Fillable City of Des Moines Escrow Agreement (City of Des Moines)

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City of Des Moines Escrow Agreement (City of Des Moines)

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U.S.A. forms for City of Des Moines

BROWSE CITY OF DES MOINES (WA) FORMS

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To:
Branch
Address
Escrow Account Number
Contract Number
The undersigned, _______________________________________________________________
hereinafter referred to as the Contractor, has directed the City of Des Moines, hereinafter referred
to as the Agency, to deliver to you its warrants or checks which shall be payable to you for the
Contractor. Such warrants or checks are to be held and disposed of by you in accordance with the
following instructions and upon the terms and conditions hereinafter set forth.
Instructions
1. The Agency shall deliver to you from time to time checks or warrants payable to you for the
Contractor. You are hereby authorized by the Contractor to endorse any such check or warrant so
that you may receive the proceeds thereof and invest the same. The power of endorsement hereby
g
ranted to
y
ou b
y
the Contractor shall be deemed a
p
ower cou
p
led with an interest and shall be
City of Des Moines
Escrow Agreement
Construction Project Escrow Agreement
Revised 04/10
Page 1 of 4
gyy pp
irrevocable during the term of this escrow. Although you may be a payee named in such warrants
or checks as shall be delivered to you, your duties and responsibilities with respect to the same
shall be only those duties and responsibilities which a depository bank would have pursuant to
Article 4 of the Uniform Commercial Code of the State of Washington for an item deposited with
it for collection as of the date such check or warrant shall be delivered to you. The proceeds from
collections shall be used by you to purchase, as directed by the Contractor, bonds or other
securities chosen by the Contractor and approved by you, and the Agency. For the purpose of
each such purchase, you may follow the last written direction received by you from the
Contractor, provided such direction otherwise conforms with the restrictions on investments
recited herein. Attached is a list of such bonds, or other securities approved by the Agency. No
further approval is necessary if any of these bonds or securities are selected by the Contractor,
subject to express written approval of you and the Agency. Purchase of such bonds or other
securities shall be in a form which shall allow you alone to reconvert such bonds or other
securities into money if you are required to do so by the Agency as provided in paragraph 4 of this
Escrow Agreement.
The investments selected by the Contractor, approved by the Agency and purchased by you must
mature on or prior to the date set for the completion of the contract, including extensions thereof
or thirty days following the final acceptance of said improvement or work.
2. When and as interest on the securities held by you pursuant to this agreement accrues and is
paid, you shall collect such interest and forward it to the Contractor at its address designated
below unless with your written consent you are otherwise directed in writing by the Contractor.
Construction Project Escrow Agreement
Revised 04/10
Page 1 of 4
3. You are not authorized to deliver to the Contractor all or any part of the securities held by you
pursuant to this agreement (or any monies derived from the sale of such securities, or the negotiation
of the Agency’s warrants or checks) except in accordance with written instructions from the Agency.
The Agency shall inform you and keep you informed in writing of the name of the person or persons
with authority to give you such written instructions. Compliance with such instructions shall relieve
you of any further liability related thereto. The estimated completion date on the contract underlying
this Escrow Agreement is
 .Upon request by you, the Agency shall advise you in writing
of anychange in the estimated completion date. If the estimated completion date is changed you are
authorized to reinvest the monies held hereunder in accordance with the new estimated completion
date.
4. In the event the Agency orders you to do so in writing, and not withstanding any other provisions
of this agreement, you shall, within thirty-five (35) days of receipt of such order, reconvert into
money the securities held by you pursuant to this agreement and return such money together with
any other monies, including accrued interest on such securities, held by you hereunder, to the
Agency.
5. The Contractor agrees to pay you as compensation for your services hereunder as follows:
Pa
yment of all fees shall be the sole responsibility of the Contractor and shall not be deducted from
Construction Project Escrow Agreement
Revised 04/10
Page 2 of 4
ypy
any property placed with you pursuant to this agreement until and unless the Agency directs the
release to the Contractor of the securities and monies held hereunder whereupon you shall be granted
a first lien upon such property released and shall be entitled to reimburse yourself from such property
