32. Condominium Disclosures:
If the Property is a CONDOMINIUM, Seller shall obtain from the Condominium Owner's Association (as applicable) and deliver to the Buyer within ____ Business Days (5 Days if left blank) following Acceptance Date of the Agreement to submit to Buyer the following information, including information available under Section 35-8A-409 (a) of the Alabama Uniform Condominium Act:
a. Recorded Declaration of Condominium and any amendments thereto, Bylaws, Covenants/Restrictions, Rules/Regulations. SEE ABOVE IN BLUE- Click and reveal documents for download or sharing.
b. Minutes from last 2 Annual Owners Meetings and last 2 Board of Director's Meetings. Available to the owner, they will need to log in and email them to the agent.
c. A statement setting forth the amount of the monthly common expense assessment and any unpaid common expense or special assessment currently due and payable from the selling unit owners.
There are no special assessments at this time.
d. A statement of any other fees payable by unit owners. There are no other fees- upon closing, there is a $75.00 transfer fee made payable to Coastline Management which is required.
e. The most recent regularly prepared balance sheet and income and expense statement, if any, of the association. Available to the owner, they will need to log in and email them to the agent.
f. The current operating budget of the association. Available to the owner, they will need to log in and email them to the agent.
g. A statement of any unsatisfied judgments against the association and any pending suit in which the association is a party. To my knowledge, there are no unsatisfied judgments against the association or pending lawsuits in which the association is a party to.
h. A statement describing any insurance coverage provided for the benefit of unit owners. Please contact Whitehaven Insurance at 251-967-3323.
i. A statement of the remaining term of any leasehold estate affecting the condominium and the provisions governing any extension or renewal thereof. To my knowledge, there are no leasehold estates affecting the condominium.
j. A statement of any restrictions in the declaration affecting the amount that may be received by a unit owner upon sale, condemnation, casualty loss to the unit or condominium or on termination of the condominium. If there are any restrictions they are outlined in the Declarations and owners are encouraged to review association documents for stated restrictions.
k. Contact information for the association. Coastline Management, L.L.C., 901 Commerce Drive, Suite A, Gulf Shores, Al. 36542. Phone: 251-948-7001 Fax:251-948-0387
Buyer shall have 5 Business days, from receipt of disclosures to review and approve, or notify Seller in writing if not satisfactory, otherwise, this contingency shall be deemed removed.