Escrow Agreement - Larson Danielson Construction - Howard Park Redevelopment Project

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5. The Escrow Agent shall pay interest on the net Retainage on deposit at the going rate or rates described in Paragraph 2 above, if any. Interest income to the Contractor shall be retained in the Escrow and paid to the Contractor with the final distribution. 6. This Escrow Agreement shall constitute the direction from the Owner and the Contractor to the Escrow Agent of the manner in which the Retainage is to be paid by the Escrow Agent pursuant to I.C. 36-1-12-14. 7. This Escrow Agreement and anything done or performed hereunder by either the Owner or Contractor shall not be construed to prejudice or limit the claims which either party may have against the other arising out of the aforementioned construction contract. Nothing herein contained shall constitute a limitation of any obligation of the parties to this agreement. 8. Escrow shall deduct, before any payment from the amounts received hereunder, its fee as Escrow Agent, which fee shall be payable from the income earned by the Retainage and which escrow fee shall not exceed fifty percent (50%) of the escrowed income of the escrow account. 9. Owner and Contractor agree to indemnify and hold escrow harmless against any liability, claims, actions or causes of action, including but not limited to the payment of attorney's fees of Escrow and affiliated costs, and the payment of any judgements which may be entered against Escrow and which may arise out of this Agreement other than claims against Escrow that it improperly invested the sums held in escrow or violated the terms of this Agreement. 10. Written accountings of the retainage deposited in the escrow and all earnings thereon shall be made to Owner and Contractor monthly. 11. Distribution from this escrow shall be requested in accordance with the Contract between Owner and Contractor regarding the project for which the retainage is withheld and deposited in this escrow. 12. This Agreement shall bind and inure to the benefit of the parties hereto, their successors in interest and assigns. 13. This instrument constitutes the entire agreement between the parties regarding the duties of Escrow with respect to the investment and payment of escrow funds; Escrow is not liable to Owner or Contractor for any loss or damages not caused by its own negligence or willful misconduct. OWNER: CITY OF SOUTH BEND, INDIANA BOARD OF PUBLIC WORKS Address: 227 W. Jefferson St, Suite 1316 South Bend, IN 46601 b By: e,. Gary,.1 Presidenj *** Execute in triplicate — One copy with original signatures going to each of the three parties noted *** Page 2 of 3