You're exactly right Allen, particularly if the escrow agent is an
attorney (which is the best way to go because his license is at
stake if he screws up by even a nickel).
The escrow agent can't choose sides. He can't release any money
unless both sides authorize it. If they don't agree, a judge has to
make the call. Either party or the escrow agent can file the suit.
I think it is a non-issue.
--- 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.
>
>
>
>
> dfsavgny <[EMAIL PROTECTED]> wrote:
> --- In AsburyPark@yahoogroups.com, "bluebishop82"
<bluebishop82@>
> 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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