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HOLMAN CAPITAL CORPORTAION
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Last modified
4/25/2018 3:29:45 PM
Creation date
4/25/2018 3:09:01 PM
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Contracts
Company Name
HOLMAN CAPITAL CORPORTAION
Contract #
A-2018-094
Agency
Finance & Management Services
Council Approval Date
4/3/2018
Expiration Date
7/3/2029
Destruction Year
2034
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deposited into the Escrow Account is referred to as the "Escrow Funds." The Escrow Funds shall be <br />maintained and collateralized by the Escrow Agent in accordance with the written instructions provided by <br />the Lessee and Lessor as more fully set forth on Schedule C hereto, which Lessee represents and warrants <br />is in accordance with all applicable laws, regulations, and rules.' <br />(c) The Escrow Agent shall have no duty or responsibility to enforce the collection or demand <br />payment of these checks or any other fiords delivered to Escrow Agent for deposit into the Escrow Account. <br />If, for any reason, these checks or any other funds deposited into the Escrow Account shall be returned <br />unpaid to the Escrow Agent, the sole duty of the Escrow Agent shall be to advise Lessor and Lessee <br />promptly thereof and return check in the manner directed in writing by Lessor and Lessee. <br />2. Release of Escrow Funds. (a) The Escrow Funds shall be paid by the Escrow Agent in accordance <br />with the instructions, in form and substance satisfactory to the Escrow Agent, received from Lessor and <br />Lessee, in all cases subject to Lessor approval and subject to delivery of those items set forth in Section <br />2(b) herein, or in accordance with Lessor's instructions delivered pursuant to Section 6 herein, or in absence <br />of such instructions in accordance with the order of a court of competent jurisdiction. The Escrow Agent <br />shall not be required to pay any uncollected funds or any funds that are not available for withdrawal. The <br />Escrow Agent may act in reliance upon any instructions, court orders, notices, certifications, demands, <br />consents, authorizations, receipts, powers of attorney or other writings delivered to it without being required <br />to determine the authenticity or validity thereof or the correctness of any fact stated therein, the propriety <br />or validity of the service thereof, or the jurisdiction of the court issuing any judgment or order. The Escrow <br />Agent may act in reliance upon any signature believed by it to be genuine, and may assume that such person <br />has been properly authorized to do so. <br />(b) Upon receipt of a Payment Request Form (in substantially the form as set forth on Schedule B <br />hereto) executed by Lessor and Lessee, an amount equal to the Acquisition Cost as shown therein shall be <br />paid directly by Escrow Agent to the person or entity entitled to payment as specified therein. Although <br />the Payment Request Form may have schedules, invoices and other supporting document attached to it, <br />Lessor will send to Escrow Agent only the page or pages showing the signatures of Lessor and Lessee, the <br />Acquisition Cost and related payment information, without such schedules, invoices or other supporting <br />documentation. Escrow Agent may act and rely upon the signed Payment Request Form without the need <br />to review or verify any such schedules, invoices or other supporting documentation. <br />3. Acceptance by Escrow Agent. The Escrow Agent hereby accepts and agrees to perform its obligations <br />hereunder, provided that: <br />(a) The names and true signatures of each individual authorized to act singly on behalf of <br />Lessor and Lessee are stated in Schedule A. The Escrow Agent may act in reliance upon any signature <br />believed by it to be genuine, and may assume that any person who has been designated in Schedule A to <br />give any written instructions, notice or receipt, or make any statements in connection with the provisions <br />hereof has been duly authorized to do so. The Escrow Agent shall have no duty to make inquiry as to the <br />genuineness, accuracy or validity of any statements or instructions or any signatures on statements or <br />instructions. The names and true signatures of each individual authorized to act singly on behalf of Lessor <br />and Lessee are stated in Schedule A, which is attached hereto and made a part hereof. The Lessee and <br />Lessor may each remove or add one or more of its authorized signers stated on Schedule A by notifying the <br />Escrow Agent of such change in accordance with this Agreement, which notice shall include the true <br />signature for any new authorized signatories. <br />(b) The Escrow Agent may act relative hereto in reliance upon advice of counsel in reference <br />to any matter connected herewith. The Escrow Agent shall not be liable for any mistake of fact or error of <br />judgment or law, or for any acts or omissions of any kind, unless caused by its willful misconduct or gross <br />
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