Common use of Property Owners' Association Disclosure Clause in Contracts

Property Owners' Association Disclosure. The Seller represents that the Property G is, OR G is not located within a development which is subject to the Virginia Property Owners' Association Act (Sections 55-508 through 55-516 of the Code of Virginia) (the "Act"). If the Property is within such a development, the Act requires the Seller to obtain from the property owners' association an association disclosure packet and provide it to the Purchaser. The information contained in the association disclosure packet shall be current as of a specified date within thirty (30) days of the Date of Ratification. The Purchaser may cancel this Contract: (a) within three (3) days after the Date of Ratification, if on or before the Date of Ratification, the Purchaser receives the association disclosure packet or is notified that the association disclosure packet is not available; (b) within three (3) days after the hand-delivered receipt of the association disclosure packet or notice; or (c) within six (6) days after the postmark date if the association disclosure packet or notice is mailed to the Purchaser. The Purchaser may also cancel this Contract at any time prior to settlement if the Purchaser has not been notified that the association disclosure packet will not be available or the association disclosure packet is not delivered to the Purchaser. Written notice of cancellation shall be hand-delivered or mailed, return receipt requested, within the cancellation period to the Seller. Such cancellation shall be without penalty, this Contract shall become void and the Deposit shall be refunded in full to the Purchaser. If more than six (6) months have elapsed between the Date of Ratification and the date of settlement, the Purchaser may make a written request for assurance from the association, at the Purchaser's expense, that the information submitted in the association disclosure packet remains unchanged, or if there have been material changes, a statement specifying such changes. The Purchaser may waive the rights afforded by this paragraph in a separate written document. In any case, the right to receive the association disclosure packet and to cancel this Contract terminates at settlement.

Property Owners' Association Disclosure. The Seller represents that the Property G is, OR G is [ ] or is not [X] located within a development which is subject to the Virginia Property Owners' Association Act (Sections Act. Section 55-508 through 55-516 et seq. of the Code of Virginia) Virginia (the "Act"). If the Property is within such a development, the Act requires the Seller to obtain from the property owners' association (the "Association") an association disclosure packet and provide it to the Purchaser. The information contained in the association disclosure packet shall be current as of a date specified date within thirty (30) days of on the Date of Ratificationdisclosure packet. The Purchaser may cancel this Contract: Contract (ai) within three (3) days after the Date date of Ratificationthe Contract, if Purchaser received the disclosure packet (or notice that the packet will not be available) on or before the Date of Ratification, the date Purchaser receives executed this Contract: (ii) three days after receiving the association disclosure packet or is being notified that the association disclosure packet is will not be available; (b) within three (3) days after , if the hand-delivered receipt of the association disclosure packet or notice; such notice is hand delivered, or (ciii) within six (6) days after the postmark date if the association disclosure packet or notice that the packet will not be available is mailed sent to the PurchaserPurchaser by United States mail. The Purchaser may also cancel this Contract at any time prior to settlement if the Purchaser has not been notified that received the association disclosure packet or notice that the packet will not be available or the association disclosure packet is not delivered to the Purchaseravailable. Written notice of cancellation shall be hand-hand delivered or mailedsent by United States mail, return receipt requested, within the cancellation period to the Seller. Such cancellation shall be without penalty, this Contract shall become void and the Deposit shall be refunded in full to the Purchaser. If more than six (6) months have elapsed between the Date of Ratification and the date of settlement, the Purchaser may make a written request for assurance from the association, at the Purchaser's expense, that the information submitted in the association disclosure packet remains unchanged, or if there have been material changes, a statement specifying such changes. The Purchaser may waive the rights afforded by this paragraph in a separate written document. In any case, the right to receive the association disclosure packet and the right to cancel this Contract terminates at are waived conclusively if not exercised before settlement. Purchaser shall have the right to request from the Association an update of the disclosure packet specifying any material changes to the statements previously furnished. Purchaser may be required to pay a fee for such update.

