Common use of HOMEOWNERS ASSOCIATION Clause in Contracts

HOMEOWNERS ASSOCIATION. Seller represents that as of the Acceptance Date (as set forth following Paragraph 15 of this Contract), the regular 80 the special assessment pertaining to the Property was $ , and the remaining amount due at Closing will be $ and (strike 81 one) shall / shall not be assumed by Buyer at Closing. Buyer acknowledges and agrees that (i) the representations in this Paragraph are provided as of 82 the Acceptance Date; (ii) this information may change, and these fees may increase, prior to Closing; and (iii) Seller is under no obligation to notify 83 Buyer of any changes to this information, and, should changes occur, this Contract shall remain in full force and effect. Notwithstanding anything to 84 the contrary contained in this Paragraph 10, Seller shall disclose to Buyer any new assessment that is actually approved and levied prior to Closing 85 within 5 days after Seller receives notice of the new assessments (and in no event later than the Closing Date). Seller shall furnish Buyer a statement 86 from the proper representative certifying that Seller is current in payment of assessments, and, if applicable, proof of waiver or termination of any 87 right of first refusal or similar options contained in the bylaws of the Association for the transfer of ownership. Seller shall deliver to Buyer the items 88 stipulated by the Illinois Condominium Property Act (765 ILCS 605/1 et seq.) ("ICPA Documents"), including but not limited to the declaration, 89 bylaws, rules and regulations, and the prior and current years' operating budgets within business days of the Acceptance Date. In the event the

HOMEOWNERS ASSOCIATION. Seller represents that as of the Acceptance Date (as set forth following Paragraph 15 of this Contract), the regular 80 77 monthly assessment pertaining to the Property is $_361.00 ; a special assessment (strike one) has / has not been levied. The original amount of 78 the special assessment pertaining to the Property was $ $_na , and the remaining amount due at Closing will be $ $_na and (strike 81 79 one) shall / shall not be assumed by Buyer at Closing. Buyer acknowledges and agrees that (i) the representations in this Paragraph are provided as of 82 80 the Acceptance Date; (ii) this information may change, and these fees may increase, prior to Closing; and (iii) Seller is under no obligation to notify 83 81 Buyer of any changes to this information, and, should changes occur, this Contract shall remain in full force and effect. Notwithstanding anything to 84 82 the contrary contained in this Paragraph 10, Seller shall disclose to Buyer any new assessment that is actually approved and levied prior to Closing 85 83 within 5 days after Seller receives notice of the new assessments (and in no event later than the Closing Date). Seller shall furnish Buyer a statement 86 84 from the proper representative certifying that Seller is current in payment of assessments, and, if applicable, proof of waiver or termination of any 87 85 right of first refusal or similar options contained in the bylaws of the Association for the transfer of ownership. Seller shall deliver to Buyer the items 88 86 stipulated by the Illinois Condominium Property Act (765 ILCS 605/1 et seq.) ("ICPA Documents"), including but not limited to the declaration, 89 87 bylaws, rules and regulations, and the prior and current years' operating budgets within _na business days of the Acceptance Date. In the event thethe 88 ICPA Documents disclose that the Property is in violation of existing rules, regulations, or other restrictions or that the terms and conditions contained 89 within the documents would unreasonably restrict Buyer's use of the Property or would increase the financial considerations which Buyer would have 90 to extend in connection with owning the Property, then Buyer may declare this Contract null and void by giving Seller written notice within 5 business 91 days after the receipt of the ICPA Documents, listing those deficiencies which are unacceptable to Buyer, and thereupon all xxxxxxx money deposited 92 shall be returned to Buyer. If written notice is not served within the time specified, Buyer shall be deemed to have waived this contingency, and this 93 Contract shall remain in full force and effect. Seller agrees to pay any applicable processing/moveout/transferring fees as required by the Association, 94 and Buyer agrees to pay the credit report and move-in fee if required by the Association. If the right of first refusal or similar option is exercised, this 95 Contract shall be null and void and the Xxxxxxx Money shall be returned to Buyer, but Seller shall pay the commission pursuant to Paragraph U of the 96 General Provisions of this Contract. □✔

HOMEOWNERS ASSOCIATION. Seller represents that as of the Acceptance Date (as set forth following Paragraph 15 of this Contract), the regular 80 the special assessment pertaining to the Property was $ , and the remaining amount due at Closing will be $ and (strike 81 one) shall / shall not be assumed by Buyer at Closing. Buyer acknowledges and agrees that (i) the representations in this Paragraph are provided as of 82 the Acceptance Date; (ii) this information may change, and these fees may increase, prior to Closing; and (iii) Seller is under no obligation to notify 83 Buyer of any changes to this information, and, should changes occur, this Contract shall remain in full force and effect. Notwithstanding anything to 84 the contrary contained in this Paragraph 10, Seller shall disclose to Buyer any new assessment that is actually approved and levied prior to Closing 85 within 5 days after Seller receives notice of the new assessments (and in no event later than the Closing Date). Seller shall furnish Buyer a statement 86 from the proper representative certifying that Seller is current in payment of assessments, and, if applicable, proof of waiver or termination of any 87 right of first refusal or similar options contained in the bylaws of the Association for the transfer of ownership. Seller shall deliver to Buyer the items 88 stipulated by the Illinois Condominium Property Act (765 ILCS 605/1 et seq.) ("ICPA Documents"), including but not limited to the declaration, 89 bylaws, rules and regulations, and the prior and current years' operating budgets within business days of the Acceptance Date. In the event thethe 90 ICPA Documents disclose that the Property is in violation of existing rules, regulations, or other restrictions or that the terms and conditions contained 91 within the documents would unreasonably restrict Buyer's use of the Property or would increase the financial considerations which Buyer would have 92 to extend in connection with owning the Property, then Buyer may declare this Contract null and void by giving Seller written notice within 5 business 93 days after the receipt of the ICPA Documents, listing those deficiencies which are unacceptable to Buyer, and thereupon all xxxxxxx money deposited 94 shall be returned to Buyer. If written notice is not served within the time specified, Buyer shall be deemed to have waived this contingency, and this 95 Contract shall remain in full force and effect. Seller agrees to pay any applicable processing/moveout/transferring fees as required by the Association, 96 and Buyer agrees to pay the credit report and move-in fee if required by the Association. If the right of first refusal or similar option is exercised, this 97 Contract shall be null and void and the Xxxxxxx Money shall be returned to Buyer, but Seller shall pay the commission pursuant to Paragraph U of the 98 General Provisions of this Contract.

