Default. A developer who has not completed the improvements pursuant to the time constraints set forth herein shall be deemed to be in default without any further action required by the Township Committee, except under the circumstance that the developer shall have timely made application for an extension of time hereunder, which application is still pending before the governing body without action having been taken. If thereafter, the Township Committee denies the application for extension, such denial shall be deemed to cause the developer to be in default as of the date of adoption of the resolution memorializing the denial. Upon default of the developer, any cash performance guarantee posted with the Township shall be deemed forfeited to the Township for the purpose of defraying any and all costs incurred by the Township in seeking to enforce completion of the improvements, or in completing the improvements itself. The developer, surety and any guarantors shall be liable to the Township for all costs and expenses for enforcing completion of the improvements and actual costs of completing the improvements. In the interest of public safety, upon default of the developer, the Township may undertake completion of the improvements and thereafter seek reimbursement from the parties that are liable hereunder. Alternatively, the Township may, in the event of the default of the developer, bring an action against the parties liable hereunder for recovery of the costs of enforcing completion of the improvements or completing the improvements by the Township, all in accordance with N.J.S.A. 40:55D-55(c).