§ 212-33. Maintenance guaranty.

A. 

Before any improvements are accepted by the Borough, the applicant shall deposit with the Borough Clerk a maintenance guaranty in the amount of 10% of the estimated cost of the improvements, as estimated by the Borough Engineer, but in no event in an amount less than $1,000. The maintenance guaranty shall be for a period of two years and shall provide for the proper repair or replacement, if necessary, of any such improvements during a two-year period. The two-year period shall be from the date of the acceptance of the guaranty by the Borough. Every maintenance guaranty shall contain the following clause: "It is hereby understood and agreed that in the event the principal shall default in the performance of this obligation under this obligation, then surety shall perform the principal's obligation at the option of the obligee."

B. 

The maintenance guaranty shall also guarantee the replacement of any shade trees found to be unhealthy within two years after acceptance. In the event that the applicant has completed all of the improvements prior to the granting of final approval by the Planning Board of the final plat of any such subdivision or site plan, the maintenance guaranty shall be posted before the final approval of the final plat by the Planning Board. This requirement may be waived by the governing body, at its discretion, when the improvements have been installed for at least two years prior to acceptance.