Common use of OWNERS’ ASSOCIATION Clause in Contracts

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 terminate the Agreement and the provisions of Paragraph 23 shall apply.

OWNERS’ ASSOCIATION. The Development Agreement and the Master Declaration contemplate that the Village 2 Owners Association would be established by the Owners of Village 2 under a form of declaration of covenants, conditions and restrictions governing the Village 2 Owners Association and the residential communities within Village 2 (“Village 2 Owners Association Declaration”) for the purpose of maintaining the parks, trails, pathways, trailheads, common areas, entry monuments and open spaces within Village 2. Seller has advised ▇▇▇▇▇ that neither the Village 2 Casino Property is is not Owner (as defined below) nor the Village 2 Casino Property shall be part of the Village 2 Owners Association unless expressly required under the Master Planning Documents. ▇▇▇▇▇, as the future owner of the Property, shall submit to Seller drafts of the Village 2 Owners Association Declaration for Seller’s prior review and approval subject to a condominium associationthe Seller Review Standard (defined below), homeownerand Buyer and Seller will work together to finalize mutually an acceptable draft that will cover all of Village 2 (except for the Village 2 Casino Property). In addition, ▇▇▇▇▇ will prepare for Seller’s associationprior review and approval, or other form of planned community association (in either casesubject to the Seller Review Standard, the proposed formation documents for the Village 2 Owners Association (the “AssociationVillage 2 Owners Association Formation Documents”). If , as well as the Property is not subject to an Associationproposed Village 2 Owners Association Declaration, together with the remainder of this Paragraph is inapplicable to this Agreement. Within seven Village 2 Owners Association Formation Documents, (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, collectively the “Village 2 Association Documents”). Purchaser shall have five (5) days after receipt Pursuant to the Master Declaration, Buyer may also form a “Subassociation” and record a “Subassociation Declaration” over Buyer’s Property. Each of the Village 2 Association Documents shall be submitted to Seller for Seller’s prior review and approval subject to the Seller Review Standard. Buyer shall use commercially reasonable efforts to finalize the forms of the Village 2 Association Documents prior to the Phase 1 Closing, and Seller shall review and approve the same. If Purchaser disapproves such forms of the Village 2 Association Documents, Purchaser may terminate this Agreement by providing written notice prior Documents pursuant to the expiration provisions of this Section 4.7 in good faith and reasonably whether before or after the Due Diligence Termination Date or the Closings, including, without limitation, to confirm that such forms of the five (5) day Village 2 Association Documents are consistent with the Master Declaration and other Property Materials and will not otherwise materially adversely impact any other property or property owner in the Planned Community; provided that, in no event shall Seller’s review and approval period and the termination procedures of Paragraph 23 shall applythereof be a condition precedent to either Closing. 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 The Village 2 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 agreementsany Subassociation Declaration shall be Permitted Exceptions. 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 terminate the Agreement and the The provisions of Paragraph 23 this Section shall applysurvive each applicable Closing.

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 terminate the Agreement and the provisions of Paragraph 23 shall apply. HOME WARRANTY. Seller shall shall not be required, at Seller’s expense, to provide Purchaser a one (1) year home warranty issued by at a cost not to exceed $ . This warranty does not cover known pre-existing conditions. This warranty does not preclude the need for nor act as a substitute for any inspections of the Property as set forth in Paragraph 8.

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 terminate the Agreement and the provisions of Paragraph 23 shall apply.

OWNERS’ ASSOCIATION. The Property If the property is is not subject to control by an association of owners, this Agreement is contingent upon the timely satisfaction or waiver of those conditions set forth on the Owners’ Association Addendum attached hereto and by this reference made a condominium associationpart hereof. Buyers may, 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 before closing 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 (5no later than ( ) days after receipt of the Association Documents all responsive documents, elect to review and approve the same. If Purchaser disapproves of the Association Documents, Purchaser may terminate cancel this Agreement by providing written notice of cancellation to Sellers. If Buyers elect to so cancel this Agreement, then this Agreement shall be null and void and the ▇▇▇▇▇▇▇ money paid by Buyers shall be refunded. In the event Buyers do not timely notify Sellers of cancellation, this Agreement shall be binding and remain in full force and effect. [X] G. OTHER: Attach Addendum. See “Additional Provisions – OTHER INFORMATION - Addendum” ACCEPTANCE. When accepted, this Agreement shall become a binding contract. If not accepted and delivered to BUYERS on or before OCTOBER 31, 2024, this Agreement shall be null and void and all payments made shall be returned immediately to BUYERS. Dated . ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇, IA 52658 ▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 2188 Business 61 Ft. Madison, IA 52627 ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇, IA 52658 Buyer Address Phone Email ▇▇▇▇▇ and ▇▇▇▇▇▇ agree on the following initialed alternative to comply with the time of transfer inspection of private sewage disposal systems: X There is a private sewage disposal system on this Property which serves the Property. Buyer shall shall obtain at Buyers's expense within 21 days a certified inspector's report which documents the condition of the private sewage disposal system, that it is of sufficient capacity to serve the Property, that the continued use of the system is permitted, and whether any modifications are required to conform to standards adopted by the Department of Natural Resources. Buyer shall attach the inspection report to the Groundwater Hazard Statement to be filed at closing. It is BUYERS obligation to provide the report to the closing agent prior to the expiration timing of the five (5) day review and approval period and the termination procedures of Paragraph 23 closing. Buyer 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 attach a copy of such approval(s) the binding acknowledgement to Purchaser immediately upon receipt and will deliver the original thereof Groundwater Hazard Statement to be filed at Closingclosing. If Seller does not obtain all required approvals There is a private sewage disposal system on this Property. The private sewage disposal system has been installed within forty-five (45) days after Acceptance, Purchaser shall have the right past two years pursuant to terminate the Agreement and the provisions of Paragraph 23 shall applypermit number .