Pursuant to the provisions of Part
2 of this chapter, the Planning Board may require a maintenance guaranty in favor of the Township of Morris in an amount not to exceed 15% of the estimated cost of improvements called for by the plan approved by the soil erosion and sediment control plan, as the total cost thereof shall be estimated by the Township Engineer. Said maintenance guaranty shall run for a period of two years, and said guaranty shall provide for the proper repair and/or replacement of any such improvements during said period of two years. The said two-year period shall run from the date of the issuance of the first certificate of occupancy for the last home in such development as shown on the preliminary plat or the date of issuance of the certificate of occupancy for a site plan.