Common use of Perfection of Interest Clause in Contracts

Perfection of Interest. (a) Upon written request by Xxxxxxxxx, the City will establish the Project Cost Account described in Section 2.1 hereof as a segregated fund under the control of an escrow agent, trustee or other fiduciary selected by Developer so as to perfect Xxxxxxxxx’s interest therein. The cost of establishing and monitoring such a fund (including the cost of counsel to the City with respect thereto) shall be borne exclusively by Developer. In the event such a fund is established under the control of a trustee or fiduciary, the City shall cooperate with Developer in causing appropriate financing statements and continuation statements naming Developer , or its designee, as pledgee of all such amounts from time to time on deposit in the fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. (b) In the event Developer requires the establishment of a segregated fund in accordance with this Section 4.2, the City’s responsibility shall be expressly limited to delivering the amounts required by this Agreement to the escrow agent, trustee or other fiduciary designated by Developer. The City shall have no liability for payment over of the funds concerned to Developer by any such escrow agent, trustee or other fiduciary, or for any misappropriation, investment losses or other losses in the hands of such escrow agent, trustee or other fiduciary. Notwithstanding any change in the identity of Xxxxxxxxx 's designated escrow agent, trustee or other fiduciary, the City shall have no liability for misdelivery of funds if delivered in accordance with Developer 's most recent written designation or instructions actually received by the City.

Perfection of Interest. (a) Upon written request To the extent deemed necessary or desirable by Xxxxxxxxxthe Developer, the City Town will at such time and from time to time as requested by Developer establish the Developer Project Cost Account Subaccount described in Section 2.1 hereof as a segregated fund under the control of an escrow agent, trustee or other fiduciary selected by Developer so as to perfect XxxxxxxxxDeveloper’s interest therein. The cost of establishing and monitoring such a fund (including the cost of counsel to the City Town with respect thereto) shall be borne exclusively by the Developer. In the event such a fund is established under the control of a trustee or fiduciary, the City Town shall cooperate with the Developer in causing appropriate financing statements and continuation statements naming the Developer , or its designee, as pledgee of all such amounts from time to time on deposit in the fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. (b) In the event Developer requires the establishment of a segregated fund in accordance with this Section 4.2, the CityTown’s responsibility shall be expressly limited to delivering the amounts required by this Agreement to the escrow agent, trustee or other fiduciary designated by the Developer. The City Town shall have no liability for payment over of the funds concerned to the Developer by any such escrow agent, trustee or other fiduciary, or for any misappropriation, investment losses or other losses in the hands of such escrow agent, trustee or other fiduciary. Notwithstanding any change in the identity of Xxxxxxxxx 's the Developer’s designated escrow agent, trustee or other fiduciary, the City Town shall have no liability for misdelivery of funds if delivered in accordance with Developer 's Developer’s most recent written designation or instructions actually received by the CityTown.

Perfection of Interest. (a) Upon written request To the extent deemed necessary or desirable by XxxxxxxxxRynel, the City Town will at such time and from time to time as reasonably requested by Rynel establish the Company Project Cost Account Subaccount described in Section 2.1 hereof as a segregated fund under the control of an escrow agent, trustee or other fiduciary selected by Developer Rynel so as to perfect XxxxxxxxxRynel’s interest therein. The cost of establishing and monitoring such a fund (including the cost of counsel to the City Town with respect thereto) shall be borne exclusively by DeveloperRynel. In the event such a fund is established under the control of a trustee or fiduciary, the City Town shall cooperate with Developer Rynel in causing appropriate financing statements and continuation statements naming Developer , or its designee, Rynel as pledgee of all such amounts from time to time on deposit in the fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. (b) In the event Developer Rynel requires the establishment of a segregated fund in accordance with this Section 4.2, the CityTown’s responsibility shall be expressly limited to delivering the amounts required by this Agreement to the escrow agent, trustee or other fiduciary designated by DeveloperRynel. The City Town shall have no liability for payment over of the funds concerned to Developer Rynel by any such escrow agent, trustee or other fiduciary, or for any misappropriation, investment losses or other losses in the hands of such escrow agent, trustee or other fiduciary. Notwithstanding any change in the identity of Xxxxxxxxx 's Rynel’s designated escrow agent, trustee or other fiduciary, the City Town shall have no liability for misdelivery of funds if delivered in accordance with Developer 's Rynel’s most recent written designation or instructions actually received by the CityTown.

