Preliminary approval of a plan shall not qualify a plat of the planned residential development for recording, nor authorize development or the issuance of any building permits.

A plan which has been given preliminary approval as submitted, or which has been given preliminary approval with conditions which have been accepted by the developer (and provided that the developer has not defaulted nor violated any of the conditions of the tentative approval), shall not be modified, revoked or otherwise impaired by action of the municipality pending an application or applications for final approval, without the consent of the developer, provided an application for final approval is filed within three years from the date of preliminary approval or in the case of development over a period of years, provided final applications are filed within the periods of time specified in the resolution granting preliminary approval.

In the event that a plan is given preliminary approval and thereafter, but prior to final approval, the developer shall elect to abandon part or all of said plan and shall so notify the Planning Board in writing, or in the event the developer shall fail to file application or applications for final approval within the required period of time or times, as the case may be, the preliminary approval shall be deemed to be revoked and all that portion of the area included in the plan for which final approval has not been given shall be subject to those local ordinances applicable thereto as they may be amended from time to time, and the same shall be noted in the records of the clerk of the municipality.