Property Owners Association. If the Property is subject to mandatory membership in a property owners' association, Seller shall notify Purchaser of the current annual budget of the property owners' association, and the current authorized fees, dues and/or assessments relating to the Property. In addition, Seller shall give to Purchaser the written notice required under §5.012 of the Texas Property Code, if applicable, and Purchaser agrees to acknowledge receipt of the notice in writing. Also, Seller shall give to Purchaser the resale certificate required under Chapter 207 of the Texas Property Code, if applicable, and Purchaser agrees to acknowledge receipt of the resale certificate in writing.
Property Owners Association. Developer shall submit to the city for review at Final Approval and record with the final plat(s) documents necessary to establish and maintain a Property Owner’s (Home Owner’s) Association (aka HOA or POA), including a Declaration and Restrictive Covenants and other documents necessary for the following purposes:
a. Ownership, collection of fees and dues for maintenance for, and maintenance of all:
i. Open space and amenities, including the trail and berm and landscaping along Mill Road (1200 East).
ii. Alley ways and private roads.
iii. Private infrastructure.
b. Review and enforcement of all POA/HOA rules, regulations, and architectural design criteria. Developer and City agree that it is desirable for the development to have high quality homes with architectural details, siding and rock as proposed in the Master Plan and the HOA is necessary to implement this plan.
Property Owners Association. 18.1 It is recorded that a property owners association shall be established for the benefit of all owners of properties within the Development as depicted on the Site Development Plan marked Annexure “B” and as provided for in the Constitution as per Annexure “C”.
18.2 The Purchaser shall automatically become a member of the property association against transfer of the Property and shall remain a member as long as the Purchaser is the registered owner thereof.
18.3 The Purchaser shall be liable for the payment of levies to the property owners association estimated to be the amount referred to in F of the Information Schedule.
18.4 The Purchaser acknowledges that he has acquainted himself with the constitution of the property association as per Annexure “B”.
18.5 The Seller shall register a title deed condition against the Property in terms of which the Property shall not be transferred without the written consent of the property owners association in terms of the constitution.
18.6 The Purchaser acknowledges that until such time as all the buildings on the properties forming part of the Development have been completed, the Seller shall be entitled to approve all building plans on behalf of the property owners association.
18.7 The Purchaser authorizes the Seller to sign, as agent of the property association any such waivers as may be required by the financial institutions who will register mortgage bonds over properties forming part of the Development.
Property Owners Association. The Property is is not part of or included in a Property Owner’s Association. If Property is in a Property Owners’ Association, Seller authorizes Broker to contact , phone # , Seller’s Property Owners’ Association Management Company/Manager for any information regarding the Property Owners’ Association. If Property is a condominium, Seller agrees to obtain and provide Buyer(s) with all items and information required under the terms of a purchase agreement, written request from Buyer and/or Section 35-8A-409(a) of the Alabama Uniform Condominium Act, including but not limited to association documents, bylaws, declarations, covenants, budgets, minutes and information regarding assessments and dues. Seller further agrees to pay all costs associated with obtaining such items and information. Seller is aware of the following assessments issued by the Property Owners’ association, or pending assessments which are likely to be assessed in the future:
Property Owners Association. A. On October 7, 2002, the Developer caused to be created a property owners’ association, which was incorporated as the “Wildwood Phase 1 Property Owners Association Inc.” on November 18, 2002, by filing articles of incorporation with the Arkansas Secretary of State (the “POA”). The POA shall apply to, and have jurisdiction over, all phases of the Subdivision, as may now or hereafter exist. The Board of Directors of the POA shall have the authority to change the POA’s existing name at any time.
B. The POA shall operate as a non-profit corporation and have bylaws and shall have as its members owners of lots in the entire Subdivision, as may now or hereafter exist. The owners of each lot shall be members of the POA, yet each lot shall have only one vote regarding business of the POA regardless of the number of owners of such lot. The first named owner of each lot shall be deemed the person entitled to vote on the POA matters, but such person shall have the right to delegate such voting right in accordance with any rules promulgated by the board of directors of the POA from time to time.
C. [Intentionally omitted]
D. The POA’s board of directors shall have the power to create and enforce reasonable rules and regulations regarding the common properties and facilities located within the Subdivision from time to time, and to exclude owners and occupants from the use of such common areas and facilities when such persons are in violation of those rules and regulations or these Restated Covenants.
E. These Restated Covenants shall run with the land and shall be binding on all parties claiming under them, or owning any lots or property located anywhere within the Subdivision, for a period of twenty-five (25) years from the date these Restated Covenants were filed for record. After a period of twenty-five (25) years, these Restated Covenants shall automatically extend for periods of ten (10) years each, unless an instrument signed by the owners of a majority number of the lots or values within the Subdivision has been recorded agreeing to change these Covenants in part or in whole. These Restated Covenants may be amended at any time by the owners of a majority of the combined number of lots within the Subdivision as it may exist from time to time.
