Coach 2013 Annual Report Download - page 439

AGREEMENTS:
NOW, THEREFORE, in consideration of the foregoing, of the covenants, promises and undertakings set forth herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Fund Member, Coach Member and the Title Company covenant and
agree as follows:
1. Engagement of Title Company as Escrow Agent . The Company, Developer, Fund Member and Coach Member hereby appoint the Title
Company, and the Title Company hereby accepts such appointment, to act and serve as the escrow agent under and pursuant to this Agreement.
2. Acknowledgement of Receipt of Escrow Funds . The Title Company hereby acknowledges that it has received from Coach Member the
Punch List Escrow in the sum of _______________________ and __/100 ($_________) Dollars , and that it shall hold, maintain and disburse the Punch
List Escrow pursuant to and in accordance with this Agreement. The Company, Developer, Fund Member and Coach Member acknowledge and agree that the
Punch List Escrow is comprised of [one hundred twenty-five percent (125%)] of the funds budgeted to complete the Punch List Work pursuant to Exhibit A
attached hereto. The Title Company hereby acknowledges that it has received from Fund Member the Violations Escrow in the sum of
_______________________ and __/100 ($_________) Dollars , and that it shall hold, maintain and disburse the Punch List Escrow pursuant to and in
accordance with this Agreement. The Company, Developer, Fund Member and Coach Member acknowledge and agree that the Violations Escrow is comprised
of [one hundred twenty-five percent (125%)] of the funds required to cure all Developer Violations.
3. Escrow Account. The Escrow shall be held by the Title Company in an interest-bearing escrow account established by the Title Company at
a bank or other financial institution selected by Escrow Agent and reasonably acceptable to the Company, Developer Fund Member and Coach Member,
having a branch office in New York City, and otherwise pursuant to the terms hereof. Any interest that accrues on the Violations Escrow shall inure to the
benefit of the Company. Any interest that accrues on the Punch List Escrow shall inure to the benefit of Coach Member. The Company’s taxpayer
identification number is 30-0761513. The Coach Member’s taxpayer identification number is [_____________].
Exhibit L – Page 2