OWNERS’ ASSOCIATION. 13.1 That the Purchaser shall become a member of the association / society that has been formed (details of association are given in annexure – A) to look after the maintenance of the Housing Project and shall abide by its rules.
13.2 In case the society / association has yet to be formed, the Purchaser shall pay to the Vendor such proportionate cost of outgoings such as common water charges, common lights, repairs, salaries of clerk, watchman, sweepers, etc., as may be determined by the Vendor. It is proposed that the monthly maintenance charges payable by the Purchaser to the Association/Vendor shall be Rs. 2/- per sft from the deemed date of completion of the Scheduled Flat. The rate shall be subject to change and periodic upward revision.
13.3 If the Purchaser ever fails to pay maintenance charges, corpus fund or other charges related to the Scheduled Flat, the Association shall be entitled to disconnect and stop providing all or any services to the Scheduled Flat including water, electricity, etc. Further, the Purchaser may be barred from using common amenities like clubhouse, swimming pool, parks, open areas, generator backup, etc., till such time all arrears are cleared.
13.4 The Purchaser shall pay corpus fund to the Association at the time of taking possession of the completed flat. The details of corpus fund payable are given in Annexure – A. The details of the initial monthly maintenance charges payable by the Purchaser to the Association/Vendor, from the deemed date of completion of the Scheduled Flat is given in Annexure -A.
13.5 The Vendor has proposed to deliver the common amenities in phases on or before completion of the last block of flats. The monthly maintenance charges payable by the Purchaser to the Association shall not be linked to provision/completion of common amenities. The Purchaser shall not raise any objection on this count.
13.6 The monthly maintenance charges payable to the Association are proposed to be increased from time to time and the Purchaser shall be liable to pay such increased charges.
13.7 The Purchaser agrees not to withhold or delay payment of monthly maintenance charges to the Association for any defects in construction. Repairs/correction of defects in construction, if any, is the responsibility of the Vendor and the Purchaser agrees to not withhold payment of monthly maintenance charges.
13.8 The Vendor shall be entitled to form the Owners Association and draft its bye-laws as he deems fit and proper. The Ven...
OWNERS’ ASSOCIATION. This Section is applicable if the Property is located within a Common Interest Community and 241 subject to the declaration (Association). 242 7.1. Common Interest Community Disclosure. THE PROPERTY IS LOCATED WITHIN A COMMON 243 INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR THE COMMUNITY. THE OWNER OF 244 THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNERS’ ASSOCIATION FOR THE 245 COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF THE 246 ASSOCIATION. THE DECLARATION, BYLAWS AND RULES AND REGULATIONS WILL IMPOSE FINANCIAL 247 OBLIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY ASSESSMENTS 248 OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE ASSOCIATION COULD 000 XXXXX A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. THE DECLARATION, BYLAWS 250 AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING 251 CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE ASSOCIATION (OR A 252 COMMITTEE OF THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATION. PURCHASERS OF 253 PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE FINANCIAL 254 OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY READ THE 255 DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF THE 256 ASSOCIATION.
OWNERS’ ASSOCIATION. This Section is applicable if the Property is located within a Common Interest
OWNERS’ ASSOCIATION. The registered owner of the property from time to time is automatically a member of the XX XXXXX HOME OWNERS’ ASSOCIATION and will remain a member for the duration of his ownership.”
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 termina...
OWNERS’ ASSOCIATION. The financial condition of any owner's association, including, without limitation, the adequacy of any reserves held by any owner's association.
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. Seller shall within 10 or days following the Date of Agreement provide Buyer with a statement and transfer package from any owner's association servicing the Property. Such transfer package shall at a minimum include: copies of the association's bylaws, articles of incorporation, current budget and financial statement. Buyer has 10 days from the receipt of such documents to satisfy itself with regard to the association.
OWNERS’ ASSOCIATION. Owner shall organize a unit owner's association or associations if appropriate for given parcels and/or unit types with the development of the Property. Owner shall form the association(s) pursuant to the Colorado Common Interest Ownership Act (“Act”). C.R.S. §38-33.3- 101, et seq. The Owner shall also execute and record covenants and instruments of conveyance which comply with the Act and which adequately provide for continuous ownership, operation, maintenance, repair and replacement of common elements of the development, including but not limited to any private roads, private common areas and private facilities. At least thirty (30) days prior to recording any covenants or instruments of conveyance to the association(s), Owner shall provide such documents to the City Attorney for review and comment.
OWNERS’ ASSOCIATION. 12.1 The FINKENSTEIN VILLAGE OWNERS ASSOCIATION shall inter alia regulate, control and manage the common interest of the owners of property within the development.
12.2 The PURCHASER hereby records and acknowledges that the PROPERTY will be subject to the authority of the Finkenstein Village Owners Association. Against transfer of the PROPERTY into his name the PURCHASER shall ipso facto become a member of the said Finkenstein Village Owners Association. By adding his signature to this agreement the PURCHASER accepts the terms and conditions of the constitution and rules of the Finkenstein Village Owners Association annexed hereto as annexure “B” the contents, force and effect of which he hereby declares himself to be fully acquainted with.
12.3 The PURCHASER irrevocably and unconditionally undertakes to enter into a notarial deed of imposition of conditions essentially in the form of and with the terms and conditions contained in Annexure “C” hereto.
