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Form of Incumbency & Auth Cert 11333 McCormick Rd 02012022 (2)
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Form of Incumbency & Auth Cert 11333 McCormick Rd 02012022 (2)
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12/20/2024 12:08:03 PM
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9/26/2022 1:31:27 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
2/1/2022
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have the meanings assigned to such terms in the Commercial Code, as in effect on the date <br />of this Agreement. <br />(b) Escrow Agent will comply with all entitlement orders originated by Lessor <br />with respect to the Collateral, or any portion of the Collateral, without further consent by <br />Lessee. <br />(c) Provided that account investments shall be held in the name of the Escrow <br />Agent, Escrow Agent hereby represents and warrants (i) that the records of Escrow Agent <br />show that Lessee is the sole owner of the Collateral, (ii) that Escrow Agent has not been <br />served with any notice of levy or received any notice of any security interest in or other <br />claim to the Collateral, or any portion of the Collateral, other than Lessor's claim pursuant <br />to this Agreement, and (iii) that Escrow Agent is not presently obligated to accept any <br />entitlement order from any person with respect to the Collateral, except for entitlement <br />orders that Escrow Agent is obligated to accept from Lessor under this Agreement and <br />entitlement orders that Escrow Agent, subject to the provisions of paragraph (e) below, is <br />obligated to accept from Lessee. <br />(d) Without the prior written consent of Lessor, Escrow Agent will not enter <br />into any agreement by which Escrow Agent agrees to comply with any entitlement order <br />of any person other than Lessor or, subject to the provisions of paragraph (e) below, Lessee, <br />with respect to any portion or all of the Collateral. Escrow Agent shall promptly notify <br />Lessor if any person requests Escrow Agent to enter into any such agreement or otherwise <br />asserts or seeks to assert a Lien, encumbrance or adverse claim against any portion or all <br />of the Collateral. <br />(e) Except as otherwise provided in this paragraph (e) and subject to <br />Section 1(b) hereof, Lessee may effect sales, trades, transfers and exchanges of Collateral <br />within the Escrow Account, but will not, without the prior written consent of Lessor, <br />withdraw any Collateral from the Escrow Account. Escrow Agent acknowledges that <br />Lessor reserves the right, by delivery of written notice to Escrow Agent, to prohibit Lessee <br />from effecting any withdrawals (including withdrawals of ordinary cash dividends and <br />interest income), sales, trades, transfers or exchanges of any Collateral held in the Escrow <br />Account. Further, Escrow Agent hereby agrees to comply with any and all written <br />instructions delivered by Lessor to Escrow Agent (once it has had a reasonable opportunity <br />to comply therewith) and has no obligation to, and will not, investigate the reason for any <br />action taken by Lessor, the amount of any obligations of Lessee to Lessor, the validity of <br />any of Lessor's claims against or agreements with Lessee, the existence of any defaults <br />under such agreements, or any other matter. <br />(f) Lessee hereby irrevocably authorizes Escrow Agent to comply with all <br />instructions and entitlement orders delivered by Lessor to Escrow Agent. <br />(g) Escrow Agent will not attempt to assert control, and does not claim and will <br />not accept any security or other interest in, any part of the Collateral, and Escrow Agent <br />0 <br />
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