If tentative approval is granted, with or without conditions, there shall be set forth in the resolution of approval the reasons therefor and the time within which an application for final approval of the plan shall be filed or, in the case of a plan which provides for development over a period of years, the periods of time within which applications for final approval of each part thereof shall be filed.

In the event that tentative approval is granted, the same shall be noted on the Zoning Map maintained in the office of the Borough Clerk.

In the event that a plan is given tentative approval, and thereafter, but prior to final approval, the applicant shall elect to abandon part or all of the plan and shall also notify the Borough Council in writing, or in the event the applicant shall fail to file application for final approval within the required period of time or times, as the case may be, the tentative 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 there, as they may be amended, and the same shall be noted on the Zoning Map in the office of the Borough Clerk.