ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION Sample Clauses

ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION. This Escrow Agreement is made and entered into by and between the Mountain Empire Unified School District, 0000 Xxxxxxx Xxxxxxx Road, Pine Valley, California 91962, hereinafter called “Owner”, and whose address is , hereinafter called
Sample 1Sample 2
AutoNDA by SimpleDocs
ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION. This Escrow Agreement is made and entered into, as of , 20 , by and between South Orange County Community College District, whose address is 28000 Xxxxxxxxxx Parkway, Mission Viejo, CA 00000 xxxxxxxxxxx called "DISTRICT;” , whose address is , hereinafter called "Contractor;" and, , whose address is , hereinafter called "Escrow Agent." For the consideration hereinafter set forth, the DISTRICT, Contractor, and Xxxxxx Agent agree as follows:
Sample 1Sample 2
ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION. Pursuant to Public Contract Code §22300, eligible and equivalent securities may be substituted for any monies withheld by the District to ensure the Contractor’s performance under the Contract Documents at the request and expense of the Contractor and in conformity with the provisions of Public Contract Code §22300. The foregoing and the provisions of Public Contract Code §22300 notwithstanding, failure of the Contractor to request the substitution of eligible and equivalent securities for monies to be withheld by the District prior to submission of the first Payment Application shall be deemed the Contractor’s waiver of rights under Public Contract Code §22300. If timely request is made by the Contractor, the form of Escrow Agreement shall be as set forth in the Contract Documents. The foregoing is subject to the provisions of Article 8 of the General Conditions relating to Public Contract Code §22300 requirements.
Sample 1Sample 2
ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION. This Escrow Agreement is made and entered into by and between: The CITY OF CORONA, hereinafter called “Owner,” whose address is 000 Xxxxx Xxxxxxxx Xxxxxx, Xxxxxx, XX 00000-0000 and (insert Contractor’s name), hereinafter called “Contractor,” whose address is _ _, and Union Bank of California, hereinafter called “Escrow Agent,” whose address is 000 X. Xxxxxxxx Street, 8th Floor, Los Angeles, CA 90071. For the consideration hereinafter set forth, the Owner, Contractor and Escrow Agent agree as follows: 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 (insert project name) in the amount of $ dated (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 Contractor deposits the securities as a substitute for Contractor 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 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 Corona, and shall designate the Contractor as the beneficial owner. All securities used as a substitute for retention earnings will be in compliance with the California State Government Code Section 16430. The Owner shall make progress payments to the Contractor for such 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. 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. 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. Contractor shall be responsible for paying all fees for the expenses incurred by the Escrow Agent in ...
Sample 1
ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION. This Escrow Agreement is made and entered into by and between the Grass Valley School District, 00000 Xxxxxxx Xxx, Grass Valley, CA 95945, hereinafter called “Owner”, and whose address is , hereinafter called “Contractor”, and whose address is , hereinafter called “Escrow Agent”. For the consideration hereinafter set forth, the Owner, Contractor and Escrow Agent agree as follows:
Sample 1
ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION. Account Number: Project Name: This Escrow Agreement is made and entered into by and between the NEWARK UNIFIED SCHOOL DISTRICT whose address is 0000 Xxxxxx Xxxxxx, Newark, CA 94560 (hereinafter referred to as "Owner") and whose address is (hereinafter called "Contractor") and whose address is (hereinafter called "Escrow Agent"). For the consideration hereinafter set forth, the Owner, Contractor, and Escrow Agent agree as follows:
Sample 1
ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION. This Escrow Agreement is made and entered into by and between the Washington Unified School District, located at 000 Xxxxxxxx Xxxx, Xxxx Xxxxxxxxxx, Xxxxxxxxxx, hereinafter called “Owner”, and whose address is , hereinafter called “Contractor”, and whose address is , hereinafter called “Escrow Agent”. For the consideration hereinafter set forth, the Owner, Contractor and Escrow Agent agree as follows:
Sample 1
AutoNDA by SimpleDocs
ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION. This Escrow Agreement is made and entered into on by and between: Contra Costa Water District whose address is 0000 Xxxxxxx Xxxxxx, Xxxxxxx, Xxxxxxxxxx, hereinafter called "District”, and whose address is hereinafter called "Contractor,” and whose address is hereinafter called "Escrow Agent”.‌‌ For the consideration hereinafter set forth, the District, Contractor, and Escrow Agent agree as follows:
Sample 1
ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION. This Escrow Agreement is made and entered into by and between the Mother Lode Union School District, 0000 Xxxxx Xx. , Placerville, CA 95667, hereinafter called “Owner”, and whose address is , hereinafter called “Contractor”, and whose address is , hereinafter called “Escrow Agent”. For the consideration hereinafter set forth, the Owner, Contractor and Escrow Agent agree as follows:
Sample 1

Related to ESCROW AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION

  • DISHONOUR OF PAYMENT INSTRUMENTS In the event of dishonour of any payment instruments or any payment instructions by or on behalf of the Allottee for any reason whatsoever, then the same shall be treated as a default and the Promoter may at its sole discretion be entitled to exercise any recourse available herein. Further, the Promoter shall intimate the Allottee of the dishonour of the cheque and the Allottee would be required to promptly tender a Demand Draft of the outstanding amounts including interest at the Applicable Interest Rate from the due date till the date of receipt by the Promoter of all the amounts including the dishonour charges of Rs. 5000/- (Rupees Five Thousand only) (for each dishonour). In the event the said Demand Draft is not tendered within 7 (seven) days then the Promoter shall be entitled to cancel the allotment, subject to provisions hereunder. In the event the Allottee comes forward to pay the entire outstanding amounts, interest and penalty thereof, the Promoter may consider the same at its sole discretion. In the event of dishonour of any cheque, the Promoter has no obligation to return the original dishonoured cheque.

