Right to Construct and Maintain. If the Developer for any reason, or at any time, fails, within thirty (30) days after receiving written notice, to adequately complete construction of, repair, maintain, or reconstruct such as is necessary for completion or continued maintenance of, the Stormwater Control System, as required by the Operation and Maintenance Manual, this Agreement, or the Permit, the City may complete such construction or perform such maintenance, repair, or reconstruction, and the Developer, hereby, agrees to pay the City or other governmental authority all reasonable costs incurred thereby. As security for the payment of these costs, the Developer agrees to provide the City a performance bond or irrevocable letter of credit, satisfactory to the City Attorney’s Office, as valid, sufficient, and enforceable, or to deposit funds in escrow, under the same terms and conditions applicable to bonds and satisfactory to the City Attorney’s Office. The security posted or deposited shall be in an amount the City’s Stormwater Director or his/her designee deems adequate to cover the total cost of construction of the Stormwater Control System, including the cost of all materials, piping, and other structures, seeding, soil stabilization, design and engineering, grading, excavation, fill, and other work the City deems necessary. Costs shall be computed in accordance with, and predicated upon, unit cost information the Developer submits to the City for Stormwater Control System components and bids from contractors hired to perform the work, and the costs required for an independent mobilization, whether or not such is, in actuality, necessary. Developer’s failure to adequately complete construction, repair, maintenance, or reconstruction, as indicated above, will entitle the City to obtain and use the funds secured by the performance bond, letter of credit, or escrow account to perform the required activity. As further security for the payment of the aforesaid costs, Developer also, hereby, grants and conveys to the City a lien on the Property subordinate only to the lien of any recorded first deed of trust now or hereafter encumbering the Property. Developer warrants that the lien created by this paragraph has no less than a second priority status, excluding ad valorem property tax and other statutory liens. The City may bring an action at law against the Developer to pay any such sums coming due hereunder or foreclose the lien created herein against the Property in the same manner as prescribed by the laws of the State of North Carolina for the foreclosures of deeds of trust. Interest at the legal rate, costs and reasonable attorneys’ fees for representation of the City in such action or foreclosure shall be added to the indebtedness secured by such lien. Upon removal of the Stormwater Control System in accordance with applicable law, any applicable provisions of the Permit, and upon inspection and approval of the same by the Stormwater Director, the lien herein granted and conveyed to the City shall be of no further force and effect.
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Right to Construct and Maintain. If the Developer Developer, prior to transfer of the Stormwater Control Structure and re-issuance of the Permit, or the Association, after transfer of the Stormwater Control Structure and re-issuance of the Permit to the Association, for any reason, or at any time, fails, within thirty (30) days after receiving written notice, to adequately complete construction of, repair, maintain, or reconstruct such as is necessary for completion or continued adequate maintenance of, the Stormwater Control System, as required by the Operation and Maintenance Manual, this Agreement, or the Permit, as the Stormwater Director or his/her designee, shall, in his/her sole and absolute discretion, determine, the City may complete such construction or perform such maintenance, repair, or reconstruction, . The Developer (for obligations and liabilities incurred prior to the date of transfer of the Stormwater Control Structure and re-issuance of the Permit to the Association) and the DeveloperAssociation (for obligations and liabilities incurred after the date of transfer of the Stormwater Control Structure and re-issuance of the Permit to the Association), hereby, agrees agree to pay the City or other governmental authority all reasonable costs incurred thereby. As security for the payment of these costs, the Developer agrees to provide the City a performance bond or irrevocable letter of credit, satisfactory to the City Attorney’s Office, as valid, sufficient, and enforceable, or to deposit funds in escrow, under the same terms and conditions applicable to bonds and satisfactory to the City Attorney’s Office. The security posted or deposited shall be in an amount the City’s Stormwater Director or his/her designee deems adequate to cover the total cost of construction of the Stormwater Control System, including the cost of all materials, piping, and other structures, seeding, soil stabilization, design and engineering, grading, excavation, fill, and other work the City deems necessary. Costs shall be computed in accordance with, and predicated upon, unit cost information the Developer submits to the City for Stormwater Control System components and bids from contractors hired to perform the work, and the costs required for an independent mobilization, whether or not such is, in actuality, necessary. The Developer’s and/or the Association’s failure to adequately complete construction, repair, maintenance, or reconstruction, as indicated above, will entitle the City to obtain and use the funds secured by the performance bond, letter of credit, or escrow account to perform the required activity. As further security for the payment of the aforesaid costs, Developer also, hereby, grants and conveys to the City a lien on the Property subordinate only to the lien of any recorded first deed of trust now or hereafter encumbering the Property. Developer warrants that the lien created by this paragraph has no less than a second priority status, excluding ad valorem property tax and other statutory liens. The City may bring an action at law against the Developer to pay any such sums coming due hereunder or foreclose the lien created herein against the Property in the same manner as prescribed by the laws of the State of North Carolina for the foreclosures of deeds of trust. Interest at the legal rate, costs and reasonable attorneys’ fees for representation of the City in such action or foreclosure shall be added to the indebtedness secured by such lien. Upon removal of the Stormwater Control System in accordance with applicable law, any applicable provisions of the Permit, and upon inspection and approval of the same by the Stormwater Director, the lien herein granted and conveyed to the City shall be of no further force and effect.
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