THREE PARTY ESCROW AGREEMENT - PROJECT # 437623 1 32 02THREE PARTY ESCROW AGREEMENT
THIS AGREEMENT is made and entered into by and between the State of Florida,
Department of Transportation ("FDOT"), City of Clearwater ("Participant"), and the State of
Florida, Department of Financial Services, Division of Treasury ("Escrow Agent"), and shall
become effective upon the Agreement's execution by Escrow Agent.
WHEREAS, FDOT and Participant are engaged in the following project ("Project"):
Project Name: ALT US 19/SR 595 from Mohawk Street to N of Tilden
Street/Skinner Blvd
Project #:437623 1 32 02
County: Pinellas
WHEREAS, FDOT and Participant desire to establish an escrow account for the project.
NOW THEREFORE, in consideration of the premises and the covenants contained
herein, the parties agree to the following:
1. An initial deposit will be made into an interest bearing escrow account established
hereunder for the purposes of the Project. The escrow account will be opened
with the Escrow Agent on behalf of FDOT upon Escrow Agent's receipt and
execution of this Agreement.
2. Other deposits to the escrow account may be made during the life of this
agreement.
3. Deposits will be delivered in accordance with instructions provided by the Escrow
Agent to the FDOT for deposit into the escrow account. A wire transfer or ACH
deposit is the preferred method of payment and should be used whenever
possible.
4. FDOT's Comptroller or designee shall be the sole signatory on the escrow account
with the Escrow Agent and shall have sole authority to authorize withdrawals from
the account. Withdrawals will only be made to FDOT or the Participant in
accordance with the instructions provided to the Escrow Agent by FDOT's
Comptroller or designee.
5. Moneys in the escrow account will be invested in accordance with section 17.61,
Florida Statutes. The Escrow Agent will invest the moneys expeditiously. Income
is only earned on the moneys while invested. There is no guaranteed rate of
return. Investments in the escrow account will be assessed a fee in accordance
with Section 17.61(4)(b), Florida Statutes. All income of the investments shall
accrue to the escrow account.
6. Unless instructed otherwise by FDOT, all interest accumulated in the escrow
account shall remain in the account for the purposes of the Project.
7. The Escrow Agent agrees to provide written confirmation of receipt of funds to
FDOT. FDOT agrees to provide a copy of such written confirmation to Participant
upon request.
8. The Escrow Agent further agrees to provide quarterly reports to FDOT concerning
the escrow account. FDOT agrees to provide a copy of such quarterly reports to
Participant upon request.
9. The Escrow Agent shall not be liable for any error of judgment or for any act done
or omitted by it in good faith, or for anything which it may in good faith do or refrain
from doing in connection herewith.
10. Escrow Agent shall have no liability for any claim, cost, expense, damage or loss
due to the acts or omissions of FDOT and Participant, nor from any separate
agreements between FDOT and Participant and shall have no responsibility to
monitor or enforce any responsibilities herein or in any separate agreements
associated with this Agreement between FDOT and Participant.
11. This Agreement shall be governed by and interpreted in accordance with the laws
of the State of Florida.
12. This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same
instrument.
13. This Agreement shall terminate upon disbursement by the Escrow Agent of all
money held by it in the escrow account in accordance with the instructions given
by FDOT's Comptroller or designee and notification from FDOT to Escrow Agent
that the account is to be closed.
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THREE PARTY ESCROW AGREEMENT
Countersigned:
''aelarltr\CrtktkoS By:
George N. Cretekos
Mayor
Approved as to form: Attest:
Michael P. Fuino
Assistant City Attorney
CITY OF CLEARWATER, FLORIDA
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William B. Horne II
City Manager
Rosemarie Call
City Clerk