  • Xxxxxxx Money Deposit (a) Within three (3) Business Days after the full execution and delivery of this Contract, Buyer shall deposit the sum of Three Hundred Thousand and No/100 Dollars ($300,000.00) in cash, certified bank check or by wire transfer of immediately available funds (the “Initial Deposit”) with the Title Company, as escrow agent (“Escrow Agent”), which sum shall be held by Escrow Agent as xxxxxxx money. If, pursuant to the provisions of Section 3.1 of this Contract, Buyer elects to terminate this Contract at any time prior to the expiration of the Review Period, then the Escrow Agent shall return the Xxxxxxx Money Deposit to Buyer promptly upon written notice to that effect from Buyer. If Buyer does not elect to terminate this Contract on or before the expiration of the Review Period, Buyer shall, prior to the expiration of the Review Period, deposit the Additional Deposit with the Escrow Agent. The Initial Deposit and the Additional Deposit, and all interest accrued thereon, shall hereinafter be referred to as the “Xxxxxxx Money Deposit.”

  • SECURITY DEPOSIT A deposit (the "SECURITY DEPOSIT") in the form of cash or an unconditional, irrevocable $1,000,000.00 letter of credit issued by a national bank reasonably acceptable to LANDLORD, and in the form of EXHIBIT E attached hereto and incorporated herein by reference, shall be paid by TENANT within five (5) business days after execution of this Lease and shall be held by the holder of the first mortgage on the Building (the "SD HOLDER") without liability for interest and as security for the performance by TENANT of TENANT's covenants and obligations under this Lease, it being expressly understood that the Security Deposit shall not be considered an advance payment of rent or a measure of LANDLORD's damages in case of default by TENANT. The SD Holder shall provide TENANT with acknowledgement of the receipt thereof and shall from time to time, at TENANT's request, provide TENANT with information with respect to the status thereof. Notwithstanding the deposit of the Security Deposit with the SD Holder, LANDLORD shall retain all obligations with respect thereto set forth herein. In the event that cash is, at any time, held as the Security Deposit hereunder, the holder thereof shall hold such cash as trustee in a segregated account for the property for the benefit of the TENANT subject only to the terms and provisions of this Lease. Upon the occurrence of any Event of Default under this Lease by TENANT, LANDLORD may, from time to time, without prejudice to any other remedy and without prior notice, use such portion of the Security Deposit as is necessary to make good any arrearages of any installment of Basic Annual Rent, additional rents, or other amounts or charges payable by TENANT hereunder, or any other damage, injury, expense, or liability caused to LANDLORD by such breach or default. For draws by LANDLORD for damage, injury, expense or liability other than failure by TENANT to pay Basic Annual Rent or additional rents, LANDLORD will not draw an amount in excess of $100,000.00 without five (5) business days notice to TENANT specifying the amount of the intended draw. At any time LANDLORD is holding cash as the Security Deposit hereunder, TENANT shall have the right, in accordance with the terms hereof, to replace such cash with a letter of credit and upon such replacement, LANDLORD shall return the cash held to TENANT. If LANDLORD shall transfer its interest in the property, LANDLORD shall assign the Security Deposit to the transferee. At the end of every Lease Year, TENANT shall have the right to reduce the amount of cash by $100,000.00 or replace the letter of credit comprising the Security Deposit with a letter of credit in an amount reduced by $100,000.00, provided in either instance, at no time during the previous Lease Year has there been a Tenant Event of Default under this Lease. Following any application of the Security Deposit, if the Security Deposit is in the form of a letter of credit TENANT shall have issued to LANDLORD on demand a replacement letter of credit in the full amount of the letter of credit prior to LANDLORD's draw. Failure by TENANT to replace the letter of credit (i) in the full amount within ten (10) days of receipt by TENANT of notice of LANDLORD's draw or (ii) no later than five (5) days prior to the stated expiration date, shall, in either instance, be an Event of Default under this Lease, and in the case the event described in (ii) occurs, shall permit LANDLORD to draw the entire amount of the letter of credit. Any balance of the Security Deposit remaining at the end of the term shall be returned to TENANT within thirty (30) days after TENANT's compliance with each and every provision of Article 19 hereof. In the event TENANT exercises its option to acquire all or part of the tenth floor, TENANT shall increase the Security Deposit by $1,000,000.00 (subject to reduction as set forth in Section 32.1) at the time of exercise of the option, and thereafter the annual reduction of the total Security Deposit shall continue to be $100,000.00.

Time is Money Join Law Insider Premium to draft better contracts faster.