If the developer fails or refuses to properly complete the required public improvements,
or fails or refuses to correct, repair, or replace any defect or deficiency in the
public improvements, or fails or refuses to restore property, or fails or refuses
to pay immediately any amount demanded by and due to be paid to the village, or in
any other manner fails or refuses to meet fully any obligation of the developer, then
the village may retain all or any part of a cash deposit and may draw on and retain
all or any of the funds remaining in a performance and payment letter of credit or
a guaranty letter of credit. The village then may take any action it deems reasonable
and appropriate to mitigate the effects of such failure or refusal, and to reimburse
itself from the proceeds of the cash deposit, the performance and payment letter of
credit, and the guaranty letter of credit for all of its costs and expenses, including
legal fees and administrative expenses, resulting from or incurred as a result of
the developer's failure or refusal to fully meet its obligations. If the funds remaining
in the cash deposit, the performance and payment letter of credit, and the guaranty
letter of credit are insufficient to repay fully the village for all such costs and
expenses, and to maintain a cash reserve equal to the required guaranty letter of
credit during the entire time such guaranty letter of credit should have been maintained
by the developer, then the village may require the developer to deposit with the village
such additional funds as the village determines are necessary to fully repay such
costs and expenses and to establish such cash reserve.
(Ord. No. 96-0-14, § 2(22-708), 3-14-96)
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