The obligation of the developer to construct, complete, install and maintain the improvements indicated on the approved improvement plans shall not cease until the developer shall be finally released by the City. If, after the initial improvement completion period, or after a later period as extended pursuant to this Section, the improvements indicated on the approved improvement plans are not constructed, completed, installed, accepted, and maintained as required, or if the developer shall violate any provision of the guarantee agreement, the City may notify the developer to show cause within not less than ten (10) days why the developer should not be declared in default. Unless good cause is shown, no occupancy or other permit shall be issued to the developer during any period in which the developer is in violation of the guarantee agreement or this Section. If the developer fails to cure any default or present a compelling reason why no default should be declared, the City shall declare the developer in default and may take any one (1) or more of the following steps:
a. Deem the guarantee agreement sum as forfeited to the City, to be then placed in an appropriate trust and agency account subject to the order of the City for such purposes as letting contracts to bring about the completion of the improvements indicated on the approved improvement plans or other appropriate purposes in the interest of the public safety, health and welfare; or
b. Require the surety, developer or lender to pay to the City the balance of the guarantee to the City; or
c. Require the developer to submit an additional cash sum sufficient to guarantee the completion of the improvements indicated on the approved improvement plans after recalculation in order to allow for any inflated or increased costs of constructing the improvements.