Any variance from the terms of this chapter hereafter granted by the Board of Adjustment or the Planning Board permitting the erection or alteration of any structure or structures or permitting a specified use of any premises shall expire by limitation unless such construction or alteration shall have been actually commenced on each and every structure permitted by said variance, or unless such permitted use has actually been commenced, within one (1) year unless otherwise limited by the terms of the variance as originally approved by the Board of Adjustment or Planning Board from the date of entry of the judgment or determination of the Board of Adjustment or the Planning Board, except, however, that the running of the period of limitation herein provided shall be tolled from the date of filing an appeal from the decision of the Board of Adjustment or the Planning Board to a court of competent jurisdiction, until the termination in any manner of such appeal or proceeding; except further, in the case of a variance which also involves a subdivision or site plan approval, the variance shall extend for a full period of preliminary or final approval or any extension thereof pursuant to the Municipal Land Use Law.

Upon timely application and for good cause shown, the Board granting any such variance may extend the term thereof as hereinabove provided by an additional period not to exceed ninety (90) days.