No final plat shall be approved by the Board until the completion of all such required improvements has been certified to the Board by the appropriate county or municipal bodies, unless the subdivision owners shall have agreed to file with the municipality a performance guaranty sufficient in amount to cover the cost of all such improvements or uncompleted portions thereof as estimated by the Municipal Engineer, and assuring the installation of such uncompleted improvements on or before an agreed date. Such performance guaranty shall conform to the applicable requirements of Chapter
94, Land Use Regulations, of this Code. Upon release of said performance guaranty, the developer shall post a two-year maintenance guaranty, which guaranty shall likewise conform to the requirements of Chapter
94, Land Use Regulations, of this Code.