Before any developer effectively assigns any
of his interest in any preliminary of final approval he must notify
the Administrative Officer and supply detailed information with regard
to the name, address, principals, type of organization, competency,
experience and past performance of the assignee, transferee or agent.
Notice of such assignment or transfer shall be given no later than
10 days after its effective date. The assignee must be made acquainted
with all the conditions of approval and the developer shall so certify.
A maintenance guarantee shall be posted with the Board of Commissioners for a period not to exceed two years after final acceptance of improvements. The maintenance guarantee shall be in an amount not to exceed 15% of the cost of the improvements, which cost shall be determined by the Borough Engineer. The developer may elect to furnish such maintenance guarantee either (1) by maintaining on deposit with the Borough the 10% cash or certified check portion of the performance guarantee provided in accordance with Section
30-7.1 of this Article, (2) by a bond issued by a bonding company or surety company, (3) by an irrevocable letter of credit subject to the provisions of Section
30-7.1A,lc of this Article, or (4) by any other type of surety acceptable to and approved by the Borough Attorney and the Board of Commissioners in an amount equal to 15% of the cost of the improvements. The maintenance guarantee shall be to the effect that the applicant, developer, owner or user guarantees the complete maintenance of all improvements for a period of two years from the release of his performance guarantee. Should he fail in his obligation to properly maintain all improvements, the Borough may, on 10 days' written notice or immediately, in the case of hazard to life, health, or property, proceed with necessary repair or replacement of any unacceptable improvements and charge the cost thereof against the guarantee. At the end of the maintenance guarantee the cash or certified check on deposit will be returned to the obligor less any sums, properly documented by the Borough, which have been expended to repair or replace any unsatisfactory improvements. [8/9/1994]