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THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A (7).
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THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A (7).
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Last modified
7/8/2014 4:59:49 PM
Creation date
7/8/2014 4:51:29 PM
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Contracts
Company Name
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
Contract #
A-2014-133-F
Agency
FINANCE & MANAGEMENT SERVICES
Council Approval Date
6/3/2014
Destruction Year
0
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the Escrow Fund, the acceptance of the moneys deposited therein, the sufficiency of the <br />uninvested moneys held hereunder to accomplish the purposes set forth herein, or any <br />payment, transfer or other application of moneys by the Escrow Bank in accordance with the <br />provisions of this Escrow Deposit and Trust Agreement or by reason of any non - negligent act, <br />non - negligent omission or non - negligent error of the Escrow Bank made in good faith in the <br />conduct of its duties. The recitals of fact contained in the "whereas" clauses herein shall be <br />taken as the statement of the City, and the Escrow Bank assumes no responsibility for the <br />correctness thereof. The Escrow Bank makes no representations as to the sufficiency of the <br />uninvested moneys to accomplish the purposes set forth herein or to the validity of this Escrow <br />Deposit and Trust Agreement as to the City and, except as otherwise provided herein, the <br />Escrow Bank shall incur no liability in respect thereof. The Escrow Bank shall not be liable in. <br />connection with the performance of its duties under this Escrow Deposit and Trust Agreement <br />except for its own negligence, willful misconduct or default, and the duties and obligations of <br />the Escrow Bank shall be determined by the express provisions of this Escrow Deposit and <br />Trust Agreement. The Escrow Bank may consult with counsel, who may or may not be counsel <br />to the City, and in reliance upon the written opinion of such counsel shall have full and <br />complete authorization and protection in respect of any action taken, suffered or omitted by it <br />in good faith in accordance therewith. Whenever the Escrow Bank shall deem it necessary or <br />desirable that a matter be proved or established prior to taking, suffering, or omitting any <br />action under this Escrow Deposit and Trust Agreement, such matter (except the matters set <br />forth herein as specifically requiring a certificate of a nationally recognized firm of independent <br />certified public accountants or an opinion of counsel) may be deemed to be conclusively <br />established by a written certification of the City. The Escrow Bank may conclusively rely and <br />shall be fully protected in acting or refraining from acting upon any resolution, certificate, <br />statement, instrument, opinion, report, notice, request, consent, order, approval or other paper <br />or document believed by it to be genuine and to have been signed or presented by the proper <br />party or parties. <br />Anything in this Escrow Deposit and Trust Agreement to the contrary notwithstanding, <br />in no event shall the Escrow Bank be liable for special, indirect, punitive or consequential loss <br />or damage of any kind whatsoever (including but not limited to lost profits), even if the <br />Escrow Bank has been advised of the likelihood of such loss or damage and regardless of the <br />form of action. <br />The Escrow Bank shall have the right to accept and act upon instructions, including <br />funds transfer instructions ( "Instructions ") given pursuant to this Escrow Agreement and <br />delivered using Electronic Means ( "Electronic Means" means mean the following <br />communications methods: S.W.I.F.T., e -mail, facsimile transmission, secure electronic <br />transmission containing applicable authorization codes, passwords and /or authentication <br />keys issued by the Escrow Bank, or another method or system specified by the Escrow Bank as <br />available for use in connection with its services hereunder); provided, however, that the City <br />shall provide to the Escrow Bank an incumbency certificate listing officers with the authority to <br />provide such Instructions ( "Authorized Officers ") and containing specimen signatures of such <br />Authorized Officers, which incumbency certificate shall be amended by the City whenever a <br />person is to be added or deleted from the listing. If the City elects to give the Escrow Bank <br />Instructions using Electronic Means and the Escrow Bank in its discretion elects to act upon <br />such Instructions, the Escrow Bank's understanding of such Instructions shall be deemed <br />controlling. The City understands and agrees that the Escrow Bank cannot determine the <br />identity of the actual sender of such Instructions and that the Escrow Bank shall conclusively <br />presume that directions that purport to have been sent by an Authorized Officer listed on the <br />incumbency certificate provided to the Escrow Bank have been sent by such Authorized <br />Officer. The City shall be responsible for ensuring that only Authorized Officers transmit such <br />Instructions to the Escrow Bank and that the City and all Authorized Officers are solely <br />responsible to safeguard the use and confidentiality of applicable user and authorization <br />-5- <br />
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