Common use of Perfection of Interest Clause in Contracts

Perfection of Interest. (a) To the extent deemed necessary or desirable by the Developer, the Town will at such time and from time to time as requested by Developer establish the Developer Project Cost Subaccount described in Section 2.1 hereof as a segregated fund under the control of an escrow agent, trustee or other fiduciary selected by Developer so as to perfect Developer’s interest therein. The cost of establishing and monitoring such a fund (including the cost of counsel to the Town with respect thereto) shall be borne exclusively by the Developer. In the event such a fund is established under the control of a trustee or fiduciary, the Town shall cooperate with the Developer in causing appropriate financing statements and continuation statements naming the Developer as pledgee of all such amounts from time to time on deposit in the fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. (b) In the event Developer requires the establishment of a segregated fund in accordance with this Section 4.2, the Town’s responsibility shall be limited to delivering the amounts required by this Agreement to the escrow agent, trustee or other fiduciary designated by the Developer. The Town shall have no liability for payment over of the funds concerned to the Developer by any such escrow agent, trustee or other fiduciary, or for any misappropriation, investment losses or other losses in the hands of such escrow agent, trustee or other fiduciary. Notwithstanding any change in the identity of the Developer’s designated escrow agent, trustee or other fiduciary, the Town shall have no liability for misdelivery of funds if delivered in accordance with Developer’s most recent written designation or instructions actually received by the Town.

Perfection of Interest. (a) To the extent deemed necessary or desirable Upon written request by the Developer▇▇▇▇▇▇▇▇▇, the Town City will at such time and from time to time as requested by Developer establish the Developer Project Cost Subaccount Account described in Section 2.1 hereof as a segregated fund under the control of an escrow agent, trustee or other fiduciary selected by Developer so as to perfect Developer▇▇▇▇▇▇▇▇▇’s interest therein. The cost of establishing and monitoring such a fund (including the cost of counsel to the Town City with respect thereto) shall be borne exclusively by the Developer. In the event such a fund is established under the control of a trustee or fiduciary, the Town City shall cooperate with the Developer in causing appropriate financing statements and continuation statements naming the Developer , or its designee, as pledgee of all such amounts from time to time on deposit in the fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. (b) In the event Developer requires the establishment of a segregated fund in accordance with this Section 4.2, the TownCity’s responsibility shall be expressly limited to delivering the amounts required by this Agreement to the escrow agent, trustee or other fiduciary designated by the Developer. The Town City shall have no liability for payment over of the funds concerned to the Developer by any such escrow agent, trustee or other fiduciary, or for any misappropriation, investment losses or other losses in the hands of such escrow agent, trustee or other fiduciary. Notwithstanding any change in the identity of the Developer’s ▇▇▇▇▇▇▇▇▇ 's designated escrow agent, trustee or other fiduciary, the Town City shall have no liability for misdelivery of funds if delivered in accordance with Developer’s Developer 's most recent written designation or instructions actually received by the TownCity.

Perfection of Interest. (a) To the extent deemed necessary or desirable by the Developer, the Town will at such time and from time to time as requested by Developer ▇▇▇▇▇▇▇▇▇ establish the Developer Project Cost Subaccount described in Section 2.1 hereof as a segregated fund under the control of an escrow agent, trustee or other fiduciary selected by Developer so as to perfect Developer’s interest therein. The cost of establishing and monitoring such a fund (including the cost of counsel to the Town with respect thereto) shall be borne exclusively by the Developer. In the event such a fund is established under the control of a trustee or fiduciary, the Town shall cooperate with the Developer in causing appropriate financing statements and continuation statements naming the Developer as pledgee of all such amounts from time to time on deposit in the fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. (b) In the event Developer requires the establishment of a segregated fund in accordance with this Section 4.2, the Town’s responsibility shall be limited to delivering the amounts required by this Agreement to the escrow agent, trustee or other fiduciary designated by the Developer. The Town shall have no liability for payment over of the funds concerned to the Developer by any such escrow agent, trustee or other fiduciary, or for any misappropriation, investment losses or other losses in the hands of such escrow agent, trustee or other fiduciary. Notwithstanding any change in the identity of the Developer’s designated escrow agent, trustee or other fiduciary, the Town shall have no liability for misdelivery of funds if delivered in accordance with Developer’s most recent written designation or instructions actually received by the Town.

