The applicant shall execute an agreement, in form and substance acceptable to the Board of Supervisors and Township Solicitor, before a final plan for either a subdivision or land development is released by the Board of Supervisors and filed with the County Recorder of Deeds. Said agreement shall include the following, as applicable:
A. 
The applicant agrees that he will lay out and construct all streets and other improvements in accordance with the final plan as approved.
B. 
The applicant agrees to guarantee completion and maintenance of all improvements by means of a type of financial security acceptable to the Township, as specified in § 181-34B of this chapter.
C. 
The applicant agrees to tender a deed or deeds of dedication to the Township for such streets and for such easements for sanitary and storm sewers, sidewalks, manholes, inlets, pumping stations and other appurtenances as shall be constructed as public improvements, provided that the Township shall not be required to accept dedication of such improvements until their completion is certified as satisfactory by the Township Engineer.
D. 
Whenever the plan includes a street which is not offered for dedication to public use, the Board of Supervisors shall require the applicant to submit and also to record with the plan a copy of an agreement made with the Board on behalf of himself and his heirs and assigns and signed by him and which shall establish the conditions under which the street may later be offered for dedication and shall stipulate, among other things:
(1) 
That an offer to dedicate the street shall be made only for the street as a whole.
(2) 
That the Township shall not be responsible for repairing or maintaining any undedicated streets.
(3) 
That the method of assessing repair and maintenance costs of undedicated streets be stipulated and be set forth in recorded deed restrictions so as to be binding on all successors or assigns.
(4) 
That, if dedication is sought, the street shall conform to Township specifications or that the owners of the abutting lots shall, at their own expense, restore the street to conformance with Township specifications.
A. 
The applicant shall deposit with the Township financial security in an amount sufficient to cover the cost of all improvements (including both public and private improvements) and common amenities.
B. 
Financial security required herein shall be in the form of a federal or commonwealth chartered lending institution irrevocable letter of credit, a restrictive or escrow account in such institution or with a financially responsible bonding company or such other type of financial security which the Township may, in its reasonable discretion, approve. The bonding company may be chosen by the party posting the financial security, provided that said bonding company or lending institution is authorized to conduct business within the commonwealth and stipulates that it will submit to Pennsylvania jurisdiction and Chester County venue in the event of legal action.
C. 
Said financial security shall provide for and secure to the public the completion of all improvements for which such security is being posted within one year of the date fixed in the agreement for completion of such improvements.
D. 
The amount of financial security shall be equal to 110% of the cost of the required improvements for which financial security is to be posted. The cost of the improvements shall be established by submission to the Board of executed contracts of the contractor or contractors to complete the improvements or, in the absence of such contracts, the costs shall be established by estimate prepared by the Township Engineer. If the party posting the financial security required more than one year from the date of posting of the financial security to complete the required improvements, the amount of financial security shall be increased by an additional 10% for each one-year period beyond the first anniversary date from posting of financial security or to an amount not exceeding 110% of the cost of completing the required improvements as reestablished on or about the expiration of the preceding one-year period by using the above procedure for establishing costs.
E. 
In the case where development is projected over a period of years, the Board of Supervisors may authorize submission of final plans by section or stage of development, subject to such requirements or guaranties as to improvements in the future sections or stages of development as it finds essential for the protection of any finally approved section of the development and consistent with the terms of Section 508(4) of Act 247.[1]
[1]
Editor's Note: See 53 P.S. § 10101 et seq.
F. 
If any utility systems are to be installed under the jurisdiction and pursuant to the rules and regulations of a public utility or municipal authority separate and distinct from the Township, financial security to assure proper completion and maintenance thereof shall be posted in accordance with the regulations of the controlling public utility or municipal authority and shall not be included within the financial security as otherwise required by this section.
G. 
As the work of installing the required improvements proceeds, the party posting the financial security may request the Board of Supervisors to release or authorize to be released, from time to time, such portions of the financial security necessary for payment to the contractor or contractors performing the work. Any such requests shall be in writing addressed to the Board of Supervisors, and the Board shall have 45 days from receipt of such request within which to allow the Township Engineer to certify, in writing, that such portion of the work upon the improvements has been completed in accordance with the approved plans. Upon such certification, the Board shall authorize release by the bonding company or lending institution of an amount as estimated by the Township Engineer fairly representing the value of the improvements completed. The Township Engineer, in certifying the completion of work for a partial release, shall not be bound to the amount requested by the applicant, but shall certify to the Board his independent evaluation of the proper amount of partial releases. The Board may, prior to final release at the time of completion and certification by the Township Engineer, require retention of 10% of the estimated cost of the aforesaid improvements as per § 181-34D of this chapter.