Fillable Form 1005 - Condominium Addendum Template

Property Address: _______________________________________________________________________________________

CLOSING FOR A PERIOD OF NOT MORE THAN 3 DAYS, EXCLUDING

SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, AFTER THE BUYER

RECEIVES THE DECLARATION, ARTICLES OF INCORPORATION, BYLAWS AND

RULES OF THE ASSOCIATION AND A COPY OF THE MOST RECENT YEAR-END

FINANCIAL INFORMATION AND FREQUENTLY ASKED QUESTION AND

ANSWERS DOCUMENT IF REQUESTED IN WRITING. BUYER’S RIGHT TO VOID

THIS AGREEMENT SHALL TERMINATE AT CLOSING.

2.3 If Section 2.1 is not checked, execution of this Addendum shall constitute a written request for the

Governing Documents and a copy of the most recent year-end financial information.

2.4 The Delivery to Authorized Representative section in the Contract is deleted for the purposes of Section #2

of this Addendum; delivery is only effective when made to Buyer(s).

3. RECREATION LEASE AND/OR LAND LEASE. Seller represents as follows:

3.1 Recreation Lease. There (CHECK ONE) ( ) is ( ) is not a Recreation Lease, payable $ ______________

per ________________________, associated with the unit.

3.2 Land Lease. There (CHECK ONE) ( ) is ( ) is not a Land Lease, payable $ _____________ per

________________________, associated with the unit.

3.3 Blanket Mortgage. There (CHECK ONE) ( ) is (

) is not a Blanket Mortgage or other financing payable

$______________ per ________________________ for the purchase of the Land Lease or Recreation Lease,

which is not included in the Purchase Price. If such financing is not assumable then it shall be paid by Seller in

full at time of closing; otherwise, such financing shall be assumed by Buyer.

3.4 Other: ________________________________________________________________________________________

_________________________________________________________________________________________________

4. ASSESSMENTS.

4.1 Seller represents that the maintenance and other assessments made or levied by the Association or pursuant

to the Governing Documents, as of the date of this Contract, are as follows:

4.1.1 Maintenance: $_________________________ payable __________________________________.

4.1.2 Special: $ __________________________ payable _____________________________________,

for the following purpose________________________________________________________________.

4.1.3 Other $_______________________________ payable __________________________________,

for the following purpose _______________________________________________________________.

Seller represents that Seller is not aware of any pending assessments, except those listed above and for the

4.2

following purposes: _________________________________________________________________________

__________________________________________________________________________________________

4.3 Seller shall be responsible for and shall pay all special assessments levied by the Association prior to the

date of closing. A special assessment shall be deemed to have been “levied” upon the date the amount of

such special assessment on the said unit has been approved by the board of directors of the Association, or if

approval by the members of the Association is required, then upon the date that the membership approval

has been obtained in accordance with the Governing Documents of the Association. There will be no

proration of the assets or liabilities, including the reserve accounts, if any, held by the Association.

5. PAYMENTS TO BE CURRENT. All of the payments in Paragraphs 3 and 4 of this Addendum shall be

current as of the date of closing.

6. PARKING SPACES AND STORAGE.

Form #1005

Page 2 of 4

Revised 10/04

Form 1005 - Condominium Addendum Template - 2004 Page 2

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