All deposit monies paid by a prospective purchaser, directly or through his agents, will be held in escrow by Wilf & Silverman, Esqs., 1640 Vauxhall Road, Union, New Jersey, until title to the Unit is transferred or the Agreement is terminated. Such monies will be deposited in an account known as "The Cedars Escrow Account", or some similar name, at the Union Center National Bank, Union, New Jersey, unless the Developer posts a bond or other security acceptable to the New Jersey Department of Community Affairs to ensure that all deposit monies will be returned to purchasers upon any termination of the Agreement of Sale. In no event will deposit monies be released from escrow before the expiration of the seven (7) day recession period provided by the Agreement of Sale. Any interest earned on the deposit monies in trust will be paid to the Developer regardless of whether title closes or the Seller is required to return the deposit monies to the purchaser.
