HomeMy WebLinkAboutWeardco; 1984-05-14;AMENDMENT TO ESCROW AGREEMENT
SUBSTITUTION OF SECURITIES
FOR FUNDS WITHHELD
This amendment is made and entered into by and between
WEARDCO CONSTRUCTION CORP., hereinafter referred to as
"Contractor, and COSTA REAL MUNICIPAL WATER DISTRICT ,
hereinafter referred to as "District," in view of the following facts:
A. Contractor and District have heretofore entered into an
agreement Dated May 14, 1984 providing for the deposit of
securities or certificates of deposit by the Contractor,
hereinafter referred to as the "Escrow Agreement," and thereafter filed escrow instructions with First Interstate Bank of
California, to permit the Contractor to deposit securities or
certificates of deposit as a substitute for tine District
withholding payments due the Contractor under the "Construction
Contract" described therein.
B. The parties desire to amend the Deposit Agreement.
NOW, THEREFORE, IT IS AGREED AS FOLLOWS:
1. Paragraph 1-4 of the Escrow Agreement is amended to read
as follows:
1. Upon receipt of notice from Escrow Agent that the
Securities have been deposited by Contractor with
Escrow Agent, District shall then release to
Contractor, subject to Section 3, any sums previously
withheld, and at the time of each progress payment,
shall release to Contractor funds equivalent to the
amount which would otherwise have been withheld
therefrom, until the total of funds released equals
the value as established by Escrow Agent of the
Securities then on deposit.
2. Paragraph 111-13 of the Escrow Agreement is to be
deleted from the Agreement completely.
3. Except as heretofore amended, the Agreement shall remain
in full force and effect.
IN WITNESS WHEREOF, the parties have executed this amendment
as of the last date set forth below.
Dated: November 21, 1984