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.
A. 
The form of the performance guaranty required by § 120-102 of this chapter shall be subject to the review and approval of the Township Solicitor. Said performance guaranty shall be in an amount equal to 120% of the Township Engineer's estimate of the cost of construction of the required improvements.
B. 
Any such guaranty shall be drawn in favor of the Township of Deerfield and shall run for a period to be fixed by the Land Use Board, but in no case for a term less than the time period of any permit which is to be issued as a result of a guaranty's posting. With the consent of the obligor and the surety agent, if there is one, the Township Committee may, by resolution, extend the term of such performance guaranty for an additional period of time. The amount of the performance guaranty may be reduced by resolution of the Township Committee when portions of the required improvements have been installed to the satisfaction of the Township Committee and on the recommendation of the Township Engineer for said improvements acceptance. All guaranties submitted shall make specific reference to the terms and conditions imposed by the Land Use Board and should identify the resolution or other action taken by the Land Use Board for the purpose.
C. 
If the use required improvements are not completed or corrected in accordance with the performance guaranty, the obligor and surety, if any, shall be liable thereon to the Township for the reasonable cost of the improvements not competed or corrected, and the Township may, either prior to or after the receipt of the proceeds thereof, complete such improvements. Additionally, the performance guaranty shall include a clause providing that in the event that an development for which the performance guaranty was posted is started and then abandoned by the developer prior to issuance of a building permit, but after the start of site clearing and/or improvement installation, the performance guaranty shall be used to restore the site sufficient to allow its future use and stabilize any disturbance.
D. 
All performance guaranties shall be submitted to the Secretary of the Land Use Board. The Secretary of the Land Use Board shall forward one copy of the guaranty to the Municipal Engineer, who shall notify the Land Use Board and the Township Solicitor that the performance guaranty is in sufficient amount to assure completion of all required improvements.
E. 
The Secretary of the Land Use Board shall forward a copy of the performance guaranty to the Township Solicitor, who shall review and approve same as to form and execution. The Township Solicitor shall notify the Land Use Board as to the acceptability of the performance guaranty in terms of its form and execution.
F. 
Upon granting of final plat approval and after receipt of an approved final plat or site plan, the Secretary of the Land Use Board shall forward any performance guaranties posted with and accepted by the Land Use Board to the Township Clerk for filing. Copies of said notice of approval shall be sent to the Township Clerk, Solicitor and Engineer.
G. 
Reduction of performance guaranty as provided in Subsection B above and release of any performance guaranties posted in connection with a development review and approval by the Township Land Use Board or other approval authority shall be in accordance with the provisions of N.J.S.A. 40:55D-53, as amended.
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 years form 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 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 § 120-103A of this article.
C. 
All maintenance guaranties shall be submitted to the Township Clerk. The Township Clerk shall forward one 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 § 120-103F 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.