A homeowners association established for purposes of tract ownership and maintenance pursuant to this title shall be incorporated as a profit or non-profit corporation and shall remain the owner unless tract ownership by all lots within the subdivision is authorized pursuant to a final plat alteration. In the event that a homeowners association established pursuant to this title should be dissolved, then each lot shall have an equal and undivided ownership interest in the tracts previously owned by the association as well as responsibility for maintaining the tracts. A covenant that requires maintenance of the tracts consistent with county code, that restricts use of the tracts to that specified in the approved preliminary plat, and that requires compliance with those county regulations and conditions of final subdivision approval specified on the plat, must be approved by the County and recorded with the County Auditor. Said covenant shall be binding upon and inure to the benefit of the homeowners association, the owners of all lots within the subdivision and all others having any interest in the tracts or lots. Prior to the recording of the final plat, the department shall receive evidence that the articles of incorporation for the homeowners association have been filed. In any subdivision containing a homeowners association approved pursuant to this title, membership in the homeowners association and payment of dues or other assessments for maintenance purposes shall be a requirement of lot ownership and shall remain an appurtenance to and inseparable from each lot. (Added by Amended Ord. 02-064, Dec. 9, 2002, Eff date Feb. 1, 2003).