ALTON Combined Disclosure & HOA Documents

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MASTER DISCLOSURE ADDENDUM FOR ALTON NEIGHBORHOOD 1

THIS MASTER DISCLOSURE ADDENDUM (this “ Addendum ”) is executed in conjunction with and, by this reference, incorporated into the Purchase and Sale Agreement (the “Agreement” ) dated as of %ContractCreatedDateLong%, between %AllBuyersFullName% (“ Purchaser ”) and KH ALTON LLC, a Florida limited liability company (“ Seller ”) for lot _____ (the “ Lot ”) as shown on the plat of Alton Neighborhood 1, recorded at Plat Book 119, Page 51 of the Official Records of Palm Beach County, Florida, and the residence and improvements to be constructed on the Lot (the “ Residence ”), located in the community known as Alton (the “ Community ”). The Lot and Residence are sometimes hereinafter referred to collectively as the “ Property ”. 1. Defined Terms . All initially capitalized terms not defined herein shall have the meanings set forth in the Agreement, and all references in this Addendum to the Agreement shall be deemed to include references to this Addendum and to any other addenda and riders attached to the Agreement, which are hereby incorporated by this reference. 2. Community . The Property lies within a subdivision of the Community which is known as Alton Neighborhood 1 (the “ Neighborhood ”). This Addendum explains certain terms which are applicable to the purchase of homes within the Community and the Neighborhood. Current plans are for Seller’s affiliate to build homes in the Community. Seller shall have the right, without notice to Purchaser, to make changes to, among other things, homesite sizes, number of lots and/or homes in the Community, size and style of homes, features and materials in homes, prices of homes (whether more or less than currently published), price per square foot of homes (whether more or less than currently published), street layout, amenity components or layout, location, size and number of trees, bushes and other foliage (current and future), and any other items or uses which are currently planned for the Community or the Neighborhood. Seller makes no representation or warranty that the currently planned builder will be the exclusive builder in the Community or Neighborhood, that Seller will be the exclusive developer in the Community or the Neighborhood or that the Community or the Neighborhood will be built out as currently planned. Seller reserves the right to make whatever changes it deems necessary relating to future development or build out of the Community and the Neighborhood. Any current maps or other materials showing any final or projected Community development may be modified or updated in the future. 3. Document Book . Purchaser acknowledges receipt of the “ Document Book ” for the Community and the Neighborhood which includes, but is not limited to the following: 3.1 Purchaser acknowledges receipt of, and agrees to be bound by, the Amended and Restated Master Declaration of Covenants, Easements and Restrictions for Alton (the “ Master Declaration ”), the Articles of Incorporation, By-Laws and any Rules and Regulations of the Master Association (defined below) all as amended and supplemented from time to time (collectively, the “ Community Documents ”). Purchaser acknowledges and agrees that title to the Property will be subject to the Community Documents. 3.2 Purchaser acknowledges receipt of, and agrees to be bound by, the Declaration of Covenants, Easements and Restrictions for Alton Neighborhood 1 (the “ Neighborhood Declaration ”), the Articles of Incorporation, By-Laws and any Rules and Regulations of the Neighborhood Association (defined below), all as amended and supplemented from time to time (collectively, the “ Neighborhood Documents ”). Purchaser acknowledges and agrees that title to the Property will be subject to the Neighborhood Documents. 3.3 Purchaser acknowledges receipt of, and agrees to be bound by, the Declaration for Alton Community Recreation and Fitness Facility, and all exhibits thereto, all as amended and supplemented from time to time (the “ Recreation Declaration ”). Purchaser acknowledges and agrees that title to the Property will be subject to the Recreation Declaration. 3.4 Purchaser acknowledges and agrees the provisions of the Document Book are fair and reasonable. 