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2015-110 Council Resolution
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2015-110 Council Resolution
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3/11/2016 1:23:10 PM
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3/11/2016 11:03:57 AM
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City Council
Council Document Type
Resolutions
Meeting Date
09/28/2015
Council Meeting Type
Regular
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4. Paragraph 6 of the Surety Agreement shall be revised to provide that items listed <br />under paragraph 6 shall also be provided to and approved by the Bank prior to any <br />disbursements of funds. <br />5. Paragraph 7 of the Surety Agreement shall be revised to provide that all <br />notifications shall be delivered to both the City and the Bank in writing and all <br />notifications regarding document approval shall be provided to both the City and <br />the Bank. If Borrower fails to deliver documents or provide any missing <br />documents, the Escrow Agent shall provide notice to both the City and the Bank. <br />Any documents supplied or requested by Escrow Agent shall be provided to both <br />the City and the Bank to the City's and Bank's full satisfaction. <br />6. Paragraph 9 of the Surety Agreement shall be revised to provide that the City, <br />Bank and Developer have the right to examine the books and records of the <br />Escrow Agent and the Escrow Agent shall notify both the City and the Bank when <br />the fund balance is less than $25,000.00. <br />7. Paragraph 11 of the Surety Agreement shall be revised to provide that the Escrow <br />Agent, City and Bank do not ensure that the building or construction will be <br />completed or when completed will be pursuant to the Plans and Specifications. <br />8. Paragraph 14 of the Surety Agreement shall be revised to provide any future <br />amendment to the Surety Agreement shall only be approved by all Parties to this <br />Agreement including, but not limited to, the Bank. <br />9. Paragraph 16 of the Surety Agreement shall be revised to provide that Escrow <br />Agent shall provide financial statements to both the City and the Bank. <br />10. Paragraph 21 of the Surety Agreement shall be revised to provide that in the event <br />the City has declared a default under the Development Contract/Planned Unit <br />Development Agreement, this Agreement shall not terminate and all funds held in <br />the Escrow Account shall remain held in said Escrow Account pending agreement <br />between the City and the Bank as to the application of any funds held in Escrow <br />and, in the event the Parties cannot agree to the same to a court of competent <br />jurisdiction in connection with allocation of the funds. <br />11. Paragraph 23 of the Surety Agreement shall be deleted in its entirety and replaced <br />with the following: <br />"All remaining funds, after completion of all work as provided in this Agreement, <br />shall be returned to Bank and disbursed by the Bank pursuant to the terms and <br />conditions of the Loan Agreement by and between Bank and Borrower dated <br />September , 2015. All remaining funds held pursuant to this Agreement <br />shall be disbursed to the Bank as soon as reasonably possible after review and <br />approval by the City of all terms and conditions of this Agreement." <br />
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