Performance bond or guaranty. The Joint Land Use Board may, in its discretion, authorize the issuance of certificates of occupancy with respect to any building or structure for which a building permit is issued under this article, and, with respect to which all improvements required by this chapter shall not be complete, upon the filing with the Borough Clerk of a performance bond or guaranty sufficient in amount, in the opinion of the Joint Land Use Board, to cover the cost of all incomplete improvements required by this chapter, and, as a prerequisite to the discharge thereof, the filing of the maintenance bond hereinbefore set forth. Such performance bond or guaranty shall be approved by the Borough Attorney as to form, sufficiency and execution. If the required improvements have not been installed in accordance with the performance bond or guaranty, the obligor and surety shall be liable thereon to the Borough for the reasonable cost of the improvements not installed, and, upon receipt of the proceeds thereof, the Borough shall install such improvements to the extent of the proceeds received.