In the event that the public and private improvements required to be installed by the provisions of this chapter are not installed in accordance with the requirements of this chapter or the approved final plat, Borough Council shall have the power to enforce the performance security by appropriate legal and equitable remedies provided by the laws of the Commonwealth of Pennsylvania. If proceeds from the performance security are insufficient to pay the cost of installing or making repairs or corrections to all the improvements guaranteed by such performance security, Borough Council may, at its option, install part of such improvements in all or part of the subdivision, consolidation or land development and may institute appropriate legal or equitable action to recover the moneys necessary to complete the remainder of the improvements. All of the proceeds, whether resulting from the performance security or from any legal or equitable action brought against the developer, or both, shall be used solely for the installation of the improvements guaranteed by such performance security and not for any other municipal purpose.