Perfection of Interest. (a) To the extent deemed necessary or desirable by the Developer, the Town City will at such time and from time to time as reasonably requested by the Developer establish the Developer Developer’s Project Cost Subaccount described in Section 2.1 hereof as a segregated fund under the control of an escrow agent, trustee or other fiduciary selected by the Developer so as to perfect the Developer’s interest therein. The cost of establishing and monitoring such a fund funds (including the cost of counsel to the Town City with respect thereto) shall be borne exclusively by the Developer. In the event such a fund is established under the control of a trustee or fiduciary, the Town City shall cooperate with the Developer in causing appropriate financing statements and continuation statements naming the Developer as pledgee of all such amounts from time to time on deposit in the fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. (b) In the event the Developer requires the establishment of a segregated fund in accordance with this Section 4.2, the TownCity’s responsibility shall be expressly limited to delivering the amounts required by this Agreement to the escrow agent, trustee or other fiduciary designated by the Developer. The Town City shall have no liability for payment over of the funds concerned to the Developer by any such escrow agent, trustee or other fiduciary, or for any misappropriation, investment losses or other losses in the hands of such escrow agent, trustee or other fiduciary. Notwithstanding any change in the identity of the Developer’s designated escrow agent, trustee or other fiduciary, the Town City shall have no liability for misdelivery of funds if delivered in accordance with the Developer’s most recent written designation or instructions actually received by the TownCity.

Perfection of Interest. (a) To the extent deemed necessary or desirable by the DeveloperRynel, the Town will at such time and from time to time as reasonably requested by Developer Rynel establish the Developer Company Project Cost Subaccount described in Section 2.1 hereof as a segregated fund under the control of an escrow agent, trustee or other fiduciary selected by Developer Rynel so as to perfect DeveloperRynel’s interest therein. The cost of establishing and monitoring such a fund (including the cost of counsel to the Town with respect thereto) shall be borne exclusively by the DeveloperRynel. In the event such a fund is established under the control of a trustee or fiduciary, the Town shall cooperate with the Developer Rynel in causing appropriate financing statements and continuation statements naming the Developer Rynel as pledgee of all such amounts from time to time on deposit in the fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. (b) In the event Developer Rynel requires the establishment of a segregated fund in accordance with this Section 4.2, the Town’s responsibility shall be expressly limited to delivering the amounts required by this Agreement to the escrow agent, trustee or other fiduciary designated by the DeveloperRynel. The Town shall have no liability for payment over of the funds concerned to the Developer Rynel by any such escrow agent, trustee or other fiduciary, or for any misappropriation, investment losses or other losses in the hands of such escrow agent, trustee or other fiduciary. Notwithstanding any change in the identity of the DeveloperRynel’s designated escrow agent, trustee or other fiduciary, the Town shall have no liability for misdelivery of funds if delivered in accordance with DeveloperRynel’s most recent written designation or instructions actually received by the Town.

Perfection of Interest. DRAFT (a) To the extent deemed necessary or desirable Upon written request by the DeveloperDevelopers Collaborative, the Town City will at such time and from time to time as requested by Developer establish the Developer Developers Collaborative Project Cost Subaccount described in Section 2.1 hereof as a segregated fund under the control of an escrow agent, trustee trustee, or other fiduciary selected by Developer Developers Collaborative so as to perfect DeveloperDevelopers Collaborative’s interest therein. The cost of establishing and monitoring such a fund (including the cost of counsel to the Town City with respect thereto) shall be borne exclusively by the DeveloperDevelopers Collaborative. In the event such a fund is established under the control of a trustee or fiduciary, the Town City shall cooperate with the Developer Developers Collaborative in causing appropriate financing statements and continuation statements naming the Developer Developers Collaborative, or its designee, as pledgee of all such amounts from time to time on deposit in the fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. The costs of setting up such a segregated fund, including any and all fees to third parties such as agents, trustees and attorneys, shall be borne by Developers Collaborative. (b) In the event Developer Developers Collaborative requires the establishment of a segregated fund in accordance with this Section 4.2, the TownCity’s responsibility shall be expressly limited to delivering the amounts required by this Agreement to the escrow agent, trustee or other fiduciary designated by the DeveloperDevelopers Collaborative. The Town City shall have no liability for payment over of the funds concerned to the Developer Developers Collaborative by any such escrow agent, trustee or other fiduciary, or for any misappropriation, investment losses or other losses in the hands of such escrow agent, trustee or other fiduciary. Notwithstanding any change in the identity of the DeveloperDevelopers Collaborative’s designated escrow agent, trustee or other fiduciary, the Town City shall have no liability for misdelivery of funds if delivered in accordance with DeveloperDevelopers Collaborative’s most recent written designation or instructions actually received by the TownCity.

