Common use of HOMEOWNERS ASSOCIATION Clause in Contracts

HOMEOWNERS ASSOCIATION. Certain alleys, walkways, landscape tracts, and other private improvements will serve the Property and may also serve lots acquired by other builders within Phase B. In order to address the maintenance obligations related to such private improvements, Seller shall establish a homeowners’ association that will own and/or maintain such private improvements (the “Homeowners’ Association”) and cause the Lots to be annexed into such Homeowners’ Association at Closing hereunder. Within thirty (30) days after the Effective Date, Seller will deliver to Purchaser (and the other builders) for its review and reasonable approval, a declaration with respect to the maintenance of those private improvements (the “Maintenance Declaration”). Purchaser shall have until fifteen (15) days before the end of the Due Diligence Period, as the same may be extended, to notify Seller in writing of any objection that Purchaser may have to the draft Maintenance Declaration. On or before the fifth (5th) business day following Seller’s receipt of Buyer’s objections to the draft Maintenance Declaration, Seller shall notify Buyer, in writing, whether Seller elects to make such modifications to the draft Maintenance Declaration, with Seller not to unreasonably withhold its consent to Purchaser’s request; provided, however, that if Seller does not elect to modify, or elects to modify and does not thereafter modify the Maintenance Declaration within such 5-business day period and such decision is made on a reasonable basis, Purchaser shall have the right to either: (i) terminate this Agreement by delivery of a written termination notice to Seller on or before the end of the Due Diligence Period, in which event the entire Initial Deposit shall be promptly returned to Purchaser, Purchaser shall return to Seller all information and materials received by Purchaser from Seller pertaining to the Property, and thereafter the Parties shall have no further rights or obligations under this Agreement except for those which expressly survive the termination hereof; or (ii) waive any objections to the Maintenance Declaration and proceed with the transaction contemplated by this Agreement, in which event Purchaser shall be deemed to have approved the Maintenance Declaration as to which its objections have been waived. Upon approval of the form of the Maintenance Declaration by the Parties, the Parties will cause such form to be attached to this Agreement by a mutually executed amendment hereto. The Maintenance Declaration shall be recorded in the Records at or before the First Closing and shall constitute a Permitted Exception hereunder.

HOMEOWNERS ASSOCIATION. Certain alleys, walkways, landscape tracts, and other private improvements will serve the Property and may also serve lots acquired by other builders within Phase B. In order to address the maintenance obligations related to such private improvements, Seller shall establish a homeowners’ association that will own and/or maintain such private improvements (the “Homeowners’ Association”) and cause the Lots to be annexed into such Homeowners’ Association at Closing hereunder. Within thirty (30) days after the Effective Date, Seller will deliver to Purchaser (and the other builders) for its review and reasonable approval, a declaration with respect to the maintenance of those private improvements (the “Maintenance Declaration”). Purchaser shall have until fifteen (15) days before the end of the Due Diligence Period, as the same may be extended, to notify Seller in writing of any objection that Purchaser may have to the draft Maintenance Declaration. On or before the fifth (5th) business day following Seller’s receipt of BuyerPurchaser’s objections to the draft Maintenance Declaration, Seller shall notify BuyerPurchaser, in writing, whether Seller elects to make such modifications to the draft Maintenance Declaration, with Seller not to unreasonably withhold its consent to Purchaser’s request; provided, however, that if Seller does not elect to modify, or elects to modify and does not thereafter modify the Maintenance Declaration within such 5-business day period and such decision is made on a reasonable basis, Purchaser shall have the right to either: (i) terminate this Agreement by delivery of a written termination notice to Seller on or before the end of the Due Diligence Period, in which event the entire Initial Deposit shall be promptly returned to Purchaser, Purchaser shall return to Seller all information and materials received by Purchaser from Seller pertaining to the Property, and thereafter the Parties shall have no further rights or obligations under this Agreement except for those which expressly survive the termination hereof; or (ii) waive any objections to the Maintenance Declaration and proceed with the transaction contemplated by this Agreement, in which event Purchaser shall be deemed to have approved the Maintenance Declaration as to which its objections have been waived. Upon approval of the form of the Maintenance Declaration by the Parties, the Parties will cause such form to be attached to this Agreement by a mutually executed amendment hereto. The Maintenance Declaration shall be recorded in the Records at or before the First Closing and shall constitute a Permitted Exception hereunder.

