(1) The applicant, who is found fit for the grant of a licence under rule 11, shall be asked by the competent authority to.-
(a) furnish in such form as the competent authority may specify a bank guarantee equal to twenty-five per cent of the estimated cost of the development works certified by the competent authority; and
(b) furnish an undertaking to enter into an agreement in Form APR IV for carrying out and completion of development works in accordance with the conditions of the licence to be granted; and
(i) to maintain a separate account in any Scheduled Bank of all sums, taken by him from the persons intending to take or who have taken the plots, as advance or deposit towards the sale price or for any other purpose as required under section 9 and utilize this amount for meeting the cost of development works in the colony and shall, on demand, in writing, by the competent authority, make full and true disclosure of all transactions in respect of that account;
(ii) to pay proportionate development charges, if the main lines of roads, drainage, sewerage, water supply and electricity are to be laid out the constructed by the State Government or any local authority;
(iii) take responsibility for maintenance and upkeep of all roads, open spaces, public parks and public health services for a period of five years from the date of the issue of completion certificate under the building regulations unless earlier relieved of this responsibility and thereupon to transfer such roads, open spaces, public parks and public health services free of costs to the State Government or the local authority, as the case may be;
(iv) to construct or to get constructed at his own cost schools, hospitals, community centres and other community buildings on the land set apart for this purpose or transfer such land to the State Government either free of cost or on payment of actual cost of development of land, as may be decided by the State Government in which case, the State Government shall be at liberty to transfer such land to any local authority or person or institution on such terms and conditions, as it may deem fit; and
(v) to permit the competent authority or any other officer authorised by it to inspect the execution of layout and development works in the colony and to carry out all directions issued by it for ensuring due compliance of execution of layout and development works in accordance with the licence granted.
(2) If the competent authority having regard to the amenities which exist or are proposed to be provided in the locality, decides that it is not necessary or possible to provide such amenities, the applicant will be informed accordingly and sub-clauses (ii), (iii) and (iv) of clause (b) of sub-rule (1) shall be deemed to have been modified to that extent.