Common use of HOA Declaration Clause in Contracts

HOA Declaration. During the Inspection Period, Buyer will review the HOA Documents, including, without limitation, the declaration of covenants, conditions and restrictions (the “Declaration”), bylaws and articles of incorporation for the HOA, and the budget for the HOA, and advise Seller of any objections to the HOA Documents during the Inspection Period. If not already annexed, the Lots shall be annexed and made subject to the Declaration prior to the applicable Closing and the same shall be a condition to closing for Buyer. Buyer shall have no liability whatsoever for or to the HOA except payment of the regular assessments applicable to the Lots owned by Buyer as set forth in the Declaration. The Declaration shall provide access for the owners purchasing homes from Buyer to all recreational and amenity facilities, if any, serving any portion of the Subdivision on the same basis and at the same cost, if any, to which all other users thereof are subject. If Buyer objects to any of the HOA Documents during the Inspection Period and Buyer and Seller are unable to agree upon an amendment to the Declaration or any other HOA Document, as applicable, prior to the expiration of the Inspection Period, then Buyer’s sole remedy shall be to terminate this Agreement pursuant to Section 5 and the E▇▇▇▇▇▇ Money shall be returned to Buyer. As long as this Agreement is in force (and thereafter if Buyer purchases Lots pursuant to this Agreement), Seller shall not materially modify the HOA Documents without Buyer’s prior written approval. Buyer and Seller shall make reasonable efforts to cooperate in making any amendments to the HOA Documents that otherwise become necessary in connection with the development of the Property. This paragraph shall survive closing.