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HomeMy WebLinkAboutAMERINATIONAL COMMUNITY SERVICES, INC. (FKA UNITED STATES ESCROW) A-1994-036-01 AMENDMENT#1 TO AGREEMENT BY AND BETWEEN THE CITY OF SANTA ANA AND AMERINATIONAL COMMUNITY SERVICES,INC. THIS AMENDMENT is entered into as of the 62 day of Cig-eh--1 , 2015, by and between the City of Santa Ana, (hereinafter the "City) and AmeriNational Community Services, Inc., which was formally known as United States Escrow, a corporation organized and existing under the laws of the State of Minnesota, (hereinafter "Contractor"), and Farmers State Bank of Hartland (hereinafter the "Bank"). PURPOSE: This document constitutes the first Amendment to the Agreement between the City and Contractor dated April 18, 1994(hereinafter"Agreement"). TERMS AND CONDITIONS All provisions of the Agreement shall remain in full force and effect, with the following exceptions: 1. AmeriNational hereby assigns to the Bank the duty to perform all of the tasks related to the Funds Disbursement service, including but not limited to item 2. Scope of Services and the Compensation section of the Agreement, items E. and F., and assigns to the Bank all right of payment for said tasks. 2. The Bank hereby accepts said assignment and promises to perform all of the tasks described below in Exhibit A to this Amendment#1. 3. The City hereby assents to said assignment and promises to pay to the Bank any and all sums due under the Agreement, relative to the tasks described below in Exhibit A to this Amendment#1,to the Bank. IN WITNESS WHEREOF, the City, and AmeriNationa], and the Bank have executed this Amendment#1 to the Agreement to be executed as of the date first hereinabove set forth. (Signatures on the following page) City of Santa Ana—City' j O t 1 -� BY: ,�, DATE: NAME: T.c V‘ C VOt7.-0--C TITLE: C.i/ Manager AmeriNationa�7Community Services, Inc. �� BY: DATE: o •/1- A •iemie Tl orson, CEO/CFO Farmers State Bank of Hartland BY: / `.fit DATE: / —lam Mark Heinemann,President/CFO AS TO FOR Ni IC I Y .HOID E ssista City Attorney EXHIBIT A SCOPE OF WORK Fund Disbursement Services Total project/loan/grant proceeds are forwarded to Bank and held in trust for disbursement of funds according to the City's requirements. Bank shall deposit the funds into a custodial trust account and is a FDIC insured hank. A fast turnaround of stage payments ensures delivery of checks back to the City or directly to payees is made within 48 hours of request. When requests are made by 12:00 p.m. noon Central Time (CT), the check will be cut the same day. The funds disbursement services will be based on the following detailed steps: 1. Opening Account: Upon project/loan/grant approval, Bank will open a disbursement account that includes respective project/loan/grant information. The City will then forward project/loan/grant proceeds and completed Control Instructions to Bank. The Control Instructions should include the following information: a. Project/Owner(s) name b. Contractor(s) c. Project/Job site address d. Amount of funds being held e. Instructions on how funds are to be disbursed f. Original signatures of Project/owner and City representative 2. Disbursement Process: When requested by the City, Bank will provide check disbursements to parties designated by the City in connection with the project/loan/grant. Such disbursements are outlined in an Authorization for Payment, which includes information regarding the amount of the disbursement, the parties to be paid, signatures of City representatives authorized to make disbursements, and the Project/Owner's authorizing signatures. Bank will verify proper authorization to disburse funds and that amounts are correct and in agreement with original Control Instructions and Authorized Signatures. All checks shall be sent to the City, unless otherwise directed by the City. Checks will be issued payable to the contractor, or other payees as directed by the Client. Funds will be disbursed from the Client's account the same day when the request is received by 12:00 p.m. noon CT. Requests received after 12:00 p.m. noon CT are processed the next business day. 3. Contingency: Additional funds may be added to a project in anticipation of unforeseen construction costs. Bank will hold contingency at the City's request and release funds upon receipt of an Authorization for Payment. This process is subject to the City's financial policies and procedures. 4. Recording the Notice of Completion: As applicable, after the City's final inspection on a project, a Notice of Completion is executed by the borrower and forwarded to Bank for recording with the appropriate County Recorder. Bank shall mail the Notice of Completion by certified mail within two (2) business days after receipt. 5. Account Close Out: After payout of all funds in the account, excess funds will be disbursed according to the City's instructions. Bank will forward a Final Closing Statement to the City, comprising a complete record of all transactions in one report. Bank will also forward a copy of the report to the borrower for their records, if requested by the City.