Legal VVE Declaration

Legal VVE Declaration

This Legal VVE Declaration (the "Declaration") is made on this day by and between: VVE Name: , Registered Office: , Registration No.: (hereinafter "VVE"), and Owner Name: , Owner Address: , Unit/Parcel No.: (hereinafter "Owner").

RECITALS

WHEREAS, the VVE is the legally constituted owners' association responsible for the management, operation and maintenance of the building and common areas located at (the "Property");

WHEREAS, Owner is the record owner of the Unit identified above and, by virtue of such ownership, is a member of the VVE and subject to the articles, bylaws and regulations of the VVE; and

WHEREAS, the parties wish to confirm their respective rights, obligations and operating procedures with respect to contributions, maintenance responsibilities, governance, and enforcement as set forth in this Declaration.

NOW THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree as follows:

1. DEFINITIONS

For purposes of this Declaration, the following terms shall have the meanings set forth below: "Association" or "VVE" means the owners' association named above; "Unit" means the individually owned parcel referenced by Unit/Parcel No.; "Common Areas" means those portions of the Property owned or maintained by the VVE for the common use and benefit of the members; "Contributions" means regular periodic payments required of Owners to fund the VVE budget; and "Special Assessment" means an additional payment levied in accordance with the VVE governing documents to address extraordinary expenses.

2. MEMBERSHIP AND CERTIFICATION

Owner certifies and warrants that Owner is the legal owner of the Unit identified above and that all statements of ownership and title provided to the VVE are true and correct. Owner further certifies that Owner will comply with all provisions of the VVE articles, bylaws, house rules and any duly adopted resolutions of the VVE.

3. CONTRIBUTIONS; PAYMENT TERMS

Owner shall pay Contributions in the amount of per , commencing on . Contributions shall be due and payable in advance on the first day of each contribution period.

Payments shall be remitted to the VVE account identified as:

4. SPECIAL ASSESSMENTS

The VVE may levy Special Assessments in accordance with the VVE governing documents. If a Special Assessment is levied, Owner shall be notified in writing and shall pay the assessment in the manner and within the time period set by the VVE resolution. Special Assessments shall be binding upon Owner's interest in the Unit and shall survive transfer of title until satisfied.

5. MAINTENANCE, REPAIRS AND COMMON AREAS

Responsibility for maintenance and repair of the Unit and the Common Areas shall be as set forth in the VVE governing documents. Owner shall promptly perform, at Owner's expense, all maintenance and repairs required of Unit owners by the governing documents and shall not alter common elements without prior written approval of the VVE.

6. INSURANCE

The VVE shall procure and maintain insurance covering the Common Areas as required by the governing documents. Owner is responsible for obtaining any insurance required of Unit owners and for insuring personal property, improvements and deductibles attributable to the Unit. Owner shall provide evidence of insurance to the VVE upon request.

7. GOVERNANCE; VOTING AND MEETINGS

Owner acknowledges the VVE governance structure, voting rights and meeting procedures as set forth in the articles and bylaws. Owner shall be entitled to vote in VVE matters in accordance with the Unit's allocated vote. Owner agrees to attend meetings as required and to comply with lawful resolutions adopted by the VVE.

8. ACCESS TO RECORDS

The VVE shall maintain financial records, meeting minutes and other documents in accordance with the governing documents and applicable law. Owner may request access to records upon reasonable written notice; the VVE may impose a reasonable fee for reproduction and handling.

9. ENFORCEMENT; REMEDIES; LATE FEES

Failure by Owner to pay Contributions or to comply with the governing documents shall entitle the VVE to pursue all remedies available at law or in equity, including imposition of late fees, interest, liens against the Unit and recovery of costs, including reasonable attorneys' fees. The parties agree that the late fee rate shall be .

10. NOTICES

All notices, requests and communications required or permitted hereunder shall be in writing and shall be delivered to the following addresses by hand, certified mail, or courier:

11. AMENDMENT; WAIVER

This Declaration may be amended only by a written instrument executed by the VVE in accordance with the VVE governing documents and by the Owner if such amendment affects Owner's rights or obligations. No waiver of any provision hereof shall be effective unless in writing and signed by the party waiving compliance.

12. GOVERNING LAW

This Declaration shall be governed by and construed in accordance with the laws of the jurisdiction where the Property is located, without regard to conflict of law principles.

13. ENTIRE AGREEMENT

This Declaration, together with the VVE articles, bylaws and house rules incorporated by reference, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral.

14. SEVERABILITY

If any provision of this Declaration is held to be invalid, illegal or unenforceable, the remaining provisions shall continue in full force and effect and shall be interpreted so as to give maximum effect to the original intent of the parties.

15. COUNTERPARTS

This Declaration may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

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