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Article 7: Subdivisions Section 7.4: Improvements and Performance Guarantees Orange County, North Carolina – Unified Development Ordinance Page 7-5 (C) Performance guarantees must be in the form of a performance bond, irrevocable letter of credit, or cash escrow account. The form of guarantee shall be determined by the subdivider. (D) The performance guarantee shall be conditioned upon the performance of all work necessary to complete the required subdivision improvements within the time period specified at the time of preliminary plat or construction plan approval. (E) The amount of the performance guarantee shall equal at least 125% of the estimated cost, including project management costs, of the required improvements that have not been installed by the time of final plat submittal. (F) Th e estimated cost of required improvements, including project management costs, must be itemized by improvement type and certified by the subdivider ’s licensed professional engineer. In the case of minor subdivisions, the subdivider’s licensed professional engineer or licensed professional surveyor may provide the itemized cost estimate. Cost estimates shall be based on industry norms within Orange County. (G) If a subdivider fails to properly install required improvements within the term of the guarantee, the guarantee will be deemed in default. In the case of default, the County is authorized to use the guarantee funds to complete the required subdivision improvements or to let a contract for installation of the required improvements. (H) Once the conditions of the performance guarantee have been completed to the satisfaction of the appropriate agencies and any required maintenance guarantee has been provided in accordance with the provisions of this Ordinance, the guarantee shall be released. (I) All improvements shall be completed in accordance with the conditions associated with the approved plat(s) and the applicable standards contained in this Article. No financial guarantee may be released until all required certifications of completion have been provided. (J) Once all of the required improvements have been at least 50% certified, the financial guarantee may be reduced by the ratio that the completed improvements bear to the total improvements required. However, only one such reduction shall be permitted prior to releasing the entire performance guarantee. 7.4.5 Maintenance of Required Improvements Improvements installed as a requirement of subdivision approval shall be maintained by the subdivider until they are accepted for maintenance by: (A) the North Carolina Department of Transportation; utility provider; individual homeowner; Homeowners’ or Property Owners’ association. 7.4.6 Property Owners’ Association (A) Where a neighborhood, property owners’, or homeowner’s association or similar legal entity is to be responsible for the maintenance and control of any improvements required as part of subdivision approval, the subdivider shall file, with the Planning Department and record with the final plat, a declaration of covenants and restrictions, articles of incorporation, where required, and/or by-laws as approved by the County Attorney that will govern the maintenance and control of such improvements. Provisions shall include but not be limited to the following: (1) The association shall be established before any homes are sold and/or any building occupied; (2) Membership shall be mandatory for each home buyer and all successive buyers; (3) The association shall be responsible for liability insurance, local taxes and maintenance of recreation, Common Open Space areas, and other facilities, including streets and utility lines; 31