MANDATORY OWNERS' ASSOCI ATI ON MEMBERSHI P Sample Clauses

MANDATORY OWNERS' ASSOCI ATI ON MEMBERSHI P. The Property ❑ is ❑ is not subject to m andatory m em bership in an owners' association. I f the Property is subject to m andatory m em bership in an owners' association, Seller notifies Buyer under §5. 012, Texas Property Code, that, as a purchaser of property in the residential com m unity in which the Property is located, you are obligated to be a m em ber of the owners' association. Restrictive covenants governing the use and occupancy of the Property and a dedicatory inst rum ent governing the establishm ent, m aintenance, and operation of this residential com m unity have been or will be recorded in the Real Property Records of the county in which the Property is located. Copies of the restrictive covenants and dedicatory instrum ent m ay be obtained from the county clerk. You are obligated to pay assessm ents to the owners' association. The am ount of the assessm ents is subject t o change. Your failure to pay the assessm ents could result in a lien on and the foreclosure of the Property. I f Buyer is concerned about these m atters, the TREC prom ulgated Addendum for Property Subject to Mandatory Mem bership in an Owner's Association should be used.
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  • Creative Commons Attribution-Non-Commercial-NoDerivs License The Creative Commons Attribution Non-Commercial-NoDerivs License (CC-BY-NC-ND) permits use, distribution and reproduction in any medium, provided the original work is properly cited, is not used for commercial purposes and no modifications or adaptations are made. (see below) Use by commercial "for-profit" organizations Use of Wiley Open Access articles for commercial, promotional, or marketing purposes requires further explicit permission from Wiley and will be subject to a fee. Further details can be found on Wiley Online Library xxxx://xxxxxxx.xxxxx.xxx/WileyCDA/Section/id-410895.html Other Terms and Conditions:

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