The final plat to be filed of record shall be accompanied by the following documents:
A. Plans and specifications and cost estimates for all improvements in accordance with the standards herein or as required during the review of the preliminary plat. The Village Engineer shall certify by signing the plat that the improvements described in the subdivider's plans and specifications meet the minimum requirements of all ordinances of the Village prior to any action by the Plan Commission.
B. A letter of approval from the State or County Highway Department shall be submitted if the project fronts on a County highway.
C. IEPA permit applications requiring Village signature such as water and sanitary sewer shall be submitted completely filled out ready for the Village signature, and sent to the Village Engineer for approval.
D. Current title commitment showing ownership, liens and encumbrances.
E. A subdivision improvement deposit in an amount equal to one hundred twenty five percent (125%) of the estimated cost of improvements shall be placed in escrow in accordance with the terms of the escrow agreement contained in Appendix II (shown in Chapter 6 of this Title) for the purpose of:
1. To pay the actual costs of construction of the subdivision improvements.
2. To pay the engineering and inspection fees of the Village.
3. To pay the cost of maintaining the subdivision improvements and repair to existing improvements and damage caused by making the aforesaid subdivision improvements for a period of two (2) years after acceptance.
4. Any other customary expenses of the developer in meeting any requirements of the Village pertaining to the subdivision.
F. A subdivider may elect to deposit an amount equal to one hundred twenty five percent (125%) of the estimated cost of improvements directly with the Village. The Village, upon the certification of the Village Engineer that the improvements have been completed or partially completed, will pay to the contractor, in not more than three (3) payments, the amount due under the contract. The Village will also make the distribution of funds from the deposit for the fees and cost of:
1. Engineering and inspection.
2. Maintaining the subdivision improvements for a period of two (2) years after acceptance, and to repair any damage done to existing improvements caused by making the aforesaid subdivision improvements.
3. Any other costs or expenses in meeting the requirements of the Village.
Nothing in this subsection will relieve the subdivider of bearing the full cost for the subdivision improvements and expenses required by the Village.
G. After completion and acceptance of the subdivision improvements, the Village will authorize the refund of any residue remaining, except for ten percent (10%) of the original deposit or the amount stipulated in the escrow agreement. The retained amount shall be used for maintenance of the improvements for a period of two (2) years after the date of acceptance and then any balance remaining will be refunded.
H. The subdivider shall secure and maintain such insurance from an insurance company authorized to write casualty insurance in the State where the work is located as will protect himself, his subcontractors, the Village and the Engineer and his employees from claims from bodily injury, death or property damage which may arise from subdividing the property. The subdivider shall not commence work until he has obtained all insurance required under this paragraph and shall have filed the certificate of insurance or the certified copy of the insurance policy with the Village. Each insurance policy shall contain a clause providing that it shall not be canceled by the insurance company without ten (10) days' written notice to the Village of intention to cancel. The amount of such insurance shall be not less than the following:
1. Workmen's compensation and employer's liability insurance shall be secured and maintained as required by the State.
2. Public liability, bodily injury and property damage:
a. Injury or death of one person -- $500,000.00.
b. Injury to more than one person in a single accident -- $1,000,000.00.
c. Property damage -- $250,000.00.
3. Automobile and truck public liability, bodily injury and property damage:
a. Injury or death of one person -- $500,000.00.
b. Injury to more than one person -- $1,000,000.00.
c. Property damage -- $250,000.00.
I. Indemnity: The subdivider shall indemnify and save harmless the Village and the Engineer and his employees from and against all losses and all claims, demands, payments, suits, actions, recoveries and judgments of every nature and description brought or recovered against him by reason of any omission or act of the subdivider, his agents or employees in the execution of the work or in the guarding of it. The subdivider shall obtain in the name of the Village and shall maintain and pay the premiums for such insurance in such amount and with such provisions as will protect the Village from contingent liability and a copy of such insurance policy or policies shall be delivered to the Village. Full compliance by the Village with the terms and provisions of such insurance policy or policies shall be a condition precedent to the Village's right to enforce against the subdivider any provisions of this Chapter.
J. Fire Insurance: In addition to such fire insurance as the subdivider elects to carry for his own protection, he shall secure and maintain in the name of the Village policies upon such structures and material and in such amounts as shall be designated. The policies shall be secured from a company which is satisfactory to the Village and delivered to the Village.