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1120.02 1120.02 b. Property Owners' Association; provided, all of the following conditions are met: (1) Prior to the use, occupancy, sale or the execution of contracts for sale of an individual building unit, parcel, tract, townhouse, apartment or common area, a declaration of covenants, conditions and restrictions or an equivalent document and a set of floor plans, such as specified by Minnesota Statutes, Chapters 515 and 515A, shall be filed with the City Clerk-Administrator, said filing to be made prior to the filings of said declaration of documents or floor plans with the recording officers of Ramsey County, Minnesota. (2) The declaration of covenants, conditions and restrictions or equivalent document shall specify that deeds, leases or documents of conveyance affecting buildings, units, parcels, tracts, townhouses or apartments shall subject said properties to the terms of said declaration. (3) The declaration of covenants, conditions and restrictions shall provide that an owners' association or corporation shall be formed and that all owners shall be members of said association or corporation which shall maintain all properties and common areas in good repair and which shall assess individual property owners proportionate shares of joint or common costs. This declaration shall be subject to the review and approval of the City Attorney. The intent of this requirement is to protect the property values of the individual owner through establishing effective private control. (4) The declaration shall, additionally, amongst other things, provide that in the event the association or corporation fails to maintain properties in accordance with the applicable rules and regulations of the City or fails to pay taxes or assessments on properties as they become due and in the event the said City incurs any expenses not immediately reimbursed by the association or corporation, then the City shall have the right to assess each property its pro rata share of said expenses. Such assessments, together with interest thereon and costs of collection, shall be a lien on each property against which such assessment is made. (5) Membership must be mandatory for each owner and any successive buyer. (6) The open space restrictions must be permanent and not for a given period of years. (7) The association must be responsible for liability insurance, local taxes and the maintenance of the open space facilities to be deeded to it.