If, pursuant to the terms of this chapter, a development agreement
is required to be executed by the subdivider, or if, in order to comply
with terms and conditions of a conditional use permit or to meet requirements
resulting from a rezoning, or to comply with certain obligations that
the Village may require under this chapter, the subdivider shall be
required to execute a development agreement, the development agreement
shall be drafted in such a form as to fulfill the objectives or standards
of the Village. Such an agreement may include, but shall not be limited
to, terms and conditions such as the timing of performance or installation
of improvements, the posting of adequate performance bonds, penalties
for nonperformance and the quality or quantity of materials or supplies
to be incorporated in required improvements. The failure or refusal
of a subdivider to execute such an agreement shall constitute grounds
for denial of or cessation of a subdivision application under this
chapter. See § 445-36B.
