A performance guaranty posted with the Township in an amount not to exceed 120% of the cost of installation, which cost shall be determined by the Township Engineer according to the method of calculation set forth in N.J.S.A. 40:55D-53.4, for improvements which the Planning Board may deem necessary or appropriate, including but not limited to streets, grading, pavement, gutters, curbs, sidewalks, streetlighting, shade trees, surveyor's monuments as shown on the final map and required by the Map Filing Law (N.J.S.A. 46:23-9.9 et seq.), water mains, culverts, storm sewers, sanitary sewers or other means of sewage disposal, drainage structures, erosion control and sedimentation control devices, public improvements of open space and, in the case of site plans only, other on-site improvements and landscaping. The Township Engineer shall prepare an itemized cost estimate of the improvements covered by the performance guaranty, which itemized cost estimate shall be appended to each performance guaranty posted by the developer. At least 10% of the performance guaranty amount must be posted in cash (although the developer may elect to post a larger percentage of the performance guaranty in cash), subject to the terms of a written cash bond as provided in Subsection D(3), below. The forms of the performance guaranty and/or cash bond must be reviewed by and meet the approval of the Township Solicitor before they are posted with the Township. The performance guaranty must contain deadlines for completion of improvements that have been established by resolution of the Planning Board.