As a condition of final site plan approval the Planning Board may require and shall accept, in accordance with the standards adopted herein, for the purpose of assuring the installation and maintenance of on-tract improvements:
A. 
The furnishing of a performance guaranty in favor of the Borough, in an amount not to exceed the cost of installation for improvements, including streets, grading, pavement, gutters, curbs, sidewalks, streetlighting, shade trees, surveyors' monuments, water mains, culverts, storm sewers, sanitary sewers or other means of sewage disposal, drainage structures, erosion control and sedimentation control devices, public improvements of open space, landscaping and other on-site improvements.
B. 
Provision for a maintenance guaranty to be posted with the governing body for a period not to exceed two years after final acceptance of the improvement, in an amount not to exceed 15% of the cost of the improvement. In the event that other governmental agencies or public utilities automatically will own the utilities to be installed or that the improvements are covered by a performance or maintenance guaranty to another governmental agency, no performance or maintenance guaranty, as the case may be, shall be required by the Borough for such utilities or improvements.
C. 
The amount of any performance guaranty may be reduced by the governing body, by resolution, when portions of the improvements have been certified by the Borough Engineer to have been completed. The time allowed for installation of the improvements for which the performance guaranty has been provided may be extended by the governing body by resolution.
D. 
If the 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 Borough for the reasonable cost of the improvements not completed or corrected, and the Borough may either prior to or after the receipt of the proceeds thereof complete such improvements.
E. 
When all of the required improvements have been completed, the obligor shall notify the governing body in writing, by certified mail addressed in care of the Borough Clerk, of the completion of said improvements and shall send a copy thereof to the Borough Engineer. Thereupon the Borough Engineer shall inspect all of the improvements and shall file a detailed report, in writing, with the governing body, indicating either approval, partial approval or rejection of the improvements, with a statement of reasons for any rejection. If partial approval is indicated, the cost of the improvements rejected shall be set forth.
F. 
The governing body shall either approve, partially approve or reject the improvements on the basis of the report of the Borough Engineer and shall notify the obligor in writing, by certified mail, of the contents of said report and the action of said approving authority with relation thereto, not later than 65 days after receipt of the notice from the obligor of the completion of the improvements. Where partial approval is granted, the obligor shall be released from all liability pursuant to the performance guaranty, except for that portion adequately sufficient to secure provision of the improvements not yet approved. Failure of the governing body to send or provide such notification to the obligor within 65 days shall be deemed to constitute approval of the improvements, and the obligor and surety, if any, shall be released from all liability pursuant to such performance guaranty.
G. 
If any portion of the required improvements are rejected, the approving authority may require the obligor to complete such improvements, and upon completion the same procedure of notification as set forth in this section shall be followed.
H. 
Nothing herein, however, shall be construed to limit the right of the obligor to contest by legal proceedings any determination of the governing body or the Borough Engineer.
I. 
The obligor shall reimburse the Borough for all reasonable inspection fees paid to the Borough Engineer for the foregoing inspection of improvements.
As a condition for approval of a site plan, the Planning Board may require an applicant to pay his pro rata share of the cost of providing reasonable and necessary street improvements and water, sewerage and drainage facilities, and easements therefor, located outside the property limits of the development but necessitated or required by construction or improvements within such development. Such improvements shall be based on the circulation and comprehensive utility service plans of the Borough-adopted Master Plan as required by N.J.S.A. 40:55D-42 and 40:55D-28. The proportionate or pro rata amount of the cost of such facilities that shall be borne by each developer or owner within a related and common area shall be computed by the Borough Engineer or such other persons as requested by the Planning Board according to the following formulas. Where a developer pays the amount determined as his pro rata share under protest, he shall institute legal action within one year of such payment in order to preserve the right to a judicial determination as to the fairness and reasonableness of such amount.