No final subdivision or site plan, or both, shall be approved by the Planning Board until the completion of all required improvements have been certified to the Planning Board by the Municipal Engineer, unless the subdivision owner shall have filed with the municipality a performance guaranty in the amount equal to 120% of the cost of the improvements specified in § 137-4, as estimated by the Municipal Engineer, assuring the installation of such uncompleted improvements on or before an agreed date and also assuring compliance with the soil erosion and sediment control plan certified by the Sussex County Soil Conservation District. Such performance bond, which shall be issued by a bonding or surety company approved by the governing body, shall be in the form of a certified check returnable to the subdivider after full compliance or any other type of surety approved by the Municipal Attorney. The Planning Board may require that an amount not exceeding 20% of the estimated cost of such unfinished improvements be deposited in cash with the Township to assure completion thereof, the balance being covered by a performance bond. The performance guaranty shall be approved by the Municipal Attorney as to form, sufficiency and execution. Such performance guaranty shall run for a period to be fixed by the Planning Board, but in no case for a term of more than two years. However, with the consent of the owner and the surety, if there be one, the governing body may, by resolution, extend the term of such performance guaranty, the amount thereof to be adjusted to reflect any increase based on new engineering estimates of current costs as well as any decrease resulting from partial performance, for an additional period not to exceed two years. The amount of the performance guaranty may be reduced by the governing body, by resolution, when portions of the required improvements have been installed. If the required improvements have not been installed in accordance with the performance guaranty, the obligor and surety shall be liable therein to the municipality for the reasonable cost of the improvements not installed and upon receipt of the proceeds thereof, the municipality shall install such improvements. Performance guaranties shall be released in accordance with the provisions of N.J.S.A 40:55D-53.
No final subdivision plat or site plan shall be approved by the Planning Board until the subdivider has filed with the municipality a maintenance guaranty which shall be in a sum equal to 15% of the amount of the original cost for the installation of improvements and which shall be approved by the Township Attorney as to form, sufficiency and execution and shall cover a period not to exceed two years. The maintenance bond shall be expressly conditioned upon the maintenance by the subdivider of all such improvements for said period and particularly shall guaranty the remedy of any defects in such improvements which occur during the same period. The maintenance bond shall further guarantee the replacement of any shade trees found to be unhealthy within one year of planting.