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1983
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1983
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CITY CLERK
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Escrow Agent shall not incur any liability or responsibility <br />in respect to any of such matters. <br />It is the intention of the parties hereto that the <br />Escrow Agent shall never be required to use or advance its <br />own funds or otherwise incur personal financial liability in <br />he p,erfor,� ante of any of its duties or the exercise of an,- <br />_ -- i ts right_- and powers hereunder. <br />The Escrow Agent shall not be liable for any action <br />taken or neglected to be taken by it in good faith in any <br />exercise of reasonable care and believed by it to be within <br />the discretion or mower conferred upon it by this Agreement, <br />nor shall the Escrow Agent be responsible for the <br />consequences of any error of judgment; and the Escrow Aaent <br />shall not be answerable except for its own action, neglect <br />or default, nor for any loss unless the same shall have been <br />through its negligence or want of good faith. <br />Unless it is specifically otherwise provided herein, <br />the Escrow Agent has no duty to determine or inquire into <br />the happening or occurrence of any event or contingency or <br />;,the performance or failure of performance oX the Issuer with <br />respect to arrangements or contracts with others, with the <br />Escrow Agent's sole duty hereunder being to safeguard the <br />Escrow Fund and to dispose of and deliver the same in accor- <br />dance with this Agreement.. If, however, the Escrow Agent is <br />called upon by the terms of this Agreement to determine the <br />occurrence of any event or contingency, the Escrow Agent <br />shall be obligated, in making such determination, only to <br />exercise reasonable care and diligence, and in event of <br />error in making such determination the Escrow Agent shall be <br />liable only for its own misconduct or its negligence. In <br />i determining the occurrence of any such event or contingency <br />the Escrow Agent may request from the Issuer or any other <br />person such reasonable additional evidence as the Escrow <br />Agent in its discretion may deem necessary to determine any <br />fact relating to the occurrence of such event or contin- <br />gency, and in this connection may make inquiries o£, and <br />consult with, among others, the Issuer at any time. <br />Sect ion <br />6.03. Compensation. The Issuer will pay to <br />the Escrow Agent total fees of $26,475.60 of which $2750 <br />will be paid initially upon delivery of the Refunding Bonds, <br />with the balance of such fee, being $23,725.60, to be paid <br />from the Escrow Fund in accordance with Exhibit B on those <br />dates stated therein. This fee will be paid to the Escrow <br />Agent for performing the services hereunder and for all <br />expenses incurred or to be incurred in the administration of <br />this Agreement and for all future services of the Paying <br />Agents in connection with the Refunding Bonds. In the event <br />that the Escrow Agent is requested to perform any <br />extraordinary services hereunder, the Issuer hereby agrees <br />to pay reasonable fees to the Escrow Agent for such extra- <br />ordinary services and to reimburse the Escrow Agent for all <br />expenses incurred by the Escrow Agent in performing such <br />extraordinary services, •and the Escrow Agent hereby agrees <br />to look only to the Issuer for the payment of such fees and <br />reimbursement of such expenses. Except as otherwise pro- <br />vided in Section 3.01 hereof, the Escrow Agent hereby agrees <br />that in no event shall it ever assert any claim or lien <br />against the Escrow Fund for any fees for its services, <br />whether regular or extraordinary, as Escrow Agent, or in any <br />other capacity, or for reimbursement for any of its ex- <br />penses. <br />Section 6_04. Successor _Escrow _Agents. If at any time <br />the Escrow Agent or its legal successor or successors should <br />become unable, through operation of law or otherwise, to act <br />as escrow agent hereunder, or if its property and affairs <br />shall be taken under the control of any state or federal <br />court or administrative body because of insolvency or <br />
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