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3. Should the County succeed in obtaining the 1-95 landscaping <br /> beautification grant from F.D.O.T., funds escrowed by Horizon shall be drawn <br /> upon to provide the local county match and shall be disbursed by the Office of <br /> Management and Budget to F.D.O.T. under terms and conditions required by the <br /> grant. <br /> In the event the grant is not approved or in the event it is approved one <br /> year and not in the second phase year, then that portion of unutilized funds <br /> escrowed by Horizon to provide the local match shall be disbursed by the Office <br /> of Management and Budget to Horizon at the following address. <br /> Horizon/Glen Outlet Centers Limited Partnership <br /> 5000 Hakes Drive <br /> Muskegon, Michigan 49441 <br /> 4. Horizon agrees that any disbursement due to the failure of grant <br /> application shall be to Horizon at the above address. It shall be the <br /> responsibility of Horizon to notify the Office of Management and Budget of any <br /> merger or acquisition which would result in disbursement being made to a third <br /> party successor or assignee. Until such time as such notice is provided to the <br /> Office of Management and Budget, all disbursements shall be to Horizon at the <br /> address above. <br /> 5. Any interest earned during the term of escrow and not utilized for <br /> the local match of the state grant, shall be disbursed to Horizon its successors or <br /> assigns at the termination of the landscaping beautification project. <br /> 6. The funds deposited hereunder exist solely for the protection, use <br /> and benefit of the County in providing a local match to the state grant, and shall <br /> not be construed in any way, expressly or impliedly, to benefit or secure <br /> payment to any contractor, subcontractor, laborer, materialmen, architect, <br /> engineer, attorney or other party providing labor, materials, supplies, or services <br /> except through and pursuant to the terms of the state grant. <br /> 7. This Agreement is a full and complete understanding of the parties <br /> and shall not be construed or amplified by reference to any prior agreement, <br /> discussion, or understanding except as specifically mentioned herein. This <br /> agreement shall not be assigned without the express written notification to the <br /> County. Any amendment, deletion, modification, extension, or revision hereof or <br /> hereto shall be in writing, and shall be executed by authorized representatives of <br /> each party. <br /> 2 <br />