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ESCROW AGREEMENT <br />for <br />Construction of Public Improvements - Performance and Warranty <br />BETWEEN: The City of Eugene, an Oregon municipal (City) <br />corporation <br />(Developer) <br />AND: (Escrow Agent) <br />A title insurance company authorized <br />to act as escrow agent in the State of <br />Oregon <br />RE: Construction of Public Improvements for <br />RECITALS <br />A. Developer intends to construct one or more privately engineered public improvements <br />and, pursuant to EC 7.140, is seeking a permit from the city engineer for said <br />construction. <br />B. Pursuant to EC 7.145(1), prior to commencing construction of any public improvement, a <br />Developer must file with the city engineer a bond in an amount equal to the estimated <br />cost of the improvement, guaranteeing to the City that the improvement shall in all ways <br />comply with the plans and specifications approved by the city engineer and that the <br />improvement will be installed using first-class materials and in a first-class, professional <br />manner under the direction of the city engineer, and that the improvement will be free <br />from defects or need of repair for a period of at least one year from the completion of the <br />improvement and that guarantees payment of any fees. <br />C. In lieu of filing the bond required by EC 7.145(1), Developer may have an alternative <br />financial guarantee approved by the city engineer. Pursuant to EC 7.145(2), the <br />alternative financial guarantee must be an in amount equal to 125% of the estimated cost <br />of the improvement. Additionally, EC 7.145(2) requires that prior to establishing the <br />warranty period, and for the duration of the warranty period, twenty-five percent of the <br />construction cost, or $25,000, whichever is more, must be secured by the City. <br />PIDS Manual 2016, Appendix L - 8 (Sample Escrow) L-8-1 <br />