When payment in lieu of construction is selected by the developer, the developer and/or property owner may develop all the residential units permitted under this article as market-priced units and shall deposit $35,000 into the Township's Mt. Laurel Housing Fund for each low- and moderate-income housing unit otherwise required. Should a fractional unit result from the computation of the number of low- and moderate-income housing units required, the fraction shall not be rounded off and the developer shall pay the full PIL fee, including the prorated share for the fractional unit. The developer and/or property owner may make the $35,000 PIL deposit separately for each four units constructed, except that if fewer than four units remain to be constructed, the final deposit shall be prorated. For each four units, the PIL deposit shall be made in two payments, half at the time of the issuance of the first building permit and half prior to the issuance of the first certificate of occupancy.