15.02.130 Security agreement.
A. When a completion security or maintenance security is required to be posted, the applicant and the mayor must sign a notarized security agreement, approved in form by the town attorney. The security agreement must provide the following information:
1. A description of the work or improvements covered by the security;
2. The period of time covered by the security;
3. The amount and nature of the security and the amount of the cash deposit;
4. The rights and duties of the town;
5. The rights and duties of the applicant;
6. An irrevocable license to run with the property to allow the employees, agents, or contractors of the town to go on the subject property for the purpose of inspecting and, if necessary, doing the work or making improvements covered by the security;
7. The mechanism by and circumstances under which the security will be released;
8. The mechanism by and circumstances under which the security will be forfeited.
B. Any recorded security mechanism released by the town to the applicant must be filed with the Pierce County auditor. [Ord. 378 § 2 (Exh. 1), 1999.]