Common use of Replacement and Resignation Clause in Contracts

Replacement and Resignation. The Bank as Escrow Agent or any successor escrow agent hereunder may be replaced by the City at any time, or may resign upon giving at least sixty (60) days’ prior written notice of resignation to the Bank and the City, and such resignation shall be effective from the date specified in such notice. If the office of the Bank as Escrow Agent shall be vacant for any reason, the City may, upon consultation with the Bank, appoint an escrow agent as successor escrow agent, in writing and delivered to the successor escrow agent, the retiring Bank as Escrow Agent, and the Bank, together with a copy of this Agreement. Upon written acceptance, the successor escrow agent shall succeed to all the rights and obligations of the retiring Bank as Escrow Agent as if this Agreement were originally executed by such successor escrow agent, and the retiring Bank as Escrow Agent shall duly transfer and deliver to such successor escrow agent the funds in the form held by it hereunder at such time.

Replacement and Resignation. The Bank as Escrow Xxxxxx Agent or any successor escrow agent hereunder may be replaced by the City at any time, or may resign upon giving at least sixty (60) days’ prior written notice of resignation to the Bank and the City, and such resignation shall be effective from the date specified in such notice. If the office of the Bank as Escrow Agent shall be vacant for any reason, the City may, upon consultation with the Bank, appoint an escrow agent as successor escrow agent, in writing and delivered to the successor escrow agent, the retiring Bank as Escrow Agent, and the Bank, together with a copy of this Agreement. Upon written acceptance, the successor escrow agent shall succeed to all the rights and obligations of the retiring Bank as Escrow Agent as if this Agreement were originally executed by such successor escrow agent, and the retiring Bank as Escrow Agent shall duly transfer and deliver to such successor escrow agent the funds in the form held by it hereunder at such time.