HomeMy WebLinkAbout2004 CON California Bank & Trust - Escrow Retention ContractCALIFORNIA BANK
TRUST
April 20, 2004
Stephen M. Kirkpatrick
City of National City
1243 National City Boulevard
National City, CA 91950
Re: Escrow retention — National City Public Library
Dear Mr. Kirkpatrick;
Enclosed are three copies of the escrow retention contract for the National City Public
Library. I have signed as the escrow agent.
When the contract has been signed by the city of National City , please return two copies
to me and I will forward one to the contractor.
Please send payments to the escrow retention account to:
California Bank & Trust
5500 Grossmont Center Drive
Suite 408
La Mesa, CA 91941
ATTN: Clara LaPlante
Thank you for your assistance with this and if you have any questions please call me at
619-667-2825. I look forward to doing business with you.
Sincerely,
Clara LaPlante
Vice President
Encl.
LA MESA OFFICE
5500 Grossmont Center Drive m La Mesa • California • 91942
(619) 6672800 a Fax (619) 4653664 • www.calbanktrust.com
ESCROW AGREEMENT
(RETENTION FUNDS1
ESCROW RETENTION ACCOUNT NUMBER 2010160619
This Escrow Agreement is made and entered into by and between the City of National City ("Owner" herein) and Jaynes
Corporation of California ("Contractor" herein) and California Bank & Trust ("Escrow Agent" herein).
For the consideration hereinafter set forth, 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 the Owner and Contractor for National City Public Library in the amount of S11,476.444.00
dated 2/10/04 (hereinafter referred to as the "Contract"). Altematively, on written request of the Contractor, the
Owner shall make payments of the retention earnings directly to the Escrow Agent. When the Contractor deposits the securities
as a substitute for Contact earnings, the Escrow Agent shall notify the Owner within 10 days of the deposit. The market value of
the securities at the time of the substitution shall be at least equal to the cash amount then required to be withheld as retention
under the terms of the Contract between the Owner and Contractor. Securities shall be held in the name of City of National City
, and shall designate the 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 holds securities in the form and amount specified
above.
(3) When Owner makes payment of retention funds directly to Escrow Agent, Escrow Agent shall hold them for the benefit of
Contractor until such time as the escrow created under this Escrow Agreement 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.
(4) Contractor shall be responsible for paying all fees due the Escrow Agent for administering the escrow account and all expense
of the Owner. The fees and payment terms shall be determined by 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 benefit of the Contractor and shall be subject to withdrawal by Contractor at anytime and from time to time
without notice to Owner.
(6) Contractor shall have the right to withdraw all or any part of the principal in the escrow account only by written notice to the
Escrow Agent accompanied by written authorization from Owner to Escrow Agent that Owner consents to the withdrawal of the
amount sought to be withdrawn by Contractor.
(7) Owner shall have the right to draw upon the retention earnings held by the Escrow Agent in the event of default by the
Contractor. Upon seven days written notice to the Escrow Agent from the Owner of the default, the Escrow Agent shall
immediately convert any securities to cash and shall distribute the cash as instructed by the Owner.
(8) Upon receipt of written notification from Owner certifying that the contract is final and complete, and that Contractor has
complied with all requirements and procedures applicable to the contract, Escrow Agent shall release to Contractor all securities,
retention eamings, and interest on deposit being held under this Agreement, less any fees and charges of the Escrow Account.
This escrow shall be closed immediately upon disbursement of all moneys and securities on deposit and payment of fees and
charges.
(9) Escrow Agent shall rely on the written notifications from Owner and Contractor pursuant to Sections (5) to (8), inclusive, of
this Agreement and Owner and Contractor shall hold Escrow Agent harmless from Escrow Agent's release and disbursement of
the securities and interest as set forth above.
(10)The names and signatures of the persons who are authorized to give written notice or to receive written notice
on behalf of the Owner, the Contractor and the Escrow Agent in connection with the foregoing are as follows:
On behalf of Owner:
Cite or National City
Signature:
Name: Stephen M.®kpatrick
Title: Actine Dir of Public Works
Address: 1243 National City Boulevard
National City. CA 91950
On behalf of Escrow Agent:
CALIFORNIA BANK &TRUST
Signature:
Name: Clara LaPlante
Title: Vice President
Address: 5500Grossmont Center Dr., Suite 408
La Mesa, CA 91942
On behalf of Contractor:
Jaynes Corporation of California
Signature: d)i C /��
Name: athrvn Pfaff %�/`/z
Title: Office Manaser
Address: 8530 La Mesa Blvd.. Suite306
La Mesa. CA 91941
This Agreement is to be signed in triplicate, with the Owner, Contractor and Escrow Agent receiving a fully
executed Agreement with original signatures.
In witness whereof, the Owner and Contractor have executed this Agreement with persons authorized to sign on
their respective behalf.
Date: (l 5 6 4" Date:
Owner: City of National City
Signature: �4 '� / Signature:
�
Name: Stephe . Kirkpatrick
Title: Actinn ector of Public Works
&p/Li_ a a>aa /./
Contractor:
Jaynes Corporation of California
Name: v 1Cathi•vn Pfa
Title: Office Manauer
DATE: May 3, 2004
FROM: Stephen Kirkpatrick
avvy-00 8
TnC1rTKF.T NT TMT PP
REQUEST FOR LEGAL SERVICES
DEPARTMENT: Public Works/
Engineering
DEADLINE: Wednesday May 5, 2004
SUBJECT: National City Public Library Escrow Retention
SERVICE REQUESTED:
Opinion Letter
Prepare Resolution or Ordinance for Council Agenda
Review and Approve Documents
Attend Meeting
Prepare Documents
Initiate Legal Proceedings - Civil
File Criminal Complaint
Schedule Consultation
Other:
X
EXPLANATION OF SERVICE REQUESTED:
By:
C")
APPROVED AS TO FORM
George H. Eiser, 11I
City Attorney
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