--- In AsburyPark@yahoogroups.com, Allan Peterson <[EMAIL PROTECTED]>
wrote:
>
> Can someone explain to me what the issue is for:
> Selection of escrow agent at sole discretion of developer
> 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.
>
I don't think a judge is involved since it is all subject to
arbitration, although the condemnation award can be confirmed in
court which is a formality. The selection of the escrow agent is not
such a big issue, but when you are looking at what you don't like,
you say it all, big and small. If it is no big deal, then why, I
assume, did Partners negotiate for it to have the right to select
the agent?
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