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<br />The Bank agrees, without the necessity of any further direction from the Town, to <br />use moneys on deposit in the Escrow Account to purchase the Escrow Account Securities <br />in accordance with the preceding paragraph. The Escrow Account Securities to be <br />purchased shall mature on the dates, be of the aggregate face amounts and yield or bear <br />interest at the rates set forth in Exhibit B attached to this Agreement. The Town shall <br />provide the Bank with any additional investment instructions for moneys in the Escrow <br />Account." <br /> <br />Section 2. Section 2 ofthe Defeasance Escrow Agreement is hereby amended to read as follows: <br /> <br />"Section 2. Maturing principal of and interest on the Escrow Account Securities, <br />together with the beginning cash balance in the Escrow Account, shall be held and applied <br />by the Bank to the payment of the principal of and interest on the CWCB Loan on each <br />CWCB Payment Date (which is June I of each year, beginning June 1,2001) as shown on <br />Exhibit A to this Agreement until June 1,2030, at which time the Bank shall pay from the <br />Escrow Account the remaining principal balance of the CWCB Loan in full plus interest <br />thereon to June I, 2030." <br /> <br />Section 3. Section 3 of the Defeasance Escrow Agreement is hereby amended to read as follows: <br /> <br />"Section 3. After full payment of the principal of and interest on the CWCB Loan, <br />the Bank shall redeem any obligations remaining in the Escrow Account and shall remit to <br />the Town all moneys, if any, then remaining in the Escrow Account." <br /> <br />Section 4. Section 13 of the Defeasance Escrow Agreement is hereby deleted and Section 14 of <br />the Defeasance Escrow Agreement is hereby amended to read as follows: <br /> <br />"Section 14, This Defeasance Escrow Agreement is made by the Town for the <br />benefit of the CWCB Board and is not revocable by the Town, The securities and other <br />moneys held in the Escrow Account and all income therefrom are irrevocably appropriated <br />for the payment of the CWCB Loan in accordance with this Defeasance Escrow <br />Agreement. This Defeasance Escrow Agreement shall constitute a third party beneficiary <br />contract for the benefit of the CWCB Board, which shall be entitled to enforce <br />performance and observance by the Town and the Bank of the respective agreements and <br />covenants herein contained as fully as if said third party beneficiary was a party hereto," <br /> <br />Section S. Section 16 of the Defeasance Escrow Agreement is hereby amended by deleting the <br />first sentence of Section 16, <br /> <br />Section 6. The Defeasance Escrow Agreement is hereby amended by the attachment of a new <br />Exhibit B, which is Exhibit A to this First Amendment to Defeasance Escrow Agreement. <br /> <br />Section 7. If anyone or more of the covenants or agreements provided in this First Amendment to <br />Defeasance Escrow Agreement on the part of the Town or the Bank to be performed should be <br />determined by a court of competent jurisdiction to be contrary to law, such covenant or agreement shall be <br />deemed and construed to be severable from the remaining covenants and agreements herein contained and <br />shall in no way affect the validity of the remaining provisions of this First Amendment to Defeasance <br />Escrow Agreement. <br /> <br />2 <br />