall deliver to the Escrow Agent a fully executed counterpart of this Agreement. IN WITNESS WHEREOF, the parties have executed this Agreement by their proper officers on the date first set forth above. CONTRACTOR: By: aamoun, President By: FUNDS TRANSFER ORDER INFORMATION Owner: City of El Segundo Contractor: E M A E International, Inc. Escrow No.: 23697 Project: El Segundo Beach Bathroom Facility and Lifeguard Station a the El Segundo Beach An account has been opened in connection with the above referenced escrow. Funds may be remitted by either cashier's check or wire transfer per the following information: MAILING ADDRESS: Union Bank, N.A. 1980 Saturn St., V03 -012 Monterey Park, CA 91755 Escrow No: 23697 WIRE INSTRUCTIONS: Union Bank, N.A. 1980 Saturn St., V03 -012 Monterey Park, CA 91755 ABA #122000496 Account # 9140063522 Escrow No. 23697 Please ensure that the escrow number is included when remitting funds.