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CWCB Escrow Agreement
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CWCB Escrow Agreement
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10/14/2016 11:20:02 AM
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10/3/2016 12:25:15 PM
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Chatfield Mitigation
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amended Schedule C-1 from Depositor,as confirmation that a Depositor's Representative or <br /> Representatives have changed. <br /> "Escrow Funds" shall mean the funds deposited with Escrow Agent pursuant to Section 3 of this <br /> Escrow Agreement,together with any interest and other income thereon. <br /> "Escrow Period" shall mean the period commencing on the date hereof and ending at the close of <br /> Escrow Agent's business day ten(10)years from the date of this Escrow Agreement,unless <br /> earlier terminated pursuant to this Escrow Agreement. <br /> "Indemnified Party"shall have the meaning set forth in Section 11. <br /> "Individual Escrow Account"shall mean the account in which the Escrow Funds will be held by <br /> Escrow Agent for the benefit of the Depositor until transferred to the Master Escrow Account <br /> pursuant to a Written Direction given in accordance with Section 4. <br /> "Master Escrow Account"shall mean the account from which transferred Escrow Funds are <br /> disbursed to third parties pursuant to a Written Direction given in accordance with Section 4. <br /> "Representatives" shall mean the Depositor Representative and the CRMC Representatives. <br /> "Written Direction" shall mean a written direction executed by both CRMC Representatives <br /> directing Escrow Agent to transfer all or a portion of the Escrow Funds from the Individual <br /> Escrow Account to the Master Escrow Account,or to disburse all or a portion of the funds from <br /> the Master Escrow Account to third parties and/or the Depositor, including termination of the <br /> Individual Escrow Account and transfer of any remaining funds to the Depositor. The authority <br /> of a Written Direction is limited to the items specified in this definition. All items outside of this <br /> scope shall require written approval by both CRMC and the Depositor. <br /> 2. Appointment of and Acceptance by Escrow Agent. Depositor and CRMC hereby <br /> appoint Escrow Agent to serve as escrow agent hereunder. Escrow Agent hereby accepts such <br /> appointment and,upon receipt by wire transfer of the Escrow Funds in accordance with Section <br /> 3 below,agrees to hold, invest and disburse the Escrow Funds in accordance with this Escrow <br /> Agreement. <br /> 3. Deposit of Escrow Funds. <br /> a. (ALL DEPOSITORS). Simultaneously with the execution and delivery of <br /> this Escrow Agreement, Depositor,on behalf of the CRMC, shall deposit <br /> $45,904,726.45 by wire transfer of immediately available funds,to an <br /> Individual Escrow Account designated by Escrow Agent. Any interest <br /> accruing on Depositor's funds while in Depositor's Individual Escrow <br /> Account shall accrue to the benefit of Depositor. <br /> b. (DEPOSITORS WITH CWCB LOANS). Simultaneously with the execution <br /> and delivery of this Escrow Agreement,Depositor shall have executed a loan <br /> 2 <br />
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