Common use of Completion by Village Following Developer Default Clause in Contracts

Completion by Village Following Developer Default. 1. If Developer does not complete the installation of and dedication of improvements by the dates established herein, the Village is authorized to take one or more of the following actions: a. Pursuant to subsection (C) of Section III below, the Village may complete and take title to said improvements. The Village is authorized to take this action in addition to any remedy available to the Village under the financial guarantee. The decision by the Village to take this action shall not constitute a waiver of any remedy under the financial guarantee. b. Upon notice to the Developer and its issuer or holder of the financial guarantee provided pursuant this Agreement pursue one or more of the remedies available under the financial guarantee. 2. The issuer or holder of said financial guarantee shall pay to the Village all costs for such completion including, but not limited to, materials, construction, legal fees, financing costs, engineering, inspection and administrative costs, upon demand. 3. If the issuer or holder of said financial guarantee fails in whole or in part to take any actions required in this subsection (B) or by the financial guarantee, in addition to its' other remedies, the Village at its' sole discretion shall be empowered without notice of hearing, to impose a special assessment upon any and all property in the Subdivision for the amount of the completion costs, payable with the next succeeding tax roll.

Completion by Village Following Developer Default. 1. If Developer does not complete the installation of and dedication of improvements by the dates established herein, the Village is authorized to take one or more of the following actions: a. Pursuant to subsection (C) of Section III II below, the Village may complete and take title to said improvements. The Village is authorized to take this action in addition to any remedy available to the Village under the financial guarantee. The decision by the Village to take this action shall not constitute a waiver of any remedy under the financial guarantee. b. Upon notice to the Developer and its issuer or holder of the financial guarantee provided pursuant this Agreement pursue one or more of the remedies available under the financial guarantee. 2. The issuer or holder of said financial guarantee shall pay to the Village all costs for such completion including, but not limited to, materials, construction, legal fees, financing costs, engineering, inspection and administrative costs, upon demand. 3. If the issuer or holder of said financial guarantee fails in whole or in part to take any actions required in this subsection (B) or by the financial guarantee, in addition to its' other remedies, the Village at its' sole discretion shall be empowered without notice of hearing, to impose a special assessment upon any and all property in the Subdivision Development for the amount of the completion costs, payable with the next succeeding tax roll.