Common use of HOMEOWNERS ASSOCIATION Clause in Contracts

HOMEOWNERS ASSOCIATION. As a purchaser of property in the residential community in or where the property is located, you (circle one): ARE, ARE NOT obligated to be a member of the property owner’s association. Restrictive covenants governing the use and occupancy of the property and a dedicatory instrument governing the establishment, maintenance, and operation of this residential community have been or will be recorded in the Real Property Records of the county in which the community property is located. If required by the Association, you will be obligated to pay assessments to the property owner’s association. The amounts of the assessments are subject to change. Your failure to pay the assessments could result in a lien on the property and foreclosure. Copies of the dedicatory instrument may be obtained from the county clerk. Buyer has received the restrictive covenants: initials

HOMEOWNERS ASSOCIATION. As a purchaser of property in the residential community in or where the property is located, you (circle one): ARE, ARE NOT be obligated to be a member of the property owner’s association. Restrictive covenants governing the use and occupancy of the property and a dedicatory instrument governing the establishment, maintenance, and operation of this residential community have been or will be recorded in the Real Property Records of the county in which the community property is located. If required by the Association, you will be obligated to pay assessments to the property owner’s association. The amounts of the assessments are subject to change. Your failure to pay the assessments could result in a lien on the property and foreclosure. Copies of the dedicatory instrument may be obtained from the county clerk. Buyer has received the restrictive covenants: initials