Property Owners Association. A. The recorded Declaration of Restrictive Covenants of Four Seasons Lakesites, Inc. (the "Declaration") specifies the rights and obligations of all owners of lots in The Communities of Four Seasons at Shawnee Bend, the development in which the Property is located (the "Development"). Under the Declaration, all owners of lots in the Development must become members of the Four Seasons Lakesites Property Owners Association, Inc., a Missouri non-profit corporation (the "POA"). BUYER understands that the POA is organized for the purpose of developing and improving the lots contained in the Development and owning and maintaining the common elements therein. XXXXX agrees to become a member of the POA, be bound by the Articles of Incorporation, Bylaws and Rules and Regulations of the POA, as well as the record plat of the Development and to maintain BUYER’S membership status in good standing.
B. BUYER shall be obligated to pay to the POA an assessment for a lot owner’s share of common expenses incurred in the maintenance of the Development. The current annual assessment is Two Hundred Forty Four Dollars ($244.00) for unimproved lots and Six Hundred Sixteen Dollars ($616.00) for improved lots. The amount of the assessment is subject to change and shall be in addition to the Purchase Price. BUYER understands, however, that such assessments are used by the POA for the purposes of administration, maintenance and preservation of the Development and do not add to the equity of BUYER in the Property and are not refundable under any circumstances. XXXXX understands and agrees that the Declaration grants to the POA the right to place liens upon the Property should BUYER be in default or fail to pay assessments and other charges as set out in the Declaration when due.
C. SELLER may assign to the POA any of the rights, privileges, regulatory authorities, duties and obligations it holds as owner of the Development, and upon such assignment, the POA shall be authorized and empowered to exercise such rights and privileges and obligated to perform such duties as were vested in SELLER.
Property Owners Association. The Developer of Parcel A may establish, in its discretion, 1 or more property owners associations for Parcel A (the “Association”). The Association and/or the Developer shall own and be responsible for maintenance of internal roadways (other than those dedicated to and accepted by the City, lighting, common landscape improvements, fencing, signage, pedestrian easements, the MSSW system components and any common property or facilities within Parcel A. The Association and/or Developer shall have the right to transfer the maintenance obligation and title to any of the common property or facilities to any successor-in-interest. The Association or Developer may transfer title of common property to the City or other entity if so authorized by the City; provided, however, that the City is under no obligation to accept the transfer of title.
Property Owners Association. Prior to the sale of any property, one or more Property Owners Associations as well as a possible Master Property Owners Association (POAs) will be established and such property shall be submitted to the jurisdiction of such POA(s) by recorded covenants, conditions and restrictions (CCRs). Membership in a POA will be mandatory for each property owner. Each POA will be funded by assessments to be established pursuant to its recorded covenants. Each POA shall be responsible for administering its recorded documents and for the maintenance and operation of those common areas, if any, which are designed to benefit the properties subject to its jurisdiction. Common areas for residential properties will include both passive park space as well as areas for pools, clubhouses, and other active amenities. There may be additional property owners associations (POAs) established for individual development tracts which have their own common areas. Such Master Property Owners Association and/or any additional POAs created or used in the development of the property as well as the CCRs may include design review standards and provisions relating to the overall theme of construction and development of the Real Property as well as specific design and construction standards which may lead to the creation of a design or architectural review board(s).
Property Owners Association. The provisions as set forth in Exhibit F, Section XV shall apply with respect to the establishment of a MPOA and individual Property Owner’s Associations. Furthermore, the Town agrees to maintain the Facilities, if any, that are accepted by the Town, pursuant to the applicable provisions of the Current Regulations, upon tender by the Developer, provided said Facilities are designed for construction in accordance with the specifications approved by the Town, and provided further that the Facilities, as built, are in good condition and not subject to any monetary lien.
Property Owners Association. 5.01 Property Owners Association to Be Established. Developer shall create one property owner’s association for the Property (collectively the “Association”), and shall establish bylaws, rules, regulations and restrictive covenants (collectively the “Association Regulations”) to assure the Association performs and accomplishes the duties and purposes required to be performed and accomplished by the Association pursuant to this Agreement. The owner of each Lot within the Property shall be required to be a member of the Association. The Association Regulations shall establish periodic Association dues and assessments to be paid by Lot Owners that are and shall be sufficient to maintain any part or portion of the Property designated by Developer or the Association as a common area by a recorded instrument (the “Common Area”). The Association Regulations shall require the dues and assessments to be increased from time to time as necessary to provide the funds required for the maintenance of Common Areas, and to provide funds required for the management and operation of the Association. The Pond Lots containing detention and water quality facilities will be conveyed to the Association for ownership, operation and maintenance.
