Open space land may be owned in common by a homeowners' association, dedicated to the Town, held by a qualified not-for-profit organization, or held in private ownership in one or more large parcels, provided that in all cases, it is protected by conservation easement from further subdivision and development. The Planning Board shall ensure that proper provision has been made for ownership and maintenance of the open space land. The Planning Board may require the funding of an endowment for the permanent monitoring, maintenance and protection of open space. Such funds may be held by the Town or by an organization approved by the Town. Ownership by a homeowners' association shall be structured in such a manner that real property taxing authorities may satisfy property tax claims against the open space lands by proceeding against all individual owners in the homeowners' association and the dwelling units they own. Ongoing maintenance standards shall be established, enforceable by the Town against an owner of open space land as a condition of subdivision approval, to assure that the open space land does not detract from the character of the neighborhood.