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ARTICLE II <br /> GROUND LEASE, LEASE AND <br /> IMPROVEMENTS TITLE HELD IN TRUST; APPLICATION OF FUNDS <br /> Section 2 . 01. Lessor's Interest in Ground Lease, Lease and <br /> Improvements Title Held in Trust. All right, title (if any) and <br /> interest of the Lessor and the Underwriter in the Ground Lease, <br /> Lease and Improvements (the "Trust Estate") has been transferred, <br /> conveyed and assigned to the Trustee in trust for the benefit of <br /> the Underwriter and Owners of the Certificates from time to time <br /> pursuant to that certain Assignment and Deed executed <br /> simultaneously with this Trust Agreement, a copy of which is <br /> attached as Exhibit C, and the trust created thereby and hereunder <br /> is hereby accepted by Trustee. Trustee agrees to hold the Trust <br /> Estate in trust for the benefit of the Underwriter and Owners of <br /> Certificates as may be the case from time to time, and shall assign <br /> or release the Trust Estate only in accordance with the terms of <br /> this Agreement. <br /> Section 2 . 02 . Release of Trust Estate. So long as any <br /> Certificates are Outstanding, the Trustee is authorized to assign <br /> or release the Trust Estate only to a representative designated by <br /> a majority in interest of the owners of Certificates; or to a <br /> successor trustee following removal or resignation of the Trustee <br /> in accordance with Article VI hereof. <br /> Section 2 . 03 . Application of Funds. For the purpose of <br /> acquiring the rights described in Section 2 . 01 hereof and issuing <br /> the Certificates, and in consideration for Trustee's agreeing to <br /> perform certain duties necessary thereto all as further described <br /> in this Agreement, the Underwriter has transferred to Trustee as <br /> of the date of closing, the sum of $ , to be applied as <br /> follows: <br /> (a) $ shall be applied to pay for all right, <br /> title (if any) and interest of Lessor in the Ground Lease, Lease <br /> and Improvements, conveyed as provided in Section 2 . 01 hereof. <br /> (b) $ shall be deposited in the Lease Payment • <br /> Fund and applied to pay interest coming due on the Certificates on <br /> February 1, 1992 . <br /> (c) $ , representing the retainage percentage <br /> pursuant to the Construction Contract, shall be deposited into an <br /> escrow account pursuant to Chapter 38, Laws of 1970, amending RCW <br /> 60.28. 010, 60. 28. 020 and 60. 28. 050 to be held in Qualified <br /> Investments and disposed of by the Trustee at the direction of the <br /> City in accordance with the instructions and conditions set forth <br /> in the Construction Contract. <br /> -7- D0T437 91/09/24 <br />