General development plan approval shall confer upon the applicant the following rights and obligations until the entire planned development is fully developed:

The terms of the effect of any general development plan approval shall be determined by the Land Use Board using the guidelines set forth in this subsection, except that the term of the effect of the approval shall not be less than six years nor exceed 20 years from the date upon which the developer receives final approval of the first section of the planned development.

Approval of preliminary and final site plan and/or subdivision applications which may be submitted from time to time for portions of the general development plan shall be granted upon proof of compliance with the approved Overall Development Plan and with the permitted uses, densities and development standards set forth in this subsection as of the date of approval of the Planned Development Zone. Notwithstanding the above, the applicant may be required by the Land Use Board to post any performance or maintenance guarantees and pay any inspection fees permitted by statute in accordance with N.J.S.A. 40:55D-53 and required by ordinance.

Modification of timing schedule. In the event that the developer seeks to substantially modify the proposed timing schedule, such modification shall require the approval of the Land Use Board. The Land Use Board shall, in deciding whether or not to grant approval of the modification, take into consideration prevailing economic and market conditions, anticipated and actual needs for residential units and nonresidential space within the municipality and the region, the availability and capacity of public facilities to accommodate the proposed development and the terms of the municipal development agreement and the terms of any grant of substantive certification.