(A) The applicant shall agree in writing in a form provided by the township that he or she will construct or install and maintain until dedication all of the improvements required herein or required as a condition of approval of the final plan in accordance with the governing specifications and within the specified time limits.
(B) As a condition for approval of a final plan, the applicant shall deposit with the township financial security in an amount sufficient to cover the costs of the required improvements in accordance with § 509 of the Municipalities Planning Code, 53 P.S. § 10509. In cases where development is projected over a period of years, the Township Board of Supervisors may authorize submission of the final plan by sections or stages of development, subject to such requirements or guarantees as to improvements in future sections or stages of development as it finds essential for the protection of any finally approved section of the development.
(C) Release from improvement bond: the security for improvements deposited as aforesaid may be released in accordance with § 509 of the Municipalities Planning Code.
(D) If the subdivider or developer does not satisfactorily construct or install all of the improvements included within the agreement referred to in division (A) above, the Township Board of Supervisors shall institute appropriate legal or equitable proceedings to enforce the bond or other security referred to in division (B) above, or if no bond or other security is enforceable, or if the proceeds thereof are insufficient to pay the cost of completing the construction or installation of such improvements or the cost of making repairs or corrections thereto, to collect the same from the subdivider or developer. The Township Board of Supervisors, at its option, may also proceed to complete such improvements or make repairs and corrections thereto prior to receiving the cost thereof from the surety on the bond, from the other security or from the subdivider or developer. All funds recovered from the surety, from other security or from the subdivider or developer shall be used solely for such improvements and not for any other purpose.
(2003 Code, § 146-38) (Ord. 2-96, passed 7-5-1996)