Common use of Community Affairs Clause in Contracts

Community Affairs. If the Buyer is a New York resident, the bond or other security must also be satisfactory to the Department of Law of the State of New York. If the approved bond or other security is posted, the Seller may take the money from the account, but only after the Buyer's right to rescind this Agreement has expired. If the Seller is required to return the money to the Buyer and cannot, the approved bond or other security will insure that the Buyer is repaid. In no event will the deposit monies be released to the Seller without the written approval of the escrow agent, ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, Esq.