In the event the City Manager determines, in the sole exercise of his judgment, that the owner/ subdivider has failed to install the 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 village may take the following actions:
(A) Cash escrow and letter of credit. The village may advise the owner/subdivider of failure in writing, giving the same 30 days to cure such default. If the owner/subdivider fails to cure said default, it is agreed that the village may, at its option, declare him 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 City Manager and escrowee shall be released by the said owner/subdivider as to such payment or payments.
(B) Surety bond. The village may inform the bonding company of default by the owner and request they take necessary actions to complete the required subdivision improvements.
(Ord. 25-89, passed 9-25-89)