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2009-072
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Last modified
6/28/2024 11:23:45 AM
Creation date
9/30/2015 5:48:12 PM
Metadata
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Resolutions
Resolution Number
2009-072
Approved Date
05/19/2009
Agenda Item Number
11.A.
Resolution Type
Agreement
Entity Name
Dodgertown
Minor League Baseball (MiLB Vero Beach LLC – Pat O’Connor)
Subject
Facility Lease Agreement
Supplemental fields
SmeadsoftID
6298
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(d) This Capital Reserve Account Agreement shall inure to the benefit of and shall be <br />binding upon the parties hereto and their respective successors and assigns. <br />(e) This Capital Reserve Account Agreement may be executed in several <br />counterparts, each of which shall be an original and all of which shall constitute one and the <br />same instrument (a party may execute a copy of this Agreement and deliver it by facsimile <br />transmission; provided however, that any such party shall promptly deliver an original signed <br />copy of this Agreement). <br />(f) All notices to be given under this Capital Reserve Account Agreement shall be <br />made in writing and shall be deemed delivered when delivered by hand or by overnight courier <br />delivery service, to the other party at its address set forth opposite its signature below or at such <br />address as the party may provide in writing from time to time. <br />9. The Capital Reserve Account Agent may resign and be discharged of its duties <br />hereunder by executing an instrument in writing specifying the date when such resignation shall <br />take effect, and filing the same with the County and MiLB not less than thirty (30) days before <br />the date when such resignation shall take effect; provided, that such resignation shall not be <br />effective unless a new capital reserve account agent shall have accepted appointment hereunder. <br />10. The Capital Reserve Account Agent may be removed by agreement of the County <br />and MiLB at any time by an instrument in writing, filed with the Capital Reserve Account Agent <br />not less than thirty (30) days before the date when such removal shall take effect. No removal of <br />the Capital Reserve Account Agent shall be effective until a successor has been appointed and <br />agreed to serve hereunder. <br />H. Following the resignation or removal of the Capital Reserve Account Agent, a <br />successor escrow agent, acceptable to MiLB, shall be appointed by the County. Any such <br />successor escrow agent shall be a national banking association or other banking institution with <br />trust powers qualified to act as the capital reserve account agent hereunder under the laws of the <br />State of Florida and shall affirmatively agree to hold the Capital Reserve Account in accordance <br />with the terms hereof. <br />12. This Capital Reserve Account Agreement shall terminate upon disbursement of <br />all funds in the Capital Reserve Account in accordance with Section 3 hereof. <br />13. Capital Reserve Account Agent shall not be required to recognize any other <br />agreement between the other parties hereto even though reference thereto may be made herein or <br />copies or provisions thereof may be annexed as exhibits hereto and whether or not it may have <br />knowledge thereof; it being the intent of the parties hereto that Capital Reserve Account Agent's <br />duties and responsibilities are only those as are expressly set forth herein. Capital Reserve <br />Account Agent shall have no responsibility whatsoever with respect to the undertakings of any <br />other party hereto or to any notices or undertakings of anyone not a party hereto. The Capital <br />Reserve Account Agent shall have no liability or obligation with respect to the funds in the <br />4 <br />
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