2014-063 Council Resolution - Laserfiche WebLink

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approved by such authorities and that all requisite certificates of occupancy, if applicable, and other approvals have been issued. d. Final Sworn Construction Statement. e. The Developer's general contractor shall submit a 1 year warranty bond, in a form satisfactory to the City Attorney. from the date of Project acceptance and all required IC -134 documents. 7. Not later than five business days following receipt of the documents delivered to it pursuant to the above paragraphs. the Escrow Agent will notify in writing the City as to whether the delivered documents are satisfactory to it. If documents are missing. the Escrow Agent will advise City and Developer. If the documents are supplied to the satisfaction of the City and Escrow Agent. Escrow Agent will within 3 business days transmit to the Developer the amount applied for in the relevant draw request. 8. Developer will pay parties identified in the relevant draw request. the amounts shown therein. Payment will only be made upon receipt of signed lien waivers for the amount requested. 9. The Escrow Agent will keep and maintain books and records in sufficient detail to reflect the disbursements made by it hereunder. City and Developer may. during normal business hours, examine the books and records of Escrow Agent pertaining to the disbursements made by it hereunder. The Escrow Agent shall notify the City and Developer when fund balance is less than $25.000. 10. No liability is assumed by Escrow Agent or City to the Developer or contractors as regards protection against mechanic's lien or title claims. 11. Functions and duties assumed by the Escrow Agent include only those described in this Agreement. and the Escrow Agent is not obligated to act except in accordance with the terms and conditions of this Agreement. Escrow Agent does not insure that the building or construction will be completed. or that the building when completed will be in accordance with the plans and specifications, or that sufficient funds will be available for completion. The funds placed in escrow shall be maintained in a non-interest bearing account 12. Escrow Agent acknowledges receipt of escrowed funds upon execution of this document. 13. This Agreement shall be binding upon the parties hereto and their respective successors and assigns. 14. This Agreement can be amended or modified only by a written Amendment, written and signed by all of the parties hereto. 15. Escrow Agent shall place all received funds in a FDIC insured account. • • •