A. In the event the subdivider fails to complete all improvement work in accordance with the provisions of this chapter and the improvement agreement; the city may require the subdivider’s surety to do so within thirty days after notice in writing of the default, or the city may; entirely at its option; complete the work; or cause it to be completed and call upon the surety or security for reimbursement.

B. If the amount of security exceeds all costs and expenses incurred by the city; it shall release the remainder of such security; and if the amount of or value of the security at the time of completion is less than the cost and expenses incurred by the city; the subdivider shall be liable to the city for such difference.