If the required improvements are not completed or corrected in accordance with the performance guaranty, the obligor and surety, if any, shall be liable thereon to the municipality for the reasonable cost of the improvements not completed or corrected, and the municipality may, either prior to or after the receipt of the proceeds thereof, complete such improvements. The approving authority shall have the power to require the installation of such improvements within a specified period or periods of time, consistent with law, set in its decision, taking into account the facts of the proposed development plan or plat, all of the provisions of this chapter and the health, safety and welfare of the community.