A. 
No final plat or final site plan shall be approved by the Planning Board until the subdivider or site plan applicant shall have:
(1) 
Filed with the Borough Clerk a performance guaranty in an amount estimated by the Borough Engineer to be sufficient to cover 120% (110% surety bond, 10% cash) of all required improvements listed in § 147-16A and B and assuring the installation of all of such improvements on or before an agreed date.
(2) 
Deposited with the Borough Treasurer a sum determined by the Borough Engineer and the Planning Board to be equal to the subdivider's proportionate share, determined in accordance with Article VII of this chapter, of the cost of all off-tract improvements required in accordance with § 147-16C.
B. 
The performance guaranty shall be in the Borough's prescribed form of performance bond on which the subdivider shall be principal, and secured either by bonding or a surety company approved by the Council or by a certified bank or cashier's check, the proceeds of which shall be returnable to the subdivider without interest after full compliance by the subdivider with all of the requirements of this chapter and the developer's agreement.
C. 
The performance guaranty shall be approved by the Borough Attorney as to form, sufficiency and execution. Such performance guaranty shall run for a period to be fixed by the Planning Board but in no case for a term of more than three years. However, with the consent of the owner and of the surety, if there is one, the Council may, by resolution, extend the term of such performance guaranty for an additional period or periods, but the extension shall not exceed, in the aggregate, three years. The amount of the performance guaranty may be reduced by the Council by resolution when portions of the required improvements have been installed.
A. 
When all the necessary and appropriate improvements have been completed, the obligor shall notify the Council, in writing, by certified or registered mail, of the completion of the aforesaid improvements and shall send a copy thereof to the Borough Engineer. The Council shall direct and authorize the Borough Engineer to inspect all of the aforesaid improvements. The Borough Engineer shall thereupon file a report, in writing, with the Council, which report shall be detailed and shall indicate either approval, partial approval or rejection. If said improvements, or any portion thereof, shall not be approved or shall be rejected by the Borough Engineer, said report shall contain a statement of reasons for such nonapproval or rejection. Where said report indicates partial approval of said improvements, it shall indicate the costs of the improvements for which approval is rejected or withheld.
B. 
The Council shall accept or reject the improvements, grant partial approval or withhold approval on the basis of such report and shall notify the obligor in writing by certified or registered mail of the contents of said report and the action of said Council 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 liability pursuant to its performance guaranty bond, except for that portion adequately sufficient to secure the improvements not yet approved.
C. 
Failure of the Council 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.
D. 
If any portion of the said improvements shall not be approved or shall be rejected by the Council, the obligor shall cause the same to be completed, and, upon completion, the same procedure of notification as outlined herein shall be followed.
E. 
Nothing herein, however, shall be construed in limitation of the obligor's right to contest or question, by legal proceedings or otherwise, any determination of the Council or the Borough Engineer.
F. 
The obligor shall be responsible for all of the inspection fees of the Borough Engineer incurred in making the foregoing inspections.
G. 
Nothing herein shall affect the obligation of any person relating to the posting of appropriate maintenance bonds, when required.
H. 
If the required improvements have not been completed or corrected in accordance with the performance guaranty, the obligor and surety shall be liable thereon to the Borough for the reasonable cost of the improvements not completed or corrected, and the Borough, either before or after receipt of the proceeds of any performance guaranty, shall install such improvements.
A. 
Upon certification by the Borough Engineer that the improvements have been installed and completed in accordance with the performance guaranty, and upon tender by the owner of a proper maintenance guaranty bond, the Borough Council shall, by resolution, accept said improvements and discharge the principal and surety from all liability arising out of the performance guaranty.
B. 
Said maintenance guaranty bond shall be subject to the approval of the Borough Attorney as to form, sufficiency and execution, shall be in such amount as the Borough Engineer shall prescribe but not to exceed 15% of the cost of the improvements or of the original installation and shall be conditioned upon the maintenance of all of said improvements in good condition and repair for a period of two years next following the date of adoption of the aforesaid resolution of acceptance.