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<br />7. Declaration of Covenants. Conditions and Restrictions. Developer shall prepare <br /> <br />and submit to the City for its review and approval, a Declaration of Covenants, <br /> <br />Conditions and Restrictions or an equivalent document. This document shall be <br /> <br />submitted and approval must be given by the City before the City will release the <br /> <br />final plat of the Subject Property. The purpose of the declaration or equivalent <br /> <br />document will be to ensure maintenance of common open space, common drives and <br /> <br />common utilities on-site and off-site drainage areas. Furthermore, this document <br /> <br /> <br />shall include, but not be limited to, the following: <br /> <br /> <br />A. A statement requiring the deeds, leases or documents of conveyance affecting <br /> <br /> <br />buildings, units, parcels, tracts, townhouses or apartments to be subj ect to the <br /> <br />terms of the declaration. <br /> <br />B. A provision for the formation of a property owner's association or <br /> <br />corporation and that all owners must be members of said association or <br /> <br />corporation which will maintain all properties and common areas in good <br /> <br />repair and which may access individual property owners a proportionate share <br /> <br />of joint or common costs. The association or corporation must remain in <br /> <br />effect and may not be terminated or disbanded. <br /> <br />C. Membership in the association shall be mandatory for each owner and any <br /> <br />successive buyer. <br /> <br />D. Any open space restrictions must be permanent and may not be changed or <br /> <br />modified without City approval. <br />E. The association will be responsible for liability insurance, local taxes and the <br /> <br />3 <br />