Fillable Printable ESCROW AGREEMENT - University of Cincinnati

ESCROW AGREEMENT - University of Cincinnati

Es crow Agreement EA -1 of 6 Rev 08/2011

This Escrow Agreement (herein "Agreement") entered into on the day of 20 ,

by and among the University of Cincinnati (herein "Owner"), a State University created and existing under

WITNESSETH:

(b) Bonds or other obligations of the United States of America or agencies thereof.

ESCROW AGREEMENT

(a) Savings accounts maintained with the Escrow Agent, or w ith any bank or domestic building and loan

association whi ch w ould be eligible to become a public depository under Section 135.03 of the Ohio

Revised Code.

WHEREAS, Owner, Contractor and Escrow Agent intend this Agreement to comply in all respects with

Section 153.63, and hereby agree that this Agreement shall be so construed as to further the purpose and

intent of said law;

NOW, THEREFORE, OWNER, CONTRACTOR AND ESCROW AGENT, INTENDING TO BE LEGALLY

BOUND, do hereby agree as follows:

Section 1. Deposit of Retained Amounts.

Escrow Agent hereby acknowledges deposit with it of the cash

and/or securities described in Schedule "B" hereto (herein " Escrowed Funds"). Ow ner and Contractor

hereby acknowledge and affirm that such deposit represents the full sum of Retained Amounts lawfully

retained by Owner to date, pursuant to Section 153.12 of the Ohio Revised Code, with respect to the

Contract.

Section 2. Investment or Reinvestment of Escrowed Funds.

Until payment of the Escrowed Funds,

including interest thereon, the Escrow Agent shall invest and reinvest the Escrowed Funds, and, to the

extent commercially feasible in the judgement of the Escrow Agent, the interest earned thereon, in the

foll owing described savings accounts or obligations:

(herein "Contractor"), a Corporation organized and existing under the laws of the State of Ohio; and PNC

Bank (herein "Escrow Agent"), an Ohio Banking Association organized and existing under the laws of the

State of Ohio, all being duly authorized to execute and deliver this Agreement.

WHEREAS, Owner and Contractor have heretofore entered into that certain contract (or contracts)

described in Schedule "A" hereto w ith respect to the project (or projects) therein described (such contract or

contracts, as hereafter amended or supplemented, being herein referred to as "Contract"); and

WHEREAS, Section 153.63 of the Ohio Revised Code, (a) requires creation of an escrow account into

which shall be deposited Contract payments retained by Owner in accordance with Sections 153.12 and

153.13 of the Ohio Revised Code (herein "Retained Amounts"), and (b) imposes certain other requirements

with respect to the time of payment of Retained Amounts, the terms of this Agreement, the settlement of

disputes, and other matters; and

the laws of t he St at e of Ohio; and

Es crow Agreement EA -2 of 6 Rev 08/2011

Section 3.

(a) The income from investment of the escrowed funds shall be accumulated in the escrow account.

(b) Contractor hereby agrees to indemnify and hold Escrow Agent harmless against any loss, liability or

expense incurred, without negligence or bad faith on its part, in connection with any claim arising out of or

in connection with its entering into this Agreement and carrying out its duties hereunder, including the cost

of defending itself against such claim.

by the Auditor of the State of Ohio and shall be made availabl e for such purpose during regular business

(d) By thirty days' notice to Owner and Contractor, Escrow Agent may resign as such hereunder, and in

such event shall, upon demand, deliver the Escrowed Funds and interest earned thereon to a successor

escrow agent designated by Owner. In default of such designation within thirty days after such notice is

receiv ed by Owner, shall deliver the Escrowed Funds and interest earned thereon to Owner.

(b) Receipt by Escrow Agent of a certified judgement of the Court of Claims created by Section 2743.03 of

the Ohio Revised Code, or other court of competent jurisdiction, provided the Escrow Agent shall also

Section 5. Compensation of Escrow Agent. Escrow Agent shall be paid for its services out of the income

of the Escrow Account. In addition to such fee, Escrow Agent shall be entitled to reimburse itself from the

Escrowed funds for reasonable attorneys' fees and costs incurred by it under this Agreement, provided that

if such fees or costs are incurred subsequent to payment to Contractor of the Escrowed Funds and interest

thereon and otherwise than by reason of negligence or bad faith on the part of Escrow Agent, such fees

and costs shall be paid by Contractor to Escrow A gent on demand. Owner shall not become liable to

Contractor for any fees retained by Escrow Agent out of the Escrowed Funds.

