Agmt 2000 City of Oakland Port Commissioners (2)

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TUC:aaa 1121180 exclusively for payment to the City's construction contractor for performing approved contract work involving the insulation. Costs of the escrow shall be paid from the funds, excluding the interest therefrom in the Escrow Account. The Port may withdraw accumulated interest in the Escrow Account, in excess of the escrow costs, at any time at its sole and. absolute discretion. The City and the Port each agree reasonably to cooperate in establishing a mutually acceptable escrow account and in entering into a mutually acceptable escrow agreement with the escrow holder in accordance with this Agreement. The City may withdraw the funds in the Escrow Account as follows: i) The Port and the City shall meet and confer to determine the form and type of information to be included in each request for withdrawal of funds. The contents of each request shall include the total contract price for the noise insulation work, the total amount previously paid against such price, the total withdrawn from the Escrow Account and the amount currently requested to be withdrawn, and such other and additional information as reasonably may be requested in order to provide each party with sufficient information to assure that money withdrawn from the Escrow Account is for payments due to the contractor . for noise insulation work actually performed in accordance with the terns and conditions of the contract and this Agreement. ii)The City shall submit to the escrow holder a written request in the agreed -upon form for withdrawal of the funds due under the insulation contract and, at the same time, the City shall provide to the Port a copy of such written request. The written request shall contain a signed certification by the City that the amount requested to be withdrawn is due under the contract for the noise insulation work performed by the contractor covered by the Escrow Account. City of San Leandro and Port of Oakland Settlement Agreement Page 17 29848