Upon the completion of each section of the development as set forth in the approved general development plan, the developer shall notify the administrative officer, by certified mail, as evidence that the developer is fulfilling his obligations under the approved plan. For purposes of this subsection "completion" of any section of the development shall mean that the developer has acquired a certificate of occupancy for every residential unit or every nonresidential structure. If the municipality does not receive such notification at the completion of any section of the development, the municipality shall notify the developer, by certified mail, in order to determine whether or not the terms of the approved plan are being complied with.

If a developer does not complete any section of the development within eight months of the date provided for in the approved plan, or if at any time the municipality has cause to believe that the developer is not fulfilling his obligations pursuant to the approved plan, the municipality shall notify the developer, by certified mail, and the developer will have 10 days within which to give evidence that he is fulfilling his obligations pursuant to the approved plan. Delay resulting from delay in availability of utilities' shall not constitute grounds for termination. The municipality thereafter shall conduct a hearing to determine whether or not the developer is in violation of the approved plan. If, after such a hearing, the municipality finds good cause to terminate the approval, it shall provide written notice of same to the developer and the approval shall be terminated 30 days thereafter provided such action is not inconsistent with the terms of the municipal development agreement or any grant of substantive certification.

In the event that a developer who has general development plan approval does not make an application for preliminary approval for the first section of the planned development which is the subject of that general development plan approval within five years of the date upon which the general development plan has been approved by the Land Use Board, the municipality shall have cause to terminate the approval.