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If the individual has come up $70,000 short on another project, then the money held in escrow cannot be used to take care of the amount by which he came up short. If, however, he came up $70,000 short on the "Gift" project, then the money held in escrow can be used because that was the purpose for which the money was set up - to insure that the project was completed,
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yes i realize that but my question is will the town have to put him in default before they can use my bond money? because the developer would not want that to happen as he has so much money involved with the large project
not sure you got my reply? my real question is will the town have to deem the developer in default before they can use my bond money??? i am hoping so because the developer has so much money involved in the other project, he would not want that to happen
Hi, Susan, Thank you for your comments,
The question you just asked can only be Answered by looking at all the municipality's documentation and what they consider a default and when they can tap into the bond, and also by reviewing the the bond's documentation as to any prerequisites before it comes into play. I apologize, but that question can only be Answered by looking at all the documentation because there is no Statute that is applicable, it is a strictly contractual issue and what the parties agreed to at the outset,
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