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ff�; <br /> ; I <br /> 5. Provisions for securing the obligations of the agreement E. A performance bond submitted to the City by a surety <br /> consistent with Section 3.4.3.1 below; and company holding a license to do business in the State of Texas <br /> 6. Such other terms and conditions as are agreed to by the and providing a date for completion of the required publicimprovements. <br /> property owner and City,or as may be required by this <br /> Development Code. Section 3.4.2.4Amount and Acceptability <br /> Section 3.4.2.2Covenants to Run with the Land The security shall be issued in the amount of one hundred <br /> twenty five (125%) percent of the cost estimate approved by the <br /> The subdivision improvement agreement shall provide that the Responsible Official for all public improvements associated with the <br /> covenants contained in the agreement run with the land and bind all subdivision.The security shall be subject to the approval of the City <br /> successors, heirs and assignees of the property owner.All existing Attorney. <br /> lienholders shall be required to execute the agreement or provide <br /> written consent to the covenants contained in the agreement.The Section 3.4.2.5Security for Construction in Extraterritorial <br /> City shall deliver a release to bona fide third party purchasers of Jurisdiction <br /> individual lots when all required public improvements have been <br /> accepted by the City. Where the land to be platted lies within the extraterritorial jurisdiction <br /> of the City,the security shall be in a form and contain such terms <br /> Section 3.4.2.3Security For Completion of Improvements as are consistent with the interlocal agreement between the City <br /> and the county in which the land is located. In cases where the <br /> Whenever the obligation to install public improvements to serve a requirements governing the form and terms of the security are <br /> subdivision or development is deferred until after recordation of the defined in such an agreement,they shall supersede any conflicting <br /> final subdivision plat or final development plat,the property owner provisions of this code. <br /> shall provide sufficient security to ensure completion of the required <br /> public improvements.The security shall be in the form of one of the Section 3.4.2.6Partial Release <br /> following: <br /> If, in the opinion of the Responsible Official,the public <br /> A. A cash escrow with the City; improvements have commenced in good faith, a partial release <br /> for construction may be issued.A lot must have permanent street <br /> B. An irrevocable letter of credit drawn upon a state or national access installed to it prior to this release. <br /> bank that has a regular business office in the State of Texas <br /> that(A) is of a term sufficient to cover the completion, Section 3.4.2.7Remedies <br /> maintenance and warranty periods, but not less than two years <br /> and (B) authorizes the City to draw upon the letter of credit In addition to all other remedies authorized where a subdivision <br /> by presenting to the issuer only a sight draft and a certificate improvement agreement has been executed and security has been <br /> signed by an authorized representative of the City attesting to posted and required public Improvements have not been installed in <br /> the City's right to draw funds under the letter of credit; accordance with the terms of the agreement,the City may: <br /> C. A construction funding agreement under which funds for the A. Declare the agreement to be in default and require that all the <br /> construction of the required improvements are escrowed in public Improvements be installed regardless of the extent of <br /> Texas with an office of a state or national bank, under which (A) completion of the development at the time the agreement is <br /> the City has the irrevocable right to withdraw funds, and (B)the declared to be in default; <br /> subdivider may be permitted to draw funds to make payments B. Obtain funds under the security instrument provided and <br /> towards the construction of the improvements as progress is complete the improvements itself or through a third party; or <br /> verified; <br /> D. A first and prior lien on the property; C. Assign its right to receive funds under the security instrument <br /> to any third party, including a subsequent owner of the <br /> development, in exchange for the subsequent owner's <br /> 3:10 San Marcos Development Code Amended:September 1, 2020 <br />