Transferring common area after developer foreclosure???

Our development has been around for about 5 years. The developer never transferred the common area lots (pool, clubhouse etc) (i.e. they are still under his name and mortgaged) The HOA was just officially formed in 2009 although the covenants and by-laws have been recorded since 2003 but the idiot developer who maintained control never formally created the HOA. Now that the developer is getting foreclosed and wants out of the management of the development we are trying to formally deed over the common areas as defined by the covenants. The covenants state that the common areas are assigned to the HOA upon the sale of the first lot (long time ago say 2003). The developer mortgaged or re-mortgaged the property in 2006. The lots the common area are on are stipulated in the description. Now that the bank will be taking over the developers lots and our common areas, we are worried about how to get the common areas titled to the HOA????

Section 8. "Common Area" shall mean and refer to all Real Property shown and designated on the Plat as "Common Area" for the Subdivision, including but not limited to, any real property or easements owned by the Association for the common use and enjoyment of the Owners. The Common Area shall be owned by the Association for the common use and benefit of the Owners, subject to the easements, terms, conditions and restrictions described in this Declaration. Responsibility for the maintenance of the
Common Areas, including any paved, landscaped, lighted or other improved areas located within the Common Area shall be the responsibility of the Association.

Section 4. Declarant's Covenant to Convey Title to Common Area. Declarant hereby covenants for itself, its successors and assigns, that it will convey fee simple title to its designated herein as Common Area to the Association at such time as it conveys the first Lot to some person other than Declarant. The Common Area shall be free from any monetary liens but subject to easements of record, including any easements established by this Declaration. Similarly. Declarant will convey to the Association such additional common Area as is annexed in the future, immediately following its annexation pursuant to this Declaration. The Association shall accept the conveyance of all such Common Area pursuant to this Section.

The Board/ Officers are all now only homeowners. The foreclosure hasn't started yet. Its expected and this issue just came up. I am hoping that the recorded covenants trump anything else based on their language even though the transfer was never formally recorded because the declarant/ developer thought he was helping himself with paying higher taxes and such (thats another thread).

Worse case if the bank takes ownership, the common areas, regardless, are restricted and protected by the covenants. The bank can't sell the common areas?? or force us to rent, buy etc???

The mortgage doesn't appear to represent that part of the land (6 parcels) are "common area" lots nor that all the parcels are covered by restrictions.