Great Neighborhoods West, LLC, a Wisconsin Limited Liability Company

Transcription

1 Cardinal Glenn Condominium South Point Road Cross Oak Drive Silicon Prairie Parkway Madison, WI CONDOMINIUM DISCLOSURE MATERIALS Pursuant to Chapter 703 Wisconsin Statutes Declarant: Great Neighborhoods West, LLC, a Wisconsin Limited Liability Company c/o Jen Brewer DSI Real Estate Group, Inc Royal Avenue Madison, WI ) THESE ARE THE LEGAL DOCUMENTS COVERING YOUR RIGHTS AND RESPONSIBILITIES AS A CONDOMINIUM OWNER. IF YOU DO NOT UNDERSTAND ANY PROVISIONS CONTAINED IN THEM, YOU SHOULD OBTAIN PROFESSIONAL ADVICE. 2) THESE DISCLOSURE MATERIALS GIVEN TO YOU AS REQUIRED BY LAW MAY, WITH THE EXCEPTION OF THE EXECUTIVE SUMMARY, BE RELIED UPON AS CORRECT AND BINDING. FOR A COMPLETE UNDERSTANDING OF THE EXECUTIVE SUMMARY, CONSULT THE DISCLOSURE DOCUMENTS TO WHICH A PARTICULAR EXECUTIVE SUMMARY STATEMENT PERTAINS. ORAL STATEMENTS MAY NOT BE LEGALLY BINDING. 3) YOU MAY AT ANY TIME WITHIN 5 BUSINESS DAYS FOLLOWING RECEIPT OF THESE DOCUMENTS, OR FOLLOWING NOTICE OF ANY MATERIAL CHANGES IN THESE DOCUMENTS, CANCEL IN WRITING THE CONTRACT OF SALE AND RECEIVE A FULL REFUND OF ANY DEPOSITS MADE. IF THE SELLER DELIVERS LESS THAN ALL OF THE DOCUMENTS REQUIRED, YOU MAY, WITHIN 5 BUSINESS DAYS FOLLOWING RECEIPT OF THE DOCUMENTS, DELIVER A REQUEST FOR ANY MISSING DOCUMENTS. IF YOU TIMELY DELIVER A REQUEST FOR MISSING DOCUMENTS, YOU MAY, AT ANY TIME, WITHIN 5 BUSINESS DAYS FOLLOWING THE EARLIER OF EITHER THE RECEIPT OF THE REQUESTED DOCUMENTS OR THE SELLER S DEADLINE TO DELIVER THE REQUESTED DOCUMENTS, CANCEL IN WRITING THE CONTRACT OF SALE AND RECEIVE A FULL REFUND OF ANY DEPOSITS MADE.

2 ACKNOWLEDGEMENT OF RECEIPT: The undersigned hereby acknowledges receipt of a copy of the following Condominium Disclosure Materials for Cardinal Glenn Condominium this day of, 20. Declaration of Condominium Articles of Incorporation Contracts or Leases Signed Printed Name Bylaws Budget Other Signed Printed Name

3 CARDINAL GLENN CONDOMINIUM The disclosure materials the Seller is required by law to provide to each prospective condominium purchaser contains the following documents and exhibits. Each section described in this Index can be found at the corresponding tab of the disclosure materials except as otherwise indicated. INDEX 1) EXECUTIVE SUMMARY. The Executive Summary for the Condominium, required under S (1)(h) Wis. Stats., is a brief and concise summary of certain provisions of the Disclosure Materials. It is not to be relied upon as correct or binding, and for a complete understanding of the Executive Summary and the matters which are touched upon in it, please review the particular provisions of the Disclosure Materials appearing below. 2) DECLARATION. The Declaration establishes and describes the Condominium, the Units and the Common Elements. 3) BY-LAWS. The Condominium, in general, is governed by a Wisconsin Non-Stock Corporation, known as Cardinal Glenn Condominium Owners Association, Inc. (hereinafter Unit Owners Association ). The Unit Owners Association has adopted By-Laws containing rules which govern the Condominium and affect the rights and responsibilities of Unit Owners. 4) ARTICLES OF INCORPORATION. The operation of the Condominium is governed by the Unit Owners Association of which each Unit Owner is a member. The powers, duties, and operation of the Unit Owners Association are specified in its Articles of Incorporation. A copy is attached. 5) MANAGEMENT OR EMPLOYMENT CONTRACTS AND LEASES. DSI Real Estate Group, Inc., a Wisconsin Corporation affiliated with the Declarant, Attn.: Jen Brewer, will be the manager of the Association and the Condominium. The Association will pay a management fee to the Manager under a written management agreement for management of the Association and the Condominium. A copy of the management agreement is attached. 6) ANNUAL OPERATING BUDGET. The estimated, initial annual operating budget for the purpose of paying common expenses that are the responsibility of the Unit Owners under the Declaration is included herein. 7) EXPANSION PLANS. Initially, the Condominium will consist of twenty-four (24) residential units in four (4) buildings. The Declarant has reserved the right to expand the Condominium into a total of sixty (60) residential units. The total number of units after expansion is completed shall be sixty (60) residential units. The Declarant has reserved the maximum period of time under S Wis. Stats. to complete expansion. Under