Perfection of Interest. DRAFT (a) To the extent deemed necessary or desirable Upon written request by the DeveloperRealty Resources, the Town City will at such time and from time to time as requested by Developer establish the Developer Realty Resources Project Cost Subaccount described in Section 2.1 hereof as a segregated fund under the control of an escrow agent, trustee trustee, or other fiduciary selected by Developer Realty Resources so as to perfect Developer’s Realty Resources’ interest therein. The cost of establishing and monitoring such a fund (including the cost of counsel to the Town City with respect thereto) shall be borne exclusively by the DeveloperRealty Resources. In the event such a fund is established under the control of a trustee or fiduciary, the Town City shall cooperate with the Developer Realty Resources in causing appropriate financing statements and continuation statements naming the Developer Realty Resources, or its designee, as pledgee of all such amounts from time to time on deposit in the fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. The costs of setting up such a segregated fund, including any and all fees to third parties such as agents, trustees and attorneys, shall be borne by Realty Resources. (b) In the event Developer Realty Resources requires the establishment of a segregated fund in accordance with this Section 4.2, the TownCity’s responsibility shall be expressly limited to delivering the amounts required by this Agreement to the escrow agent, trustee or other fiduciary designated by the DeveloperRealty Resources. The Town City shall have no liability for payment over of the funds concerned to the Developer Realty Resources by any such escrow agent, trustee or other fiduciary, or for any misappropriation, investment losses or other losses in the hands of such escrow agent, trustee or other fiduciary. Notwithstanding any change in the identity of the Developer’s Realty Resources’ designated escrow agent, trustee or other fiduciary, the Town City shall have no liability for misdelivery of funds if delivered in accordance with Developer’s Realty Resources’ most recent written designation or instructions actually received by the TownCity.

Perfection of Interest. (a) To the extent deemed necessary or desirable by the Developer, the Town will at such time and from time to time as requested by Developer establish the Developer Evergreen Project Cost Subaccount described in Section 2.1 hereof as a segregated fund under the control of an escrow agent, trustee or other fiduciary selected by Developer so as to perfect Developer’s 's interest therein. The cost of establishing and monitoring such a fund (including the cost of counsel to the Town with respect thereto) shall be borne exclusively by the Developer. In the event such a fund is established under the control of a trustee or fiduciary, fiduciary the Town shall cooperate with the Developer in causing appropriate financing statements and continuation statements naming the Developer as pledgee of all such amounts from time to time on deposit in the fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. (b) In the event Developer requires the establishment of a segregated fund in accordance with this Section 4.2, the Town’s responsibility shall be limited to delivering the amounts required by this Agreement to the escrow agent, trustee or other fiduciary designated by the Developer. The Town shall have no liability for payment over of the funds concerned to the Developer by any such escrow agent, trustee or other fiduciary, or for any misappropriation, investment losses or other losses in the hands of such escrow agent, trustee or other fiduciary. Notwithstanding any change in the identity of the Developer’s designated escrow agent, trustee or other fiduciary, the Town shall have no liability for misdelivery mis-delivery of funds if delivered in accordance with Developer’s most recent written designation or instructions actually received by the Town.

Perfection of Interest. (a) To the extent deemed necessary or desirable Upon written request by the Developer, the Town City will at such time and from time to time as requested by Developer establish the Developer Project Cost Subaccount Account described in Section 2.1 hereof as a segregated fund under the control of an escrow agent, trustee or other fiduciary selected by Developer so as to perfect Developer’s interest therein. The cost of establishing and monitoring such a fund (including the cost of counsel to the Town City with respect thereto) shall be borne exclusively by the Developer. In the event such a fund is established under the control of a trustee or fiduciary, the Town City shall cooperate with the Developer in causing appropriate financing statements and continuation statements naming the Developer , or its designee, as pledgee of all such amounts from time to time on deposit in the fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. (b) In the event Developer requires the establishment of a segregated fund in accordance with this Section 4.2, the TownCity’s responsibility shall be expressly limited to delivering the amounts required by this Agreement to the escrow agent, trustee or other fiduciary designated by the Developer. The Town City shall have no liability for payment over of the funds concerned to the Developer by any such escrow agent, trustee or other fiduciary, or for any misappropriation, investment losses or other losses in the hands of such escrow agent, trustee or other fiduciary. Notwithstanding any change in the identity of the Developer’s Developer 's designated escrow agent, trustee or other fiduciary, the Town City shall have no liability for misdelivery of funds if delivered in accordance with Developer’s Developer 's most recent written designation or instructions actually received by the TownCity.