As a condition of final site plan approval, the Planning Board (or Zoning Board) may, for the purpose of assuring the installation and maintenance of on-tract improvements pursuant to N.J.S.A. 40:55D-53, and off-tract improvements pursuant to N.J.S.A. 40:55D-42, require the applicant/developer to file with the municipality, performance and/or maintenance guarantees, in accordance with the standards and regulations set forth in the Land Subdivision Ordinance of the Borough of Woodbine, Article VIII, Sections 3 and 4 thereof.