HOMEOWNERS ASSOCIATION. Parties agree that the Property (check one) 🞏 [is] 🞏 [is not] a part of a homeowners association and that either the Illinois Common 61 Interest Community Association Act, Illinois Condominium Property Act, or other applicable state association law applies (“Governing Law”). If [is not] is checked, then 62 this paragraph 12, Homeowners Association, does not apply. Seller represents that as of the Acceptance Date (as set forth following Paragraph 15 of this Contract)Date, the regular 80 monthly assessment pertaining to the Property 63 is $ ; a special assessment (check one) 🞏 [has] OR 🞏 [has not] been levied. The original amount of the special assessment pertaining to the Property was 64 $ , and the remaining amount due at Closing will be $ and (strike 81 check one) 🞏 [shall] OR 🞏 [shall / shall not not] be assumed by Buyer at Closing. Buyer 65 acknowledges and agrees that (i) the representations in this Paragraph are provided as of 82 the Acceptance Date; (ii) this information may change, and these fees may increase, 66 prior to Closing; and (iii) Seller is under no obligation to notify 83 Buyer of any changes to this information, and, should changes occur, this Contract shall remain in full force and effect. Notwithstanding anything to 84 the contrary contained in this Paragraph 1012, Seller shall disclose to notify Buyer of any new proposed special assessment that is actually approved and levied prior to Closing 85 increase in any 67 regular assessment between the Date of Acceptance and Closing. Seller shall notify Buyer within 5 days after Seller receives notice of the new assessments Business Days (and in no event later than the Closing Date)) after Seller 68 receives notice of any proposed special assessment and/or increase in any regular assessment. 69 Seller shall furnish Buyer a statement 86 from the proper association representative certifying that Seller is current in payment of assessments, and, if applicable, proof of 70 waiver or termination of any 87 right of first refusal or similar options contained in the bylaws of the Association association for the transfer of ownership. Seller shall deliver to Buyer apply for and order 71 those documents governing the items 88 stipulated by the Illinois Condominium Property Act (765 ILCS 605/1 et seq.) ("ICPA Documents")association, including but not limited to the declaration, 89 bylaws, rules and regulations, and the prior and current years' ’ operating budgets 72 (“Association Documents”) within business days 10 Business Days of the Acceptance Date. Seller shall notify Buyer within 5 Business Days (and in no event later than the Closing Date) 73 after Seller receives notice of any amendments or revisions to any of the Association Documents. In the event thethe Association Documents disclose that the Property is in 74 violation of existing rules, regulations, or other restrictions or that the terms and conditions contained within the documents would unreasonably restrict Xxxxx's use of the 75 Property or would increase the financial considerations which Buyer would have to extend in connection with owning the Property, then Xxxxx may declare this Contract 76 null and void by giving Seller written notice within 5 Business Days after the receipt of the Association Documents, listing those deficiencies which are unacceptable to 77 Buyer, and thereupon all Xxxxxxx Money deposited shall be returned to Buyer. If written notice is not served within the time specified, Buyer shall be deemed to have 78 waived this contingency, and this Contract shall remain in full force and effect. The Parties agree to pay any applicable processing and moving fees as required by the 79 association, and any such fees shall be paid by the Party designated by the association. If the right of first refusal or similar option is exercised, this Contract shall be null 80 and void and the Xxxxxxx Money shall be returned to Buyer, and Seller shall pay the commission pursuant to Paragraph U of the General Provisions of this Contract.

HOMEOWNERS ASSOCIATION. Seller represents that as of the Acceptance Date (as set forth following Paragraph 15 of this Contract), the regular 80 the special assessment pertaining to the Property was $ , and the remaining amount due at Closing will be $ and (strike 81 one) shall / shall not be assumed by Buyer at Closing. Buyer Xxxxx acknowledges and agrees that (i) the representations in this Paragraph are provided as of 82 the Acceptance Date; (ii) this information may change, and these fees may increase, prior to Closing; and (iii) Seller is under no obligation to notify 83 Buyer of any changes to this information, and, should changes occur, this Contract shall remain in full force and effect. Notwithstanding anything to 84 the contrary contained in this Paragraph 10, Seller shall disclose to Buyer any new assessment that is actually approved and levied prior to Closing 85 within 5 days after Seller receives notice of the new assessments (and in no event later than the Closing Date). Seller shall furnish Buyer a statement 86 from the proper representative certifying that Seller is current in payment of assessments, and, if applicable, proof of waiver or termination of any 87 right of first refusal or similar options contained in the bylaws of the Association for the transfer of ownership. Seller shall deliver to Buyer the items 88 stipulated by the Illinois Condominium Property Act (765 ILCS 605/1 et seq.) ("ICPA Documents"), including but not limited to the declaration, 89 bylaws, rules and regulations, and the prior and current years' operating budgets within business days of the Acceptance Date. In the event the