In the event the Village Engineer determines, in the sole exercise of his judgment, that the applicant has failed to install proposed improvements in accordance with the approved plans and specifications or has failed to comply with the terms of the guarantees hereinabove set forth, the Board of Trustees may take the following actions:
(A) Cash Escrow and Letter of Credit: Advise the applicant of failure in writing, giving the thirty (30) days to cure such default. If applicant fails to cure said default, it is agreed that the Village may, at its option, declare applicant in default and, upon written notification to escrowee of such declaration of default, all monies on deposit pursuant to the escrow agreement shall and may be disbursed by escrowee solely upon authorization of the Village Engineer and escrowee shall be released by the said applicant as to such payment or payments.
(B) Surety Bond: Inform the bonding company of default by the applicant and request they take necessary actions to complete the required subdivision improvement. (Ord. 93-5, 5-24-93)