(A) Enforcement of security.
(1) Generally.
(a) In the event that any improvements which may be required have not been installed as provided in this chapter or in accord with the approved final plan, or in the event of the bankruptcy of the owner or developer, the borough is hereby granted the power to elect to enforce any security posted under this chapter by appropriate legal and equitable remedies.
(b) This may include taking all actions necessary to obtain monies under said security, including but not limited to seizure of undeveloped lots, seizure of escrow funds, revocation of zoning permits and prosecution under this chapter.
(2) Rate of construction. Failure of a developer to construct streets and other public improvements reasonably at the same time or prior to the construction of the buildings served by those streets or public improvements, and at the same rate in time at which buildings are completed, shall be a violation of this chapter and a cause for default of the security.
(B) Completion by borough. If the proceeds of such security are insufficient to pay the cost of installing or making repairs or corrections to all the improvements covered by said security, the borough may, at its option, install part of such improvements in all or part of the subdivision or land development and may institute appropriate legal or equitable action to recover the monies necessary to complete the remainder of the improvements.
(C) Proceeds for installation of improvements. The proceeds from use of the security and/or from any legal or equitable action brought against the developer shall be used solely for the installation of the improvements covered by such security.
(Ord. 1432, passed 5-18-2015, Art. 6, § 606)