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 shall furnish such maintenance guarantee 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 50% of the total performance guarantee provided in accordance with Subsection 18-13.26 of this Chapter. 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 guarantor 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 thereof against the guarantor. At the end of the two year period the maintenance guarantee will be returned to the guarantor less any sums, properly documented by the Borough which has been expended to repair or replace any unsatisfactory improvements.