Before recording of final subdivision plats or deeds, or as a condition of final site plan approval:
A. 
All required improvements shall be installed, said installed improvements shall be certified in writing as to compliance by the Borough Engineer, and maintenance guaranties, where required, shall be posted for the purpose of assuring the maintenance guaranties, where required, shall be posted for the purpose of assuring the maintenance of on-tract improvements; or
B. 
If applicable, any installed required improvements shall be certified by the Borough Engineer, in writing, as to compliance, and performance and maintenance guaranties, where required, shall be posted.
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 a maintenance guaranty to another governmental agency, no performance or maintenance guaranty, as the case may be, shall be required by the Borough for such utilities or improvements.
A. 
The approving authority may require and shall accept a performance guaranty for improvements it may deem necessary or appropriate, including streets, grading, pavement, gutters, curbs, sidewalks, streetlighting, shade trees, surveyor's monuments as shown on the final map and required by the Map Filing Law, P.L. 1960, c. 141 (N.J.S.A. 46:23-9.9 et seq.), water mains, culverts, storm sewers, sanitary sewers or other means of sewage disposal, drainage structures, erosion control and sedimentation control devices, public improvements of open space and, in the case of site plans only, other on-site improvements and landscaping.
B. 
A performance guaranty, where required, shall be provided in favor of the municipality in the amount of 120% of the cost of installation for improvements it may deem necessary or appropriate. Ten percent of the performance guaranty shall be in the form of cash to be deposited with the Borough.
C. 
The time allowed for installation of the improvements for which the performance guaranty has been provided shall be for a term of two years for improvements in a subdivision and one year for site plans.
D. 
The time allowed for installation of the improvements for which the performance guaranty has been provided may be extended by the governing body by resolution. As a condition or as 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.
E. 
If the required improvements are not completed or corrected in accordance with the performance guaranty, the obligor and surety, if any, shall be liable thereon to the Borough for the reasonable cost of the improvements not completed or corrected and the Borough may, either prior to or after the receipt of the proceeds thereof, complete such improvements.
F. 
Upon substantial completion of all required appurtenant utility improvements and the connection of same to the public system, the obligor may notify the governing body, in writing, by certified mail, addressed in care of the Borough Clerk, of the completion or substantial completion of improvements and shall send a copy thereof to the Borough Engineer. Notice shall be accompanied by the required performance guaranty reduction inspection fees as provided in Article III herein. Thereupon, the Borough Engineer shall inspect all improvements of which such notice has been given and shall file a detailed report, in writing, with the governing body, indicating either approval, partial approval or rejection of such improvements, with a statement of reasons for any rejection. The cost of the improvements as approved or rejected shall be set forth.
G. 
The governing body shall either approve, partially approve or reject the improvements, on the basis of the report of the Borough Engineer, and shall notify the obligor in writing, by certified mail, of the contents of said report and the action of the governing body with relation thereto, not later than 65 days after receipt of the notice from the obligor of the completion of the improvements. Where partial approval is granted, the obligor shall be released from all liability pursuant to this performance guaranty, except for that portion adequately sufficient to secure provision of the improvements not yet approved, provided that 30% of the amount of the performance guaranty posted shall be retained to ensure completion of all improvements. Failure of the governing body to send or provide such notification to the obligor within 65 days shall be deemed to constitute approval of the improvements, and the obligor and surety, if any, shall be released from all liability pursuant to such performance guaranty for such improvements.
H. 
If any portion of the required improvements are rejected, the governing body shall require the obligor to complete such improvements and, upon completion, the same procedure of notification, as set forth herein, shall be followed.
I. 
Nothing herein, however, shall be construed to limit the right of the obligor to contest by legal proceedings any determination of the governing body or Borough Engineer.
J. 
In the event that final approval is by stages or sections of development, the provisions of this section shall be applied by stage or section.
A. 
A maintenance guaranty, where required, shall be provided in favor of the municipality in the amount of 15% of the cost of improvements for a period of two years after final acceptance of the improvements.
B. 
The developer shall maintain and repair, where necessary, all improvements on a regular basis until the maintenance guaranty is released by the Borough. The Borough Engineer shall inspect and approve the maintenance and any repairs of the improvements. The Borough Engineer shall file a detailed report, in writing, with the governing body outlining any corrections required.
C. 
The governing body shall require the developer to complete such corrections it deems necessary, based on the report of the Borough Engineer. The governing body shall fix the time period in which the corrections are to commence and be completed. The developer shall be notified in writing, by certified mail, of the contents of said report and the action of the governing body with relation thereto. The obligor and surety, if any, shall be liable thereon to the municipality for the reasonable cost of the corrections not implemented and completed and the municipality may, either prior to or after receipt of the proceeds thereof, implement and complete such corrections.
D. 
Where the estimated cost of improvements exceeds $100,000, the Mayor and Council may permit the developer to post amounts less than 10% cash for the estimated cost of improvements exceeding $100,000. The developer shall be required to demonstrate to the satisfaction of the Mayor and Council that the posting of less than 10% cash will not prejudice the interest of the municipality.