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5 <br /> <br />the disbursements made by it hereunder. The Escrow Agent shall notify the City, the <br />Bank and Developer when fund balance is less than $50,000. <br /> <br />10. No liability is assumed by Escrow Agent or City to the Developer or contractors as <br />regards protection against mechanic's lien or title claims. <br /> <br />11. Functions and duties assumed by the Escrow Agent include only those described in this <br />Agreement, and the Escrow Agent is not obligated to act except in accordance with the <br />terms and conditions of this Agreement. Escrow Agent, the Bank and City do not insure <br />that the building or construction will be completed, or that the building when <br />completed will be in accordance with the plans an d specifications, or that sufficient <br />funds will be available for completion. The funds placed in escrow shall be maintained in <br />a non-interest bearing account <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, including, but not limited to, the Bank. <br /> <br />15. Escrow Agent shall place all received funds in a FDIC insured account with the Bank. <br /> <br />16. Prior to the execution of this Agreement, the Escrow Agent shall submit financial <br />statements to the City Attorney and the Bank 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