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.

A maintenance guaranty posted with the Township to guaranty maintenance over a period not to exceed two years from the Township's approval or acceptance of the improvements, in an amount not to exceed 15% of the cost of the improvements, 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. The developer may elect to post all or part of the maintenance guaranty in cash, subject to the terms of a written cash bond. The form of the maintenance guaranty and/or cash bond must be reviewed by and meet the approval of the Township Solicitor before it is posted with the Township.

In the event that other governmental agencies or public utilities automatically will own the utilities to be installed or the improvements are covered by a performance or maintenance guaranty to another governmental agency, no performance or maintenance guaranty, as the case may be, shall be required by the Township for such utilities or improvements.

The performance and maintenance guaranties must be reviewed by the Township Solicitor to confirm that they are issued satisfactorily as to form, sufficiency and execution, and that they meet the following requirements:

After review and approval by the Township Solicitor, the original approved performance guaranty and the original approved maintenance guaranty must both be posted with the Township Clerk prior to the Planning Board Chairperson's and Secretary's signature of any site plan, subdivision plat or minor subdivision deed, and prior to the issuance of any zoning, building, or other permit or certificate.

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

Default; reductions and release. If the required improvements are not completed or corrected in accordance with the performance guaranty, the developer and surety, if any, shall be liable therefor to the Township for the reasonable cost of the improvements not completed or corrected and the Township may, either prior to or after the receipt of the proceeds thereof, complete such improvements. Such completion or correction of improvements shall be subject to the public bidding requirements of the Local Public Contracts Law (N.J.S.A. 40A:11-1 et seq.). Otherwise, the guaranties will be subject to reduction and release as provided in N.J.S.A. 40:55D-53.

The Planning Board must establish a deadline by which the applicant must complete all guaranteed improvements in connection with a site plan, subdivision or other approval. The deadline should be a date certain that is memorialized by Planning Board resolution prior to the posting of the performance guaranty, but may instead be a period of time that runs from the adoption date of the Board's resolution of approval. The completion deadline is an administrative deadline established for purposes of measuring default under the performance guaranty, and should be based on the applicant's and Planning Board Engineer's estimate of when the project will be complete to the extent that the site improvements are necessary for proper use of the site and protection of those who are or may be affected by it. The completion deadline is separate and distinct from the expiration date of final site plan or subdivision approval as provided in N.J.S.A. 40:55D-52 and this article. The completion deadline may be established and thereafter extended by majority vote of the Board without public hearing or notice at any time prior to the expiration of final approval, provided that such deadline must be established prior to the review and posting of the performance and maintenance guaranty. After the guaranty have been posted, the completion deadline may be extended by the Township pursuant to N.J.S.A. 40:55D-53(b). Extension requests must be considered in light of the purposes expressed in this section and will require a showing by the applicant that the site improvements are not or will not be needed within the originally estimated time.

All easements for roadways, road widening, utilities, sight triangles, drainage and emergency access, and all declarations of covenant or restriction pertaining to maintenance of facilities, landscaping or other improvements or for road access restrictions or any other purpose required as a condition of any Planning Board approval, must be established to the Township Solicitor's satisfaction prior to signature of any site plan or subdivision deed or plat, by approved deed or other document of record, as well as being indicated on any approved site plan or subsequently filed plat.

Prior to the Planning Board Chair's or Secretary's signature of any site plan, subdivision plat or minor subdivision deed, and prior to the issuance of any zoning permit, building permit, or other permit or certificate:

Until such time as the streets and other improvements are accepted by the Township, and except as otherwise provided by law, the developer shall be obligated to perform all maintenance, including but not limited to all snowplowing of such streets and other municipal functions.

In the event the developer fails to maintain the streets or other improvements and thereby creates a hazard, drainage failure, or other problem that could result in harm to persons or property, the Township may perform such maintenance as is necessary to eliminate the hazard or problem. The costs incurred by the Township in so doing shall be billed to and paid by the developer, and, if not so paid within 30 days after billing, the developer may be prosecuted for a zoning violation in Municipal Court, and as such the developer shall be subject to fines and penalties pursuant to § 60-112 in addition to reimbursement as aforesaid. The Township may also take reimbursement for such costs from the developer's inspection or review escrows. Maintenance work performed by the Township as a result of the developer's failure to properly maintain streets and other improvements shall not constitute an acceptance of the streets, drainage or other improvements.