The applicant/person required to construct a stormwater facility pursuant to older or replaced site development or stormwater drainage Regulations, which is covered by a maintenance or defect financial guarantee or which has been released from all required financial guarantees prior to the effective date of this Title, and all persons holding title to the property for which a facility was required shall be responsible for the continual operation and maintenance of the facility in accordance with standards and requirements that were the basis of approval of the site development permit and for any liability as a result of breach of these duties.