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1. The developer, prior to the dedication of any improvements, shall file a maintenance bond or escrow deposit with the Borough. The amount of such surety shall be equal to 20 percent of the cost of the improvements and may be held for a period of 12 months after final completion of such improvements for the purpose of:
A. Guaranteeing and securing the correction of any defect in material or workmanship not discernible at the time of final inspection or acceptance by the governing body.
B. Guaranteeing against any damage to such improvements by reason of the settling of the ground, base or foundation thereof.
2. Such agreement shall provide that the surety may be applied by Borough Council for any amounts incurred correcting such defects. The balance shall be returned by the governing body to the depositor, or paid to the order of the depositor without payment of interest by the governing body.
(Ord. 6/6/1977, §309)