Can someone explain to me what the issue is for:
Selection of escrow agent at sole discretion of developer
etc.
etc.
I know we have a lawyer on the board so maybe he could help. It is my understand that when money is in escrow you still have to have a judge release it? It is not like Partners do something wrong and the city can take the money right? So if that is the case who care what attorney or bank holds the money? I would think that since it is Asbury Partners responsibility then they has also have the costs involved saving the city money.
dfsavgny <[EMAIL PROTECTED]> wrote:
--- In AsburyPark@yahoogroups.com, "bluebishop82" <[EMAIL PROTECTED]>
wrote:
>
> Here is what the Councilman said of the new agreement:
>
> "Am I satisfied with this agreement? Yes."
>
> I know he has many fans on this board. What say you about this?
>
I just read it too and I sent Jim an email respectfully disagreeing
with him and pointed out in detail why. I have already outlined the
same details here so I will spare the group, but in brief,
No financial guarantees for total restoration
Litigation escape clause still in Force Majeure
Gave up right to declare Default on the issues in supplemental agreement
No specific financial penalties for not meeting total restoration
deadlines
Too little money held in escrow
Selection of escrow agent at sole discretion of developer
etc.
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