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period after July 26, 1990. The record does not disclose that,
pursuant to paragraph 5(d)(1) of the escrow agreement, OIP gave
written notice to Interstate subsequent to the expiration of the
45-day period after July 26, 1990, that it did not identify all
or any of the replacement property within that 45-day period.
Nonetheless, in violation of the terms of the escrow agreement,
after the expiration of that 45-day period and before the expira-
tion of the 180-day period after July 26, 1990, the following
withdrawals were authorized by Mr. Hefferan and made from the
escrow fund, which were not used to acquire a replacement prop-
erty: Mr. Hefferan signed a $50,000 check drawn on the escrow
account, payable to OIP, and dated November 26, 1990. The
purpose for that withdrawal as stated on that check was "Draw Re:
Canty". Mr. Hefferan signed a $50,000 check drawn on the escrow
account, payable to Canti Carriage Company, and dated December
11, 1990. The purpose for that withdrawal as stated on that
check was "Draw".9 On December 20, 1990, Mr. Hefferan signed a
$490,000 check drawn on the escrow account which was to be used
to pay the $482,521.48 balance due with respect to OIP's acquisi-
tion of the Quail Ridge property after debits and credits re-
flected in the closing statement. The portion of that $490,000
check which was not used to pay that amount due, i.e., $7,478.52,
9Although the $50,000 check payable to Canti Carriage Com-
pany was signed by John Hefferan, Mr. Canty wrote both the name
of the payee and the amount on that check.
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