Common use of OWNERS’ ASSOCIATION Clause in Contracts

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. Purchaser is aware that the Purchaser will become a member of the Xxxxx Xxxxx Street 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.