Common use of Payment of Retainage Clause in Contracts

Payment of Retainage. The Parties agree that Montreat shall be responsible for paying the amount of $110,000 to satisfy the remaining retainage on the Project. Montreat has deposited $110,000 with Fidelity National Title Company as escrow agent (the “Tennoca Funds”), with disbursement as set forth in the Escrow Agreement dated October 9, 2017 and attached hereto as Exhibit A (“Escrow Agreement”), in accordance with the following schedule: a. $55,000 shall be disbursed directly to Tennoca upon mobilization of the approved subcontractor for the Track Remediation. b. $30,000 shall be disbursed directly to Tennoca upon completion of the track surface by the approved subcontractor for the Track Remediation. c. $25,000 shall be disbursed directly to Tennoca upon final walk-through, acceptance of the track, and delivery of a Final Lien Waiver from FirstForm and all subcontractors for the Track Remediation. The Parties explicitly intend and agree that Tennoca is a third-party beneficiary of this Settlement Agreement with full power to enforce this paragraph.

Payment of Retainage. The Parties agree that Montreat shall be responsible for paying the amount of $110,000 to satisfy the remaining retainage on the Project. Immediately upon execution of this Agreement, and prior to commencement of the Track Remediation, Montreat has deposited deposit $110,000 with Fidelity National Title Company as escrow agent (the “Tennoca Funds”)agent, with disbursement as set forth in the Escrow Agreement dated October 9, 2017 and attached hereto as Exhibit A (“contemporaneously executed Escrow Agreement”), in accordance with the following schedule: a. $55,000 shall be disbursed directly to Tennoca upon mobilization of the approved subcontractor for the Track Remediation. b. $30,000 shall be disbursed directly to Tennoca upon completion of the track surface by the approved subcontractor for the Track Remediation. c. $25,000 shall be disbursed directly to Tennoca upon final walk-through, acceptance of the track, and delivery of a Final Lien Waiver from FirstForm and all subcontractors for the Track Remediation. The Parties explicitly intend and agree that Tennoca is a third-party beneficiary of this Settlement Agreement with full power to enforce this paragraph.