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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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agreements required for such service. The Lessee and Lessor each consents to the Escrow Agent's release <br />of wire transfer information to the designated e-mail address(es). The Escrow Agent's liability for failure <br />to comply with this section shall not exceed the cost of providing such information. <br />5. Resienation and Termination of the Escrow Agen . The Escrow Agent may resign at any time by <br />giving thirty (30) days' prior written notice of such resignation to Lessor and Lessee. Upon providing such <br />notice, the Escrow Agent shall have no further obligation hereunder except to hold the Escrow Funds that <br />it has received as of the date on which it provided the notice of resignation as depository. In such event, <br />the Escrow Agent shall not take any action until Lessor and Lessee jointly designate a banking corporation, <br />trust company, attorney or other person as successor escrow agent. Upon receipt of such written instructions <br />signed by Lessor and Lessee, the Escrow Agent shall promptly deliver the Escrow Funds, net of any <br />outstanding charges, to such successor escrow agent and shall thereafter have no further obligations <br />hereunder. If such instructions are not received within thirty (30) days following the effective date of such <br />resignation, then the Escrow Agent may deposit the Escrow Funds and any other amounts held by it <br />pursuant to this Agreement with a clerk of a court of competent jurisdiction pending the appointment of a <br />successor escrow agent. In either case provided for in this section, the Escrow Agent shall be relieved of <br />all further obligations and released from all liability thereafter arising with respect to the Escrow Funds. <br />6. Termination. <br />(a) Lessor and Lessee may terminate the appointment of the Escrow Agent hereunder upon a <br />joint written notice to Escrow Agent specifying the date upon which such termination shall take effect. In <br />the event of such termination, Lessor and Lessee shall, within thirty (30) days of such notice, jointly appoint <br />a successor escrow agent and the Escrow Agent shall, upon receipt of written instructions signed by both <br />Lessor and Lessee, turn over to such successor escrow agent all of the Escrow Funds; provided, however, <br />that if Lessor and Lessee fail to appoint a successor escrow agent within such thirty (30) -day period, such <br />termination notice shall be null and void and the Escrow Agent shall continue to be bound by all of the <br />provisions hereof. Upon receipt of the Escrow Funds, the successor escrow agent shall become the Escrow <br />Agent hereunder and shall be bound by all of the provisions hereof and the Escrow Agent shall be relieved <br />of all further obligations and released from all liability thereafter arising with respect to the Escrow Funds. <br />(b) The Escrow Account shall be terminated on the "Termination Date," which shall be the <br />earliest of (i) the final distribution of amounts in the Escrow Account, (ii) the "Anticipated Closing Date" <br />(as such term is defined on Schedule A hereto), or (iii) unilateral written notice given by Lessor of the <br />occurrence of a default, Event of Default (as such term is defined in the Lease), Non -Appropriation (as such <br />term is defined in the Lease) or any other termination of the Lease which results in Lessor being paid less <br />than the Concluding Payment (as such term is defined in the Lease). <br />(c) Unless all of the Escrow Funds deposited by Lessor in the Escrow Account have been <br />previously disbursed pursuant to Section 2 herein, on the Termination Date, Escrow Agent shall pay upon <br />written direction from Lessor all remaining moneys in the Escrow Account to Lessor or its assignee for <br />application to the Concluding Payment, including any fees, interest or premium included in the definition <br />thereof as found in the related Lease. If any Concluding Payment does not contain a premium or penalty <br />and this Agreement and the Escrow Account is terminated pursuant to Section 6(b) herein, then any amounts <br />paid pursuant to this Section 6(c) shall be subject to a prepayment fee equal to three percent (3%) of such <br />amount. Lessor shall apply amounts received under this Section 6 first to unpaid fees, late charges and <br />collection costs, if any, which have accrued or been incurred under the Lease, then to overdue Principal and <br />Interest on the Lease and then, in the sole discretion of Lessor, either (i) to the Concluding Payment due <br />under the Lease in the inverse order of all respective principal maturities, or (ii) proportionately to each <br />Principal payment thereafter due under the Lease. In the event that Lessor elects to apply any such amounts <br />in accordance with clause (i) of the preceding sentence, Lessee shall continue to make Rental Payments as <br />
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