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 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.