The Commission may require the applicant to furnish a performance
guarantee in the form of a deposit of money in an amount determined
by the Commission to be sufficient to cover the cost of all or any
part of the site alterations specified in the permit and/or shown
on the plans approved by the Commission. Security amounts will be
set so that funds will be adequate to comply with the order of conditions,
repair damage to wetlands, and to permanently stabilize the work site
and all soils. Security shall be determined on a site-by-site basis.
The Commission may require the applicant to secure the performance
and observance of conditions imposed on the project by a conservation
restriction, easement or other covenant enforceable in a court of
law, executed and duly recorded by the owner of record, running with
the land to the benefit of the Town whereby the permit conditions
shall be performed or observed before any lot may be conveyed other
than by mortgage deed.
The sum of any required performance guarantee or the amount
of any deposit held hereunder may be reduced from time to time by
the Commission in whole or in part.
Upon completion of the work specified in the permit, security
for the performance of which was given by deposit or covenant, the
applicant shall notify the Commission that the work is complete, with
documentation that the work was completed as specified, and request
the release of the performance guarantee. The Commission shall return
the deposit to the person who furnished it, or release the covenant,
as appropriate, within 60 days of determining satisfactory completion
of the work.
If the applicant fails to complete the work secured by the performance
guarantee by the deadline stated therein, the deposit of money may
be applied, in whole or in part, by and upon a vote of the Commission,
for the benefit of the Town of South Hadley to the extent of the reasonable
cost to the Town of completing such construction or installation as
specified in the agreement. Any excess deposits, including any interest
accrued thereon, that are not required for completion of such construction
or installation shall be returned to the applicant.
