Resignation of Escrow Agent; Replacement of Escrow Agent. The Escrow Agent may resign by giving written notice to the City, and upon receipt of such notice the City shall promptly appoint a successor Escrow Agent. If the City does not appoint a successor Escrow Agent within 30 days of receipt of such notice, the resigning Escrow Agent may petition a court of competent jurisdiction for the appointment of a successor Escrow Agent, which court may thereupon, upon such notice as it shall deem proper, appoint a successor Escrow Agent. Upon acceptance of appointment by a successor Escrow Agent, the resigning Escrow Agent shall transfer all amounts held by it in the Escrow Fund to such successor Escrow Agent and be discharged of any further obligation or responsibility hereunder.
Appears in 4 contracts
Samples: Escrow Agreement, Escrow Agreement, Escrow Agreement
