1998-10-19 Resolution 130 - Laserfiche WebLink

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• the Prior Bonds then outstanding, but in no event shall the removal be effective prior to the appointment of a successor Escrow Trustee in accordance with Section 13 hereof and acceptance of such appointment by the successor Escrow Trustee. (b) The Escrow Trustee may also be removed at any time for any breach of trust or for acting or proceeding in violation of, or for failing to act or proceed in accordance with, any provisions of this Agreement. with respect to the duties and obligations of the Escrow Trustee by any court of competent jurisdiction upon the application of the Authority or the holders or owners of not less than five percent (5%) in aggregate principal amount of the Prior Bonds then outstanding. Section 13. Successor Escrow Trustee. (a) If at any time hereafter the Escrow Trustee shall resign, be removed, be dissolved or otherwise become incapable of acting, or shall be taken over by any. governmental • official, agency, department or boazd, a successor Escrow Trustee maybe appointed by the owners, holders or agents of not less than fifty-one percent (51%) in aggregate principal amount of the Prior Bonds then outstanding, by an instrument or concurrent instruments in writing, executed by such owners and filed with the Authority. (b) In the case a vacancy arises in the position of Escrow Trustee, the Authority may appoint a temporary Escrow Trustee to fill such vacancy until a successor Escrow Trustee shall be appointed as provided in Section 13(a), and any such temporary Escrow Trustee shall immediately and without further action be superseded by the Escrow Trustee so appointed. In the event no successor Escrow Trustee is appointed within ninety (90) days after appointment of a • ::ODMA\PCDOCS\SBDOCS 1\24205\2 -11-