2-12.0927 GUARANTEE OF PERFORMANCE

E. Type and Amount of Guarantee In order to insure that the travel trailer court will be constructed in an acceptable manner, developers shall post a bond, mortgage, or other assurance acceptable to the Town Council in an amount equal to the estimated cost of constructing all required landscaping, road improvements, pedestrian ways, curbs and gutters, hard-surfacing, water and sewer lines and other domestic sewage disposal facilities, and common facilities as shown on the final site plan. F. Duration The duration of the bond or other assurance shall be for two (2) years from the date of approval of the development by the Town Council. An extension of time may be granted by the Town Council upon application by the developer, provided such application is submitted at least sixty (60) days prior to the expiration of the bond, and provided the issuer of the bond is willing to extend the time of the assurance. G. Default In the event the developer defaults or fails or neglects to satisfactorily install the required improvements within two (2) years from the date of approval of the development by the Town Council, the council may declare the bond or other assurance forfeited and the town may install or cause the required improvements to be installed using the proceeds from the collection of the bond or other assurance to defray the expense thereof. H. Final Disposition and Release The developer shall be responsible for the quality of all materials and workmanship. At the completion of the work, or not less than ten (10) days prior to the release date of the bond or other assurance, the Town Council shall make an inspection of the improvements. If the conditions of said facilities are found to be satisfactory, the council shall release the bond or other assurance. If the condition of material or workmanship shows unusual depreciation or does not comply with the acceptable standards of durability, the Town Council may declare the developer in default.