Council is also holding security set out below to ensure
construction carried out has not created an unsafe condition due
to a contravention of the terms and conditions of this permit.
There is filed accordingly:

(i) Cash ir. the amount of $ ;

(ii) An Irrevocable Letter of Credit in the amount of $ ;
or

(iii) Security offered by the Permittee and accepted by the
Municipality in the amount of ¢ .

for the purpose of

Should any interest be earned upon the security, it shall accrue
to the Permittee and be paid to the Permittee if the security is
returned. A condition of the posting of the security is that
should the Permittee fail to carry out the works or services as
hereinabove stated, according to the terms and conditions of this
permit within the time provided, the Municipality may use the

Security to complete these works or Services by its servants,
agents or contractors, and any surplus shall be paid over to the

Permittee.

Should the Permittee carry out the works and services permitted
by this permit within the time set out above, the security shall

be returned to the Permittee, provided that a sum of ten percent
(10%) of the original landscaping security stated in Clause 7(a)
above shall be withheld by the Municipality. Should = the
Permittee fail to remedy any aspect of the. landscaping. not - in
accordance with the approved plan, as determined by year~end
inspection, the Municipality may deduct the cost of remedying the
defect from the said deposit and recoup additional costs from the
Permittee. me ae

‘The land described herein shall be developed strictly in accordance with —
the terms and conditions and provisions of this permit and any plans and
specifications attached to this permit which shall form a part hereof.

‘This permit Shall lapse if the Permittee does not substantially commence
the construction or the first phase of a phased development permitted by
this permit within two (2) years of the date of this permit. mes