No final plat or site plan shall be approved by the approval
by the Land Use Board or zoning permit issued by the Zoning Officer
or officials or agency authorized to issue said zoning permits, until
completion of all required improvements, as shown on the approved
preliminary plat or site plan or as set forth in the resolution granting
preliminary approval, shall have been so certified to the Land Use
Board by the Township Engineer, unless the developer shall have filed
with the Township a performance guaranty sufficient form and in amount
to cover the costs of all such improvements or the uncompleted portions
thereof as estimated by the Township Engineer as provided by N.J.S.A.
40:55D-53, guaranteeing the installation of such uncompleted improvements
on or before a date to be specified by the Land Use Board. Said performance
guaranty shall also include a provision guaranteeing the restoration
of the any approved project which is terminated after ground disturbance
begins.
Whenever the Land Use Board requires a developer to post a maintenance
guaranty, it shall be in accordance with the following:
A. The developer shall execute a maintenance guaranty and post said
guaranty with the Township in sufficient amount for maintenance and
repair of all improvements required to be installed by the developer.
The maintenance guaranty shall be for a period of two (2) years from
the date of final acceptance of the improvement(s) by resolution of
the Township Committee, after recommendation of acceptance by the
Township Engineer, and its amount shall be equal to fifteen percent
(15%) of the Township Engineer's estimate of the cost of construction
of the required improvement(s). The maintenance guaranty shall apply
to such repairs as may be necessitated by substandard original construction
or by damage by the developer in the course of development.
B. The maintenance guaranty shall be in a form as provided for Section
35-12.2A of this Article.
C. All maintenance guaranties shall be submitted to the Township Clerk.
The Township Clerk shall forward one (1) copy of the guaranty to the
Township Engineer, who shall notify the Township Committee and the
Township Attorney that the maintenance guaranty is in sufficient amount
as provided herein this Section.
D. The Township Clerk shall forward a copy of any maintenance guaranty
to the Township Attorney, who shall review and approve same as to
form and execution. The Township Attorney shall notify the Township
Committee as to the acceptability of the maintenance guaranty in terms
of form and execution.
E. Upon acceptance of a maintenance guaranty, the Township Clerk shall notify the Secretary of the Land Use Board, who shall maintain a record of all guaranties received by the Township in connection with development review in accordance with the provisions of Section
35-12.2F of this Article.
F. Release of a maintenance guaranty shall be by resolution of the Township
Committee, after recommendation of release of the guaranty by the
Township Engineer.