A.maintenance guaranty shall be furnished by the developer upon release of the performance guaranty, acceptance of public improvements by the Township Committee and/or approval of site improvements by the Town Engineer. The developer may elect to furnish such maintenance guaranty either by maintaining on deposit with the Township the ten percent cash or certified check portion of the performance guaranty provided in accordance with § 348-7.1 of this article or by a bond issued by a bonding company or surety company, or an irrevocable letter of credit pursuant to N.J.S.A. 40:55D-53, or other type of surety acceptable to and approved by the Township Committee in an amount equal to 15% of the total performance guaranty provided in accordance with § 348-7.1 of this article. The maintenance guaranty shall begin with the release of the performance guaranty and shall run for a period of two years. The maintenance guaranty 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 guaranty. Should he fail in his obligation to properly maintain all improvements, the Township may, on 10 days' written notice, or immediately in the case of hazard to life, health or property, proceed with the necessary repair or replacement of any unacceptable improvements and charge the cost thereof against the guaranty. At the end of the maintenance guaranty, the cash or certified check on deposit will be returned to the subdivider less any sums properly documented by the Township which have been expended to repair or replace any unsatisfactory improvements.