Property Owners' Association Disclosure. The Seller represents that the Property G is, OR G is not located within a development which that is subject to the Virginia Property Owners' Association Act (Sections "Act") (Virginia Code § 55-508 through § 55-516 of the Code of Virginia) (the "Act"516). If the Property is within such a development, the Act requires the Seller to obtain an association disclosure packet from the property owners' association an association disclosure packet and provide it to the Purchaser. The information contained in the association disclosure packet shall be current as of a specified date Seller’s Initials Purchaser’s Initials which shall be within thirty (30) 30 days of the Date date of Ratificationacceptance of the Contract by the Seller. The Purchaser may cancel this Contract: (ai) within three (3) 3 days after the Date date of Ratificationthe Contract, if on or before the Date of Ratificationdate that Purchaser signs the Contract, the Purchaser receives the association disclosure packet or is notified that the association disclosure packet is will not be available; (bii) within three (3) 3 days after the hand-delivered receipt of the association disclosure packet or noticenotice that the association disclosure packet will not be available; or (ciii) within six (6) 6 days after the postmark date post-marked date, if the association disclosure packet or notice that the association disclosure packet will not be available is mailed sent to Purchaser via the PurchaserUnited States mail. The Purchaser may also cancel this Contract the Contract, without penalty, at any time prior to settlement Settlement if the Purchaser has not been notified that the association disclosure packet will not be available or and the association disclosure packet is not delivered to the Purchaser. Written Purchaser's notice of cancellation shall be either hand-delivered or mailedsent via United States mail, return receipt requested, within the cancellation period to the Seller. Such Purchaser's cancellation pursuant to this subsection shall be without penalty, this . This Contract shall become void upon cancellation and the Deposit shall be refunded in full to the Purchaser upon Purchaser's notice of cancellation. If more than six (6) 6 months have elapsed between the Date date of Ratification ratification of this Contract and the date of settlementSettlement Date, the Purchaser may make submit a written copy of the Contract to the property owners' association along with a request for assurance from the association, at the Purchaser's expense, that the information submitted required by Virginia Code § 55-512 previously furnished to Purchaser in the association disclosure packet remains materially unchanged; or, or if there have been material changes, a statement specifying such changes. The Purchaser shall be provided with such assurances or such statement within 10 days of the receipt of such request by the property owner's association. Purchaser may waive be required to pay a fee for the preparation and issuance of the requested assurances. Said fee shall reflect the actual costs incurred by the property owners' association in providing such assurances but shall not exceed $100.00 or such higher amount as may now or hereafter be permitted pursuant to applicable statutes. Any rights afforded by this paragraph in a separate written document. In any case, the right to receive the association disclosure packet and of Purchaser to cancel this the Contract terminates at settlementprovided by the Act are waived conclusively if not exercised prior to Settlement.

Property Owners' Association Disclosure. The Seller represents that the Property G is, OR G is not located within a development which that is subject to the Virginia Property Owners' Association Act (Sections "Act") (Virginia Code § 55-508 through § 55-516 of the Code of Virginia) (the "Act"516). If the Property is within such a development, the Act requires the Seller to obtain an association disclosure packet from the property owners' association an association disclosure packet and provide it to the Purchaser. Seller’s Initials Purchaser’s Initials The information contained in the association disclosure packet shall be current as of a specified date which shall be within thirty (30) 30 days of the Date date of Ratificationacceptance of the Contract by the Seller. The Purchaser may cancel this Contract: (ai) within three (3) 3 days after the Date date of Ratificationthe Contract, if on or before the Date of Ratificationdate that Purchaser signs the Contract, the Purchaser receives the association disclosure packet or is notified that the association disclosure packet is will not be available; (bii) within three (3) 3 days after the hand-delivered receipt of the association disclosure packet or noticenotice that the association disclosure packet will not be available; or (ciii) within six (6) 6 days after the postmark date post-marked date, if the association disclosure packet or notice that the association disclosure packet will not be available is mailed sent to Purchaser via the PurchaserUnited States mail. The Purchaser may also cancel this Contract the Contract, without penalty, at any time prior to settlement Settlement if the Purchaser has not been notified that the association disclosure packet will not be available or and the association disclosure packet is not delivered to the Purchaser. Written Purchaser's notice of cancellation shall be either hand-delivered or mailedsent via United States mail, return receipt requested, within the cancellation period to the Seller. Such Purchaser's cancellation pursuant to this subsection shall be without penalty, this . This Contract shall become void upon cancellation and the Deposit shall be refunded in full to the Purchaser upon Purchaser's notice of cancellation. If more than six (6) 6 months have elapsed between the Date date of Ratification ratification of this Contract and the date of settlementSettlement Date, the Purchaser may make submit a written copy of the Contract to the property owners' association along with a request for assurance from the association, at the Purchaser's expense, that the information submitted required by Virginia Code § 55-512 previously furnished to Purchaser in the association disclosure packet remains materially unchanged; or, or if there have been material changes, a statement specifying such changes. The Purchaser shall be provided with such assurances or such statement within 10 days of the receipt of such request by the property owner's association. Purchaser may waive be required to pay a fee for the preparation and issuance of the requested assurances. Said fee shall reflect the actual costs incurred by the property owners' association in providing such assurances but shall not exceed $100.00 or such higher amount as may now or hereafter be permitted pursuant to applicable statutes. Any rights afforded by this paragraph in a separate written document. In any case, the right to receive the association disclosure packet and of Purchaser to cancel this the Contract terminates at settlementprovided by the Act are waived conclusively if not exercised prior to Settlement.