The Commission may require, as a permit condition, that the
performance and observance of the order of conditions be secured by
one or both of the following methods.
A.
The Commission may require, as a permit condition, that the performance
and observance of the order of conditions be secured by a bond or
deposit of money or negotiable securities in an amount and form determined
by the Commission to be sufficient to secure the completion of all
conservation measures specified in its order of conditions; and the
Commission may require that the applicant specify the time within
which such construction shall be completed.
B.
The penal sum of any such bond shall bear a direct and reasonable
relationship to the expected costs, including the effects of inflation,
necessary to complete the sub-work. Such amount or amounts shall be
from time to time reduced as necessary, in the determination of the
Commission, to reflect the actual expected costs of the work remaining
to be completed.
The Commission may require, as a permit condition, that the
performance and observance of the order of conditions be secured by
a covenant, executed and duly recorded by the owner of record, running
with the land, whereby such conservation measures as are stated in
the order of conditions shall be provided before any lot may be built
upon or conveyed.
The deposit of monies, negotiable securities, bond or covenant
shall, in the case of the bond, be given to the Town Treasurer, and
in the case of a covenant, be recorded in the Registry of Deeds or
Land Court, as the case may be, within 14 days of the granting of
the order of conditions.