Perfection of Interest. DRAFT (a) Upon written request by XxxxxxxxxRealty Resources, the City will establish the Realty Resources Project Cost Account Subaccount described in Section 2.1 hereof as a segregated fund under the control of an escrow agent, trustee trustee, or other fiduciary selected by Developer Realty Resources so as to perfect Xxxxxxxxx’s Realty Resources’ interest therein. The cost of establishing and monitoring such a fund (including the cost of counsel to the City with respect thereto) shall be borne exclusively by DeveloperRealty Resources. In the event such a fund is established under the control of a trustee or fiduciary, the City shall cooperate with Developer Realty Resources in causing appropriate financing statements and continuation statements naming Developer Realty Resources, or its designee, as pledgee of all such amounts from time to time on deposit in the fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. The costs of setting up such a segregated fund, including any and all fees to third parties such as agents, trustees and attorneys, shall be borne by Realty Resources. (b) In the event Developer Realty Resources requires the establishment of a segregated fund in accordance with this Section 4.2, the City’s responsibility shall be expressly limited to delivering the amounts required by this Agreement to the escrow agent, trustee or other fiduciary designated by DeveloperRealty Resources. The City shall have no liability for payment over of the funds concerned to Developer Realty Resources by any such escrow agent, trustee or other fiduciary, or for any misappropriation, investment losses or other losses in the hands of such escrow agent, trustee or other fiduciary. Notwithstanding any change in the identity of Xxxxxxxxx 's Realty Resources’ designated escrow agent, trustee or other fiduciary, the City shall have no liability for misdelivery of funds if delivered in accordance with Developer 's Realty Resources’ most recent written designation or instructions actually received by the City.

Perfection of Interest. (a) Upon written request by XxxxxxxxxDeveloper, the City will establish the Project Cost Account described in Section 2.1 hereof as a segregated fund under the control of an escrow agent, trustee or other fiduciary selected by Developer so as to perfect XxxxxxxxxDeveloper’s interest therein. The cost of establishing and monitoring such a fund (including the cost of counsel to the City with respect thereto) shall be borne exclusively by Developer. In the event such a fund is established under the control of a trustee or fiduciary, the City shall cooperate with Developer in causing appropriate financing statements and continuation statements naming Developer , or its designee, as pledgee of all such amounts from time to time on deposit in the fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. (b) In the event Developer requires the establishment of a segregated fund in accordance with this Section 4.2, the City’s responsibility shall be expressly limited to delivering the amounts required by this Agreement to the escrow agent, trustee or other fiduciary designated by Developer. The City shall have no liability for payment over of the funds concerned to Developer by any such escrow agent, trustee or other fiduciary, or for any misappropriation, investment losses or other losses in the hands of such escrow agent, trustee or other fiduciary. Notwithstanding any change in the identity of Xxxxxxxxx Developer 's designated escrow agent, trustee or other fiduciary, the City shall have no liability for misdelivery of funds if delivered in accordance with Developer 's most recent written designation or instructions actually received by the City.

Perfection of Interest. DRAFT (a) Upon written request by XxxxxxxxxDevelopers Collaborative, the City will establish the Developers Collaborative Project Cost Account Subaccount described in Section 2.1 hereof as a segregated fund under the control of an escrow agent, trustee trustee, or other fiduciary selected by Developer Developers Collaborative so as to perfect XxxxxxxxxDevelopers Collaborative’s interest therein. The cost of establishing and monitoring such a fund (including the cost of counsel to the City with respect thereto) shall be borne exclusively by DeveloperDevelopers Collaborative. In the event such a fund is established under the control of a trustee or fiduciary, the City shall cooperate with Developer Developers Collaborative in causing appropriate financing statements and continuation statements naming Developer Developers Collaborative, or its designee, as pledgee of all such amounts from time to time on deposit in the fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. The costs of setting up such a segregated fund, including any and all fees to third parties such as agents, trustees and attorneys, shall be borne by Developers Collaborative. (b) In the event Developer Developers Collaborative requires the establishment of a segregated fund in accordance with this Section 4.2, the City’s responsibility shall be expressly limited to delivering the amounts required by this Agreement to the escrow agent, trustee or other fiduciary designated by DeveloperDevelopers Collaborative. The City shall have no liability for payment over of the funds concerned to Developer Developers Collaborative by any such escrow agent, trustee or other fiduciary, or for any misappropriation, investment losses or other losses in the hands of such escrow agent, trustee or other fiduciary. Notwithstanding any change in the identity of Xxxxxxxxx 's Developers Collaborative’s designated escrow agent, trustee or other fiduciary, the City shall have no liability for misdelivery of funds if delivered in accordance with Developer 's Developers Collaborative’s most recent written designation or instructions actually received by the City.

Perfection of Interest. (a) Upon written request To the extent deemed necessary or desirable by Xxxxxxxxxthe Developer, the City Town will at such time and from time to time as requested by Xxxxxxxxx establish the Developer Project Cost Account Subaccount described in Section 2.1 hereof as a segregated fund under the control of an escrow agent, trustee or other fiduciary selected by Developer so as to perfect XxxxxxxxxDeveloper’s interest therein. The cost of establishing and monitoring such a fund (including the cost of counsel to the City Town with respect thereto) shall be borne exclusively by the Developer. In the event such a fund is established under the control of a trustee or fiduciary, the City Town shall cooperate with the Developer in causing appropriate financing statements and continuation statements naming the Developer , or its designee, as pledgee of all such amounts from time to time on deposit in the fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. (b) In the event Developer requires the establishment of a segregated fund in accordance with this Section 4.2, the CityTown’s responsibility shall be expressly limited to delivering the amounts required by this Agreement to the escrow agent, trustee or other fiduciary designated by the Developer. The City Town shall have no liability for payment over of the funds concerned to the Developer by any such escrow agent, trustee or other fiduciary, or for any misappropriation, investment losses or other losses in the hands of such escrow agent, trustee or other fiduciary. Notwithstanding any change in the identity of Xxxxxxxxx 's the Developer’s designated escrow agent, trustee or other fiduciary, the City Town shall have no liability for misdelivery of funds if delivered in accordance with Developer 's Developer’s most recent written designation or instructions actually received by the CityTown.

