In the case of a subdivision of or site plan for an area of 50 acres or more, the Approving Authority may grant the rights referred to in paragraphs 1, 2 and 3 above for such period of time, longer than three years, as shall be determined by the Approving Authority to be reasonable, taking into consideration: (a) the number of dwelling units and nonresidential floor area permissible under preliminary approval, (b) economic conditions and (c) the comprehensiveness of the development. The applicant may apply for thereafter, and the planning board may thereafter grant, an extension of preliminary approval for such additional period of time as shall be determined by the Approving Authority to be reasonable, taking into consideration: (a) the number of dwelling units and nonresidential floor area permissible under preliminary approval, (b) the potential number of dwelling units and nonresidential floor area of the section or sections awaiting final approval, (c) economic conditions, and (d) the comprehensiveness of the development; provided that if the design standards have been revised, such revised standards may govern.