Section 6. Escrow Agent's Acceptance and Responsibilities: Indemnification by Contractor: Successor

Escrow Agent. Escrow Agent accepts the duties imposed upon it by this Agreement, and agrees to perform

said duties with ordinary prudence, subject to the followi ng terms and conditions:

(a) Escrow Agent may rely, and shall be protected in acting or refraining from acting, upon any instrument

furnished to it hereunder and believed by it to be genuine and believed by it to have been signed or

presented by the appropriate party or parties (including w ithout limitation, with respect to any corporation,

any instrument purporting to have been signed on its behalf by its president or any of its vi ce-presidents or

its treasurer) Escrow Agent shall not be liable for any action taken (or any refraining from action) by it in

(b) The Escrow Agent has the authority to commingle funds held in escrow with funds held under similar

agreements.

Section 4. Disbursement of Escrowed Funds. The Escrowed Funds, including interest earned thereon,

after expiration of such reasonable time (not exceeding thirty days) as shall be required to permit orderly

liquidation of any investments thereof made in accordance with Section 2 hereof, shall be paid by Escrow

Agent to Contractor in the event of, and in accordance with, either of the following:

(a) Receipt by Escrow Agent of notice of similar purport from Owner and Contractor that the Escrowed

Funds are to be paid to Contractor.

Es crow Agreement EA -3 of 6 Rev 08/2011

(a) To Owner:

University of Cincinnati

Capital Finance and Reporting

PO Box 210637

Cincinnati, OH 45221-0637

Attention: Carol Metzger, Controller

(b) To Contractor:

(Tax I.D. # )

Name:

Address

Attention:

PNC Bank

201 East 5th Street, Loc. B1-BM01-03-3

Cincinnati, OH 45202

Attention: Chris Woolums, Vice President

Section 9. This agreement is governed by and in accordance with the laws of the State of Ohio.

Duplicate copies of each notice, certificate or other communication given hereunder by Owner, Contractor

or Escrow Agent to one of the others shall also be given to the other. The Owner, Contractor or Escrow

Agent may, by notice given hereunder, designate any further or different addresses to which subsequent

notices, certificates or other communications shall be sent, but no notice directed to any one such entity

shall thereby be required to be sent to more than two addresses.

Section 8. Mechanic's liens

: Additional Deposits with Escrow Agent. In the event that one or more sworn

and itemized statements are filed with Owner pursuant to Section 1311.26 of the Ohio Revised Code, with

the result that Section 1311.28 of the Ohio Revised Code applies, Owner reserves the right to deposit funds

detained by reason of such filing with Escrow Agent hereunder, which fund shall (a) be invested and

reinvested in the same manner as provided for Escrow Funds under Section 2 hereof, and (b) be released

at such times, in such amounts, and to such persons as may be ordered by a court of competent

jurisdiction or by agreement between Contractor, Owner, and lien Claimant.

Section 7. Notices. It shall be sufficient service or giving of any notice, request, complaint, demand or

other paper if the same shall be duly deposited in the United States mail, registered or certified mail,

postage prepaid, addressed as follows:

Es crow Agreement EA -4 of 6 Rev 08/2011

Project Number:

Project Name:

Contractor:

Select Type of Contract:

General

HVAC

Plumbing

Electrical

Fire Protection

Other:

Es crow Agreement EA -5 of 6 Rev 08/2011

Total Escrowed Funds to equal 8% of labor invoiced through the Application for Payment which show s the

total contract completion at 50% or greater which is allow able retainage under the Ohio Revised Code,

Section 153.13 to be deposited and receipted for at a later date.

Es crow Agreement EA -6 of 6 Rev 08/2011

EXECUTED, at Cincinnati, Ohio on this day of , 20_______

UNIVERSITY OF CI NCINNATI

By:

Title: Associate Vice President, University Architect

Planning + Design + Construction

Date:

CONTRACTOR

By:

Title:

Date:

PNC BANK

By:

Title:

Date: