Bond required. The Township Engineer may, before issuing a permit,
require a performance bond in a form and amount satisfactory to them
and approved by the Township Solicitor, conditioned upon the faithful
performance of the runoff, erosion control measures, BMPs and other
conditions specified in the permit within the times specified, or
within any extension thereof granted by the Township Engineer, in
the amount of 110% of the total estimated cost of all runoff, erosion
and sediment control measures, BMPs and safeguards of adjoining properties
or, in the alternative, the posting of a letter of credit or deposit
of funds equal to 110% of the cost of measures pursuant to a security
agreement. No portion of said funds may be released except upon order
of the owner, occupier, homeowners' association and the Township
Engineer, or a designated official of the Township of Whitemarsh,
for payment of the cost of labor, material and other costs of the
installation of the aforesaid improvements. In the event that the
owner, occupier or homeowners' association should fail to complete
the improvements within a prescribed period of time, the Township
shall have the right to demand and receive from the escrow account
the amount then remaining in the escrow fund.