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A maintenance guaranty shall be furnished by the developer upon release of the performance guaranty, acceptance of public improvements by the Borough Council and/or approval of site improvements by the Borough Engineer. The developer may elect to furnish such maintenance guaranty either by maintaining on deposit with the borough the ten-percent cash or certified check portion of the performance guaranty provided in accordance with § 94-7.1 of this Article or by a bond issued by a bonding company or surety company or other type of surety acceptable to and approved by the Borough Attorney and Borough Council in an amount equal to fifteen percent (15%) of the total cost of improvements provided in accordance with § 94-7.1 of this Article. An irrevocable letter of credit shall be accepted by the borough under the provisions set forth under § 94-7.1A(4) of this chapter. The maintenance guaranty shall begin with the release of the performance guaranty and shall run for a period of two (2) 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 (2) years from the release of his performance guaranty. Should he fail in his obligation to properly maintain all improvements, the borough may, on ten (10) days' written notice or immediately in the case of hazard to life, health or property, proceed with 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 sum, properly documented by the borough, which has been expended to repair or replace any unsatisfactory improvements. 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 maintenance guaranty to another governmental agency, no maintenance guaranty shall be required by the municipality for such utilities or improvements.
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