Common Open Space. Common open space resulting from the application of standards for density, or intensity of land use shall be set aside for the use and benefit of the residents in such development. At least 25% of the total area shall be set aside as open space of which 10% shall be in formal recreation facilities. Common open space shall be subject to N.J.S.A. 40:55D-43, Standards for the Establishment of Open Space Organization. The applicant shall submit for approval to the Planning Board Attorney and Borough Attorney all master deeds, maintenance agreements and homeowners and/or condominium association regulations as they affect the control, maintenance and use of all common open space not deeded to the Borough.