A. Notice of Failure to Install or Complete Improvements. If the owner or developer fails to complete installation of the guaranteed improvements within the term of the performance guarantee (as may be extended), the appropriate Town official (see Section 6.6.6, Administration of Guarantees) shall give the owner or developer 30 day's written notice of the scope and degree of the default, by certified mail.
B. Town Completion of Improvements. After the 30-day notice period expires, the Town may draw on the guarantee and use the funds to perform the work necessary to complete installation of the guaranteed improvements. After completing such work, the Town shall provide a complete accounting of the expenditures to the owner or developer. In the event of a default triggering the use of the performance guarantee, the Town shall return any of the unused deposited cash funds or other security.
(Ord. 2020-36, passed 12-2-2019)