(a) The developer of a single site time-share plan and for the component sites of a multisite time-share plan located in the state, shall cause to be recorded prior to the closing of the first sale of a time-share interest in each accommodation in the time-share plan, covenants dedicating the accommodations to the time-share plan and incorporating all covenants of the grantor or lessor of the time-share interests, and the following provisions:

1. (1) Organization of an association of time-share interest owners.
2. (2) A description of the real property for the common ownership or use of the time-share interest owners. Where the time-share plan is a personal property time-share plan, a description of the personal property for common use of the time-share interest owners.
3. (3) A description of the method for calculating and collecting regular and special assessments from time-share interest owners to defray expenses of the time-share property and for related purposes.
4. (4) A description of the method for terminating the membership and selling the interest of a time-share interest owner for failure to pay regular or special assessments.
5. (5) A description of the method for the disciplining of time-share interest owners for the late payment of assessments.
6. (6) Provisions requiring comprehensive general liability insurance and adequate property and casualty insurance covering the time-share property.
7. (7) Restrictions upon partition of an accommodation of the time-share plan.
8. (8) A description of the method for amending the covenants affecting the time-share plan.
9. (9) Where applicable, a description of the method relating to the annexation or de-annexation of additional accommodations, phases, or properties to the time-share plan.
10. (10) A description of the procedures in the event of condemnation, destruction, or extensive damage to an accommodation, including provisions for the disposition of insurance proceeds or damages payable on account of damage or condemnation.
11. (11) A method of the procedures on regular termination of the time-share plan.
12. (12) Where applicable, allocation of the cost of maintenance and operation between different elements or mixed uses within the portions of a project or relating to reciprocal rights and obligations between the time-share project and other property.
13. (13) A description of the method for entry into accommodations of the time-share plan under authority granted by the association for the purpose of cleaning, maid service, maintenance, and repair including emergency repairs and for the purpose of abating a nuisance or a known or suspected dangerous or unlawful activity.
14. (14) Delineate all reserved rights of the developer.
15. (15) For projects located within the state, the covenants shall, insofar as reasonably possible, satisfy the requirements of Section 1468 or Sections 1469 and 1470 of the Civil Code for real property located in this state.

(c) The developer of a time-share plan located within the state shall make provisions in the time-share instruments for all of the following:

1. (1) A description of the services to be made available to time-share interest owners under the time-share plan.
2. (2) A description, to be contained in the declaration or the bylaws of the association, of the procedures regarding transfer to the association of control over the time-share property and services comprising the time-share plan.
3. (3) A description of the method for preparation and availability to time-share interest owners of budgets, financial statements, and other information related to the time-share plan.
4. (4) A description of the methods for employing and for terminating the employment of a managing entity for the time-share plan.
5. (5) A description of the method for adoption of standards and rules of conduct for the use of accommodations by time-share interest owners.
6. (6) A description of the method for establishment of the rights of time-share interest owners to the use of an accommodation according to schedule or under a first-reserved, first-served priority system.
7. (7) A description of the method for compensating use periods or monetary compensation for an owner of a time-share estate if an accommodation cannot be made available for the period of use to which the owner is entitled by schedule or under a reservation system because of an error by the association or managing entity.
8. (8) A description of the method for the use of accommodations for transient accommodations or other income-producing purpose during periods of nonuse by time-share interest owners.
9. (9) A description of the method for the inspection of the books and records of the association by time-share interest owners.
10. (10) A description of the method for collective decisionmaking and the undertaking of action by or in the name of the association including, where applicable, representation of time-share accommodations in an association for the time-share in which the accommodations are located.