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O-1985-1448
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O-1985-1448
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Last modified
11/2/2016 3:38:42 PM
Creation date
7/24/2006 8:48:54 AM
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Legislative Records
Legislative Type
Ordinance
Date
7/22/1985
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<br />e <br /> <br />e <br /> <br />request from the City or any other person such reasonable <br />additional evidence as the Escrow Agent in its discretion <br />may deem necessary to determine any fact relating to the <br />occurrence of such event or contingency, and in this con- <br />nection may make inquiries of, and consult with the City, <br />among others, at any time. <br /> <br />Section 5.03. Compensation of Escrow Agent. The City <br />has paid the Escrow Agent, as a fee for performing the <br />services hereunder and for all expenses incurred or to be <br />incurred by the Escrow Agent in the administration of this <br />Escrow Agreement, the sum of $ , the receipt and <br />sufficiency of which are hereby acknowledged by the Escrow <br />Agent. Moreover, in the event that the Escrow Agent is <br />requested to perform any extraordinary services hereunder, <br />the City hereby agrees to pay reasonable fees to the Escrow <br />Agent for such extraordinary services and to reimburse the <br />Escrow Agent for all expenses incurred by the Escrow Agent <br />in performing such extraordinary services. It is expressly <br />provided that the Escrow Agent shall look only to the City <br />for the payment of such additional fees and reimbursement of <br />such additional expenses. The Escrow Agent hereby agrees <br />that in no event shall it ever assert any claim or lien <br />against the Escrow Fund for any fees for its services, <br />whether regular, additional or extraordinary, as Escrow <br />Agent, or in any other capacity, or for reimbursement for <br />any of its expenses. <br /> <br />Section 5.04. Successor Escrow Agents. If at any time <br />the Escrow Agent or its legal successor or successors should <br />cease to be the Paying Agent, a vacancy shall forthwith <br />exist hereunder in the office of the Escrow Agent. Any <br />successor Paying Agent appointed by the City shall succeed, <br />without further act, to all the rights, immunities, powers <br />and trusts of the predecessor Escrow Agent hereunder. Upon <br />the request of any such successor Escrow Agent, the City <br />shall execute any and all instruments in writing for more <br />fully and certainly vesting in and confirming to such <br />successor Escrow Agent all such immunities, rights, powers <br />and duties. The Escrow Agent shall pay over to its succes- <br />sor Escrow Agent a proportional part of the Escrow Agent's <br />fee hereunder equal to the portion of such fee attributable <br />to duties to be performed after the date of succession. <br /> <br />Section 6.01. Notices. Any notice, authorization, <br />request, or demand required or permitted to be given here- <br />under shall be in writing and may be given to or served upon <br />the party to be notified by delivering the same to an <br />officer of such party in person or by prepaid telegram <br /> <br />001RDRBR/193BOl <br /> <br />-7- <br />
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