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Developer must commence the repair work within said twenty (20) day period and <br />continue diligently to complete the repair work. If the City grants additional time, such <br />extension shall be in writing and shall be for a specified period of time which shall be <br />reasonable considering all circumstances. <br />2.03. Failure of Developer to Remedy Defect <br />If the Developer fails to meet its warranty obligation, it shall be considered in <br />default of this Agreement and the City, at its option, may: <br />(a) Contract with another party to do the repair work; <br />(b) Complete the repair work with its own crews; <br />(c) Contract with another party for the repair work and immediately draw <br />down on the letter of credit or cash escrow for the amount of such repair work; <br />(d) Complete the repair work with its own crews, and immediately draw down <br />on the letter of credit or cash escrow for such costs; or <br />(e) In the case where the security is a perFormance or maintenance bond, <br />require that the Surety complete the repair work. <br />In any cases where the City decides to complete the Public Improvements with <br />its own crews or contract with another party to complete any such work, the City shall <br />do so in a reasonable manner. <br />Additionally, the Developer shall be liable to the City for full reimbursement of all <br />costs and expenses incurred by the City as a result of completing the repair work if <br />such costs were not reimbursed by drawing down on the letter of credit or cash escrow <br />or if, in the case of a performance or maintenance bond, the Surety fails to complete <br />the repair work. <br />In a case where the security is a performance or maintenance bond, if the Surety <br />fails to remedy the defect within thirty (30) days written notice from the City, then the <br />City will be entitled to complete the repair work in accordance with Subsections (a) and <br />(b) above and in such event the Surety, Principal and Developer shall be liable to the <br />City for the actual costs to repair such defects. <br />ARTICLE III. SECURITY <br />3.01. Forms of Security <br />In order to guarantee completion of the Public Improvements and the faithful <br />performance of this Agreement, Developer shall furnish the City financial security for <br />SUBDIVISION IMPROVEMENT AGREEMENT <br />PAGE 3 <br />S ~ <br />