A. 
No final site plan shall be approved by the Land Use Board until the completion of all the required improvements has been certified to the Land Use Board by the Township Engineer, or until the developer shall have filed with the Township Clerk a performance guarantee in favor of the Township and in a sum equal to 120% of the cost of all such improvements or uncompleted portions thereof as estimated by the Township Engineer and assuring the installation of such uncompleted improvements. Such performance guarantee may be in the form of a performance bond, which shall be issued by a bonding or surety company approved by the governing body, or of a certified check, returnable to the developer after full compliance, or by any other type of surety approved by the Township Attorney as to form, sufficiency and execution. The amount of the performance guarantee may be reduced by the governing body by resolution when portions of the required improvements have been installed. A deposit for inspection fees shall also be made.
B. 
Any site improvements not completed at the time of the issuance of a temporary or permanent certificate of occupancy shall first be covered by performance and maintenance guaranties as required in this article.
C. 
No final site plan shall be approved except conditionally by the Land Use Board until the developer submits to said Board a certificate of the Township Clerk stating that the developer has posted with said official, in cash or certified check, the amount recommended by the Township Engineer as needed to plant shade trees on the property covered by the site plan. Where said property is located in an industrial district abutting upon any property situated in a residential district, there shall be deposited such further amount as recommended by the Township Engineer as needed to plant trees and shrubbery in such part of the property covered by the subdivision as is within 50 feet of the abutting residential district. The amount so deposited with the Township Clerk shall constitute a trust fund for the payment of the expenses incurred by the Township Engineer in planting the shade trees and shrubbery as needed for said property.
A. 
Completion of improvements.
(1) 
Upon substantial completion of all the necessary and appropriate improvements, the obligor shall notify the governing body, in writing, by certified mail, of the completion or substantial completion of the aforesaid improvements and shall send a copy thereof to the Township Engineer. The Township Engineer shall inspect all of the aforesaid improvements and shall, thereupon, file a report, in writing, with the governing body, which report shall be detailed and shall indicate either approval, partial approval or rejection. If said improvements or any portion thereof shall not be approved or shall be rejected by the Township Engineer, said report shall contain a statement of reasons for such nonapproval or rejection. The cost of the improvements approved or rejected shall be set forth.
(2) 
The governing body shall accept or reject the improvements, grant partial approval or withhold approval on the basis of such report and shall notify the obligor, in writing, by certified or registered mail, of the contents of said report and the action of the governing body with relation thereto not later than 45 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 its performance guarantee bond, except for that portion adequately sufficient to secure the improvements not yet approved. Where all improvements are substantially completed, up to 30% of the amount of the performance guarantee posted may be retained to insure full completion.
(3) 
If the Township Committee fails to approve or reject the improvements determined by the Township Engineer to be complete and satisfactory or reduce the performance guarantee for the complete and satisfactory improvements within 45 days from the receipt of the Township Engineer's list and report, the obligor may apply to the court in a summary manner for an order compelling, within a stated time, approval of the complete and satisfactory improvements and approval of a reduction in the performance guarantee for the approvable complete and satisfactory improvements in accordance with the itemized cost estimate prepared by the Township Engineer and appended to the performance guarantee, the cost of applying to the court, including reasonable attorney's fees, may be awarded to the prevailing party.
(4) 
If any portion of said improvements shall not be approved or shall be rejected by the governing body, the obligor shall cause the same to be completed and, upon completion, the same procedure of notification, as outlined herein, shall be followed.
(5) 
Nothing herein, however, shall be construed in limitation of the obligor's right to contest or question by legal proceedings or otherwise any determination of the governing body or the Township Engineer.
(6) 
The obligor shall reimburse the municipality for all reasonable inspection fees paid to the Township Engineer for the foregoing inspection of improvements, provided that the municipality may require of the developer a deposit for all or a portion of the reasonably anticipated fees to be paid to the Township Engineer for such inspection.
B. 
If the required improvements have not been installed in accordance with the performance guarantee, the obligor and surety may, in its sole discretion, be liable thereof to the Township for the reasonable cost of the improvements not installed. Upon receipt of the proceeds thereof, the Township may, in its own discretion, install such improvements.
C. 
The time allowed for installation of the improvements for which the performance guarantee 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 guarantee 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.
D. 
Any resolution approving a site plan and developer's agreement shall also require a maintenance guarantee to be filed by the developer with the Township Clerk. Such maintenance guarantee shall be for a period of two years after final acceptance of the improvement by the Township Committee and shall be in an amount equal to 15% of the total actual cost of the improvement. The maintenance guarantee may be in the form of a maintenance bond, which shall be issued by a bonding or surety company approved by the governing body or by any other type of surety approved by the Township Attorney, or may be in the form of a certified check, returnable to the developer after the termination of the maintenance period of two years.