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D. In lieu of filing a bond, Developer desires to execute this Escrow Agreement as <br />Developer's financial guarantee for construction of the public improvements. The city <br />engineer approves this Escrow Agreement as complying with the requirements of EC <br />7.145(2). <br />AGREEMENT <br />In consideration of the mutual promises contained herein, the parties agree as follows: <br />1. Approved Public Improvements. City has approved Developer's construction plans <br />and specifications for the following public improvements: <br />2. Escrow Funds. To satisfy the requirements of EC 7.145, Developer shall deposit the <br />sum of dollars <br />($ ), called Escrow Funds, with Escrow Agent. <br />a. Pursuant to EC 7.145(2), the Escrow Funds are 125% of the estimated cost of the <br />improvement(s), as determined by the Cost Sheet, attached hereto as Exhibit A <br />and incorporated herein. <br />b. The Escrow Funds guarantee the construction, installation and completion of the <br />public improvement(s) listed in paragraph 1 of this Agreement and the timely <br />payment of City engineering inspections. <br />3. Escrow Account. The Escrow Funds shall be held in escrow by the Escrow Agent in a <br />special escrow account, subject to verification by City. City and Developer may, from <br />time to time, request written verification of the amount in this account from Escrow <br />Agent. Escrow Agent will provide said verification within ten (10) days of said request. <br />Escrow Funds shall be held in trust and shall not be subject to any lien, attachment, <br />trustee process or any other judicial process of any creditor of any party thereto. <br />4. Dispersal of Escrow Funds. City has sole authority to direct Escrow Agent to disperse <br />Escrow Funds. Escrow Agent shall only release or disburse the Escrow Funds, or a <br />portion thereof, upon receipt of, and in the amount set forth in, a written authorization <br />from the City Engineer or the City Engineer's designee. City shall direct Escrow Agent <br />to disperse Escrow Funds in accordance with the following: <br />PIDS Manual 2016, Appendix L - 8 (Sample Escrow) L-8-2 <br />