The vacating shall be effective upon approval by the Town Council, however, if additional requirements or conditions have been placed upon the approval, the vacating shall not be effective until the conditions or requirements has been satisfied. The applicant shall have sixty (60) days from the time of the Council hearing to complete the additional requirements for conditions placed upon the approval period. By action of the Council, one time extension of not more than sixty (60) days may be granted as long as a formal written request has been submitted to the Council before the expiration date. If the conditions imposed by the Town Council are not met, or the time limit has expired, the approval will automatically become null and void.