Conditions, Covenants and Restrictions. Conditions, covenants and restrictions upon the property and binding upon all owners of condominium units shall be prepared and recorded for each condominium project, including all conversions of apartments and community apartments to condominium units. An assessed monthly reserve fund for the maintenance of all common areas in a condominium project shall be a mandatory component of all conditions, covenants and restrictions.
Change of community apartments to condominiums shall require as a condition precedent to final approval that all individual owners legally record an additional covenant which shall mandate that, prior to the initial sale of each individual unit, the conversion tax shall be paid and a presale inspection report shall be prepared for said unit and provided to prospective purchasers.