Requirements necessary for application of approval.
All applications for the approval of such plans shall be in writing
on a blank form to be furnished for that purpose, by the Township
Supervisors, and signed by the owners of the property, which must
be filed with the Secretary of the Township, setting forth in detail
the character of the improvements to be made on the property shown
on said plan, in accordance with the provisions of this article, and
in such application the applicant shall agree to open, lay out and
improve the roads, streets, lanes or alleys, and to construct all
of the improvements, including sewers and drainage facilities upon
the property, shown on the plan, within the time or times therein
specified, and agree to enter into a contract in writing prepared
by the Township Solicitor, to install, erect and construct said improvements.
In addition, the applicant shall furnish a certificate of a reputable
title insurance company, satisfactory to Township Supervisors, which
as of the date of approval, shall set forth the name or names of the
owner or owners of all property covered by such plans and shall show
and shall contain a list of all mortgages, judgments, liens, easements,
contracts and agreements of record in the Office of the Recorder of
Deeds in and for Delaware County, Pennsylvania, which shall affect
the property covered by such plans. If said certificates of title
insurance company shall disclose that any such property shall be subject
to any mortgage, judgment, easement, lien, contract or agreement,
or other matters of record, then at the option of the Township Supervisors,
the holders or owners of such mortgages, judgments, liens, easements,
contracts or agreements shall be required to join in and approve said
application before the same shall be acted upon by the Township Supervisors.
The applicant shall furnish a bond in such amount, under such conditions,
and form, and with surety as shall be approved by the Township Supervisor,
to guarantee the performance of the said contract and to secure the
completion of said improvements within the times therein specified.
In lieu of a bond, the applicant may deposit cash to guarantee performance
of said contract and to secure completion of the improvements upon
an escrow agreement to be prepared by the Township Solicitor and approved
by the Township Supervisors. The escrow agent for the deposits of
such cash shall be designated and selected by the Township Supervisors.