Prior to the filing of an application for final subdivision approval, the applicant shall have installed the improvements required herein under the supervision and inspection of the Borough Engineer, except that the Borough Council may accept a performance guaranty to assure the installation of the final bituminous concrete street surface course, monuments, shade trees, sidewalks, stop signs, topsoil, seeding, fertilizing and mulch.

No performance guaranty shall be considered filed or accepted for filing with the Borough Clerk unless and until the following conditions are met:

Prior to the acceptance by the Borough of any improvements installed for any subdivisions, the subdivider shall furnish to the Board Engineer as-built plans for the following drawn on translucent cloth or its equivalent on sheets not larger than 24 inches by 36 inches, at a minimum scale of one inch equals 50 feet horizontal and one inch equals five feet vertical:

All of the foregoing improvements and utilities may be shown on the same location plan with appropriate legends.

No person, firm or corporation shall clear or improve any land for a street, right-of-way, road or avenue which has or may be dedicated to public use and which is not an accepted street until a permit has been previously obtained from the Borough Council authorizing such clearing or improvement.

The approval of any plan by the Planning Board shall in no way be considered as an acceptance of any street, nor shall such approval obligate the governing body to maintain or exercise jurisdiction over such street, road, right-of-way or avenue.

Before the acceptance of any road, street or avenue by the Borough Council:

No certificate of occupancy shall be issued for the occupancy of any building in any development for which subdivision approval has been obtained from the Planning Board unless and until all improvements required to be made have been installed, including gas and electric service, water, sewer and paved roads; provided, however, that such certificate of occupancy may be issued if all the aforesaid improvements have been made with the exception of the final bituminous concrete surface course of the road on which the building or structure faces.

The performance guaranty shall be in favor of the Borough of Carteret in an amount equal to 120% of the cost of such improvements. At least 10% of the performance guaranty shall be in the form of cash or a certified check made payable to the Borough of Carteret.

The performance guaranty shall be approved by the Borough Attorney as to form, sufficiency and execution. The performance guaranty shall enumerate all required improvements in detail, setting forth the amount, quantity and specification of all items. Such performance guaranty shall run for a period to be determined by the Borough Council.

Any cash or certified check furnished as a performance guaranty in favor of the Borough shall be held in escrow by the Borough Treasurer and deposited or invested in the manner prescribed by law for municipal funds, the principal amount to be refunded to the obligor upon release from liability or reduction in the amount of the performance guaranty.

If the required improvements have not been installed 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 installed or improperly installed, and, upon receipt of the proceeds thereof, the Borough shall install such improvements. The cost of such improvements shall first be paid from the certified check required above.

Upon substantial completion of all required appurtenant utility improvements and the connection of the same to the public system, the obligor may notify the Borough Council in writing, by certified mail, addressed in care of the Municipal Clerk, of the completion or substantial completion of improvements and shall send a copy thereof to the Borough Engineer. Thereupon, the Borough Engineer shall inspect all improvements of which such notice has been given and shall file a detailed report, in writing, with the Borough Council indicating either approval, partial approval or rejection of such improvements, and a statement of the improvements as approved or rejected shall be set forth.

The Borough Council 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 the Borough 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 all liability pursuant to its performance guaranty, except for that portion adequately sufficient to secure provision of the improvements not yet approved, provided that 30% of the amount of the performance guaranty posted may be retained to ensure completion of all improvements. 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 for such improvements.