hoa covenants conditions and restrictions

Hoa covenants conditions and restrictions full#

Hoa covenants conditions and restrictions full#

If a separate escrow agreement is used, a copy of the full agreement must be contained as a separate exhibit to the plan in Part II. The sponsor shall specify the exhibit in Part II of the plan that contains the escrow agreement. Said provisions may be included in a separate escrow agreement or in the purchase agreement entered into between the sponsor, the purchaser and the escrow agent, and are referred to in this paragraph as the “escrow agreement.” The plan must set forth the material terms of the escrow agreement. All deposits, down payments, or advances made by purchasers prior to closing of each individual transaction shall be held pursuant to a written agreement entered into between the sponsor, the purchaser, and the escrow agent. ( Note: If common fire and casualty insurance is mandatory, provision should be made in the declaration or by-laws to require mortgage holders to waive their customary right to apply insurance proceeds to the mortgage indebtedness.) Disclose the items covered, the coverage amount limits, the deductibles and the exposure insured against. If the homes of the HOA members are attached and common fire insurance coverage is not required, highlight as a special risk the consequences which could result if an uninsured or underinsured unit is damaged or destroyed by fire or other casualty. Discuss the adequacy of the insurance to replace the structure in the event of total loss and to avoid being a co-insurer in the event of partial loss. If HOA property includes buildings or if the HOA is providing common fire insurance on homes, the budget for insurance must provide for fire and casualty insurance under an agreed amount replacement cost policy or under a policy including at least an 80 percent co-insurance provision so that the insured shall not be a co-insurer. In the case of an occupied nonresidential development, if the budget reflects a reduction in the existing staff, disclose what effect this will have on the existing level of services and whether such reduction is lawful. If there is non-union labor in the development, discuss whether their wages meet minimum wage laws. If applicable, state the expiration dates of all union contracts. The budget must reflect current wage rates and payroll tax rates applicable for the budgeted year, and reasonably anticipated increases, or increases now mandated by contract.

Specify the wages and the cost of each applicable benefit. The labor budget must include benefits required by Federal, State or local law or required by contract such as worker's compensation, disability insurance, welfare and pension contributions by employers, unemployment insurance and payroll taxes. State whether such level of staffing complies with all applicable housing and labor laws. State the number of full and part-time staff projected for the HOA in Schedule A and whether the staff will be union members. For existing HOA buildings, the detailed description must include a statement of building condition. If not, such fact must be highlighted as a special risk. Sponsor must disclose whether any bonds have been posted for the completion of this work. If the HOA property consists of sewer and/or water lines constructed in accordance with local government specifications, a detailed description of such systems is required.

There must be disclosure of whether the road(s) will be built to local government specifications capable of being dedicated to the locality or whether the construction materials or size of the road(s) is in any way inferior to such local government specifications for a public road. If the HOA property includes one or more roads, a detailed description of the makeup of the road(s) is required.

Include in Part II of the plan a detailed description and outline specifications prepared by an engineer or architect that complies with the requirements set forth in section 22.7 of this Part. (1) Include a general description by sponsor of the land, buildings, lots, parking facilities, recreational facilities and amenities.