Orange County NC Website
The Escrow Agent has the right to petition any court of competent jurisdiction <br /> to resolve any dispute arising under this Agreement. <br /> If the Escrow Agent fails to account for any of the investments or funds held <br /> under this Agreement, those investments or funds will be and remain the property <br /> of the Escrow Fund in trust for the owners of the Refunded Obligations as provided <br /> in this Agreement. <br /> The funds and securities received by the Escrow Agent under this Agreement <br /> are not a banking deposit by the County. The County has no right or title with <br /> respect to these funds and securities. The funds and securities received by the <br /> Escrow Agent under this Agreement are not subject to checks or drafts drawn by the <br /> County or claims against the County by any creditor of the County, other than the <br /> owners of the Refunded Obligations. <br /> SECTION 10. The trust created under this Agreement is irrevocable. This <br /> Agreement will terminate when the Escrow Agent has made all payments as <br /> contemplated by Section 6 and the Escrow Agent has made the final report <br /> contemplated by Section 13. The Escrow Agent will thereupon be released and <br /> discharged from this Agreement, and the owners of the Refunded Obligations may <br /> then look only to the County for the payment of the Refunded Obligations. <br /> SECTION 11. The County will pay all necessary and proper fees, compensation <br /> and expenses of the Escrow Agent under this Agreement. The County agrees, to the <br /> extent permitted by law, to indemnify the Escrow Agent and hold it harmless against <br /> any liability it may incur while acting in good faith in its capacity as Escrow Agent <br /> under this Agreement, including, but not limited to, payment of any court costs and <br /> reasonable legal fees, costs and expenses. The County will pay, or provide for the <br /> payment of, these costs, from sources other than the Escrow Fund. In no event will <br /> any of those costs, charges, expenses, and indemnification give rise to any claim <br /> against the Escrow Fund. The Escrow Agent agrees that it will assert no lien against <br /> the Escrow Fund in connection with any payment owed to it. <br /> SECTION 12. The Escrow Agent agrees to perform all the duties and <br /> obligations imposed upon it by this Agreement. <br /> 6 <br />