Maywood Zoning Code § 4090.40 Agreement to Improve

A. In lieu of the required improvements, the City Council may accept from any responsible party an agreement to make the specified improvements.

B. Such contracts shall be accompanied by surety deposits which may include cash, negotiable bonds, or savings and loan certificates or shares. The surety deposit shall equal the cost of the agreed upon improvements. Where savings and loan certificates or deposits are deposited, the owners thereof shall assign the certificates or shares to the City. Such deposit and

• assignment shall be subject to and in compliance with the provisions and conditions of the Municipal Code of the City.

C. If the estimated cost of the improvements equals or exceeds one thousand dollars, the applicant may file a corporate surety bond with the City in lieu of the deposit. Such corporate surety bond shall guarantee the adequate completion of all of the improvements in a penal sum equal to the estimated cost.

D. In cases where the stipulated time within which improvements were to be made expires, the Council may grant additional time as it considers appropriate.

E. Should the responsible person fail to complete any improvement within the agreed upon time, the Council may determine that the agreed upon improvement is incomplete and may cause a portion of the deposit or surety bond to be forfeited to the City. Such forfeiture shall not exceed the amount required to complete the agreed upon work and expenses incurred by the City as a result of the default. Not less than ten days prior to such a determination, the Council shall serve the person with written notice. If the written notice is delivered by mail, it must be registered and shall be served not less than twenty days prior to the determination.