Common use of Security for Completion Clause in Contracts

Security for Completion. After expiration of the Withdrawal Period provided in Paragraph 5, Developer is required to retain sufficient funds in escrow or to provide sufficient security to assure completion of all improvements labeled "Must Be Built" in the Condominium Subdivision Plan. Purchaser hereby acknowledges that all improvements in the Condominium Subdivision Plan are labeled "Need Not Be Built" and no improvements are labeled "Must Be Built", and therefore Developer is not required to retain any monies in Escrow pursuant to this Paragraph. Notwithstanding anything to the contrary provided for herein, ▇▇▇▇▇▇▇▇▇ agrees that the Deposits shall be held by the Escrow Agent and used solely for the purposes related to the construction of the Unit and appurtenant general and limited common elements and shall be released by the Escrow Agent to the Developer or directly to its contractors and/or subcontractors as construction draws pursuant to sworn statements provided by the Developer to Escrow Agent and for no other purpose.