Formation, Governing Documents Sample Clauses

Formation, Governing Documents. 7.1.1 Seller has formed the Homeowners Association (the “HOA”) as the residential community association for the Property. The Lots will be subject to the Governing Documents (as defined below) of the HOA, as such Governing Documents may be amended from time to time, and the exercise of the rights and powers conferred on the HOA by such Governing Documents. Seller shall have the unilateral right to consent to changes to the Governing Documents without the consent or approval of Purchaser or any of Purchaser’s purchasers. Purchaser has been furnished with copies of the following documents (the “Governing Documents”): (i) Articles of Incorporation of the HOA; (ii) Bylaws of the HOA; (iii) Declaration of Covenants, Conditions and Restrictions for (the “Declaration”); (iv) Residential Design Guidelines; (vi) the current budget for the HOA. Purchaser acknowledges that Purchaser, its homebuyers, and each Lot are bound by and subject in all respects to the Governing Documents. 7.1.2 The Lots are located within a development that is subject to the provisions of the [Delaware Property Owners’ Association Act – NEED TO CONFIRM TITLE AND REQUIREMENTS IN DE.] (the “Act”). The Act requires the property owners’ association of the development in which the Lots are located to provide to an owner of a Lot with a disclosure packet (as defined in such Act). Such disclosure packets must be provided to each purchaser of a Lot. Purchaser agrees to observe fully and completely with the provisions of the Act in the course of its marketing of the Lots and any improvements thereon. 7.1.3 Seller reserves the right to amend the existing site development plans (“Site Plans”) for the Project without Purchaser’s review or approval provided that such amendment does not affect Purchaser’s right to construct dwellings as contemplated by this Contract or materially increase Purchaser’s costs of development. Seller shall provide to Purchaser a copy of any amendment to the Site Plans. If the amendments to the Site Plans or any zoning or proffer amendments require Purchaser, as a contract purchaser or owner of the Lots, to join in their execution, than Purchaser acknowledges that by executing this Contract, the Purchaser shall be obligated to execute and deliver promptly all documents, instruments or agreements necessary to evidence Purchaser’s consent.