Agenda - 03-02-2006-8bAA - Laserfiche WebLink

Browse Search

anyT and all claims far damages by others related to such e~Tent of default without cure. Any assignment by the County of any of its rights under the Financing Contract will not prevent the County from asserting such rights and powers in its ouTn behalf. 6. PROJECT FUND DISBURSEMENTS. [Section 4.02] of the Trust Agreement provides that amounts will be disbursed to the County for Project Costs only upon the Trustee's receipt of a requisition, signed by a County Representative, in the form prescribed by the Trust Agreement which makes certain representations, designates the payee and provides evidence that payment is due (such as an architect's payment certification}. With respect to Project Costs for Improvements, the School Board will prepare such requisitions in the first instance and forward the same to the County for review, approval and forwarding to the Trustee for payment, all in accordance with [Section 4.02] of the Trust Agreement. The County has the right to obtain such additional evidence as it deems appropriate to determine the accuracy of the representations set forth in the form of requisition and the propriety of payment. The School Board will provide the County with such information in the School Board's possession as the County may request. 7. APPLICATION OF CASUALTY INSURANCE PROCEEDS. Notwithstanding any provision of this Agency Agreement, the County retains the sole power to control and direct the application and distribution of proceeds of casualty insurance applicable to the Improvements. 8. RESERVATION OF RIGHTS. This Agency Agreement is not to be construed in any way as delegating or limiting the County's rights hereunder or under the Financing Contract, except as expressly provided in this Agency Agreement. 9. CONSIDERATION. The County and the School Board are undertaking their mutual obligations under this Agency Agreement in partial consideration for, and in partial fulfillment of, their agreement to carry out the Project. 4