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Home My Public Portal AboutAgreement_2017-08-16_All American Asphalt_Escrow Agreement for Security Deposits in lieu of retention_Pedestrian and Bike Path Safety Improvements_TC Blvd, El Camino Real to Ellis Lane_Security Deposit in lieu of RetentionCOMMUNITY BANK Partnership Banking' August 16, 2017 City of Temple City 9701 Las Tunas Drive Temple City, CA 91780-2171 Attention: Okan Demirci RE: Escrow #2492 Account #14917397 Project: Pedestrian & Bike Path Safety Improvements on Temple City Blvd from El Camino Real Ave. to Ellis Lane & Roadway Improvement -City ID: P15-06 Contractor: All American Asphalt An escrow has been opened for the above referenced project. Please find enclosed herewith three (3) copies of the escrow agreement executed on behalf of All American Asphalt and Community Bank. Please sign all three escrow agreements where indicated and return one original to the Contractor, one to the Bank, and retain one copy for your records. Kindly arrange your finance department to have all retention deposits and release requests sent to the following address: Community Bank 460 Sierra Madre Villa Ave. Pasadena, CA 91107 Attn: Claudia Cuadra-Escrow 2492 If you have any questions or concerns please contact me directly at (951) 808- 8951. Sincerely, M /vu^ by C Sherri Calzia VP, Customer Service Manager 951-808-8951 scalzia@cbank.com 255 E. RINCON STREET, SUITE 312, CORONA, CA 928791369 Phone 951.808.8940 • w .cbank.com 59A PPE WD Vf RI NF Aft IEOUAL H91 MRtk ESCROW NO: ACCOUNT NO 2492 14917397 ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION THIS ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION (hereinafter called the "Agreement") is made and entered into on this day of , , by and between City of Temple City, whose address is 9701 Las Tunas Drive, Temple City, CA 91780-2171 (hereinafter called "Owner"), All American Asphalt, whose address is P.O. Box 2229, Corona, CA 92878 (hereinafter called "Contractor"), and Community Bank, a California banking corporation, whose address is 505 E. Colorado Boulevard, Pasadena, California 91101 (hereinafter called "Escrow Agent"). WHEREAS, the parties desire to establish an escrow account with Escrow Agent (the "Escrow Account") pursuant to the provisions of Section 22300 of the California Public Contract Code. NOW, THEREFORE, for the consideration hereinafter set forth, the Owner, Contractor, and Escrow Agent agrees as follows: 1. Pursuant to Section 22300 of the Public Contract Code of the State of California, the Contractor has the option to deposit securities with Escrow Agent as a substitute for retention earnings required to be withheld by the Owner pursuant to the Construction Contract entered into between the Owner and the Contractor, for Pedestrian & Bike Path Safety Improvements on Temple City Blvd from El Camino Real Ave. to Ellis Lane & Roadway Improvement -City ID: P15-06 In the amount of $1,139,150.00 (hereinafter referred to as the "Contract'). Alternatively, 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 Contract earnings, the Escrow Agent shall notify the Owner within ten (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 the Contractor. Securities shall be held in the name of City of Temple 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 the Owner makes payment of the retentions earned directly to the Escrow Agent, the Escrow Agent shall hold them for the benefit of the Contractor until the time that the escrow created under this 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. The Contractor shall be responsible for paying all fees for the expenses incurred by the Escrow Agent in administering the Escrow Account and all expenses of the Owner. These expenses and payment terms shall be determined by the Owner, the Contractor and the 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 account of the Contractor and shall be subject to CBCR-Agmnt I withdrawal by the Contractor at any time and from time to time without notice to the Owner. 6. The 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 the Owner to the Escrow Agent that the Owner consents to the withdrawal of the amount sought to be withdrawn by the Contractor. 7. The Owner shall have a right to draw upon the securities 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 the securities to cash and shall distribute the cash as instructed by the Owner. 8. Upon receipt of written notification from the Owner certifying that the Contract is final and complete, and that the Contractor has complied with all requirements and procedures applicable to the Contract, the Escrow Agent shall release to the Contractor all securities and interest on deposit less escrow fees and charges of the Escrow Account. The escrow shall be closed immediately upon disbursement of all moneys and securities on deposit and payments of fees and charges. 9. The Escrow Agent shall rely on the written notifications from the Owner and the Contractor pursuant to Sections 5 to 8, inclusive, of this Agreement and the Owner and the Contractor shall hold the Escrow Agent harmless from the Escrow Agent's release and disbursement of the securities and interest as set forth above. 10. The names of the persons who are authorized to give written notice or to receive written notice on behalf of the Owner and on behalf of the Contractor in connection with the foregoing, and exemplars of their respective signatures are as follows: On behalf of the Owner: City of Temple City/� Name: � yaVFA� C� Title: C41 A kv1 c-,jtl- Signature: Address: 9701 Las Tunas Drive Temple City, CA 91780-2171 CBCR-Agrmnt On behalf of the Contractor: All American Asphalt Name: Mark Luer Title: President Signature. Address: P.O. Box 2229 Corona, Ca 92878-2229 On behalf of the Escrow Agent: COMMUNITY BANK Name: Sherri Calzia Title: VP, Customer Service Manager Signature: " O( AIA Address: 255 E. Rincon Street Suite 312 Corona, CA 92879-1369 951-808-8951 At the time the escrow account is opened, the Owner and the Contractor shall deliver to the Escrow Agent a fully executed original of this Agreement. IN WITNESS WHEREOF, the parties have executed this Agreement by their proper officers on the date first set forth above. OWNER: City of Temple City Title: C l k V' P'^'/-Yi Name: (jr � 6 r C&^,\— Signature: G',\—Signature: CBCR-Agrmnt CONTRACTOR: All American Ashpalt Title: President Name: Mark Luer Signatur