Fill and Sign the Addendum for Property Subject to Mandatory Membership in a Form

Page 1 of 2 EQUAL HOUSING OPPORTUNITY PROMULGATED BY THE ___________ REAL ESTATE COMMISSION ADDENDUM FOR PROPERTY SUBJECT TO MANDATORY MEMBERSHIP IN AN OWNERS' ASSOCIATION (NOT FOR USE WITH CONDOMINIUMS) ADDENDUM TO EARNEST MONEY CONTRACT CONCERNING THE PROPERTY AT______________________________________________________________(STREET ADDRESS_________________________________(CITY), _______________________.A. RESALE CERTIFICATE (check one box only):( )(1) Buyer requires delivery by Seller of a resale certificate (the Resale Certificate) which must include a current copy of each of the following owners' association (the Association) documents (check each one that applies): ( ) Articles of Incorporation ( ) Balance Sheet ( ) By-Laws ( ) Certificate of Insurance ( ) Income and Expense Statement ( ) Operating Budget ( ) Restrictive Covenants ( ) Rules and Regulation ( ) Other __________________________________________. Unless otherwise agreed by the Parties, the Resale Certificate must be in a form promulgated by ______________. The Resale Certificate must be prepared no more than 90 days before the date it is delivered to Buyer. Within _____ days after the effective date of the Contract, Seller shall deliver the Resale Certificate to Buyer. If Seller does not timely deliver the Resale Certificate, Buyer may terminate the Contract within 3 days after the time for delivery. If Seller timely delivers the Resale Certificate, Buyer may terminate the Contract by delivering notice of termination to Seller within 3 days after Buyer receives the Resale Certificate. If Buyer does not give written notice of termination as required, Buyer waives this right of termination. ( )(2) Buyer received and approved a copy of the Resale Certificate before signing the Contract.( )(3) Buyer does not require delivery of the Resale Certificate.B. ASSOCIATION REPAIRS: Notwithstanding the provisions of Paragraph 7, Seller's obligation to make repairs required by the Contract, a lender, and any Property Condition Addendum shall be limited to those items Seller has the sole obligation to maintain and repair under the terms of the documents provided with the Resale Certificate. After Buyer receives all reports of needed repairs that are not the responsibility of Seller, Buyer shall have 5 days to give written notice to Seller that Buyer will terminate the Contract unless Buyer receives written confirmation from the Association that such repairs will be made in a reasonable time at no cost to Buyer. If Buyer does give such notice, Seller shall have ______ days after receipt of such notice to cause to be delivered to Buyer written confirmation of the Association's commitment to repair. If Buyer does not give such notice to Seller, Buyer will be deemed to have accepted the Property without such repairs. If required by Buyer and written confirmation of repairs is not delivered to Buyer as required above, Buyer may terminate the Contract and the Earnest Money must be refunded to Buyer.C. TRANSFER FEES: Buyer shall pay any Association transfer fee, not to exceed Page 2 of 2 $_____________, and Seller agrees to pay any excess.D. ASSESSMENT: The current Association assessment is $________________per __________, payable to ________________________________ at___________________________________ (Address). The management of the Association is provided by ________________________ located at ______________________________ (Address) _____________________(telephone).E. REPRESENTATIONS: If any representation in the Resale Certificate or the documents furnished with the Resale Certificate is not true on the Closing Date, Buyer may terminate the Contract and the Earnest Money must be refunded to Buyer._______________________________________ ___________________________________BuyerSeller__________________________________________________________________________BuyerSellerThe form of this certificate has been approved by the _______________ Real Estate Commission for use only with similarly approved or promulgated forms of contracts. No representation is made as to the legal validity or adequacy of any provision in any specific transaction.