(A)   Conditions.  The approval of the Kingsley Village Council will indicate that the proposed condominium subdivision plan meets the provision of § 141 of the Condominium Act, Public Act 59 of 1978, M.C.L.A. §§ 559.101-559.276 relating to the ordinances and regulations of Kingsley Village, but does not cover additional permits that may be required after the master deed has been recorded.
   (B)   Duration.
      (1)   Approval of the condominium subdivision by the Kingsley Village Council shall be for a period of 1 year from the date of its approval by the Village Council.
      (2)   If no master deed is recorded with the Grand Traverse County Register of Deeds Office within 1 year of approval, the approval shall be considered null and void.
      (3)   The Village Council may extend the 1-year period if applied for and granted in writing.
   (C)   Condominium subdivision plan approval contract.
      (1)   (a)   If the Kingsley Village Council approves the condominium subdivision plan, it shall instruct the Village of Kingsley's attorney to prepare a contract setting forth the conditions upon which the approval is based.
         (b)   The contract, after approval by the Village Council, shall be entered into between the Village of Kingsley and the petitioner prior to the issuance of a land use permit for any construction in accordance with the approved condominium subdivision plan.
         (c)   All reasonable costs, as established by the Kingsley Village Council, related to the preparation of the contract shall be paid by the petitioner to the Village of Kingsley Treasurer prior to issuance of any land use permits.
      (2)   As a condition of the approval of the condominium subdivision plan by the Kingsley Village Council, the Village Council may require the petitioner to furnish a cash bond or irrevocable bank letter of credit from a bank chartered in the State of Michigan in the amount of the cost plus an additional 10% of the cost of the proposed improvements to common land, as approved by the Village Zoning Administrator, guaranteeing the completion of the improvement within a time to be set by the Kingsley Village Council.
(Ord. passed 10-23-1978, § 14.13)