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<br />~r~,~ <br />intended purpose of providing for the refunding of the <br />Defeased Bonds in accordance with applicable law. <br />Section 6.05. Governing Law. This Escrow Agreement <br />shall be governed exclusively by the provisions hereof and <br />by the applicable laws of the State of Texas. <br />Section 6.06. Time of Essence. Time shall be of the <br />essence in the performance of obligations from time to time <br />imposed upon the Escrow Agent by this Escrow Agreement. <br />Executed as of the date first written above. <br />CITY OF LA PORTE, TEXAS <br />ATTEST: <br />By <br />Mayor <br />City Secretary <br />(SEAL) <br />HOUSTON, <br />ATTEST: <br />FIRST CITY NATIONAL BANK OF <br />as Escrow Agent <br />By <br />Title: <br />Title: <br />(SEAL) <br />OOIRDRBR/193B01 -9- <br />~~ <br />