Prior to the release of a performance guarantee issued pursuant to § 348-7.1, the developer must furnish a maintenance guarantee in an amount equal to 15% of the installation of the improvements which are being released.

The developer shall furnish, upon the inspection and issuance of final approval of the Township Engineer, a maintenance guarantee in amount not to exceed 15% of the cost of the installation of following private site improvements: stormwater management basins; in-flow and water quality structures within those basins; and the out-flow pipes and structures of the stormwater management system. The costs shall be determined in accordance with N.J.S.A. 40:55D-53.4.

The term of the maintenance guarantee shall be for a period of two years and shall automatically expire at the end of the established term.

The developer may elect to furnish a maintenance guarantee either by maintaining on deposit with the Township the 10% cash or certified check portion of the performance guarantee provided in accordance with § 348-7.1 or by a bond issued by a bonding company or surety company, or other type of surety acceptable to and approved by the Township Attorney and Township Council.

The maintenance guarantee shall be to the effect that the applicant, developer, owner or user guarantees the complete maintenance of all improvements for a period of two years from the release of the performance guarantee. Should the applicant, developer, owner or user fail in that obligation, the Township may, on 10 days' written notice, or immediately in the case of hazard to life, health, or property, proceed with necessary repair or replacement of any unacceptable improvements and charge the cost thereof against the maintenance guarantee.

At the end of the maintenance guarantee, the cash or certified check on deposit will be returned to the developer less any sums, properly documented by the Township, which have been expended to repair or replace any unsatisfactory improvements.