Improvements or guaranty thereof prerequisite to approval
of final application and plat. Before approving any final application or plat
for recording, the Subdivision Committee shall either require that the necessary
grading, paving and other street improvements, including, where specified
by the Subdivision Committee and as provided elsewhere in these regulations,
curbs, sidewalks, streetlights, fire hydrants, water mains, sanitary sewers
and storm sewers, shall have been installed in strict accordance with the
standards and specifications of the Borough as provided in these regulations
and in other pertinent Borough regulations or that the Borough is assured
by means of a proper completion guaranty, in the form of a bond or the deposit
of funds or securities in escrow sufficient to cover the cost of the required
improvements, as estimated by the Borough Engineer or Borough Council, that
said improvements will subsequently be installed by the owner. Where the subdivision
plat has been approved and recorded, either after the specified improvements
have been completed and approved by the Borough Engineer or, if prior to completion,
upon a proper completion guaranty as aforesaid, purchasers and mortgagees
of lots in the subdivision, with or without buildings thereon or on any of
them, shall be relieved of any and all liability for any deficiency in lack
of or failure to complete the improvements above mentioned as set out in said
plat or as a condition precedent to the approval of the plat, and any failure
to complete or properly complete said improvements shall not encumber any
or all of the lots in the subdivision.