SULLY-MILLER CONTRACTING COMPANY (2)

Home Browse Search

INSURANCE NOT REQUIRED A,-2025-067-01 ,Y��'�t-}�i�/4 MIApYwPROCEED - T]/ {�J AGREEMENT �^1p� �n/��;�T (�i U F 7 CLERK L'+��7C�A�O F"Y !'1.rlJAl.f'11'rlr�.d�l'�{T FOR R�,�r i �T DATE: AUG 2 d 2025 SECURITY DEPOSIT IN LIEU UT Rl'arA;ENT.ION o:pwa L zi Dann This Escrow Agreelrrent is made and entered into this 16th day of July 2025,� between the CITY Ol+ SANTA ANA whose address is 20_�Ciyic Center Plaza, CA 927Q1 hereinafter called "OWNER", and SULLY-MILLER CONTRACTING COMPANY, whose address is 135 S. State College Blvd. # 400, Brea, CA 92821 lereinafter called "CONTRACTOR", and U.S. BANK NATIONAL ASSOCIATION whose address is 633 W, 5tl' Street 2 th Floor, Los Angeles, CA 90071 hereinafter called "ESCROW A(jENT" Section A. Oil or about March 19, 2025, the City, Contractor, and Escrow Agent entered into a Escrow Agreern6nt for Security Deposit in Lieu of Retention (A-2025-067), It has come to the attention of.the Pa,r�fies that the'listed Contract amount in that agreement was incorrect.Accordingly, the Parties now eatei i into (his new Agreement. The prior Agreement, A-2025-067, is hereby formally terminated and !' silpel 'ded by this new Agreement For th consideration hereinafter set forth, the OWNER,CONTRACTOR, and ESCROW AGENT agree as follows: i 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 Bristol Street I oyements from Warner Avenue to Saint Andrew PlElce, Pro'ect o. 11-6741 & Bristol Street Phase 4 Water Main Improvements, Project No 19-6499 in the'amoitnt o f.$22,354,492.25 datcd March 4, 2025 (hereinafter referred to as the "Contract"). Alternatively, Girl written request of the; CONTRACTOR, the OWNER shall make payments of the retention earnings directly to (lie ESCROW AGENT. When the CONTRACTOR deposits the secrll'ities as a substitute for Contract earnings, the ESCROW AGENT shall notify the OWNER within 10 (lays of the deposit. The market value of the securities at the tine of the substitution shall be at least equal to the cash atnotint 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 SANTA ANA 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 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 contract is terminated,The CONTRACTOR linay 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 bays the ESCROW AGE NT directly, 4) CONTRACTOR shall be responsible for.paying all fees for the expenses incurred by ESCROW AGENT in administering the Escrow Accoilllt and all expenses of the OWNER, These expenses and payment terms shalt be determined by the OWNER, CONTRACTOR, and ESCROW AGENT. i 5) The interest earned on the securities or the money market accounts held in escrow and all interest canted on that interest shall be for the sole account of CONTRACTOR and shall be subject to withdrawal by � CONTRACTOR at any time and From time to time without notice to the OWNER. Page 1 er3 103,10704-Santa Ana,Bristol Street wutcr Improvement,doex