The Township shall, before issuing a permit, require a cash
escrow or surety bond, in a form satisfactory to the Township, conditioned
upon the faithful performance of the stormwater management and erosion
control measures and other conditions specified in the permit within
the time specified, or within any extension thereof granted by the
Township, in the amount of the total estimated cost of all stormwater
management, erosion and sediment control measures and safeguards for
adjoining properties. A surety bond shall be maintained and renewed
annually and shall be executed by a surety or guaranty company qualified
to transact business in the commonwealth. Cash escrows shall be deposited
with the Township Treasurer, who shall give his receipt therefor,
reciting that the cash has been deposited in compliance with and subject
to the provisions of this section. The escrow or bond shall obligate
the principal, his executors, administrators, successors and assigns,
jointly and severally, with the surety and shall inure to the benefit
of Upper Merion Township and its officers, employees and any person
aggrieved by the principal's failure to comply with the conditions
thereof. The principal and the surety shall, under the escrow or bond,
continue to be firmly bound under a continuing obligation for the
payment of all necessary costs and expenses or liabilities which may
be incurred or expended by Upper Merion Township to meet the minimum
requirements of this chapter.