The Township Committee shall either approve, partially approve or reject the improvements, on the basis of the report of the Township Engineer, and shall notify the obligor in writing, by certified mail, of the contents of the report and action of the Board with relation thereto, not later than 65 days after receipt of the notice from the obligor of the completion of the improvements. Where partial approval is granted, the obligor shall be released from all liability pursuant to its performance guarantee except for that portion adequately sufficient to secure provision of the improvements not yet approved. Failure of the Township Committee to send or provide such notification to the obligor within 65 days shall be deemed to constitute approval of the improvements and the obligor and surety, if any, shall be released from all liability pursuant to such performance guarantee.