The developer shall post with the Borough, prior to the release of a performance guarantee required pursuant to subsection 30-10.2, a maintenance guarantee, in an amount not to exceed 15% of the cost of the improvements which are being released.

The developer shall post with the Borough, upon the inspection and issuance of final approval of the following private site improvements by the Borough Engineer, a maintenance guarantee in an amount not to exceed 15% of the cost of the installation, which cost shall be determined by the Borough Engineer according to the method of calculation set forth in section 15 of N.J.S.A. 40:55D-53.4, of the following private site improvements:

The term of the maintenance guarantee shall be for a period not to exceed two years and shall automatically expire at the end of the established term.