No certificate of occupancy shall be issued until all improvements shown on the approved site plan are installed or a security in an amount representing 150% of the estimated cost of the improvements to be completed is posted in accordance with New York State Village Law § 7-725-a, Subdivision 7. The form of the security shall be that which is provided in New York State Village Law § 7-730, Subdivision 9, and shall be accompanied by a written irrevocable authorization for access to the subject site for installation of improvements by the Village or its authorized representative.

In the event that any required improvements have not been installed within the time stated in the security agreement, the Village may declare the applicant in default and collect the sum payable hereunder. Upon receipt of the proceeds of the performance guarantee, the Village shall install or cause to be installed the required improvements at a cost not to exceed the amount of such proceeds.