A:IV S:5-Installment Sales

No substantial changes

OLD:

(Article XV; Sec 7)

Where there is an installment land sale agreement for the sale and purchase of a lot in the Lake Heritage Subdivision, and where the said agreement or memorandum thereof has been recorded in the office of the Recorder of Deeds of Adams County, the property owner/seller and/or the buyer shall promptly provide the association with a copy of the recorded document whereupon, as to the lot in question, the owner/seller shall cease being responsible for dues, assessments, fees, penalties and charges thereafter incurred and shall cease being entitled to any of the privileges of membership. Buyer shall, simultaneously, become entitled to all the privileges and obligations of membership as to the lot in question, including responsibility for paying whatever initiation fee which is then in force, as well as all dues, assessments, fees, penalties and charges thereafter incurred. The lot in question will remain liable, in rem, for any unpaid dues, assessments, fees, penalties and charges accrued prior to buyer’s entering into said installment land sale agreement. If there is a later default by buyer for which and by which the said installment land sale agreement is terminated, the said property owner/seller and/or the buyer shall promptly provide the Association with a copy of the recorded document which reflects the said termination, and the privileges and responsibilities of membership shall revert to the original property owner/seller, including liability to pay whatever initiation fee which is then in force. As before, the lot in question will remain liable, in rem, for any unpaid dues, assessments, fees, penalties and charges accrued prior to the said termination.

NEW:

(Article IV; Sec 5)

Where there is an installment land sale agreement for the sale and purchase of a lot in Lake Heritage, and where the said agreement or memorandum thereof has been recorded in the office of the Recorder of Deeds of Adams County, the property owner/seller and/or the buyer shall promptly provide LHPOA with a copy of the recorded document whereupon, as to the lot in question, the owner/seller shall cease being responsible for dues, assessments, fees, penalties and charges thereafter incurred and shall cease being entitled to any of the LHPOA privileges. Buyer shall, simultaneously, become entitled to all the LHPOA Privileges and obligations of Membership as to the lot in question, including responsibility for paying whatever initiation fee, which is then in force, as well as all dues, assessments, fees, penalties, and charges thereafter incurred. The lot in question will remain liable, in rem, for any unpaid dues, assessments, fees, penalties, and charges accrued prior to buyer’s entering into said installment land sale agreement. If there is a later default by buyer for which and by which the said installment land sale agreement is terminated, the said property owner/seller and/or the buyer shall promptly provide LHPOA with a copy of the recorded document which reflects the said termination, and the privileges and responsibilities of Membership shall revert to the original property owner/seller, including liability to pay whatever initiation fee which is then in force. As before, the lot in question will remain liable, in rem, for any unpaid dues, assessments, fees, penalties, and charges accrued prior to the said termination.

CHANGES:

Where there is an installment land sale agreement for the sale and purchase of a lot in the Lake Heritage Subdivision, and where the said agreement or memorandum thereof has been recorded in the office of the Recorder of Deeds of Adams County, the property owner/seller and/or the buyer shall promptly provide the associationLHPOA with a copy of the recorded document whereupon, as to the lot in question, the owner/seller shall cease being responsible for dues, assessments, fees, penalties and charges thereafter incurred and shall cease being entitled to any of the LHPOA privileges of membership. Buyer shall, simultaneously, become entitled to all the pLHPOA Privileges and obligations of mMembership as to the lot in question, including responsibility for paying whatever initiation fee, which is then in force, as well as all dues, assessments, fees, penalties, and charges thereafter incurred. The lot in question will remain liable, in rem, for any unpaid dues, assessments, fees, penalties, and charges accrued prior to buyer’s entering into said installment land sale agreement. If there is a later default by buyer for which and by which the said installment land sale agreement is terminated, the said property owner/seller and/or the buyer shall promptly provide the AssociationLHPOA with a copy of the recorded document which reflects the said termination, and the privileges and responsibilities of mMembership shall revert to the original property owner/seller, including liability to pay whatever initiation fee which is then in force. As before, the lot in question will remain liable, in rem, for any unpaid dues, assessments, fees, penalties, and charges accrued prior to the said termination.