Resionation ofDe osita Sample Clauses

Resionation ofDe osita. The Depositary may resign upon the delivery ofnot less than sixty (60) days' prior written notice to all of the Owners and Mortgagees. Within thirty (30) days after receipt ofsuch notice, the Owners jointly shall appoint a substitute which qualifies under Section 16.1, and the Depositary shall transfer all funds, together with copies ofall records, held by it as Depositary to such substitute, at which time its duties as Depositary shall cease. Ifthe Owners shall fail to appoint a substitute within thirty (30) days, the Depositary may deposit such funds with either a court ofcompetent jurisdiction or with a bank or trust company in Chicago, Illinois, which qualifies under Section 16.1. CHlDOCSm05111J 1-23 111.5 9:37 AM 45 ARTICLE 17
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