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4 <br /> <br />12. Escrow Agent acknowledges receipt of escrowed funds upon execution of this <br />document. <br /> <br />13. This Agreement shall be binding upon the parties hereto and their respective successors <br />and assigns. <br /> <br />14. This Agreement can be amended or modified only by a written Amendment, written and <br />signed by all of the parties hereto. <br /> <br />15. Escrow Agent shall place all received funds in a FDIC insured account. <br /> <br />16. Prior to the execution of this Agreement, the Escrow Agent shall submit financial <br />statements to the City Attorney for review and approval. <br /> <br />17. If directed by the City in its reasonable business judgment, the Developer shall submit <br />additional security to address change orders or unanticipated Project costs which costs <br />will be reasonably agreed upon by the City and Developer. <br /> <br />18. The parties hereto, agree that each party’s legal cost incurred to draft and / or negotiate <br />this Agreement on behalf of such party shall be the sole responsibility of the party <br />incurring same. <br /> <br />19. Time is of the essence as to each provision of this Agreement. <br /> <br />20. All notices required or permitted under this Agreement shall be (i) delivered to the <br />addresses set forth below, and (ii) mailed, delivered or transmitted by one party to the <br />other(s) and such notice shall be deemed given and effective: upon receipt if personally <br />delivered; upon receipt if sent by telecopy or electronic mail; upon receipt or upon the <br />date of first attempted delivery, if sent by certified or registered mail with postage <br />prepaid, return receipt requested, or if sent by Federal Express or other nationally <br />recognized carrier service; or upon receipt if sent in any other way. Any party hereto <br />may from time to time, by written notice to the other parties, designate a different <br />address which shall be substituted for the one specified below. <br /> <br />21. In the event the City declares default under the Development Contract & Planned Unit <br />Development Agreement this Escrow agreement shall terminate and all funds held in <br />escrow shall be remitted to the City for application to obligations specified under the <br />Development Contract & Planned Unit Development Agreement <br /> <br /> Escrow Agent: ________________________ <br /> ________________________ <br /> ________________________ <br /> ________________________ <br />