OWNERS’ ASSOCIATION. This Section is applicable if the Property is located within a Common Interest Community and 241 subject to the declaration (Association). 242 7.1. Common Interest Community Disclosure. THE PROPERTY IS LOCATED WITHIN A COMMON 243 INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR THE COMMUNITY. THE OWNER OF 244 THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNERS’ ASSOCIATION FOR THE 245 COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF THE 246 ASSOCIATION. THE DECLARATION, BYLAWS AND RULES AND REGULATIONS WILL IMPOSE FINANCIAL 247 OBLIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY ASSESSMENTS 248 OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE ASSOCIATION COULD 000 XXXXX A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. THE DECLARATION, BYLAWS 250 AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING 251 CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE ASSOCIATION (OR A 252 COMMITTEE OF THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATION. PURCHASERS OF 253 PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE FINANCIAL 254 OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY READ THE 255 DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF THE 256 ASSOCIATION.
OWNERS’ ASSOCIATION. The Property is is not subject to a condominium association, homeowner’s association, or other form of planned community association (in either case, the “Association”). If the Property is not subject to an Association, the remainder of this Paragraph is inapplicable to this Agreement. Within seven (7) days after Acceptance of this Agreement, Seller will deliver to Purchaser true, complete and current copies of the declaration, the bylaws of the Association, the Association rules and regulations (if any), documents reflecting to the current financial status of the Association, and any other material document(s) relating to the creation or operation of the Association (collectively, the “Association Documents”). Purchaser shall have five (5) days after receipt of the Association Documents to review and approve the same. If Purchaser disapproves of the Association Documents, Purchaser may terminate this Agreement by providing written notice prior to the expiration of the five (5) day review and approval period and the termination procedures of Paragraph 23 shall apply. Seller represents that: (a) the current fees/dues/assessments of the Association are $ per month quarter year, which fees are paid current through the date of Acceptance and will be paid as they become due until Closing; (b) there are no recent, proposed or unpaid assessments by the Association against the Property except as disclosed in writing to Purchaser; (c) to the best of Seller’s knowledge, there is no pending or threatened legal action involving the Property or the Association; (d) to the best of Seller’s knowledge, the financial status of the Association is accurately reflected in the Association Documents and the Association is not currently or in the near future in danger of becoming insolvent, bankrupt or subject to receivership; and (e) to the best of Seller’s knowledge, approximately % of the properties that are subject to the Association Documents are currently subject to rental agreements. Approval by the Association is is not required for the sale of the Property. If approval by the Association is required, Seller will attempt in good faith to obtain all required approvals at least fifteen (15) days prior to Closing, will deliver a copy of such approval(s) to Purchaser immediately upon receipt and will deliver the original thereof at Closing. If Seller does not obtain all required approvals within forty-five (45) days after Acceptance, Purchaser shall have the right to termina...
OWNERS’ ASSOCIATION. Xxxxxx will immediately request the documents stated herein and upon receipt and submittal to Buyer, Buyer shall then have until the end of the 30 day Contingency Period to approve or disapprove. Seller shall within 10 or days following the Date of Agreement provide Buyer with a statement and transfer package from any owner's association servicing the Property. Such transfer package shall at a minimum include: copies of the association's bylaws, articles of incorporation, current budget and financial statement. Buyer has 10 days from the receipt of such documents to satisfy itself with regard to the association.
OWNERS’ ASSOCIATION. Purchaser is aware that the Purchaser will become a member of the Xxxxx Xxxxx Condominium Owners' Association (the “Association”) upon closing. Purchaser hereby agrees to abide by the Declaration, Bylaws of the Association, Articles of Incorporation for the Association, the rules and regulations and any other rules and regulations adopted by the Association (whether adopted by the board of directors or the members), and all amendments and supplements to the foregoing and all other recorded covenants, conditions and restrictions. Purchaser acknowledges that Purchaser shall be obligated to pay Association assessments (both operating and reserve). Purchaser acknowledges that failure to pay assessments could result in loss of Purchaser's right to utilize certain common elements at the Condominium, fines, interest and/or lien on, and the foreclosure of the Unit.
OWNERS’ ASSOCIATION. Owner shall organize a unit owner's association or associations if appropriate for given parcels and/or unit types with the development of the Property. Owner shall form the association(s) pursuant to the Colorado Common Interest Ownership Act (“Act”). C.R.S. §38-33.3- 101, et seq. The Owner shall also execute and record covenants and instruments of conveyance which comply with the Act and which adequately provide for continuous ownership, operation, maintenance, repair and replacement of common elements of the development, including but not limited to any private roads, private common areas and private facilities. At least thirty (30) days prior to recording any covenants or instruments of conveyance to the association(s), Owner shall provide such documents to the City Attorney for review and comment.