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• <br /> 4. Anything to the contrary in this Agreement notwithstanding: (i) Intermediary <br /> shall have only the duties and responsibilities expressly set forth in writing herein <br /> (and in its standard securities account documentation and terms and conditions as <br /> in effect from time to time, all of which shall apply to the Account to the extent <br /> not inconsistent with this Agreement) and shall not be deemed to be a fiduciary <br /> for any party hereto; (ii) Intermediary shall be fully protected in acting or <br /> refraining from acting in good faith on any written notice, instruction or request <br /> purportedly furnished to it by Secured Party in accordance with the terms hereof, <br /> in which case the parties hereto agree that Intermediary has no duty to make any <br /> further inquiry whatsoever; (iii) Intermediary shall not be liable to any party <br /> hereto or any other person for any action or failure to act under or in connection <br /> with this Agreement except for its own gross negligence or willful misconduct <br /> (and, to the maximum extent permitted by law, shall under no circumstances be <br /> liable for indirect, special, punitive or consequential damages); and (iv) the <br /> Pledgor hereby indemnifies Intermediary for, and holds Intermediary harmless <br /> against, any loss, cost, liability or expense (including reasonable inside or outside <br /> counsel fees and disbursements) incurred or suffered by Intermediary arising out <br /> of or in connection with this Agreement or the Account, except as may result from <br /> its willful misconduct or gross negligence; (v) Intermediary shall not be liable to <br /> the Secured Party for any decrease in value of the property for any reason <br /> including, by way of illustration and not limitation, liability for decreases in value <br /> resulting from transactions recommended by Intermediary or its employees or <br /> agents. Intermediary expressly has no obligation to advise either of the other <br /> parties of any decrease in the value of the Account at any time. <br /> 5. All notices shall be in writing and sent to the parties hereto at their respective <br /> addresses set forth below (or to such other address as any such party shall <br /> designate in writing to the other parties from time to time): <br /> Pledgor: ROBERT M. CORNFELD, PRESIDENT <br /> NEWPORT OPERATING CORPORATION <br /> 3850 HOLLYWOOD BLVD, SUITE 400 <br /> HOLLYWOOD, FL 33021 <br /> Secured Party: CITY OF SUNNY ISLES BEACH <br /> Attn: City Manager <br /> CC: City Attorney <br /> 18070 COLLINS AVE <br /> SUNNY ISLES BEACH, FL 33160 <br /> Intermediary: LEHMAN BROTHERS INC <br /> 399 PARK AVE, 6TH FLOOR <br /> NEW YORK, NY 10022 <br /> -3- <br /> 4 <br />