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III. Retainage <br />A. The Contractor has requested that the Owner accept securities in lieu of retainage <br />under tenns of the construc~ion contract, pursuant to ORS 279.420(3). <br />B. The parties have agreed to terms of a Security Agreement which would make this <br />substitution possible. Upon execution of the Security Agreement by both parties, <br />the Owner will cease withholding cash retainage undex the construr,tion contract <br />so long as there is no default by Contractor under the consh~urxion contract or the <br />Security Agreement. In the evecrt Contractor defaults under the construction <br />contract or the Security Agreement, Owner may immediately, in addition to any <br />other rights or remedies under the Security Agreement, commence withholding <br />retainage as provided in the construction contract and ORS 279.420(1)(a). <br />OWNER <br />CONTRACTOR <br />Billy F. asson, Project Manager <br />Marion County, Oregon <br />~, _ <br />~ohn Whittington, Project Manager <br />Salem Area Mass Transit District <br />APPROVED AS TO FORM: <br />Transit Legal Counsel <br />u ty unsel <br />~ ~ . ~~ <br />Terry 1, Vice Pr ident <br />County Contracts Coordinator <br />