Agmt 2000 City of Oakland Port Commissioners (2)

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TDC:saa 11121/00 by the City that the amount requested to be withdrawn is due under the contract fo•the noise insulation work performed by the contractor covered by the Escrow Account. iii) The City's withdrawal of money from an Escrow Account is subject to prior approval by the Port, provided that said approval by the Port shall not be unreasonably denied, withheld, or conditioned. Approval shall be considered granted unless the Port provides written notice to the City and the escrow holder within 7 days after the Port receives copy of the City's request for withdrawal of funds stating (A) that it denies, withhold or conditions its approval and (B) the basis upon which it denies, withholds or conditions its approval. The City shall not withdraw any amount from the escrow account to which an objection is timely made in accordance herewith until the objection is resolved. iv) All money remaining in the Escrow Account shall be promptly released to the Port after the earlier of (A) 35 days after completion of the noise insulation construction work that is being funded by the Port, (B) expiration of the relevant time period in Section 5(c)(2) of this Agreement, and (C) 30 days after recordation of a notice of completion for said work; provided, however, that if the Port and. City dispute certain withdrawals requested by City before said earlier date, then the disputed amount shall be retained in escrow until the dispute has been resolved. If this Agreement is terminated for any reason, any moneys left in the Escrow Account that are not due and owing to the City for costs incurred prior to the date of termination shall be retumed to the Port upon the Port's written request to the escrow holder. In the event the City proposes to approve or issue a change order, the City shall submit a copy of the proposed change order to the Port. Approval shall be considered granted unless the Port provides written notice to the requesting City within 7 days after the Port receives the request for the City of San Leandro and Port of Oakland Settlement Agreement Page 11 29848