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M.S.B.A. Real Property Form No. 12 (2002; Revised 2004, 2006, 2008, 2010, 2017) <br />Addendum to Purchase Agreement: Common Interest Community Property ADDENDUM / PAGE 2 of 3 <br />B. DISCLOSURE AND RIGHT TO CANCEL ON ORIGINAL SALE BY DECLARANT (Minn. Stat. section 515B.4-48 <br />106).49 <br />1. For a sale by a declarant/seller, “Disclosure” means a Disclosure Statement given pursuant to Minn. Stat.50 <br />section 515B.4-101(b) containing all information required by Minn. Stat. sections 515B.4-102 — 105, and any51 <br />amendments before conveyance.52 <br />2. Buyer may cancel the purchase agreement within 10 days after first receiving the Disclosure Statement.53 <br />3. If an amendment to the Disclosure Statement materially and adversely affects Buyer, then Buyer has 10 days54 <br />after delivery of the amendment to cancel the purchase agreement.55 <br />4. If a Buyer elects to cancel the purchase agreement, Buyer may do so by giving notice in writing which shall56 <br />be effective upon hand delivery or upon mailing if properly addressed with postage prepaid and deposited in57 <br />the United States mail. 58 <br />5. Cancellation is without penalty and all payments made by Buyer before cancellation shall be refunded59 <br />promptly.60 <br />6. Buyer’s cancellation rights terminate upon Buyer’s acceptance of a conveyance of the Unit.61 <br />62 <br />Receipt for Disclosure on Original Sale by Declarant63 <br />Date Buyer received the Disclosure: , 2064 <br />Buyer's Signature:65 <br />66 <br />67 <br />Buyer's Signature: <br />68 <br />Receipt for Amendment to Disclosure on Original Sale by Declarant69 <br />Date Buyer received the Amendment to the Disclosure: , 2070 <br />Buyer's Signature:71 <br />72 <br />73 <br />Buyer's Signature: <br />74 <br />C. ASSOCIATION ASSESSMENTS.75 <br />1.Delinquent assessments for current Association budget, for capital improvements, for extraordinary76 <br />(unbudgeted) repairs, for inadequate Association reserves or budget deficits, or for any other77 <br />delinquency, and any fines or charges associated with these delinquencies shall be paid:78 <br />79 <br />[__] By Seller [__] By Buyer [__] Prorated as follows: ______% by Seller and ______% by Buyer80 <br />81 <br />2.Monthly Association assessments (monthly installment of budgeted annual assessments) due in the month82 <br />of closing shall be paid:83 <br />84 <br />[__] By Seller [__] By Buyer [__] Prorated between Seller and Buyer to the actual date of closing85 <br />86 <br />3. The entire levied amount of nondelinquent special assessments for repairs, budget deficits, or inadequate87 <br />Association reserves shall be paid:88 <br />89 <br />[__] By Seller [__] By Buyer [__] Prorated as follows: ______% by Seller and ______% by Buyer90 <br />91 <br />4. The entire levied amount of nondelinquent special assessments for capital improvements approved by92 <br />the Association for improvements under construction or for completed improvements shall be paid:93 <br />94 <br />[__] By Seller [__] By Buyer [__] Prorated as follows: ______% by Seller and ______% by Buyer95 <br />96 <br />5. The entire levied amount of nondelinquent special assessments for capital improvements approved by97 <br />the Association for which construction has not yet commenced shall be paid:98 <br />99 <br />[__] By Seller [__] By Buyer [__] Prorated as follows: _____% by Seller and _____% by Buyer100 <br />101