§ 18.40.030. Improvement security.

Improvement securities shall be required to be posted as a guarantee of the performance of any act, improvement, or obligation required as a condition of approval of any final map, parcel map waiver, lot line adjustment, or lot merger. Unless otherwise provided herein, all such improvement securities shall be provided in one of the following forms at the option of and subject to the approval of the city engineer and/or city attorney:

A. A bond or bonds by one or more duly authorized corporate sureties substantially in the form prescribed by the Subdivision Map Act and subject to the approval and acceptance of the city attorney and city council;

B. A deposit with the city of cash or negotiable bonds;

C. A lien upon the property to be subdivided, created by contract between the owner of the property and the city when the city finds that it is not in the public interest to require installation of the required improvement sooner than two years after the recordation of the map;

D. Any other form of security, including security interests in real property, which the city engineer and/or city attorney shall determine to be equivalent to the foregoing forms of security;

E. Any written contract or document creating security interests established pursuant to Sections 18.40.030(C) and 18.40.030(D) above shall be recorded with the Los Angeles County recorder. From the time of recordation, a lien shall attach to the real property described therein, which lien shall have the priority of a judgment lien in the amounts specified. The city may at any time release all or any portion of the property subjected to any such lien or security interest or subordinate the lien or security interest to other liens or encumbrances provided the city council determines that security for performance is sufficiently secured by a lien on other property or that the release or subordination of the lien will not jeopardize the completion of agreed-upon improvements.

(Ord. 82-3-889 § 1 (part))