Perfection of Interest. (a) Upon written request To the extent deemed necessary or desirable by Xxxxxxxxxthe Developer, the City Town will at such time and from time to time as requested by Developer establish the Evergreen Project Cost Account Subaccount described in Section 2.1 hereof as a segregated fund under the control of an escrow agent, trustee or other fiduciary selected by Developer so as to perfect Xxxxxxxxx’s Developer's interest therein. The cost of establishing and monitoring such a fund (including the cost of counsel to the City with respect thereto) shall be borne exclusively by the Developer. In the event such a fund is established under the control of a trustee or fiduciary, fiduciary the City Town shall cooperate with the Developer in causing appropriate financing statements and continuation statements naming the Developer , or its designee, as pledgee of all such amounts from time to time on deposit in the fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. (b) In the event Developer requires the establishment of a segregated fund in accordance with this Section 4.2, the CityTown’s responsibility shall be expressly limited to delivering the amounts required by this Agreement to the escrow agent, trustee or other fiduciary designated by the Developer. The City Town shall have no liability for payment over of the funds concerned to the Developer by any such escrow agent, trustee or other fiduciary, or for any misappropriation, investment losses or other losses in the hands of such escrow agent, trustee or other fiduciary. Notwithstanding any change in the identity of Xxxxxxxxx 's the Developer’s designated escrow agent, trustee or other fiduciary, the City Town shall have no liability for misdelivery mis-delivery of funds if delivered in accordance with Developer 's Developer’s most recent written designation or instructions actually received by the CityTown.

Perfection of Interest. (a) Upon written request To the extent deemed necessary or desirable by XxxxxxxxxXxxx Xxxxxx, the City will at such time and from time to time as reasonably requested by Xxxx Xxxxxx establish the Xxxx Xxxxxx Project Cost Account Subaccount described in Section 2.1 hereof as a segregated fund under the control of an escrow agent, trustee or other fiduciary selected by Developer Xxxx Xxxxxx so as to perfect XxxxxxxxxSaco Lowell’s interest therein. The cost of establishing and monitoring such a fund funds (including the cost of counsel to the City with respect thereto) shall be borne exclusively by DeveloperXxxx Xxxxxx. In the event such a fund is established under the control of a trustee or fiduciary, the City shall cooperate with Developer Xxxx Xxxxxx in causing appropriate financing statements and continuation statements naming Developer , or its designee, Xxxx Xxxxxx as pledgee of all such amounts from time to time on deposit in the fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. (b) In the event Developer Xxxx Xxxxxx requires the establishment of a segregated fund in accordance with this Section 4.2, the City’s responsibility shall be expressly limited to delivering the amounts required by this Agreement to the escrow agent, trustee or other fiduciary designated by DeveloperXxxx Xxxxxx. The City shall have no liability for payment over of the funds concerned to Developer Xxxx Xxxxxx by any such escrow agent, trustee or other fiduciary, or for any misappropriation, investment losses or other losses in the hands of such escrow agent, trustee or other fiduciary. Notwithstanding any change in the identity of Xxxxxxxxx 's Saco Lowell’s designated escrow agent, trustee or other fiduciary, the City shall have no liability for misdelivery mis delivery of funds if delivered in accordance with Developer 's Saco Lowell’s most recent written designation or instructions actually received by the City. (c) To the extent deemed necessary or desirable by River Lot, the City will at such time and from time to time as reasonably requested by River Lot establish the River Lot Project Cost Subaccount described in Section 2.1 hereof as a segregated fund under the control of an escrow agent, trustee or other fiduciary selected by River Lot so as to perfect River Lot’s interest therein. The cost of establishing and monitoring such funds (including the cost of counsel to the City with respect thereto) shall be borne exclusively by River Lot. In the event such a fund is established under the control of a trustee or fiduciary, the City shall cooperate with River Lot in causing appropriate financing statements and continuation statements naming River Lot as pledgee of all such amounts from time to time on deposit in the fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. (d) In the event River Lot requires the establishment of a segregated fund in accordance with this Section 4.2, the City’s responsibility shall be expressly limited to delivering the amounts required by this Agreement to the escrow agent, trustee or other fiduciary designated by River Lot. The City shall have no liability for payment over of the funds concerned to River Lot by any such escrow agent, trustee or other fiduciary, or for any misappropriation, investment losses or other losses in the hands of such escrow agent, trustee or other fiduciary. Notwithstanding any change in the identity of River Lot’s designated escrow agent, trustee or other fiduciary, the City shall have no liability for mis delivery of funds if delivered in accordance with River Lot’s most recent written designation or instructions actually received by the City.