All improvements required by the Planning Board
shall, before being accepted by the Township, be covered by a maintenance
bond running in favor of the Township of Morris in the amount of 15%
of the estimated cost of the improvements as estimated by the Township
Engineer. Said maintenance bond shall run for a period of two years,
and said maintenance bond shall provide for the proper repair and/or
replacement of any such improvements during said period of two years.
The two-year period shall be from the date of the acceptance of the
same by the Township, and no performance guaranty shall be released
by the Township until such time as the maintenance bond herein required
has been posted with the Township. In the event that an applicant
has completed all of the improvements prior to the granting of final
approval by the Planning Board of the final plat of any such subdivision,
then the above maintenance bond shall be posted before the final approval
of the final plat by the Planning Board.