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Declare the Agreement to Timely and Satisfactorily Complete
All Improvements, to be in default and cause the Improvements or any
portion thereof to be installed and completed with all due diligence,
regardless of the extent of the development at the time the bond is
declared to be in default.
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Complete the Improvements through the appropriate Legislative
Bodies, or through a third party, to the extent of the Bond proceeds;
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Assign, without recourse, the Planning Commission's right to
receive funds under the bond to any third party, including a subsequent
owner of the subdivision for which the Improvements were not constructed,
in whole or in part, in exchange for the subsequent owner's Agreement
to Timely and Satisfactorily Complete All Improvements along with
any other agreement(s) appropriate under the circumstances;
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Exercise any other rights or actions which are appropriate under
the circumstances or which are available under applicable law.
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For failure to Timely and Satisfactorily Complete, or;
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At the maturity of the Letter of Credit or Certificate of Deposit,
or;
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After ten (10) days written notice to the Developer, affording
the Developer an opportunity to request a hearing to show cause why
the bond should not be called. The Planning Commission may call the
bond if it deems the calling of the bond before maturity would be
in the best interest of the Community (a hearing before the Planning
Commission is only required if requested in writing by the Developer).
The calling of the bond does not relieve the Developer of the liability
of paying the full cost of completing the Improvements, including
the cost and expense of contract administration, engineering, attorney
and other professional fees. Therefore, the Developer shall be liable
for any difference in the cost of completing Improvements, plus contract
administration and expenses, exceeds the proceeds from the bond.
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