1. Default of any portion of the improvements agreement will result in the City recording an affidavit of lapse of improvements agreement. Thereafter, the developer shall be enjoined from any conveyance or transfer of platted lots, no further building permits will be issued, and a certificate of zoning compliance will not issue for any structures completed to that date. In addition, the City may, at its option, complete all or a portion of the remaining improvements required by the agreement or solicit bids for the completion of all such improvements. In such case the City shall be entitled to recover from the developer, the surety, and the holder of the collateral sufficient sums to cover all costs of construction, including incidental costs, and reasonable attorney fees.

2. Upon certification of completion by the Public Works Director and Zoning Administrator and acceptance of the improvements, free and clear of all liens and encumbrances, the City shall execute a written acceptance and release the bond or other collateral. Partial releases of collateral are authorized as improvements are completed and accepted in accordance with the phasing plan approved as part of the final plat/plan. (Ord. 99-06 (part), 1999: prior code § 27-23-14)