The performance guaranty shall be approved by
the Township Attorney as to form, sufficiency and execution. Such
performance guaranty shall run for a period to be fixed by the Board,
but in no case for a term of more than three years. However, with
the consent of the developer and of the surety, if there be one, the
Township Committee may, by resolution, extend the term of such performance
guaranty for an additional period or periods, not to exceed, in the
aggregate, three years. 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.