Required certificates or documents
For a residential compound development, the following certificates or documents shall be submitted in accordance with the subdivision and development regulations:
(1) A written agreement or contract to be executed between the developer and the town stating the following:
a. The owner or developer will construct the development and install improvements both public and private in accordance with the approved plan and that a bond shall be posted to guarantee completion.
b. If the owners, successors or assigns fail to maintain any common open space, recreation areas, landscaping features or other required improvements, the town may enter into such development and perform such necessary maintenance work and charge the cost, including attorney's fees, to the owner, successors or assigns.
c. The contract shall be binding upon the heirs, assigns, successors or receivers of the development and shall constitute a lien on the property in the development.
d. Any other conditions required by the planning commission.
(2) Copies of any proposed management policies and existing deed restrictions or covenants running with the land in the development if any exist or are proposed.
(3) A description of any existing easements, covenants or restrictions affecting land within the development and an instrument conveying any easements required as condition of approval to the town; such easements shall include that which is required by section 21-430.
(4) All other procedural requirements or supporting material set forth in the subdivision and development regulations not mentioned in this section, which are applicable to any compound development.
(5) The following disclosure shall be required:
a. Prior to approval by the planning commission, the developer must file and have approved by the planning commission the following documents:
1. A sample purchase and sale agreement which shall be used for the purchase of the individual lots and dwellings. Such agreement shall include in conspicuous type the following: That the property is part of a compound development subject to this article; that the purchaser and subsequent owners of the property are subject to the requirements therein contained; that the purchaser shall be required to be a member of a homeowners' association, shall be subject to rules and regulations of such association and shall be liable for any applicable assessment made by or against such association. The purchase and sale agreement shall further contain a statement by the seller that the purchaser has been provided with a copy of the rules and regulations of the homeowners' association, copies of any proposed management policies, copies of restrictions or covenants running with the land in the development and a prospectus which shall be a summarization in layperson's language of the information contained in the other documents.
2. Copies of any declaration of condominium or proposed declaration; the documents creating the homeowners' association; the bylaws, rules and regulations of the homeowners' association; any management policies or proposed management policies; copies of any restrictions or covenants running with the land in the development and the prospectus which shall be a summarization in layperson's language of the information contained in the filed documents.
b. It shall be clearly and conspicuously posted at all entrances to the compound development that it is a compound development subject to the bylaws, rules and regulations of the homeowners' association.
c. If any roads serving the compound development are owned in common by the homeowner and maintained as private rights-of-way, this fact, along with a statement that all the costs and expenses of repairing and maintaining such roads are the responsibility of the homeowners' association, shall be clearly and conspicuously posted on such roads.
(6) An agreement shall be filed that the town shall not at any time be held responsible for the maintenance or improvement of the private access.
(Rev. Ords. 1974, § 17-17-6)