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(A) The subdivider shall complete the subdivision guarantee as specified herein. Should the developer fail to perform the developer’s obligation to construct and maintain public improvements as required by this chapter, the village may liquidate any performance security in the village’s possession and use the proceeds to construct or maintain the improvements in whole or in part as the village in its sole discretion deems appropriate.
(B) (1) Notwithstanding the amount of the subdivision improvement performance bond, the owner of the subdivision shall pay all costs the village actually incurs in designing and constructing improvements or correcting defects in any improvements the subdivider is required to install and maintain pursuant to this chapter but which the subdivider fails to design, construct, or maintain free from defects in accordance with this chapter.
(2) If the amount of money received by the village from the subdivision improvements performance bond and its security is insufficient to pay all such costs, the subdivider shall reimburse the village for the remainder withing 28 days of the village sending the subdivider a bill for the balance due.
(C) Should the village be required to institute proceedings in court in order to collect any sum due under this section or to enforce the provisions of the subdivider’s subdivision improvement performance bond or to collect the security pledged in support of said bond, the village shall be entitled to collect reasonable attorney’s fees that it incurs from the subdivider.
(Ord. 97-7, passed 7-1-1997, § 5.10)