Proposed condominium developments shall include
the following provisions in addition to those otherwise required by
law or ordinance:
A. Declarations for condominium developments consisting
of an even number of unit members must include a mandatory third-party
arbitration provision for conflict resolution.
B. Condominium declarations shall include a voluntary
termination provision that requires Common Council consent prior to
termination.
C. All condominium developments shall include a provision
for the establishment of a mandatory escrow account with sufficient
funding for purposes of maintenance, repair and/or replacement of
common elements.
D. All condominium developments shall establish a declaration
of easements, restrictions, covenants and conditions for operation
and maintenance of said units which shall be submitted to the Plan
Commission for its consideration. The declaration must be approved
by the Plan Commission before the condominium development is considered
approved. After approval, the developer shall record the declaration
with the County Register of Deeds.