1A, TCAAP Escrow Agreement - Laserfiche WebLink

Home Browse Search

written instructions directing the release of such funds (or any Dortion thereof} signed by both RRLD and the City. which instructions may be eiyen either for the entire amount of Claimed Costs. or from time to time for sDecified Dortions thereof; or (ii) RRLD or the City sends to Escrow Agent a court or arbitrator's order directing the release of such funds with a copy to the other party, and the other party does not within thirty (30) days thereof send written notice to Escrow Agent of its intention to appeal the same. In the event a party sends written notice of appeal to Escrow Agent and does not so appeal the order within the statutorily permitted time, upon notice from the other party of such non-appeal, the Escrow Agent may release the funds as directed by such order. 2. Escrow Agent Duties. The sole duties of Escrow Agent shall be those described herein, and Escrow Agent shall be under no obligation to determine whether the other parties hereto are complying with any requirements of law or the terms and conditions of any other agreements among said parties. Escrow Agent may conclusively rely upon and shall be protected in acting upon any notice, consent, order or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. Escrow Agent may consult the advice of counsel with respect to any issue concerning the interpretation of its duties hereunder; RRLD and the City hereby acknowledge such fact and indemnify and hold harmless Escrow Agent from any action taken by it in good faith in reliance thereon. Escrow Agent shall have no duty or liability to verify any such notice, consent, order or other document, and its sole responsibility shall be to act as expressly set forth in this Agreement. Escrow Agent shall be under no obligation to institute or defend any action, suit or proceeding in connection with this Agreement. 3. Escrow Agent Fees. RRLD and the City shall each pay one-half of any charges of Escrow Agent for its services rendered as Escrow Agent, which charges are $150.00. 4. DisDute Resolution Process. City and RRLD aeree that Section 23 of the PDA survives termination of the PDA. and that nothine in this Escrow Aereement modifies the disDute resolution Drocess described in such section of the PDA. IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth above. RRLD, LLC By: Ryan Companies US, Inc. Its: Manager By: Its: