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RESALE CERTIFICATE AND DOCUMENTS Name of Community Hemlock
Farms Community Association Association (“Association") Unit No. _____________________________________ Address of Unit _____________________________________ Name of Unit _____________________________________ Owner(s) (“Unit
Owner”) The undersigned, Michael J. Sibio, Manager of the
Association, being duly authorized by the Association,
hereby certifies to the best of the Manager’s knowledge and belief that as of
Current Date and Year the following statements accurately reflect the state of
the records of Association: 1.
Restraints
on Alienation. There is
no right of first refusal or restraint on free alien ability of a unit in the
Planned Community except as follows. 2.
Common
Expenses. The
amount of the current Common Expense assessment for the Unit is as follows: Current year's dues
based on the current annual budget. The
unpaid Common Expense assessment or special assessment currently due and
payable on the unit from the selling unit owner is $ -0. Surplus fund credits of $ -0- will be
applied with regard to the unit. Unpaid common expenses pursuant to Section
5315 of the Act include fees, charges, late charges, fines, interest charged,
and reasonable costs and expenses. The
statement of unpaid common expense assessments also includes unpaid charges for
the furnishing of this resale certificate and statement of unpaid assessments. Common
Expenses are assessed annually and payable in one annual installment which is
due upon receipt. Late fees are assessed
on all outstanding balances after March 1st. Partial Payment Agreements can be applied
for, offering an installment plan.
Default in the payment of any installment permits the Association to
accelerate the remainder of the annual assessment. The
following special assessments have been approved but are not yet due and
payable: None. 3.
Other
fees. Other fees payable by the
Unit Owner are currently $ A minimum of 50.00. Additional fees may become payable when
due. These fees are for Water
Consumption. A schedule of water
rates is attached. 4.
Capital
Expenditures. Capital
expenditure in excess of $5,000, approved by the Board of Directors for the
current and next fiscal year are: Item Date Anticipated Amount See Attached Schedule. 5.
Current
Capital Reserves. The Association’s reserves for capital expenditures
were $_________ as of 6.
Balance
Sheet and Income Statement. The most
recent regularly prepared balance sheet and income and expense statement of the
Association are attached. 7.
Current
Operating Budget. The current
operating budget summary for the Association is attached. 8.
Judgements
and Suits. Judgements
and pending suits against the Association are as follows: Other suits
pending against the Association are being defended by the Association’s Insurance
Underwriters and it is unlikely damages will exceed coverage. You may contact the Association Manager with
any question raised by this disclosure. 9.
Insurance
Coverage. The
following is a statement of the insurance provided for the Association and
therefore for the benefit of Unit Owners. Unit Owners shall provide their own
Homeowners Insurance coverage.
Additionally, there are some suggestions which you may wish to take into
consideration when purchasing a Unit. The
Association has obtained an insurance policy from Engle Hambright and Davies. The effective date of coverage is See
Attached Certificate of Insurance. Because
of the coverage and exclusions in the Association policy, you must
consult with your own agent and purchase a policy of Homeowner’s Insurance
to cover normal exposures, which includes: (i)
Comprehensive
General Liability and optional umbrella coverage (ii)
Value of
residence and other improvements and fixtures (iii)
Value of
household and personal property (iv)
Additional
living expense (v)
Personal
injury (vi)
Loss
assessment coverage (vii)
Value of
jewelry, furs, silverware, fine arts Should a
situation occur where you would like to present a claim under the policy, Or if
you have any questions regarding insurance coverage, please feel free to
contact the Association Management. 10.
Alteration
or Improvements to the Unit. The
Board of Directors of the Association has knowledge of alterations and
improvements to the unit which violate the declaration: The Association has conducted no inspection nor
undertaken any investigation to determine whether the unit, any alterations or improvements
thereto, or any limited common elements assigned thereto violate any provision
of the declaration. The Association
makes no representation of any nature, kind, or extent, with regard to
compliance of the unit or the limited common elements assigned thereto with
regard to the declaration. The Board of
Directors has no knowledge of any violation thereof, except as follows: 11.
Governmental
Requirements. The Board of
Directors of the Association has knowledge of the following matters concerning
the unit or the remainder of the planned community regarding any violations of
applicable governmental requirements or the existence of hazardous conditions. As with any other land area, naturally existing or seasonal conditions may exist within the community which may be hazardous. The Association has conducted no inspection, nor undertaken any investigation of the unit or the limited common elements assigned thereto to determine the existence of any hazardous conditions. The Association makes no representation of any nature, kind, or extend with regard to the presence or absence of any such condition. The Board of Directors has no knowledge of any such hazardous conditions incident to the unit, except as follows: 12.
Remaining
term of Leasehold. There is
no leasehold estate affecting the planned community other than any disclosed in
this paragraph, along
with its terms for renewal. 13.
Voting. The declaration and bylaws of the Association
do not provide for cumulative voting or class voting except as follows: Each unit in the Association in good standing has
two votes. Cumulative voting and class
voting is not authorized. 14.
Agreements
to terminate the Community. No
agreement to terminate the planned community has been submitted to the unit
owners for approval or remains outstanding. 15.
Master
Association. The planned
community is not a Master Association; is not part of a Master Association;
could not become a Master Association; but could become part of a Master
Association. 16.
Time-share
Estates. The
following units in the planned community may be owned in time-share estates. No time-share estates are
allowed per the deed restrictions, bylaws and rules and regulations of the
Association. The maximum number of time-share
estates that may be created in the planned community is zero. 17.
Special
Declarant Rights. The
Declarant does not retain the special declarant right to cause a merger or
consolidation of the planned community. 18.
Copies
of Association Documents. The
following Exhibits are certified to included all
amendments and to be current as of the date of this certificate. (a)
Declaration
of Protective Covenants, Restrictions, and Easements for Hemlock Farms, A Planned Community. . See
Exhibit A. Schedule A (b)
Bylaws of the
Association dated May__28, 1977 with the current amendments, the most
recent dated July, 1997.
Subsequent Amendments, noted where applicable. See Exhibit B. Handbook. (c)
Rules of the
Association. See Exhibit B. Handbook. (d)
Financial
Statements of the Association dated (e)
Current
operating Budget Summary of the Association.
Exhibit D. (Available at the HFCA Office) (f)
Current
Certificate of Insurance. See
Exhibit E. (Available at the HFCA Office) (g)
Current
Listing of Capital Expenditure Items.
Exhibit F. (Available at the HFCA Office) (h)
Current
Balance Sheet and Income Statement of the Association dated End of Month Prior to this packet being produced. Exhibit G. (Available at the HFCA Office) (i)
Current Water Rate Sheet.Exhibit H. The fee for preparation of this
certificate is $50.00, receipt of which is hereby acknowledged. Certified:
Association BY:_____________________________ (Asst.) Manager ACKNOWLEDGMENT OF RECEIPT OFDOCUMENTATION REQUESTED UNDER SECTION 5407 OF THE UNIFORM PLANNED COMMUNITY
ACT The Undersigned, the owner of Unit _____________, does hereby acknowledge receipt of the following documents from the Association: 1.
A copy of the Declaration, other than any Surveys
and Plans; 2.
The Bylaws; 3.
The Rules and Regulations of the Association; and 4.
A Resale Certificate containing all of the
information required by Section 5047. _________________________ ________________________ Date Seller _________________________ ________________________ Buyer _________________________ ________________________ Witness
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