A. 
Performance guaranties shall be required to be posted and maintenance guaranties may be required to be posted prior to the granting of final development approval in connection with on-tract or off-tract improvements for subdivision or site plan developments as specified elsewhere in this chapter or in Chapter 167, Zoning, and in accordance with the provisions of this article.
B. 
In the event that other governmental agencies or public utilities automatically will own the utilities to be installed or the improvements are covered by a performance or maintenance guaranty to another governmental agency, no performance or maintenance guaranty, as the case may be, shall be required by the Planning Board for such improvements.
A. 
Form. A performance guaranty required in connection with the Longport Development Regulations shall be in one of the following forms, the proceeds of which may be claimed by the Borough of Longport in the event that the requirements of final approval guaranteed thereby are not met:
(1) 
A corporate surety bond furnished by a bonding or surety company authorized to do business in the State of New Jersey.
(2) 
A certified or cashier's check made payable to the Borough of Longport.
(3) 
A certificate of deposit from a recognized banking institution, which deposit may be withdrawn only after action by the Longport Borough Commissioners determining that the requirements of final approval guaranteed thereby have been fulfilled.
(4) 
A letter of credit from a recognized banking institution.
B. 
Term. Performance guaranties shall run for a term, to be fixed by the Planning Board, of not more than three years, except that with the consent of the obligor and the surety, if there is one, the governing body may, by resolution, extend the term of such performance guaranty for an additional period, not to exceed three years. As a condition or as a part of any such extension, the amount of any performance guaranty shall be increased or reduced, as the case may be, to an amount not to exceed 120% of the cost of the installation as determined as of the time of the passage of the resolution. The amount of the performance guaranty may be reduced by the governing body by resolution when portions of the required improvements have been satisfactorily installed.
C. 
Verification. All performance guaranties shall be submitted to the administrative officer who shall forward one copy of the guaranties to the Municipal Engineer, who shall notify the approval agency and Borough Solicitor if the performance guaranty exceeds 120% of the cost of installation for improvements covered. Not more than 10% of the performance guaranty shall be required to be in cash. The performance guaranty may cover: street subbase, grading, pavement, gutters, curbs, sidewalks, streetlighting, shade trees, surveyor's monuments, water mains, culverts, storm sewers, sanitary sewers or other means of sewage disposal, drainage structures, erosion control and sedimentation control devices, public open space improvements and, in the case of site plans, other on-site improvements and landscaping.
D. 
Legal review. The administrative officer of the approval agency shall forward a copy of performance guaranties to the Borough Solicitor, who shall review and approve the same as to form and execution. The Borough Solicitor shall modify the approval agency as to the acceptability of performance guaranties in terms of their form and execution.
E. 
Notice of expiration. Upon the granting of final approval of a development, the administrative officer of the approval agency shall forward the performance guaranties posted and accepted by the approval agency to the Municipal Clerk for filing. The administrative officer shall maintain a record of all performance guaranties received in connection with development review and shall, at least 90 days prior to the expiration of such guaranties, notify the governing body of said pending surety expiration. Copies of said notice shall be sent to the Municipal Clerk, Municipal Solicitor and Municipal Engineer.
F. 
Lack of performance. If required improvements are not completed or corrected in accordance with the performance guaranty, the obligor or the surety, if there is one, shall be liable thereon to the municipality for the reasonable cost of the improvements not completed or corrected and the municipality may, either prior to or after receipt of the proceeds thereof, complete such improvements.
G. 
Release. When all of the required improvements have been completed, the obligor shall notify the governing body in writing, by certified mail, addressed in care of the Municipal Clerk, of the completion of said improvements and shall send a copy thereof to the Municipal Engineer. Thereupon the Municipal Engineer shall inspect all of the improvements and shall file a detailed report in writing with the governing body, recommending either approval, partial approval or rejection of the improvements, with a statement of reasons for any rejection. If partial approval is recommended, the cost of the improvements rejected shall be set forth.
H. 
Rejection. If any portion of the required improvements is rejected, the governing body may require the obligor to complete such improvements, and, upon completion, the same procedure of notification as set forth above in this section shall be followed.
A. 
Establishment. Prior to final approval of any development application, the Longport Planning Board may require the developer to execute a maintenance guaranty and post said guaranty with the Borough Clerk as a surety for maintenance and repair of all improvements required to be installed by the developer. The maintenance guaranty shall run for a period of two years from the date of final acceptance of the improvements by resolution of the governing body after recommendation of acceptance by the Municipal Engineer, and its amount shall not exceed 15% of the Municipal Engineer's estimate of the cost of construction of required improvements.
B. 
Form. A maintenance guaranty may be in a form as provided for by § 150-18A of this article.
C. 
Verification. All maintenance guaranties shall be presented to the Municipal Clerk, who shall forward one copy of the guaranty to the Municipal Engineer and one copy to the Borough Solicitor. The Municipal Engineer shall advise the governing body and the Borough Solicitor if the maintenance guaranty is executed in the correct amount; and the Borough Solicitor shall notify the governing body as to the acceptability of the maintenance guaranty in terms of its form and execution.
D. 
Records. The Borough Clerk shall maintain a record of all maintenance guaranties received by the municipality in connection with development approval and shall notify the Municipal Engineer at least 60 days prior to the expiration date of such maintenance guaranties.
E. 
Release or forfeiture. Prior to the expiration date of any maintenance guaranty or to the release of any maintenance guaranty, the Municipal Engineer shall inspect the improvements and report to the governing body concerning their condition and any deficiencies still extant. Release of a maintenance guaranty shall be by resolution of the governing body based on recommendation for release by the Municipal Engineer. The governing body may cause a maintenance guaranty to be forfeited if the report of the Municipal Engineer indicates that deficiencies have not been corrected.