Prior to site plan approval and subdivision approval, the developer shall file with the Village Board a performance bond and/or cash deposit, as estimated by the Village Engineer, sufficient to cover the full cost of all recreation and park improvements shown on the site plan and a maintenance bond and/or cash deposit to insure the proper maintenance of all common lands. The amount and period of said bonds and/or cash deposit shall be determined by the Planning Board, and the form, sufficiency, manner of execution and surety shall be approved by the Village Board.