No violation of this chapter shall be deemed to have occurred if prior to conveyance or occupancy the seller or owner has caused to be placed into an escrow account approved by the village a sum equal to the estimated cost of installation of sidewalks on the premises to be conveyed or occupied and provided the holder of said escrowed funds is authorized by seller or owner to disburse the funds to the village treasurer in the event said sidewalks are not installed within thirty (30) days of conveyance, occupancy or suitable weather for such installation. Upon such disbursement village shall be authorized to install such sidewalks and shall use such funds disbursed to reimburse village. If the sidewalks are installed by owner or owner's agent said escrowed funds shall only be disbursed after inspection and approval of the installation by the village building inspector. (Ord., 3-18-1991)