4/24/12 - Barnegat Township School District

nature. Notwithstanding any provision contained herein to the contrary, the Escrow Agent,
including its officers, directors, employees, attorneys and agents, shall:
(i) not be liable for any action taken or omitted under this Agreement so long
as it shall have acted in good faith and without gross negligence;
(ii) have no responsibility to inquire into or determine the genuineness,
authenticity, or sufficiency of any securities, checks, or other documents or
instruments submitted to it in connection with its duties hereunder;
(iii) be entitled to deem the signatories of any documents or instruments
submitted to it hereunder as being those purported to be authorized to sign such
documents or instruments on behalf of the parties hereto, and shall be entitled to
rely upon the genuineness of the signatures of such signatories without inquiry
and without requiring substantiating evidence of any kind;
(iv) have the right, but not the obligation, to consult with counsel of choice and
shall not be liable for action taken or omitted to be taken by Escrow Agent either
in accordance with the written advice of such counsel or in accordance with any
opinion of counsel to the Board addressed and delivered to the Escrow Agent;
(v) have the right to perform any of its duties hereunder through agents,
attorneys, custodians or nominees, and shall not be responsible for the misconduct
or negligence of such agents, attorneys, custodians and nominees appointed by it
with due care:
(vi) not be required to risk, use or advance its own funds or otherwise incur
financial liability in the performance of any of its duties or the exercise of any of
its rights and powers hereunder; and
(vii) shall be protected in acting and relying upon any notice, order, requisition,
request, consent, certificate, order, opinion (including an opinion of independent
counsel), affidavit, letter, telegram or other paper or document in good faith
deemed by it to be genuine and correct and to have been signed or sent by the
proper person or persons.
(c) The Board hereby agrees to indemnify the Escrow Agent, its officers, employees
and agents and hold it and them harmless from and against any and all claims, liabilities, losses,
actions, suits, or proceedings, at law or in equity, which it or they may incur or with which it or
they may be threatened by reason of its acting as Escrow Agent under this Agreement, except in
the case of the Escrow Agent's own willful misconduct or gross negligence; and in connection
therewith to indemnify the Escrow Agent, its officers, employees and agents against any and all
expenses, including attorney's fees and the cost of defending any action, suit or proceedings or
resisting any claim. This provision shall survive the termination of this Agreement.
(d) The Escrow Agent at any time may resign or be removed by the Board for any
breach of trust or for acting or proceeding in violation of, or for failing to act or proceed in
Barnegat Township Board of Education Meeting Minutes
April 24, 2012 61