Homeowner Associationinspection

HOMEOWNER ASSOCIATIONINSPECTION

CONTINGENCY RIDER

This Homeowner AssociationInspectionContingencyRider(“Rider B”)ismadeapartofandincorporatedintothat certain real estate contract between______(“Buyer”) and______(“Seller”) on______, 20_____(“Contract”)forthepurchaseandsaleofthepropertycommonlyknownas:

______(“Property”).

(address)(unit#)(city)(state)(zip)

I.ExceptasmodifiedbythisRider,allofthetermsandconditionscontainedintheContractremaininfullforceandeffect.IntheeventofanyconflictbetweenthetermsandconditionsofthisRiderandthetermsandconditionsoftheContract,thetermsandconditionsofthisRidershallprevail.CapitalizedtermsusedandnotdefinedinthisRidershallhavethemeaninggiventosuchtermsintheContract.

II.a) Within _____business days of Seller’s acceptance (“InspectionPeriod”),Buyer,orBuyer’srepresentative,mayconduct,atBuyer’ssolecostandexpense,aninspectionofthe association-owned areas of the property byoneormorecertifiedinspectionpersonnel,andanexaminationandinspectionoftheassociation’s governing Documents(“Documents”), ifany,andincluding,butnotlimitedto,theassociation’s Articles of Incorporation, DeclarationorCovenants,Conditions, andRestrictions(CC&Rs),associationrulesandfineschedules,currentandprioryear’soperating budgets, most recent 12 monthsofboardminutes,mostrecentreservestudyandreservestudyreview,currentreserveandoperatingaccountbalancesstatement,lawsuitdisclosurestatement,owner-occupancydisclosurestatement,lifesafetycompletionstatement,andmostrecent24monthsofspecialassessmenthistorydisclosure. b) Seller,atSeller’sexpense,shallprovide,orcausetobeprovided,theaforementionedassociationDocumentstoBuyer,orBuyer’sdesignatedagent,within_____businessdaysofSeller’sacceptanceofthe Contract.

III.TheInspectionshallincludeavisualexaminationof the association-owned common areas, including,withoutlimitation,therecreationalandparkingfacilities, streets, sidewalks, hallways,staircases,decksandbalconies,andsuchmajorcomponentsoftheProperty, including, without limitation, common area heatingsystems,elevators, windows, and roofing systems, if any. BuyershallindemnifySellerfromandagainstanylossorpersonalinjurycausedbytheInspections,Buyer,orBuyer’srepresentative.PriortoexpirationoftheInspectionPeriod,BuyershallnotifySellerorSeller’sattorneyinwriting(“Buyer’sInspectionNotice”)ofanydeficienciesdisclosedbytheInspectionreports.Intheeventofsuchnotice, Seller shall/shall not (strikeone) have _____ days from Buyer’s Inspection Notice to have the Association address and remediate the deficiencies. If within ten (10) Business Days after the Date of Acceptance written agreement is not reached by the Parties with respect to resolution of all inspection issues, then either Buyer or Seller may terminate this Contract by serving Notice to the other Party, whereupon this Contract shall be null and void and all EarnestMoneyshallbereturnedtoBuyer.INTHEABSENCEOFWRITTENNOTICEPRIORTOEXPIRATIONOFTHEINSPECTIONPERIOD,THISPROVISIONSHALLBEDEEMEDWAIVEDBYALLPARTIES,ANDTHISCONTRACTSHALLBEINFULLFORCEANDEFFECT.

IV.BuyershallindemnifySellerfromandagainstanylossordamagetothePropertycaused bytheactsoromissionsofBuyer,Buyer’sdesignatedagent, oranyinvestigators,engineers, orotherprofessionalsengagedbyBuyerinperformingsuchinspection.

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Buyer’s SignatureDateSeller’s SignatureDate

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Buyer’s SignatureDateSeller’s SignatureDate

Samplecourtesy of Association Evaluation LLC.