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.

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 Xxxxx 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. Xxxxx, 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, Xxxxx 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 any Subassociation Declaration shall be Permitted Exceptions. The provisions 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 this Section shall survive each applicable 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.4.8