for the entire amount of your fees and any unanticipated amounts which might be owing as provided
for herein. In the event that you are made a party to any litigation with respect to the property held by
you hereunder, or in the event that the conditions of this escrow are not promptly fulfilled or that you
are required to render any services not provided for in these instructions, or that there is any
assignment of the interests of this escrow or any modification hereof, you shall be entitled to
reasonable compensation for such extraordinary services from the Contractor and reimbursement
from the Contractor for all costs and expenses, including attorney fees occasioned by such default,
delay, controversy or litigation.
6. Should you at any time and for any reason desire to be relieved of your obligations as escrow
holder hereunder, you shall give written notice to the Agency and Contractor. The Agency and
Contractor shall, within 20 days of the receipt of such notice, jointly appoint a successor escrow
holder and instruct you to deliver all securities and funds held hereunder to said successor. If you are
not notified of the appointment of the successor escrow holder within 20 days, you may return the
subject matter hereof to the Agency and upon so doing, it absolves you from all further charges and
obligations in connection with this escrow.
7. This agreement shall not be binding until executed by you, the Contractor, and accepted by the
Agency.
8. This instrument contains the entire agreement between you, the Contractor and the Agency with
respect to this escrow and you are not a party to nor bound by any instrument or agreement other
than this; you shall not be required to take notice of any default or any other matter, nor be bound by
nor required to give notice or demand, nor required to take any action whatever except as herein
expressly provided; you shall not be liable for any loss or damage not caused by your own
negligence or willful misconduct.
Construction Project Escrow Agreement
Revised 04/10
Page 2 of 4
Authorized Signature
Contractor
Title
Address
Bank or Trust Company
Escrow Account Number
Authorized Signature
Contact Name
9. The foregoing provisions shall be binding upon the assigns, successors, personal representatives
and heirs of the parties hereto.
The undersigned have read and hereby approve the instructions as given above governing the
administration of this escrow and do hereby execute this agreement this ________________
day of ____________________, __________.
Construction Project Escrow Agreement
Revised 4/10
Page 3 of 4
The above escrow agreement received and accepted by Bank or Trust Company, this __________
day of ___________________, __________.
The escrow agreement accepted this __________ day of ____________________, __________.
Contact Phone Number
Agency
City of Des Moines
City of Des Moines Authorized Signature
City, State, Zip Code
Construction Project Escrow Agreement
Revised 4/10
Page 3 of 4
Please indicate which type of Bonds or Securities that have been selected by checking
the appropriate number below.
1. Bills, certificates, notes or bonds of the United States.
2. Other obligations of the United States or its agencies.
3. Obligations of any corporation wholly-owned by the government
of the United States.
4. Indebtedness of the Federal National Mortgage Association.
5. Time deposits in Commercial Banks, Mutual Savings Banks
or Savings and Loan Associations.
6. Interest Bearing Accounts
List of Type of Bonds or Securities that are Approved
by the City of Des Moines
When an election is made to deposit amounts reserved in an interest bearing account in a bank,
mutual savings bank, or savings and loan association, the contractor is to select an institution. Any
Construction Project Escrow Agreement
Revised 4/10
Page 4 of 4
b
ank selected must be a qualified public depository under RCW 39.58.010.
Deposits in an interest bearing account are to be in the name of the City and are not to
be allowed to be withdrawn without the City’s written authorization. The amounts
deposited are not to be subject to withdrawal until after final acceptance of said improvement
or work as completed, or until agreed to by both parties.
Interest earned on deposits is to be paid to the contractor as said interest becomes payable
under the terms of the deposit. The account is to be appropriately noted by the bank, savings
bank, or savings and loan association to enable that institution to report interest payments
made to the contractor to the Internal Revenue Service in the proper format.
In no event shall the City of Des Moines approve investments in stock of any company, association or
corporation. In all cases, the investments selected must mature on or prior to the date set for completion
of the contract, including extensions thereof.
Construction Project Escrow Agreement
Revised 4/10
Page 4 of 4
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City of Des Moines Escrow Agreement (City of Des Moines)

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Completed 3 August 2020

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