HOMEOWNERS ASSOCIATION. Certain alleysPrior to the initial Closing, walkwaysPurchaser shall prepare and deliver for Seller's approval, landscape tractswhich shall not be unreasonably withheld, Purchaser's proposed declaration of covenants, conditions and restrictions for the Lots (together with any supplements, amendments or modifications thereto, the "Declaration"), and other private improvements will serve proposed articles of incorporation, bylaws and rules for the Property related homeowners association (together with the Declaration, the "Association Documents"). Seller shall execute, acknowledge and may also serve lots acquired record the Declaration (and obtain and record a fully executed and acknowledged consent and subordination to the Declaration from any mortgagee holding a mortgage or deed of trust encumbering the Lots) prior to the initial Closing, subjecting those Lots agreed upon by other builders within Phase B. In order Seller and Purchaser to address the maintenance obligations related Declaration, and including the balance of the Lots as annexable to such private improvementsthe Declaration. Thereafter, prior to each subsequent Closing, Seller shall establish execute, acknowledge and record a homeowners’ association that will own and/or maintain such private improvements supplement to the Declaration (and obtain and record a fully executed and acknowledged consent and subordination to the “Homeowners’ Association”) supplement to the Declaration from any mortgagee holding a mortgage or deed of trust encumbering the Lots), subjecting those additional Lots agreed upon by Seller and cause Purchaser to the Declaration, If Seller and Purchaser are unable to agree on the form and content of the Association Documents, or the Lots to be subjected thereto at the initial Closing or annexed into such Homeowners’ Association thereto at Closing hereunder. Within thirty (30) days after the Effective Date, Seller will deliver to Purchaser (and the other builders) for its review and reasonable approval, a declaration with respect to the maintenance of those private improvements (the “Maintenance Declaration”). Purchaser shall have until fifteen (15) days before the end of the Due Diligence Period, as the same may be extended, to notify Seller in writing of any objection that Purchaser may have to the draft Maintenance Declaration. On or before the fifth (5th) business day following Seller’s receipt of Buyer’s objections to the draft Maintenance Declaration, Seller shall notify Buyer, in writing, whether Seller elects to make such modifications to the draft Maintenance Declaration, with Seller not to unreasonably withhold its consent to Purchaser’s request; provided, however, that if Seller does not elect to modify, or elects to modify and does not thereafter modify the Maintenance Declaration within such 5-business day period and such decision is made on a reasonable basis, Purchaser shall have the right to eithersubsequent Closing: (i) terminate this Agreement by delivery of a written termination notice to Seller on or before the end of the Due Diligence Period, in which event the entire Initial Deposit shall be promptly returned to Purchaser, Purchaser shall return to Seller all information and materials received by Purchaser from Seller pertaining to the Property, and thereafter the Parties shall have no further rights or obligations under this Agreement except for those which expressly survive the termination hereof; or (ii) waive any objections to the Maintenance Declaration and proceed with the transaction contemplated by this Agreement, in which event Purchaser shall be deemed to have approved the Maintenance Declaration as to which its objections have been waived. Upon approval of the form of the Maintenance Declaration by the Parties, the Parties will cause such form to be attached to this Agreement by a mutually executed amendment hereto. The Maintenance Declaration shall be recorded at the initial Closing subjecting only the Lots subject to the initial Closing to the Declaration; (ii) the Declaration shall provide for and permit the subsequent annexation of the remainder of the Lots; and (iii) supplements to the Declaration shall be recorded at each subsequent Closing annexing the Lots subject to such subsequent Closing to the Declaration. At or following each Closing, if requested by Purchaser, Seller shall assign to Purchaser any and all declarant rights under the Declaration as may be reasonably required by Purchaser in connection with its construction, marketing and sale of the Records at Lots and improvements thereon, including any special declarant rights, development rights, and the right to appoint the members of the board of directors of the Association and the architectural review or before other similar committee (collectively, the First Closing and shall constitute a Permitted Exception hereunder"Declarant Rights").

