(A) Upon DEFAULT, meaning failure on the part of the subdivider and/or applicant to complete the required improvements in a timely manner as specified in the escrow agreement, the surety or the financial institution holding the escrow account shall, if requested by the city, pay all or any portion of the escrow fund to the city up to the amount needed to complete the improvements based on an estimate by the city. Upon payment, the city, at its discretion, may expend such portion of said funds as deemed necessary to complete all or any portion of the required improvements. The city shall return to the subdivider and/or applicant any funds not spent in completing the improvements.
(B) Default on a project does not release the subdivider and/or applicant from liability/responsibility, financial or otherwise, for the completion of the improvements.
(Ord. passed 9-27-2021)