Wildwood City Zoning Code
SECTION 415
470 Trust Indentures And Warranty Deeds.
[R.O. 1997 § 415.470; Ord. No. 1324 App. A § 1003.173, 8-14-2006]
A.
Scope Of Provisions. This Section contains the regulations for all trust indentures and warranty deeds hereinafter created as part of approval or amendment of any subdivision plat, property line or indenture located within the City of Wildwood.
B.
Submission And Review Procedure. Trust indentures and warranty deeds, including amendments, shall be submitted to and approved by the Director of Planning as to legal form and compliance with the regulations of this Section. Submitted with a trust indenture shall be a written legal opinion prepared and signed by an attorney licensed to practice law in the State of Missouri setting forth the attorney's legal opinion as to the legal form and effect of the trust indenture. Approved trust indentures and warranty deeds shall be filed with the Recorder of Deeds of St. Louis County simultaneously with recording of the subdivision record plat with a copy to be filed with the City of Wildwood.
C.
Provisions Of The Trust Indenture. The following provisions shall be included in the trust indentures:
1.
Election Of Trustees. The initial Board of Trustees may be appointed by the developer. One-third (1/3) of the trustees shall be chosen by purchasers of developed lots or units after fifty percent (50%) of the lots or units have been sold; two-thirds (2/3) of the trustees shall be chosen by purchasers of developed lots or units after seventy-five percent (75%) of the lots or units have been sold; all of the trustees shall be chosen by purchasers of developed lots or units after all of the lots or units have been sold. The trust indenture shall provide for the method and time of the election of trustees.
2.
Vacancies On The Board Of Trustees. Where the provisions of a trust indenture cannot be fulfilled by reason of unfilled vacancies among the trustees, the City Council may, upon the petition of any concerned resident or property owner of the subdivision, appoint one (1) or more trustees to fill vacancies until such time as trustees are selected in accordance with the trust indenture. Any person so appointed who is not a resident or property owner within the subdivision shall be allowed a reasonable fee for his/her services by the order of appointment, which fee shall be levied as a special assessment against the property in the subdivision and which shall not be subject to any limitations on special assessments contained in the trust indenture or elsewhere.
3.
Term Of The Indenture And Title To Common Ground. The term of the indenture shall be for the duration of the subdivision. In the event the subdivision is vacated, thereafter, fee simple title shall vest in the then lot or unit owners as joint tenants. The rights of the joint tenants shall only be exercisable appurtenant to and in conjunction with their lot or unit ownership. Any conveyance or change of ownership of any lot or unit shall convey with it ownership in the common property and no interest in the common property shall be conveyed by a lot or unit owner except in conjunction with the sale of a lot or unit. The sale of any lot or unit shall carry with it all the incidents of ownership of the common property although such is not expressly mentioned in the deed; provided, however, that no right or power conferred upon the trustees shall be abrogated.
4.
No provision shall limit the right of any property owner or resident from expressing any opinion or seeking any redress from any Governmental Body, nor shall any provision discriminate against any person on the basis of race, religion, national origin or gender.
5.
Any violation of this Section 415.470, including the failure to comply with or enforce the indenture provisions required hereby, shall constitute a violation of the Municipal Code of the City of Wildwood and, in addition to all other claims or penalties of law or equity, subject the violator(s) to the penalties as provided in said Code.