In lieu of constructing the lower-income units which would otherwise have been required in this zone district, the developer shall contribute $240,000 to the Borough's Affordable Housing Fund. Payment of $160,000 shall be made by the developer at the time of the issuance of the first building permit or within nine months of the effective date of approval of the development by the Allendale Planning Board or when required by a regional contribution agreement payment schedule, whichever first occurs. Payment of the balance of $80,000 shall be made by the developer in accordance with the following schedule:
(1) Upon completion of 25% of the units: $20,000.
(2) Upon completion of 50% of the units: $20,000.
(3) Upon completion of 75% of the units: $20,000.
(4) Upon completion of 100% of the units: $20,000.