2016-105 Council Resolution - Laserfiche WebLink

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4. Paragraph 6 of the Surety Agreement shall be revised to provide that items listed under paragraph 6 shall also be provided to and approved by the Bank prior to any disbursements of funds. 5. Paragraph 7 of the Surety Agreement shall be revised to provide that all notifications shall be delivered to both the City and the Bank in writing and all notifications regarding document approval shall be provided to both the City and the Bank. If Borrower fails to deliver documents or provide any missing documents, the Escrow Agent shall provide notice to both the City and the Bank. Any documents supplied or requested by Escrow Agent shall be provided to both the City and the Bank to the City's and Bank's full satisfaction. 6. Paragraph 9 of the Surety Agreement shall be revised to provide that the City, Bank and Developer have the right to examine the books and records of the Escrow Agent and the Escrow Agent shall notify both the City and the Bank when the fund balance is less than $25,000.00. 7. Paragraph 11 of the Surety Agreement shall be revised to provide that the Escrow Agent, City and Bank do not ensure that the building or construction will be completed or when completed will be pursuant to the Plans and Specifications. 8. Paragraph 14 of the Surety Agreement shall be revised to provide any future amendment to the Surety Agreement shall only be approved by all Parties to this Agreement including, but not limited to, the Bank. 9. Paragraph 16 of the Surety Agreement shall be revised to provide that Escrow Agent shall provide financial statements to both the City and the Bank. 10. Paragraph 21 of the Surety Agreement shall be revised to provide that in the event the City has declared a default under the Development Contract/Planned Unit Development Agreement, this Agreement shall not terminate and all funds held in the Escrow Account shall remain held in said Escrow Account pending agreement between the City and the Bank as to the application of any funds held in Escrow and, in the event the Parties cannot agree to the same to a court of competent jurisdiction in connection with allocation of the funds. 11. Paragraph 23 of the Surety Agreement shall be deleted in its entirety and replaced with the following: "All remaining funds, after completion of all work as provided in this Agreement, shall be returned to Bank and disbursed by the Bank pursuant to the terms and conditions of the Loan Agreement by and between Bank and Borrower dated August , 2016. All remaining funds held pursuant to this Agreement shall be disbursed to the Bank as soon as reasonably possible after review and approval by the City of all terms and conditions of this Agreement." 3