3.10 SECURITY REQUIREMENTS
As part of any permit issued under these regulations, in addition to any security required by any other municipal or State board, agency or official, the Conservation Commission may require that the performance and observance of the conditions impose hereunder be secured wholly or in part by one or more of the methods described below:
1. By a proper bond or deposit of money or negotiable securities or other undertaking of financial responsibility sufficient in the opinion of both the Commission and the Town of Sturbridge DPW Director. This bond may be held in common with another town board or agency for which the same restoration work is being bonded. Written, signed agreement that both boards will sign off prior to release of funds will be required.
2. By a conservation restriction, easement or other covenant approved by both the Commission and the Department of Environmental Management, where applicable, which is enforceable in a court of law, executed and duly recorded by the owner of record, running with the land to the benefit of Sturbridge whereby the permit conditions shall be performed and observed before any lot may be conveyed other than by mortgage deed.
3. If a lot covenant is used in place of a bond, the minimum allowed will be 150% of the market value of the designated lots deemed equivalent to the current cost of restoration as stated by the Town DPW Director. This is to account for possible downward fluctuation in market value during the course of the project.
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