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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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may disburse to itself from the Escrow Funds in the Depositor's Individual Escrow Account <br /> and/or the Master Escrow Account,from time to time,the amount of any compensation and <br /> reimbursement of out-of-pocket expenses due and payable hereunder(including any amount to <br /> which Escrow Agent or any Indemnified Party is entitled to seek indemnification hereunder). <br /> Escrow Agent shall notify CRMC and the Depositor of any disbursement from the Escrow Funds <br /> in the Master Escrow Account to itself or any Indemnified Party in respect of any compensation <br /> or reimbursement hereunder and shall furnish CRMC and the Depositor copies of related <br /> invoices and other statements. <br /> (c) Security and Offset. CRMC,Depositor and the Representatives hereby <br /> grant to Escrow Agent and the Indemnified Parties a security interest in, lien upon and right of <br /> offset against the Escrow Funds in Depositor's Individual Escrow Account and the Master <br /> Escrow Account with respect to any compensation or reimbursement due Escrow Agent and/or <br /> any Indemnified Party hereunder(including any claim for indemnification hereunder). The <br /> security interest, lien and right of offset granted herein shall not extend to the executed loan <br /> agreement(s)between Depositor and the CWCB that are deposited with Escrow Agent <br /> hereunder. If, for any reason,the immediately available Escrow Funds in Depositor's Individual <br /> Escrow Account and the Master Escrow Account are insufficient to cover such compensation <br /> and reimbursement due Escrow Agent and/or any Indemnified Party,Depositor and CRMC shall <br /> promptly pay such amounts to Escrow Agent or any Indemnified Party upon receipt of an <br /> itemized invoice or shall notify Escrow Agent in writing that such claim for compensation or <br /> reimbursement(including any claim for indemnification hereunder) is disputed. <br /> 13. Representations and Warranties. Depositor and CRMC, each respectively,make <br /> the following representations and warranties to Escrow Agent: <br /> (a) it has full power and authority to execute and deliver this Escrow <br /> Agreement and to perform its obligations hereunder; and this Escrow Agreement has been duly <br /> approved by all necessary action and constitutes its valid and binding agreement enforceable in <br /> accordance with its terms;and <br /> (b) the persons designated on Schedules C-1 and C-2, attached hereto,have <br /> been duly appointed to act as authorized representatives hereunder and the persons designated on <br /> Schedule C-2 together have full power and authority to execute and deliver any Written <br /> Direction without further consent or direction from,or notice to, it or any other party. Any <br /> change in designation of such authorized representatives shall be provided by written notice <br /> delivered to each party to this Escrow Agreement. <br /> 14. Identifying Information. To help the government fight the funding of terrorism <br /> and money laundering activities,Federal law requires all financial institutions to obtain,verify, <br /> and record information that identifies each person who opens an account. For a non-individual <br /> person such as a business entity,a charity,a trust, or other legal entity,the Escrow Agent <br /> requires documentation to verify its formation and existence as a legal entity. The Escrow Agent <br /> may ask to see financial statements, licenses, identification,and authorization documents from <br /> individuals claiming authority to represent the entity or other relevant documentation. The <br /> parties acknowledge that a portion of the identifying information set forth herein is being <br /> 8 <br />
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