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INSURANCE NOT REQUIRED WORK MAY PROCEED CITY CLERK DATE: p: pwaa) lSlwnvq ff IMAM E RI CAN BUSINESS BANK ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION A-2023-070 M This Escrow Agreement is made and entered into by and between City of Santa Ana , whose N address is 20 Civic Center Plaza M-22 Santa Ana, CA 92701 hereinafter called f "Owner," Pacific Hydrotech Corporation whose address is 314 E. 3rd St Perris, CA 92570 CD CD hereinafter called "Contractor," and American Business Bank whose address is 400 S. Hope Street., Suite _D d 300, Los Angeles, CA 90071, hereinafter called "Escrow Agent." For the consideration hereinafter set forth, the 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 Project: C2304-Well 32 Rehabilitation at 2601 N. Westwoad Avc Santa Ana, CA 92706&2401 N. Bristol Storer Santa Ana. CA 92706 Project No. (13-6433 Contract No. _ in the amount of $ 12,795,865.00 dated 05/08/2023 (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 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 the Owner, 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 retention 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 contract is terminated, subject to the Owner's rights under Paragraph 7 below. The Contractor may direct the investment of the payments into securities. All terms and conditions of this agreement and the rights and 6/14/2019 Pagel or3 3022A