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(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 itmmediately convert the securities to cash and shall distribute the cash as instructed by 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, Escrow Agent shall release to 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) Escrow Agent shall rely upon the written notification from the Owner and the Contractor pursuant to Sections (5) to (8), inclusive, of this Agreement and the 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 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 Owner: City of Santa Ana Executive Director Finance Name: Kath�yrnj ns Downs Signature: .^5^'°�_=^=^avP�n 20 Civic Center Plaza, Santa Ana, CA 92701Y On behalf of Escrow Agent: Banner Bank Title: Escrow Administrator Name: Francisca Pardo Signature: e� 5901 Priestl v Suite 160, Carlsbad, CA 92008 On behalf of Contractor: M J. Noble Company Title: Secretary Name: Steve Mendoza S" nature: �A 15505 E. Lincoln e., O ige, CA 92965 Escrow Agreement— revised 312012019 Page 2 of3