The standards and requirements of this chapter
may be modified by the Planning Board in the case of a plan and program
for a planned residential development which in its judgment provides
adequate public space and improvements for the circulation, recreation,
light, air and service needs of the tract when fully developed and
which also provides such covenants or other legal provisions as will
assure conformity to and achievement of the plan.
In granting waivers or modifications, the Planning
Board may require such reasonable conditions as will in its judgment
secure substantially the objectives of the standards or requirements
so waived or modified.