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64P�5- <br />OEM <br />ECEIVER In <br />DEC 2 <br />2018 <br />ESCROW AGREEMENT <br />ThisAgreement isentered into this 11�day of December _2018'b»and between <br />Bend — Board of Public Works ("Owner"), ("Contractor"), <br />and is' Source Bank, NA ("Escrow"), witnesseth: <br />WHEREAS, Owner and Contractor entered into a contract providing for the construction by the <br />Contractor of a public building, work or improvement subject to the provisions of IC 36-1-12-14; and <br />WHEREAS, said construction contract provides that portions of payments by Owner to Contractor <br />shall be retained (herein called "Retainage") by Owner, and placed in an Escrow Account; <br />NOW, THEREFORE, it is agreed as follows: <br />1. Owner shall deposit with Escrow all sums retained from payments due to Contractor <br />under the Contract between Owner and Contractor as sums are retained from time to time during <br />the administration of the Contract and performance of services and furnishing of materials by <br />Contractor. <br />2. Escrow shall invest all escrowed principal insuch obligations andinvestmentuaamnay <br />be selected by Escrow in its sole discretion, provided that said obligations and investments do not <br />reduce the escrowed principal. Escrow may in its sole discretion commingle the escrowed funds <br />with funds held pursuant toother escrow agreements. <br />3. The Escrow Agent shall hold the escrowed principal until receipt of written <br />authorization from the Owner specifying the portions of the escrowed funds to be released from <br />the Escrow. The Escrow Agent shall consider it a direction provided a written copy of the <br />Contractor's claim is attached, at which time the remittance of the designated portion of escrowed <br />principal will be released. <br />4. |nevent ofcontroversy, the Escrow Agent shall pay overthesum held bvithereunder <br />as follows: <br />a.\ Payment by Joint Authorization: Upon receipt of a joint written authorization <br />executed bvthe Contractor and the Owner, the Escrow Agent will make distribution <br />inaccordance with such written direction. <br />b.) Payment by Owner: Upon receipt from Owner ofacopy ofthe architect's certificate <br />pursuant to Article 14 of the General Conditions showing that the Owner has <br />terminated the employment of the Contractor, the Escrow Agent shall pay to the <br />Contractor such amount, if any, as the Owner directs and shall pay the balance to the <br />Owner. <br />c) Upon receipt of a certified copy of o court order receiving the disputed claim or <br />directing a specific distribution of all or any portion of said funds, Escrow Agent will <br />make distribution inaccordance with such order. <br />Execute in triplicate — One copy with original signatures going to each of the three parties noted <br />