4/24/12 - Barnegat Township School District

accordance with, the provisions of this Agreement. Such removal or resignation shall take effect
not less than sixty (60) days after written notice of such resignation or removal is deposited in
first class mail, postage prepaid, addressed to the owners of the Refunded Bonds. The Board
shall appoint any successor Escrow Agent, and such appointment shall take effect not less thirty
(30) days after written notice thereof is deposited in the United States mail, first class, postage
prepaid, addressed to the owners of the Refunded Bonds. Such notice of the appointment of a
successor Escrow Agent may be consolidated with the written notice of the Escrow Agent's
resignation or removal. Any resignation or removal of the Escrow Agent shall not be effective
until a successor Escrow Agent has been duly appointed and accepted the duties and obligations
under this Agreement. If the Board has failed to appoint a successor prior to the expiration of
thirty (30) days following receipt of the notice of resignation or removal, the Escrow Agent may,
at the expense of the Board, petition any court of competent jurisdiction for the appointment of a
successor escrow agent or for other appropriate relief, and any such resulting appointment shall
be binding upon all of the parties hereto.
(e) Records of the Escrow Agent related to this Agreement and the performance of
duties and responsibilities assumed by the Escrow Agent pursuant to this Agreement shall be
open to inspection by the Board and its duly authorized agents or representatives, at reasonable
times and upon reasonable request.
(f) The Escrow Agent shall not be liable for the accuracy of the calculations as to the
sufficiency of moneys deposited, or of the principal amount of the Government Obligations as
provided herein, and the earnings thereon, to pay the Refunded Bonds or any of them. The
Escrow Agent has made no independent investigation of the principal and interest requirements
of the Refunded Bonds or the adequacy of the amounts deposited with the Escrow Agent and the
investment income thereon to pay such principal and interest requirements when due, but with
respect to such matters have relied upon the verification report.
SECTION 12. MISCELLANEOUS PROVISIONS.
(a) If any one or more of the covenants or agreements provided in this Agreement on
the part of the Board or the Escrow Agent to be performed shall be determined by a court of
competent jurisdiction to be prohibited or unenforceable, such covenant or agreement shall be
deemed and construed to be severable from the remaining covenants and agreements herein
contained and shall in no way affect the validity of the remaining provisions of this Agreement.
(b) All notices, certificates or other communications hereunder shall be in writing and
addressed as follows: if to the Board: 550 Barnegat Boulevard North, Barnegat, New Jersey
08005 Attention: Business Administrator; and if to the Escrow Agent: TD Bank, National
Association, 1006 Astoria Blvd, Cherry Hill, NJ 08034, Attention: Corporate Trust Department.
Each party may by notice given hereunder, designate any further or different addresses to which
subsequent notices, certificates or other communications shall be sent.
(c) This Agreement shall be governed by, and construed in accordance with, the laws
of the State of New Jersey, without reference to the choice of law principles thereof.
Barnegat Township Board of Education Meeting Minutes
April 24, 2012 62