(a) Performance Guarantee.
(1) Guarantee for installation of improvements.
A. All improvements required herein shall be constructed prior to the granting of the final plat approval by the Perry Village Planning Commission.
B. Prior to starting construction of the proposed improvements the subdivider shall post with the Village a Performance Bond in an amount equivalent to one hundred percent (100%) of the estimated cost of the improvements as approved by the Village Engineer. In lieu of the Performance Bond, the Developer shall furnish the Village with a certified check for the amount of the estimated construction cost of the improvements as approved by the Village Engineer.
(b) Maintenance Guarantees.
(1) Prior to final release of the performance hoed, maintenance security in the amount of ten percent (10%) of the performance bond in a form acceptable to the Village of Perry, shall be provided for the guarantee period.
(2) The guarantee period for all work performed shall begin with the date of acceptance for the project and shall extend for a period of one (1) year. At any time during the guarantee period, the Village may notify the Subdivider and his Surety that certain repairs are necessary. Within ten (10) days after being so notified, the Subdivider shall make such repairs as are declared necessary to restore the work to a good and serviceable condition. In the event that the Subdivider fails to comply with the order to repair as provided, said repairs shall be made by the Village and it is hereby agreed by the Subdivider that he will reimburse the Village for said expense so incurred within ten (10) days following the receipt of a statement rendered to the Subdivider by the Village for said expense.
(3) The streets and other improvements shall be in a condition acceptable to the Village Engineer and/or the County Sanitary Engineer, where applicable, at the end of the maintenance period. If the Subdivider fails to perform said maintenance to the complete satisfaction of the Engineers, the Engineers may use such Guarantee to make the necessary repairs at their discretion.
(4) If the cost of providing security to Perry Village for the one (1) year period is prohibitive, the Subdivider may, with approval of the Village Council make an assignment of bonds or other form of acceptable security to Village in the amount of ten (10) percent of the improvement cost.
(c) Liability Insurance. The subdivider shall furnish such insurance as is deemed necessary by the Village Engineer which shall indemnify and save harmless the Village from any and all liability arising by reason of the conditions which may arise or grow out of the construction or installation of such facilities. The insurance shall be of such duration as determined by the Village Council but shall in no case be allowed to expire earlier than the effective period of any Maintenance Bond. A copy of the insurance policy shall remain at all times with the Clerk of Perry Village.
(d) Title Guarantee. A Title Guarantee shall be furnished to the Village Council when the plat is submitted for approval to guarantee that the title of lands to be dedicated are as indicated on the final plat. A certification that current taxes are paid shall also be submitted.
(Ord. 7A-1977. Passed 6-14-77.)