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1999-07-12 Resolution 133
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1999-07-12 Resolution 133
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7/16/2008 2:36:45 PM
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7/16/2008 2:28:12 PM
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counsel fees, and other expenses made or incurred by the Escrow Trustee in connection with such <br />• services. The Escrow Trustee shall have no lien, security interest orright ofset-off whatsoever upon <br />any of the moneys or investments in the Escrow Fund for the payment of fees- and expenses for <br />services rendered by the Escrow Trustee under this Agreement. <br />Section 12. Escrow Trustee to Act as Trustee. The moneys held by the Escrow <br />Trustee in the Escrow Fund under this Agreement are to be held by it as a trustee for the sole and <br />exclusive benefit of the Authority and are to be used by the Escrow Trustee only as set forth in this <br />Agreement. <br />Section 13. Unclaimed Monevs. Upon termination hereof in accordance with <br />Section 12 hereof, any moneys then held by the Escrow Trustee under the terms hereof shall be <br />transferred and applied in accordance with Section 7 hereof. <br />Section 14. Term. This Agreement shall commence upon its execution and <br />• <br />delivery and shall terminate when the Note has been paid and discharged and all duties and <br />obligations of the Escrow Trustee pursuant to this Agreement have been fulfilled and satisfied, and <br />any remaining moneys, together with any increment thereto and interest earned thereon in the <br />Escrow Fund have been transferred by the Escrow Trustee to the Bond Fund in accordance with. <br />Section 5 hereof. <br />Section 15. Agreement Binding. All the covenants, promises and agreements in <br />this Agreement contained by or on behalf of the Authority or by or on behalf of the Escrow Trustee <br />shall bind and inure to the benefit of their respective successors and assigns, whether so expressed <br />or not. <br />• <br />-10- <br />::ODMA\PCDOCS\SBDOCS 1\37351\i <br />
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