4.1 Upon conveyance and recording of the Deed to the Property, Purchaser understands and agrees that Purchaser will then become a member of the Alton Neighborhood 1 Association, Inc., a Florida not-for-profit corporation (the “ Neighborhood Association ”), which Neighborhood Association is a member of the Alton Property Owners Association, Inc., a Florida not-for-profit corporation (the “ Master Association ”). Purchaser agrees to accept the liability and obligations of such membership. Purchaser understands that as a member of the Neighborhood Association, Purchaser will be required to pay Assessments (defined in the Neighborhood Declaration) for the maintenance of the Common Areas and Limited Common Areas, if any, (defined in the Neighborhood Declaration) and for such other uses and purposes as are provided for in the Document Book. It is intended that the Neighborhood Association will be the collection agent for assessments payable to the Master Association pursuant to the Master Declaration. Accordingly, assessments payable to the Master Association will be included in the annual budget of the Neighborhood Association so long as the Neighborhood Association is the collection agent for such assessments to the Master Association. Purchaser also understands and agrees that a failure to pay Assessments when due could cause Master Association and/or Neighborhood Association to record a lien on the Property and Master Association and/or Neighborhood Association may foreclose such lien. Assessments are subject to additional increases in the manner currently provided for in the Community Documents and Neighborhood Documents. Seller, Master Association, Neighborhood Association and any other developer or builder cannot estimate the amount or frequency of any such increase. 4.2 Purchaser acknowledges that nominees of Seller may serve as the initial officers and directors of Master Association and Neighborhood Association. The officers and directors and the management company, which may be an affiliate of Seller and/or Builder, are authorized by Purchaser to act for and on the behalf of Master Association and Neighborhood Association. Seller may, but is not required to, advance monies to Master Association and/or Neighborhood Association for operations. In the event such advances are made, they may be considered a loan from Seller, and Master Association and/or Neighborhood Association may be obligated to repay such advances as set forth in the Community Documents and the Neighborhood Documents. 4.3 Purchaser acknowledges that all new construction and modifications of existing construction and exteriors of improvements within the Community are subject to the prior written approval of the Architectural Review Committee of Master Association (the “ Master ARC ”) and the Architectural Review Committee of the Neighborhood Association (the “ Neighborhood ARC ”). Purchaser agrees to comply with all rules and regulations of the Master ARC and the Neighborhood ARC as the same may be amended and exist from time to time. These restrictions are subject to change without notice. Building and use restrictions include, but are not limited to, residential and nonresidential uses, building specifications (including colors and materials), accessory structures, nuisance, home occupancy, signage, antennas, animals, driveways, vehicle parking, rubbish, utility and drainage easements, clothes lines, irrigation, fences, special rights of Seller and Builder(s), leases and restoration of homesites. Purchaser agrees not to commence any construction upon any portion of the Lot until after the Master ARC and the Neighborhood ARC, if applicable, have given their written approval therefor. Purchaser further agrees not to make any modifications of any existing buildings and improvements, including, but not limited to, roof tile, exterior color of a Residence, landscaping and landscape irrigation, without the prior written approval of the Master ARC and the Neighborhood ARC, if applicable, and until any applicable permits have been obtained. In addition, every city, county or town has building codes and other ordinances that regulate what is permissible within its jurisdictional limits. Prior to making changes to the Residence or Lot, Purchaser should contact the applicable governmental authorities for further information concerning local codes and ordinances. Seller is not responsible for notifying homeowners of the content or restrictions contained in any local codes or ordinances. 4.4 In the event of a casualty such as a tropical storm or hurricane, the Common Areas and landscaping of Master Association and Neighborhood Association may need to be restored or replaced. Some portions of the Common Areas, such as landscaping, are not insured. Further, there may be a sizeable deductible under Master Association and Neighborhood Association insurance policies. Accordingly, such associations may impose special assessments against the Property in the event of a casualty. 5. Recreation and Fitness Facility. 4. Association Membership.

Date Modified: 11/24/15 Date Printed: %TodaysDate%

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