All required land improvements shall be installed and completed within a period of two years after the recording of the final plat. Failure of the subdivider to complete all of the improvements within this two-year period shall result in forfeiture of the guarantee collateral unless an extension of time is requested by the subdivider and granted by the Village Board. In the event of failure to complete the improvements in the required period, as stated above, the Village Board may direct that no further building permits be issued for property in the subdivision pending satisfaction of the Village Board in regard to the status of the required land improvements.
(1994 Code, § 34-4-10)