Lapse of Variances. After the approval of a variance from the provisions of this chapter, the variance so granted shall lapse after the expiration of one year if no substantial construction has taken place in accordance with the plans for which such variance was granted, and a new variance and permit shall be obtained before the construction is started. Variances granted with subdivision and site plan approval shall be consistent with the Municipal Land Use Law which presently is two years.

Extension. Within 10 days after or before the lapse of a variance, as provided hereinabove, the owner may apply in writing to the Planning Board or Board of Adjustment for an extension of such variance. If at a public meeting the Board finds that the delay is due to reasonable cause, the Board may grant one extension not to exceed six months.