Not less than 5% of the gross area of the entire tract, exclusive of lakes or ponds, shall be reserved for common open space and the recreational use of the residents of that subdivision or the general community, except where such area would be less than one acre. This requirement may be waived in instances of exceptionally sized lots. The following and similar facilities shall meet this requirement: swimming pools, tennis courts, riding and cycling paths, playgrounds, community centers and other open areas. Such areas designated for play lots, parks and other outdoor recreational facilities shall be of a size, shape and other physical characteristics so as to be free of health and safety hazards and suitable for the designated use. Sites so dedicated shall not be deemed to be accepted by the Township unless and until the municipality has taken formal action with regard to the same.