Performances and maintenance guarantee. Before recording final subdivision plats or as a condition of final site plan approval, the Planning Board shall require and shall accept, in accordance with the standards adopted herein, for the purpose of assuring the installation and maintenance of on-tract public improvements and landscaping:

Time extensions. The time allowed for installation of the improvements for which the performance guarantee has been provided may be extended by the governing body by resolution. As a condition or part of any such extension, the amount of any performance guarantee shall be increased or reduced, as the case may be, to an amount not to exceed 120% of the cost of the installation as determined as of the time of the passage of the resolution.

Liability. If the required improvements are not completed or corrected in accordance with the performance guarantee, the obligor and surety, if any, shall be liable thereon to the Borough for the reasonable cost of the improvements not completed or corrected, and the Borough may, either prior to or after the receipt of the proceeds thereof, complete such improvements.

Notification and inspection of completion. Upon substantial completion of all required improvements and the connection of same as necessary to the public system, the obligor shall notify the governing body in writing by certified mail addressed in care of the Borough 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 Planning Board and governing body, indicating either approval, partial approval or rejection of such improvements with a statement of reasons for any rejection. The cost of the improvements as approved or rejected shall be set forth.

Approval improvements. The governing body shall either approve, partially approve or reject the improvements on the basis of the Planning Board recommendation and report of the Borough Engineer and shall notify the obligor, in writing of its decision. Where partial approval is granted, the obligor shall be released from all liability pursuant to its performance guarantee, except for that portion adequately sufficient to secure provision of the improvements not yet approved, provided that 30% of the amount of the performance guarantee posted may be retained to insure completion of all improvements. Before releasing any guarantees or portions thereof, the following items shall be submitted to the governing body:

Notification of release. After the release of the bond or any part thereof, said statement to that effect shall be sent to the Planning Board by the Borough Engineer.

Rejection of improvements. If any portion of the required improvements is rejected, the governing body may require the obligor to complete such improvements, and upon completion, the same procedure of notification as set forth in this article shall be followed.

Legal proceedings. Nothing herein, however, shall be construed to limit the right of the obligor to contest by legal proceedings any determination of the governing body or the Borough Engineer.

Inspection fees. The obligor shall reimburse the Borough for all reasonable inspection fees paid to the Borough Engineer for the foregoing inspection of the improvements, provided that the Borough may require of the developer a deposit for all or a portion of the reasonably anticipated fees to be paid to the Borough Engineer for such inspection which shall be a minimum of 7% of the value of the improvements of $200, whichever is greater.

Staged development. In the event that final approval is by stages or sections of development pursuant to Municipal Land Use Act (N.J.S.A. 40:55D-38), the provisions of this section shall be applied by stage or section.

Building permits. A building permit shall not be issued until all on-site improvements have been installed, except for the finish course of the road and monuments and trees, provided that the Borough Engineer warrants that it is in the Borough's interest to delay completion of the road, monuments and trees until after the subdivider has completed construction of dwellings and structures. The maintenance guarantee required hereafter shall not begin until the finish course of roads, monuments and trees have been installed.

Certificates of occupancy. No certificate of occupancy shall be issued unless all inspection and other fees due to the Borough have been paid and a Borough water meter has been installed where applicable. In addition, no certificate of occupancy shall be issued unless all other improvements required by this article have been installed, unless one of the exceptions below is applicable:

Borough acceptance.

Security bond. The applicant may obtain a security bond from a surety bonding company authorized to do business in the State of New Jersey.

Letter of credit. The applicant may provide an irrevocable letter of credit from a bank or other reputable institution.

Escrow account. The applicant shall deposit cash, or other instruments readily convertible into cash at face value, either with the Borough or in escrow with a bank.

Property. The applicant may provide as a guarantee land or other property under an agreement approved by the Borough Solicitor.

Subdivision improvement guarantee. An applicant may provide as a guarantee a subdivision improvement agreement between the applicant, lender, and Borough.

Improvements to be constructed at sole expense of applicant. In cases where the reasonable and necessary need for an off-tract improvement or improvements is necessitated or required by the proposed development application and where no other property owner receives a special benefit thereby, the applicant may be required, as a condition of approval, at the applicant's sole expense, to provide for and construct such improvement as if such were a nontract improvement, in the manner provided hereafter and otherwise provided by law.

Other improvements. In cases where the need for any off-tract improvement is necessitated by the proposed development application and where it is determined that properties outside the development will also be benefited by the improvement, the following criteria shall be utilized in determining the developer's proportionate share of such improvements:

Escrow accounts. Where the proposed off-tract improvement is to be undertaken at some future date, the moneys required for the improvement shall be deposited to the credit of the Borough in a separate account until such time as the improvement is constructed. If the off-tract improvement is not begun within 10 years of deposit, all moneys and interest shall be returned to the applicant.

Computation of pro rata share. In any case in which an applicant shall not provide the approving authority with the estimates of a traffic consultant and/or consulting engineer with regard to estimated improvement costs and all other information necessary to proportion costs, the approving authority may rely on the estimates of the Borough Engineer in order to prorate costs.

General provisions. Prior to the granting of final approval, the developer shall have installed improvements required by the Planning Board or have posted a performance guarantee or surety sufficient to cover the cost of said improvements. The Planning Board may solicit local, county, state, federal, public or semipublic agencies and knowledgeable individuals on what improvements shall be required. Improvements recommended by other agencies, such as a utilities authority, county, state or other governmental agencies, may be required by the Planning Board as a condition of final approval. The following construction standards and improvements are necessary to protect the health, safety, welfare and convenience of the residents and public, as well as needed to meet local, county, regional, state and national goals and objectives. It is recognized however, that in peculiar situations, all of the improvements listed below may not be appropriate or needed.

Site conditions.