ADDENDUM TO PURCHASE CONTRACT MARBLE HILL VENTURES LOT 4 MARBLEHILL INDUSTRIAL PARK SUBD This Addendum is executed as part of and is incorporated into that certain Contract to Buy and Sell Real Estate (Residential), dated _______________, 20___, by and between Buyer and Seller (“Purchase Contract”). In the event of any conflict or inconsistency between the terms and provisions of this Addendum and the terms and provisions of the Purchase Contract, the terms and provisions of the Addendum will control. 1. Description of the Project. The Project, known as “Marble Hill Ventures,” is intended to consist of seven (7) work/live units and two (2) warehouse units in two (2) buildings on Lot 4, Marblehill Industrial Park and amenities and related Common Elements. The property underlying the Project is legally described as Lot 4, Marblehill Industrial Park, according to the recorded Plat filed December 29, 2017 at File No. 14318 and Reception No. 786383, County of Routt, State of Colorado. Notwithstanding the foregoing, Seller is not, in any way, obligated to construct the Project, or any part thereof. The “Property” that the Purchaser is purchasing, and the Seller is selling is described as: ____________________________, Steamboat Springs, Colorado. The residence located on the Property shall be referred to herein as the “Residence.” 2.
Legal Documentation.
a. Documents. The Project shall be subject to the Declaration and Map and the Articles of Incorporation, Bylaws, and Rules and Regulations of the [NAME OF CAM ASSOCIATION BUSINESS ENTITY TBD], a Colorado nonprofit corporation (the “CAM Association”) (collectively, the “CAM Association Documents”). By signing this Agreement, Purchaser acknowledges receipt, review and approval of drafts of the CAM Association Documents. Purchaser further acknowledges that upon the purchase of the Residence, Purchaser will become a member in the applicable sub-association, Lot 4 at [NAME OF SUB-ASSOCIATION BUSINESS ENTITY TBD] (the “Association”), shall be bound by the Association and CAM Association Documents. The Declaration and Map and the Articles of Incorporation, Bylaws, and Rules and Regulations of the Association shall be referred to herein as the “Association Documents”. Purchaser agrees to abide by all of the recorded and unrecorded documents applicable to the Residence, including the Association, CAM Association Documents and the Permitted Exceptions (defined below). The Associations have been established for the purpose of maintaining the Common Elements and for other purposes set forth in the Declarations and Articles of Incorporation and Bylaws of the Association and CAM Association, and any amendments thereto. Each Purchaser, as a Member of both the CAM Association and the Association, is obligated to pay Assessments to meet the Common Expenses. In the event an Owner resells its Residence, the selling Owner may be subject to a Transfer Assessment as described in the CAM Association Addendum to Purchase Contract
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