§ 412.070. No Condominium Declaration Approved Prior to Compliance Without Condominium Contract., Chapter 412. Regulations for Condominiums, Title IV. Zoning Code, Code of Ordinances, Palmyra

No declaration shall be approved by the City of Palmyra until the declarant shall have either:

Complied with all of the provisions of this Chapter, including the completion and construction of all improvements, and either the City Engineer, or the Street Superintendent and the Superintendent of the Board of Public Works, or other designee of the City Council, have signed a certificate of development certifying that the declarant has developed all lots of the condominium in a manner satisfactory to and in conformity with this Chapter, including the completion and construction of all improvements; or

Until the declarant shall have made, executed, acknowledged and delivered to the City of Palmyra a condominium contract in writing, in a form satisfactory to the City, together with a sum sufficient for the recording of said contract in the County Recorder's office.

Said condominium contract shall be in a form approved by the City and shall provide either of the following:

That the declarant shall not sell or convey any lot, parcel or unit in such condominium, or lease the same, until either the City Engineer, or the Street Superintendent and the Superintendent of the Board of Public Works, or other designee of the City Council, shall have signed a written certificate of development certifying that the declarant has developed all lots in the condominium in a manner satisfactory to and in conformity with this Chapter, including the completion and construction of all improvements; or

That the declarant shall provide either a performance bond or an irrevocable letter of credit in a form satisfactory to the City in an amount estimated by the City to be necessary to develop said condominium in conformity with this Chapter, including the completion and construction of all improvements. Prior to the execution of said contract, the declarant shall provide the City with a detailed estimate of the cost to complete and construct such improvements.

If the condominium contract provides for either a performance bond or an irrevocable letter of credit, then said contract shall further provide the following:

That said performance bond or letter of credit shall be conditioned upon the completion and construction by the declarant of all improvements in accordance with the plat of said condominium and as required by this Chapter, compliance by the declarant with all provisions of this Chapter, and compliance by the declarant with all provisions of said contract.

That any surety on said performance bond and any issuer of said letter of credit shall be subject to the approval of the City.

That the City, in its discretion, may waive such performance bond or letter of credit and, in lieu of such performance bond or letter of credit, accept the deposit of a cashier's check or certified check payable to the City, with the same conditions as such performance bond or letter of credit.

That all improvements shall be completed and constructed within a designated time. If, at the end of the time so specified, all improvements have not been completed and constructed by the declarant, the City may extend the time for completion and construction of such improvements. If such improvements have not been completed and constructed within the specified time or within the extended time, the City may require the surety on said performance bond or the issuer of said letter of credit to pay the City the lesser of the amount required to complete such improvements, or the amount of the performance bond or letter of credit.

If all improvements shall be completed and constructed in accordance with the contract, then the City Engineer, or the Street Superintendent and the Superintendent of the Board of Public Works, or other designee of the City Council, shall sign a written certificate of development certifying that the declarant has developed all lots in a manner satisfactory to and in conformity with this Chapter, including the completion and construction of all improvements, and thereby releasing the performance bond, irrevocable letter of credit, cashier's check or certified check provided by the declarant to the City.