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M.S.B.A. Real Property Form No. 12 (2002; Revised 2004, 2006, 2008, 2010, 2017) Addendum to Purchase Agreement: Common Interest Community Property ADDENDUM / PAGE 1 of 3 ADDENDUM TO PURCHASE AGREEMENT: COMMON INTEREST COMMUNITY PROPERTY © Copyright 2010, 2017 by Minnesota State Bar Association, Minneapolis, Minnesota. No copyright is claimed for statutory text. BEFORE YOU USE OR SIGN THIS CONTRACT, YOU SHOULD CONSULT WITH A LAWYER TO DETERMINE THAT THIS CONTRACT ADEQUATELY PROTECTS YOUR LEGAL RIGHTS. Minnesota State Bar Association disclaims any liability arising out of use of this form. This Addendum is a continuation of the Purchase Agreement dated _________________________, 20_______ by1 2 and between as Seller, and 3 4 , as Buyer, for property located at:5 6 7 8 9 10 Buyer acknowledges that, in addition to purchasing real property, Buyer is also buying a membership in a homeowners'11 association (a nonprofit corporation). The homeowners' association is a type of private, local government with its own12 rules, regulations and taxes. The homeowners' association is governed by its declarations, articles of incorporation,13 and bylaws. The homeowners' association is funded through annual and special assessments levied against the14 property by the homeowners' association. 15 16 STATUTORY DISCLOSURE NOTICE (Minn. Stat. section 515B.4-101(d)). “The following17 notice is required by Minnesota Statutes: The Purchaser is entitled to receive a Disclosure18 Statement or Resale Disclosure Certificate, as applicable. The Disclosure Statement or19 Resale Disclosure Certificate contains important information regarding the common20 interest community and the purchaser’s cancellation rights.”21 22 A. DISCLOSURE AND RIGHT TO CANCEL ON RESALE (Minn. Stat. section 515B.4-108).23 1. For a resale by an owner/seller, “Disclosure” means delivery to Buyer of the following information:24 (a) copies of the declaration (other than any common interest community plat), the articles of incorporation25 and bylaws, any rules and regulations, and any amendments or supplemental declarations; 26 (b) copies of the master declaration, articles of incorporation, bylaws, and rules and regulations, if the27 common interest community is subject to a master declaration; and 28 (c) a resale disclosure certificate from the association dated not more than 90 days prior to the date of the29 purchase agreement or the date of conveyance, whichever is earlier, containing the information required30 by Minn. Stat. section 515B.4-107(b).31 2. Buyer may, prior to the conveyance, cancel the purchase agreement within 10 days after receiving the32 information.33 3. If Buyer elects to cancel the purchase agreement, Buyer may do so by hand delivering notice thereof or34 mailing notice by postage prepaid United States mail to the Seller or the agent. 35 4. Cancellation is without penalty and all payments made by Buyer shall be refunded promptly.36 37 38 39 Receipt for Disclosure on Resale40 Date Buyer received the Disclosure: , 2041 Buyer's Signature:42 43 44 Buyer's Signature: 45 46 47