All on-site improvements for site plans, and all public improvements for subdivisions, shall be installed and any required off-tract improvements shall be installed or a pro rata share of such off-tract improvements paid prior to final approval; provided that the Township may accept a performance guarantee for all or some of the required improvements in lieu of installation of the improvements prior to final approval. If a developer posts a performance guarantee as provided by this chapter, the Board shall condition the issuance of building permits, demolition permits or certificates of occupancy, as the Board deems appropriate, upon the timely installation of improvements. No building permit for the construction of any structure other than public improvements as required pursuant to paragraph B below shall be issued for any portion of a property that has been granted preliminary approval by the Planning Board until such time as final approvals have been granted by the Board.