(A) After the applicant has completed all of the required improvements and upon acceptance of all streets, facilities, and other improvements, the construction warranty shall go into effect. The property owner must maintain all improvements for a period of two years. A construction warranty will be retained by the village to ensure the quality of the work of the applicant and to provide a warranty against defects in improvements. The construction warranty shall amount to the 15% remaining from the performance guarantee. Failure to repair or maintain improvements due to faulty construction or destruction caused by construction activities shall constitute cause to exercise the construction warranty.
(B) The construction warranty will remain in effect until released by the village. The applicant shall be responsible for notifying the village for the release of the construction warranty before the specified time. The security is to warranty the maintenance, repair, or reconstruction of the improvements for a period of two years, and is not to be confused with a maintenance guarantee.
(Prior Code, § 154.270) (Ord. 48, passed 6-21-2005)