The Planning Board shall, by resolution, conditionally approve, with
or without modification, or disapprove the final plat within 62 days
of the date of submission if no public hearing is held, or within
62 days of the hearing if such hearing is held. Upon failure of the
Board to act within the prescribed period of time, the final plat
shall be deemed approved, and the Town Clerk shall issue a certificate
of submission indicating the date of submission and the failure of
the Board to take action within the prescribed time, such certificate
to be sufficient in lieu of written endorsement or other evidence
of approval. Notwithstanding the foregoing, the time within which
the Board must act may be extended by mutual written consent of the
applicant and the Board.