HOMEOWNERS ASSOCIATION. Certain alleys, walkways, landscape tracts, and other private improvements will serve the Property and may also serve lots acquired by other builders within Phase B. In order to address the maintenance obligations related to such private improvements, Seller shall establish a homeowners’ association that will own and/or maintain such private improvements (the “Homeowners’ Association”) and cause the Lots to be annexed into such Homeowners’ Association at Closing hereunder. Within thirty (30) days after the Effective Date, Seller will deliver to Purchaser (and the other builders) for its review and reasonable approval, a declaration with respect to the maintenance of those private improvements (the “Maintenance Declaration”). Purchaser shall have until fifteen (15) days before the end of the Due Diligence Period, as the same may be extended, to notify Seller in writing of any objection that Purchaser may have to the draft Maintenance Declaration. On or before the fifth (5th) business day following Seller’s receipt of BuyerPurchaser’s objections to the draft Maintenance Declaration, Seller shall notify BuyerPurchaser, in writing, whether Seller elects to make such modifications to the draft Maintenance Declaration, with Seller not to unreasonably withhold its consent to Purchaser’s request; provided, however, that if Seller does not elect to modify, or elects to modify and does not thereafter modify the Maintenance Declaration within such 5-business day period and such decision is made on a reasonable basis, Purchaser shall have the right to either: (i) terminate this Agreement by delivery of a written termination notice to Seller on or before the end of the Due Diligence Period, in which event the entire Initial Deposit shall be promptly returned to Purchaser, Purchaser shall return to Seller all information and materials received by Purchaser from Seller pertaining to the Property, and thereafter the Parties shall have no further rights or obligations under this Agreement except for those which expressly survive the termination hereof; or (ii) waive any objections to the Maintenance Declaration and proceed with the transaction contemplated by this Agreement, in which event Purchaser shall be deemed to have approved the Maintenance Declaration as to which its objections have been waived. Upon approval of the form of the Maintenance Declaration by the Parties, the Parties will cause such form to be attached to this Agreement by a mutually executed amendment hereto. The Maintenance Declaration shall be recorded in the County Records at or before the First Closing and shall constitute a Permitted Exception hereunder.

HOMEOWNERS ASSOCIATION. Certain alleysSeller represents that as of the Acceptance Date (as set forth following Paragraph 15 of this Contract), walkways, landscape tractsthe regular 80 the special assessment pertaining to the Property was $ , and other private improvements the remaining amount due at Closing will serve be $ and (strike 81 one) shall / shall not be assumed by Buyer at Closing. Buyer acknowledges and agrees that (i) the Property representations in this Paragraph are provided as of 82 the Acceptance Date; (ii) this information may change, and these fees may also serve lots acquired by other builders within Phase B. In order increase, prior to address Closing; and (iii) Seller is under no obligation to notify 83 Buyer of any changes to this information, and, should changes occur, this Contract shall remain in full force and effect. Notwithstanding anything to 84 the maintenance obligations related to such private improvementscontrary contained in this Paragraph 10, Seller shall establish disclose to Buyer any new assessment that is actually approved and levied prior to Closing 85 within 5 days after Seller receives notice of the new assessments (and in no event later than the Closing Date). Seller shall furnish Buyer a homeowners’ association statement 86 from the proper representative certifying that will own and/or maintain such private improvements Seller is current in payment of assessments, and, if applicable, proof of waiver or termination of any 87 right of first refusal or similar options contained in the bylaws of the Association for the transfer of ownership. Seller shall deliver to Buyer the items 88 stipulated by the Illinois Condominium Property Act (765 ILCS 605/1 et seq.) ("ICPA Documents"), including but not limited to the “Homeowners’ Association”) declaration, 89 bylaws, rules and cause regulations, and the Lots prior and current years' operating budgets within business days of the Acceptance Date. In the event the 90 ICPA Documents disclose that the Property is in violation of existing rules, regulations, or other restrictions or that the terms and conditions contained 91 within the documents would unreasonably restrict Buyer's use of the Property or would increase the financial considerations which Buyer would have 92 to be annexed into such Homeowners’ Association at Closing hereunder. Within thirty (30) extend in connection with owning the Property, then Buyer may declare this Contract null and void by giving Seller written notice within 5 business 93 days after the Effective Date, Seller will deliver to Purchaser (and the other builders) for its review and reasonable approval, a declaration with respect to the maintenance of those private improvements (the “Maintenance Declaration”). Purchaser shall have until fifteen (15) days before the end receipt of the Due Diligence PeriodICPA Documents, as the same may be extended, listing those deficiencies which are unacceptable to notify Seller in writing of any objection that Purchaser may have to the draft Maintenance Declaration. On or before the fifth (5th) business day following Seller’s receipt of Buyer’s objections to the draft Maintenance Declaration, Seller shall notify Buyer, in writing, whether Seller elects to make such modifications to the draft Maintenance Declaration, with Seller not to unreasonably withhold its consent to Purchaser’s request; provided, however, that if Seller does not elect to modify, or elects to modify and does not thereafter modify the Maintenance Declaration within such 5-business day period and such decision is made on a reasonable basis, Purchaser shall have the right to either: (i) terminate this Agreement by delivery of a written termination notice to Seller on or before the end of the Due Diligence Period, in which event the entire Initial Deposit thereupon all ▇▇▇▇▇▇▇ money deposited 94 shall be promptly returned to PurchaserBuyer. If written notice is not served within the time specified, Purchaser shall return to Seller all information and materials received by Purchaser from Seller pertaining to the Property, and thereafter the Parties shall have no further rights or obligations under this Agreement except for those which expressly survive the termination hereof; or (ii) waive any objections to the Maintenance Declaration and proceed with the transaction contemplated by this Agreement, in which event Purchaser Buyer shall be deemed to have approved waived this contingency, and this 95 Contract shall remain in full force and effect. Seller agrees to pay any applicable processing/moveout/transferring fees as required by the Maintenance Declaration as Association, 96 and Buyer agrees to which its objections have been waivedpay the credit report and move-in fee if required by the Association. Upon approval If the right of first refusal or similar option is exercised, this 97 Contract shall be null and void and the ▇▇▇▇▇▇▇ Money shall be returned to Buyer, but Seller shall pay the commission pursuant to Paragraph U of the form 98 General Provisions of the Maintenance Declaration by the Parties, the Parties will cause such form to be attached to this Agreement by a mutually executed amendment hereto. The Maintenance Declaration shall be recorded in the Records at or before the First Closing and shall constitute a Permitted Exception hereunderContract.

