5. a. An award of financial assistance or a grant awarded pursuant to P.L.1993, c.139 (C.58:10B-1 et seq.) for a:
(1) preliminary assessment or site investigation of a contaminated site shall be expended within two years after the date of the award;
(2) remedial investigation of a contaminated site shall be expended within five years after the date of the award.
b. Failure to expend an award of financial assistance or a grant from the remediation fund within the time limits established in subsection a. of this section shall result in cancellation of the award.
c. No award of financial assistance or a grant shall be approved until the applicant demonstrates to the satisfaction of the authority that it has expended or will expend the full amount of any previous financial assistance or grant awarded under P.L.1993, c.139 (C.58:10B-1 et seq.) to that applicant for the same property.