Common elements, including but not limited to open space, recreation, sewer, water and stormwater management facilities which will not be publicly owned, shall be subject to a form of ownership established in private agreements acceptable to the Borough Council, upon recommendation of the Borough Solicitor. Such private ownership may include, but is not limited to, corporate, individual, condominium, landlord or fee-simple homeowners' or landowners' associations and shall be governed by the following:
A. Access to and use of these common elements may be restricted to the following:
(1) Property owners or tenants within the development.
(2) Nearby property owners or tenants who wish to join.
B. Perpetual maintenance shall be guaranteed by trust indenture or similar instrument, which:
(1) Shall be recorded with the Recorder of Deeds of Montgomery County simultaneously with the recording of the final plan.
(2) Shall restrict the common elements by deed restrictions granting the Borough the right to enforce the restrictions.
(3) Shall include provisions for:
(a) Bonds posted by the developer to cover expenses incurred before formation of a homeowners' association.
(b) Adjustment of association fees to account for inflation.
(c) A reserve fund to cover capital improvements and/or unforeseen major maintenance requirements.
(d) Funds for professional management.
(4) Shall authorize the Borough to maintain the common elements and assess the private ownership accordingly if private ownership fails to function as required in the private agreements. This shall include, but need not be limited to:
(a) Failure to clear streets and parking areas of snow.
(b) Failure to maintain stormwater control facilities.
(c) Failure to correct any hazardous conditions.
(d) Failure to perform, abide by and complete any duties, obligations or requirements as set forth in the private agreements and/or the final plan approval of the Borough Council.