Common use of Resignation or Removal of Escrow Agent Clause in Contracts

Resignation or Removal of Escrow Agent. The Escrow Agent may resign and thereby become discharged from the duties and obligations hereby created, by notice in writing given to the Commission and the County not less than sixty (60) days before the date the resignation shall take effect. The Escrow Agent may be removed by the Commission and the County upon sixty (60) days written notice to the Escrow Agent by an instrument executed and signed by the duly authorized officers of the Commission and the County. The resignation or removal shall take effect upon the appointment of a successor Escrow Agent that shall accept the duties and obligations hereof. If at any time the Escrow Agent shall resign or be removed and no appointment of a successor Escrow Agent shall be made pursuant to the provisions of Section 9 hereof within sixty (60) days of the date of resignation or removal of the Escrow Agent, then the Escrow Agent, the Commission or the County, may apply to any court of competent jurisdiction to appoint a successor Escrow Agent. The court may thereupon, after any notice as it may deem proper and prescribed, appoint a successor Escrow Agent. Upon the resignation or removal of the Escrow Agent, all moneys, securities, or other obligations shall be transferred immediately to the successor Escrow Agent without the execution or filing of any instruments or any further act, deed, or conveyance on the part of the parties hereto, anything herein to the contrary notwithstanding.

Resignation or Removal of Escrow Agent. The Escrow Agent may resign and thereby become discharged from the duties and obligations hereby created, by notice in writing given to the Commission City and the County not less than sixty (60) days before the date the resignation shall take effect. The Escrow Agent may be removed by the Commission City and the County upon sixty (60) days written notice to the Escrow Agent by an instrument executed and signed by the duly authorized officers of the Commission City and the County. The resignation or removal shall take effect upon the appointment of a successor Escrow Agent that shall accept the duties and obligations hereof. If at any time the Escrow Agent shall resign or be removed and no appointment of a successor Escrow Agent shall be made pursuant to the provisions of Section 9 hereof within sixty (60) days of the date of resignation or removal of the Escrow Agent, then the Escrow Agent, the Commission City or the County, may apply to any court of competent jurisdiction to appoint a successor Escrow Agent. The court may thereupon, after any notice as it may deem proper and prescribed, appoint a successor Escrow Agent. Upon the resignation or removal of the Escrow Agent, all moneys, securities, or other obligations shall be transferred immediately to the successor Escrow Agent without the execution or filing of any instruments or any further act, deed, or conveyance on the part of the parties hereto, anything herein to the contrary notwithstanding.