Ownership and Maintenance of Private Way. The private way in a residential compound may be owned in common, in equal portions and in perpetuity by the property owners of each residential compound, or may be owned in fee by one landowner in the compound with easement rights provided to the other landowners within the compound. To ensure the maintenance of the private way, an applicant for a residential compound shall file with the Planning Commission a mandatory homeowners' association plan, which shall be a condition of approval of any residential compound. At a minimum, the mandatory homeowners' association plan shall provide for the maintenance of the private way, repair, snow removal, and other improvements that individual future homeowners may require, in accordance with this Ordinance and the Charlestown Subdivision and Land Development Regulations. The homeowners' association shall indemnify, hold harmless and release the Town from all liability and all damages resulting from any action brought by a third party, including individual future homeowners, in any court due to the failure of the homeowners to repair, use, or maintain the private way to the standards established by the regulations. The owner or owners of the private way, for themselves, their successors, heirs, and assigns in consideration of the Planning Commission approving a residential compound thereby waive all rights to have the private way accepted in the highway system of the Town of Charlestown pursuant to R.I.G.L. § 24-2-8.1.