A written agreement between the town and the subdivider shall be required in order to guarantee the construction and maintenance of required improvements. Said agreement shall cover one hundred percent (100%) of the current estimated cost of the improvements at the time they are to be installed as computed by the town engineer and approved by the town manager. The agreement shall provide all information necessary to allow the town engineer to formulate an estimate. The guarantee shall be in the form of a cash escrow with the town, or a bank or savings and loan association; or an irrevocable sight draft or letter of commitment from a financially responsible lender; and shall give the town the unconditional right, upon default by the subdivider to withdraw funds upon demand to partially or fully complete and/or pay for any improvements or pay any outstanding bills for work done thereon by any party. The subdivider shall also agree to warranty all improvements for a period of one year after acceptance by the town. No building permit or certificate of occupancy shall be issued within the subdivision if said agreement is in default until the deficiencies are corrected. The agreement shall be recorded along with the final plat. (Ord. 2(1983) § 1)