"We have incurred liability by reason of the failure of the
applicant/developer/owner, within 90 days of the expiration of this
letter, to complete the construction of their project, (insert name
of subdivision and plans), in accordance with the definitive subdivision
plans and submittal, the subdivision approval, the Fairhaven Zoning
Bylaw, and the Rules and Regulations Governing the Subdivision of
Land in Fairhaven. The amount drawn, which may be more than required
to complete the project, will be held in a segregated bank account
until the work can be bid competitively and the bid awarded and paid
for or until the contract for the work is otherwise let and the work
paid for. Any excess over the cost of completing the work will be
returned to the grantor."
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