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SALE AGREEMENT # __________________ RESIDENTIAL HOMEOWNERS ASSOCIATION/TOWNHOME/PLANNED COMMUNITY ADDENDUM Buyer(s) ______________________________________________________________________________________________________________ 1 Seller(s) ______________________________________________________________________________________________________________ 2 Property Address or Tax ID # ______________________________________________________________________________________________ 3 ________________________________________________________________________________________________________ (the “Property”) 4 69210 Harness, Sisters, OR 97759 Cooper Dyer Trust, Daniel Cooper TTEE, Cooper Dyer Trust, Melanie Dyer TTEE The Property that is the subject of this transaction includes a residence located within a planned community as defined in ORS Chapter 94. There 5 exists a homeowner's association (the "HOA"), which is responsible for one or more expenses relating to the Property and/or certain limited or general 6 common elements. It is highly recommended Buyer employ the use of third-party professionals familiar with townhomes and/or planned unit 7 developments, their associations, governance, budgets, finances, and reserves. Seller is not required to provide documents under this Addendum 8 that have already been provided with the OREF 001 – Residential Real Estate Sale Agreement or such other disclosures as may be legally required 9 for the sale of new homes or condominiums under ORS Chapters 94 and 100. 10 Seller and Buyer agree this Addendum will become a part of the Sale Agreement. 11 1. ASSOCIATION DOCUMENTS: Buyer acknowledges it is Buyer's primary responsibility to conduct a thorough and complete review of all aspects 12 of the Property being purchased, including but not limited to its association, assessments, budgets, reserves, general and limited common elements, 13 as well as all Governance Documents as soon as they become available. It is highly recommended Buyer employ the use of professionals familiar 14 with townhomes/planned community/homeowners associations and their governance. Neither the Buyer's nor the Seller's Agents can render advice 15 on these matters, nor will they be responsible for advising Buyer on these matters. 16 Within ____ Business Days (seven [7] if not filled in) after the date Buyer and Seller have both signed and accepted the Sale Agreement ("Seller's 17 Delivery Period"), Seller will, at Seller's expense, provide Buyer with copies of all documents and information (collectively "Documents") described 18 below. If Documents are available on a website to which Seller is permitted to grant access, Seller will Deliver OREF 059 – Receipt of 19 Reports/Removal of Contingencies Addendum during Seller’s Delivery Period, providing access to the website, including user name and password if 20 needed. Not all Documents may be readily available to Seller. Some Documents may already be available to Buyer through other disclosure 21 documents required under Oregon law. Some important information may be available to Buyer in summary form. Buyers, Sellers, and Agents should 22 promptly determine what Documents are necessary and can be reasonably provided within the Review Period defined below. If obtaining Buyer- 23 requested Documents may cause any delay, it is suggested the Buyer and Seller reach an agreement for an extension of time to Seller's Delivery 24 Period in a written and signed Addendum. 25 (a) The HOA articles of incorporation and bylaws, including any revisions or amendments thereto. 26 (b) HOA Rules and regulations, including any revisions or amendments thereto. 27 (c) Policies, agreements, notices, not included in the requested items above, relating to: age restrictions, pets, parking, any restrictions on the 28 rental of homes. 29 (d) All minutes of meetings for the preceding ____ months (twelve [12] if not filled in) for the HOA and the board of directors. 30 (e) Documents verifying coverage under the current casualty and liability insurance policies for the HOA and its directors and officers ("D&O 31 insurance"). 32 (f) Documents verifying the current HOA assessments and budget, together with any HOA notices relating to potential increases in the 33 assessments or any potential special assessments. 34 (g) Documents prepared for the HOA or its directors and/or officers acting in their official capacities, such as inspection reports, studies, bids, 35 or proposals for repair or replacement of any actual or suspected material defects in the structural integrity or safety of the Property, and its 36 limited or common areas. 37 (h) Documents relating to any demands or claims made by or against the HOA relating to any actual or suspected material defects in the 38 structural integrity or safety of the Property and its limited or general common areas. 39 (i) Documents showing the latest reserve study conducted by or for the HOA together with current reserve fund figures. 40 (j) The total number of homes/units with assessments over thirty (30) calendar days past due expressed as a percentage of the total number 41 of homes/units in the community. 42
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Buyer Initials ________ / ________ Date __________________
Seller Initials ________ / ________ Date __________________ 09/25/2024
LINES WITH THIS SYMBOL Í REQUIRE A SIGNATURE AND DATE OREF 024 | Released 01/2024 | Page 1 of 2 No portion of this form may be reproduced without the express permission of Oregon Real Estate Forms, LLC | Copyright Oregon Real Estate Forms, LLC 2022 This form has been licensed for use solely by the user named below under the terms of the Oregon Real Estate Forms license agreement located at: https://orefonline.com/oref-forms-license-terms-and-conditions.
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