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5. The Escrow Agent shall pay interest on the net Retainage on deposit at the going rate <br />orrates described inParagraph 2above, if any. Interest income tothe Contractor shall beretained <br />in the Escrow and paid to the Contractor with the final distribution. <br />6. This Escrow Agreement shall constitute the direction from the Owner and the <br />Contractor to the Escrow Agent of the manner in which the Retainage is to be paid by the Escrow <br />Agent pursuant to|.[.36-1'13-14. <br />7. This Escrow Agreement and anything done or performed hereunder bveither the <br />Owner or Contractor shall not be construed to prejudice or limit the claims which either party may <br />have against the other arising out of the aforementioned construction contract. Nothing herein <br />contained shall constitute a limitation of any obligation of the parties to this agreement. <br />D. Escrow shall deduct, before any payment from the amounts received hereunder, its <br />fee as Escrow Agent, which fee shall be payable from the income earned by the Retainage and which <br />escrow fee shall not exceed fifty percent (50%) of the escrowed income of the escrow account. <br />9. Owner and Contractor agree to indemnify and hold escrow harmless against any <br />liability, claims, actions or causes of action, including but not limited to the payment ufa1turnex's <br />fees of Escrow and affiliated costs, and the payment of any judgements which may be entered <br />against Escrow and which may arise out of this Agreement other than claims against Escrow that it <br />improperly invested the sums held in escrow or violated the terms of this Agreement. <br />10. Written accountings of the retainage deposited in the escrow and all earnings <br />thereon shall bemade toOwner and Contractor monthly. <br />11. Distribution from this escrow shall be requested in accordance with the Contract <br />between Owner and Contractor regarding the project for which the retainaQe is withheld and <br />deposited inthis escrow. <br />lI This Agreement shall bind and inure to the benefit of the parties hereto, their <br />successors in interest and assigns. <br />13. This instrument constitutes the entire agreement between the parties regarding the <br />duties ofEscrow with respect tothe investment and payment ofescrow funds; Escrow is not liable <br />to Owner or Contractor for any loss or damages not caused by its own negligence or vvi||fu| <br />misconduct. <br />OWNER: CITY OFSOUTH BEND,UN0IANA <br />BOARD OF PUBLIC WORKS <br />Address: 227 W.Jefferson St, Suite 1316 <br />South Bend, IN 46601 <br />By: O�J—AYIA Gary A. Gilot. President <br />***Execute in triplicate—Onecopywithoriginal signatures going toeach ofthe three parties noted <br />*** <br />