A maintenance guarantee shall be furnished by the developer upon release of the performance guarantee, acceptance of public improvements by the borough council and/or approval of site improvements by the borough engineer. The developer may elect to furnish such maintenance guarantee either by (1) maintaining on deposit with the borough the 10% cash or certified check portion of the performance guarantee provided in accordance with subsection 13-7.1 or (2) by a bond issued by a bonding company or surety company, or other type of surety acceptable to and approved by the borough attorney and borough council in an amount equal to 15% of the total performance guarantee provided in accordance with subsection 13-7.1. The maintenance guarantee shall begin with the release of the performance guarantee and shall run for a period of two years. 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 his performance guarantee. Should he fail in his obligation to properly maintain all improvements, the borough 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 against the guarantee. At the end of the maintenance guarantee the cash or certified check on deposit will be returned to the subdivider less any sums, properly documented by the borough, which have been expended to repair or replace any unsatisfactory improvements.