ARTICLE 9.8 GUARANTEES
Section 9.8.1 Guarantee

A.As a condition of Final Plat approval the Planning Board shall require

1 A performance guarantee in favor of the municipality in an amount not to exceed one hundred twenty (120) percent. ten (10) percent of which shall be in cash, of the cost of installation for improvements, including, but not limited to streets. grading, pavement. gutters, curbs. sidewalks, street lighting, shade trees, surveyor's monuments. pipe staking at corners of each lot. water mains, culverts, storm sewers, sanitary sewers or other means of sewage disposal. drainage structures, erosion control and sedimentation control devices, and public improvements of open space

2 A maintenance guarantee is to be posted with the governing body for a period not to exceed two (2) years after final acceptance of the improvement. in an amount not to exceed fifteen (15) percent of the total cost of improvements

B.In the event that other governmental agencies or public utilities automatically will own the utilities to be installed or the improvements are covered by a performance or maintenance guarantee to another governmental agency, no performance or maintenance guarantee, as the case may be, shall be required by the municipality for such utilities or improvements

C.1 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 applicant in writing. by certified mail, of the contents of said report and the action of the Township Committee and a statement of reasons for any rejection, not later than sixty-five (65) days after receipt of notice from the applicant of the completion of the improvements

2 In case of partial approval, the applicant shall be released from all liability pursuant to his performance guarantee, except for that portion sufficient to secure provision of the improvements not yet approved. provided that thirty (30) percent of the amount of the performance guarantee posted may be retained to secure completion of all improvements

3. The obligor shall reimburse the municipality for all reasonable inspection fees paid to the municipal engineer for the foregoing inspection of improvements. provided that the municipality may require of the developer a deposit for all or a portion of reasonably anticipated fees to be paid to the municipal engineer for such inspection

4 In the event that final approval is by stages or sections of development the provisions of this Section shall be applied by stage or section

5 Failure of the Township Committee to send or provide such notification to the applicant within sixty-five (65) days shall be deemed to constitute approval of the improvements and the applicant and surety, if any, shall be released from liability, pursuant to such performance guarantee

D.If any portion of the required improvements is rejected, the approving authority may require the applicant to complete such improvements and, upon completion. the same procedure of notification

E.In the event the applicant shall fail to complete the required improvements within a time period not to exceed three (3) years from the date of execution of the performance guarantees. the municipality shall install the uncompleted improvements utilizing the performance guarantee funds

F.Extension of time limit for installation. utility improvements

1 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 As a condition or as part of any such extension, the amount of any performance guarantee shall be increased or reduced, as the case may be, to an amount not to exceed one hundred twenty (120) percent of the cost of the installation as determined as of the time of the passage of the resolution

2 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 municipality for the reasonable cost of the improvements not completed or corrected and the municipality may either prior to or after the receipt of the proceeds thereof complete such improvements

3 Upon substantial completion of all required appurtenant utility improvements, and the connection of same to the public system, the obligor may notify the Township Committee in writing, by certified mail addressed in care of the Municipal Clerk of the completion or substantial completion of improvements and shall send a copy thereof to the Municipal Engineer Thereupon the Municipal Engineer shall inspect all improvements of which such notice has been given and shall file a detailed report. in writing, with the Township Committee, indicating either approval, partial approval or rejection of such improvements with a statement of reasons for any rejection

G.The cost of the improvements as approved or rejected shall be set forth