Upon the recommendation of the City Manager,
the City Commission may release a portion of such cash, certified
check, surety bond or equivalent deposit, equal to the estimated cost
of those completed portions of the required improvements.
In order to guarantee the required improvements
against defects or failure due to any causes for which the subdivider
is responsible, a one-year maintenance bond shall be furnished by
the subdivider to the Director of Finance being either cash, certified
check, surety bond or equivalent approved by the City Commission.
Said deposit shall be an amount equal to 50% of the estimated cost
of installation of said improvements as determined by the City Engineer.
Said deposit shall be refunded to the subdivider upon certification
by the City Engineer that the required improvements have performed
satisfactorily for a period of one year after the installation of
all improvements.
Until such time that any property is dedicated
to the public, the subdivider shall fully identify and save harmless
the City of Royal Oak and defend it in all suits, claims and legal
actions, for damages of every kind and description, brought or claimed
against it for or on account of any party or parties, by or from any
act or omissions or through the negligence of this person, his servants,
agents, employees or independent contractors in the prosecution of
the work required in this chapter.
All of the work required by this chapter shall
be done under the inspection of the City of Royal Oak. Such inspection
shall not relieve the subdivider of his responsibility to perform
or have performed the necessary work as specified. The cost of such
inspection and any engineering or legal work in connection with the
approval of the required improvements or of the final plat shall be
paid for or caused to be paid for by the subdivider. Payment of the
cost of said inspection or legal work shall be in the form of an agreement
stating that a cash deposit be held in escrow by the Director of Finance.
Said cash deposit shall be of an amount equal to 10% of the estimated
cost of installation of said required improvements as determined by
the City Engineer. Upon completion of all improvements, and upon the
approval of the City Commission, all remaining cash held in escrow
shall be refunded to the subdivider. However, in the event that the
cost of said inspection or legal work shall total to more than the
amount of cash held in escrow, the subdivider shall be required to
reimburse the City of Royal Oak for the amount in balance.