As a condition of final site plan approval, the reviewing board may require and shall accept in accordance with the standards adopted by this chapter for the purpose of assuring the installation and maintenance of on-tract improvements

a. The furnishing of a performance guarantee in favor of the township in an amount not to exceed 120 percent of the cost of installation for improvements it may deem necessary or appropriate including streets, grading, pavement, gutters, curbs, sidewalks, street lighting, shade trees, surveyor's monuments, as shown on the final map and required by the "Map Filing Law", P L 1960, Chapter 141 (R S 46 23-9 9 et seq ), water mains, culverts, storm sewers, sanitary sewers, or other means of sewage disposal, drainage structures, erosion control and sedimentation control devices, public improvements of open space and other on-site improvements and landscaping, provided that no more than ten percent of the total performance guarantee shall be in cash, and the balance shall be in the form of a bond from a bonding company approved by the township

The township engineer shall review the improvements required by the reviewing board which are to be bonded and itemize their cost The itemization shall be the basis for determining the amount of performance guarantee and maintenance guarantee required by the reviewing board The township engineer shall forward his estimate of the cost of improvements to the applicant within 30 days of the date of receipt of a request sent by certified mail for the estimate

b The furnishing of a maintenance guarantee to be posted with the township council for a period not to exceed two years after final acceptance of the improvement, in an amount not to exceed 15 percent of the cost of the improvement In the event that other governmental agencies or public utilities automatically will own the utilities to be installed or the improvements are covered by performance or maintenance guarantee to another governmental agency, no performance or maintenance guarantee, as the case may be, shall be required for such utilities or improvements

The amount of any performance guarantee may be reduced by the township committee, by resolution when portions of the improvements have been certified by the township engineer to have been completed The time allowed for installation of the improvements for which the performance guarantee has been provided may be extended by the township committee by resolution

If the required improvements are not completed or corrected in accordance with the performance guarantee, the obligor and surety, if any, shall be liable thereon to the township for the reasonable cost of the improvements not completed or corrected and the township may either prior to or after the receipt of the proceeds thereof complete such improvement

Notification of Township When all of the required improvements have been completed, the obligor shall notify the township in writing, by certified mail addressed in care of the township clerk, of the completion of the improvements and shall send a copy thereof to the township engineer Thereupon the township engineer shall inspect all of the improvements and shall file a detailed report, in writing, with the township committee, indicating either approval, partial approval or rejection of the improvements with a statement of reasons for any rejection If partial approval is indicated, the cost of the improvements rejected shall be set forth

The township committee shall either approve, partially approve or reject the improvements, on the basis of the report of the township engineer and shall notify the obligor in writing, by certified mail, of the contents of the report and the action of the reviewing board with relation thereto, not later than 65 days after receipt of the notice from the obligor of the completion of the improvements Where partial approval is granted, the obligor shall be released from all liability pursuant to its performance guarantee, except for that portion adequately sufficient to secure provisions of the improvements not yet approved. Failure of the township to send or provide such notification to the obligor within 65 days shall be deemed to constitute approval of the improvements and the obligor and surety, if any, shall be released from all liability, pursuant to such performance guarantee

If any portion of the required improvements is rejected, the reviewing board may require the obligor to complete such improvements and, upon completion, the same procedure of notification, as set forth in this section shall be followed.

The obligor shall reimburse the township for all reasonable inspection fees paid to the township engineer for the foregoing inspection of improvements

No certificate of occupancy shall be issued on any construction commenced as a result of receiving final site plan approval until the township engineer shall certify to the reviewing board that all required improvements have been completed Upon receipt of the certification by the township engineer, that all required improvements have been completed, the reviewing board shall so certify to the building inspector that a certificate of occupancy may be issued upon completion of any structures in accordance with the requirements of the township building code