HOMEOWNERS ASSOCIATION. Certain alleysDEVELOPER agrees to prepare and record "Covenants" for DEVELOPMENT thereby establishing the Homeowners Association ("Association") and ownership of common areas in accordance with State of Wisconsin statutes. DEVELOPER agrees that said "Covenants" must conform to the provisions of this Developer's Agreement and any/all approvals granted by CITY. DEVELOPER warrants that DEVELOPER, walkwaysits heirs, landscape tractsexecutors, administrators, successors, assigns, "Association", and other private improvements will serve single family lot owners in DEVELOPMENT shall be subject to said "Covenants". DEVELOPER shall provide CITY with a certified copy of said "Covenants" once recorded by DEVELOPER. Since CITY is not party to transactions between DEVELOPER and "Association", DEVELOPER and "Association" shall submit written notice to CITY (City Engineers Office), signed by both entities, notifying CITY when responsibility for the Property and may applicable portions of DEVELOPMENT have been transferred from DEVELOPER to "Association". Said notice shall also serve lots acquired by other builders within Phase B. In order to address include the maintenance obligations related to such private improvements, Seller shall establish a homeowners’ association that will own and/or maintain such private improvements (the “Homeowners’ Association”) and cause the Lots to be annexed into such Homeowners’ Association at Closing hereunder. Within thirty (30) days after the Effective Date, Seller will deliver to Purchaser (and the other builders) for its review and reasonable approval, a declaration with respect to the maintenance of those private improvements (the “Maintenance Declaration”). Purchaser shall have until fifteen (15) days before the end name of the Due Diligence Period"Association" along with the name, as the same may be extended, to notify Seller title and address for each officer of said "Association". DEVELOPER acknowledges that said transfer shall not take place until such time that CITY has accepted all improvements in writing accordance with Section 12 of any objection that Purchaser may have to the draft Maintenance Declarationthis agreement. On or before the fifth (5th) business day following Seller’s receipt of Buyer’s objections to the draft Maintenance Declaration, Seller shall notify Buyer, in writing, whether Seller elects to make such modifications to the draft Maintenance Declaration, with Seller not to unreasonably withhold its consent to Purchaser’s request; provided, however, DEVELOPER acknowledges that if Seller does not elect to modifythere is a conflict between any of the provision contained in the recorded "Covenants" and any CITY, County or elects to modify State code requirements or with Developers Agreement, the CITY, County or State requirements and does not thereafter modify the Maintenance Declaration within such 5-business day period and such decision is made on a reasonable basis, Purchaser Developers Agreement shall have take precedent. DEVELOPER reserves the right to either: (i) terminate this Agreement by delivery of provide CITY with a written termination notice draft document prior to Seller execution and recording so that CITY can, as a courtesy at DEVELOPER'S expense, review and comment on or before said document. DEVELOPER acknowledges that CITY does not formally approve said document and that it remains the end of DEVELOPER'S responsibility to ensure that the Due Diligence Period, "Covenants" are in which event the entire Initial Deposit shall be promptly returned to Purchaser, Purchaser shall return to Seller all information and materials received by Purchaser from Seller pertaining order according to the Property, and thereafter the Parties shall have no further rights or obligations under provision of this Agreement except for those which expressly survive the termination hereof; or (ii) waive any objections to the Maintenance Declaration and proceed with the transaction contemplated by this Developer's Agreement, in which event Purchaser shall be deemed to have approved the Maintenance Declaration as to which its objections have been waived. Upon approval of the form of the Maintenance Declaration by the Parties, the Parties will cause such form to be attached to this Agreement by a mutually executed amendment hereto. The Maintenance Declaration shall be recorded in the Records at or before the First Closing and shall constitute a Permitted Exception hereunder.