In the 3-Acre and 1-Acre Residence Zones, within a major subdivision employing the use of density zoning as defined in this chapter, all lots may, with the permission of the Planning Board, be reduced in area to contain no less than 100,000 square feet with a lot width of 200 feet and 32,000 square feet with a lot width of 125 feet, respectively, provided that all of the following requirements are complied with:
A. The percentage of the total tract of land equal to the percentage that the average lot areas are reduced from three acres or one acre, as the case may be, shall be conveyed to the Borough of Mendham for open space or public use or to the Board of Education of the Borough of Mendham for school purposes or to a homeowners' association composed of the individual owners of the homes in the subdivision and duly incorporated, for open space for the use of said homeowners. In the latter case the homeowners' association shall provide for the maintenance of the open space owned by them in common in a manner satisfactory to the Planning Board.
B. No area to be so deeded shall be less than eight acres in the 3-Acre Residence Zone and five acres in the 1-Acre Residence Zone, unless the area is to be joined to an existing parcel of land in public ownership the aggregate size of which shall not be less than 10 acres or unless a smaller area is shown on the Master Plan or Official Map of the Borough.
C. The area to be deeded for open space or public use under the terms of this section shall be at a location and of a shape and of a purpose or use as required and approved by the Planning Board. The Planning Board may also require minor improvement of the area to be deeded, such as the clearing of shrubbery and brush and the planting of grass.