Deficiency in escrow account. If an escrow account contains insufficient
funds to enable the Borough or Joint Land Use Board to perform required
application reviews or improvement inspections, the Chief Financial
Officer shall provide the applicant with a notice of the insufficient
escrow balance. In order for work to continue on the development or
the application, the applicant shall within 10 days after receipt
of written notice of the amounts owed post an additional escrow deposit
to the escrow account in an amount to be agreed upon by the Borough
or Joint Land Use Board and the applicant. Notwithstanding the foregoing,
any applicant who does not deposit such additional deposit to the
escrow account within 30 days after receipt of written notice of the
amounts owed shall be charged a late fee equal to 1 1/2% of the
amount of the deficiency in the account. If the amounts owed, including
the late fee, are not paid within 60 days, interest at the rate of
8.0% shall be charged, on the full amount due (including the late
fees), from the date of the notice until paid in full. In the event
that the applicant fails to deposit the additional escrow deposit
as required within the time frame set forth in this section, the Borough
or the Joint Land Use Board, through its agents and employees, shall
take whatever steps are deemed necessary in order to compel the payment
of the escrow deficiency. In addition, the professional personnel
may take any action individually as they deem necessary to satisfy
the vouchers submitted. No zoning permits, building permits, certificates
of occupancy or any other types of permits may be issued with respect
to any approved application for development until the applicant has
fully paid all bills for professional services. Stop-work orders may
be issued on any approval application until the applicant has fully
paid all bills for professional services.