The balance of the land remaining in the proposed subdivision, which has been set aside for open space after the subdivision approval in accordance with the requirements set forth in this Article
XXIII, shall be reserved for common open space; and such reservation shall, as far as practical, defer the precise location of such common open space until final approval is requested. The reservation as aforesaid may, at the election of the applicant or property owner, be in the form of a dedication of the land to the Borough for public use and maintenance (acceptance at election of the Municipal Governing Body) or by grant of easement or covenant in favor of the Borough (acceptance at election of the Municipal Governing Body) or by the establishment of an organization for the ownership and maintenance of common open space for the benefit of the owners or residents of the development, provided that such organization shall not be dissolved, nor shall it dispose of any common open space by sale or otherwise (except to an organization conceived and established to own and maintain the common open space), without first offering to dedicate the land to the Borough. In the event that such organization shall fail to maintain the common open space in reasonable order and condition, the Municipal Governing Body shall serve notice and demand and conduct public hearings and assessments for cost in accordance with the provisions of the Municipal Land Use Law, N.J.S.A. 40:55D-43b and c. The applicant shall advise the Planning Board prior to the time of preliminary approval as to the type of ownership proposed for the common open space area.