4 subsection (d) of the Statute, the Declarant may expand the Condominium during a period of time ending ten (10) years from the date of recording of the Declaration. 8) FLOOR PLAN AND MAP. The Declarant has provided and has included herein a floor plan of the Units and a map of the Condominium which shows the location of the Units and all facilities and the common elements which are a part of the Condominium. 9) RULES AND REGULATIONS. The ownership of a Unit in the Condominium will be subject to certain rules and regulations. The initial rules and regulations of the Condominium are attached hereto. 10) ADDITIONAL MATTERS. The conveyance of a Unit to a Unit Owner will be subject to the following exceptions: A. General taxes and special assessments not yet due and payable. B. Easements and rights in favor of gas, electric, telephone, water, sewer, cable television and other utilities and utility providers. C. Title Exceptions: 1. Easement to Wisconsin Power and Light Company recorded in Volume 90 of Misc., page 256, as # Permanent Easement for Public Sanitary Sewer and Water Main Purposes to the City of Madison recorded as # Controlled Access Highway Regulations recorded in Vol. 447 of Records, page 483, as # Drainage and Utility Easement over the Westerly 12 feet as shown on Certified Survey Map For building site information refer to the Dane County Soil Survey as shown on Certified Survey Map Plans PCD (GDP) recorded as # Declarations of Conditions and Covenants recorded as # Declaration of Conditions and Covenants recorded as # Declaration of Protective Covenants, Conditions and Restrictions recorded as # ; amended as # Land Use Restriction Inclusionary Zoning, to be recorded. 11. Declaration of Conditions and Covenants recorded as # Declaration of Conditions and Covenants recorded as # ; modified as # ; modified as # Public Utility Easements as shown on the Plat.

5 Building Setback as shown on the Plat. 15. All lots within this Plat are subject to a non-exclusive easement for drainage purposes which shall be a minimum of 5 feet in width measured from the property line to the interior of each lot, except that the easement shall be 10 feet in width on the perimeter of the Plat. Easements shall not be required on property lines shared with greenways or public streets as shown on the Plat. 16. The intra-block drainage easement shall be graded with the construction of each principal structure in accordance with the approved Stormwater Drainage Plan on file with the City Engineer and the Zoning Administrator, as amended in accordance with the Madison General Ordinances as shown on the Plat. 17. All streets/roads lying within the plat boundary are dedicated to the public, unless otherwise noted as shown on the Plat. 18. The City will not install lighting in the alleys, but the developer or property owners may request the City to approve a private light(s) in the alley right-of-way. Such private light(s) to be operated and maintained by private interests. as shown on the Plat. 19. Declaration of Conditions and Covenants recorded as # Public utility and drainage easements as shown on the Condominium Plat.

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81 Cardinal Glenn Condominiums Projected Operating Expenses May 1, 2008 April 30, 2009 Per Year Per Month Per Unit/Month Snow Removal/Mowing $17,280 $1,440 $60 Management Fee $5,760 $480 $20 Maintenance $1,728 $144 $6 HOA dues $2,304 $192 $8 Landscape Maintenance $3,456 $288 $12 Miscellaneous $1,440 $120 $5 Insurance $7,488 $624 $26 TOTAL $39,456 $3,288 $137 Reserve $5,760 $480 $20 TOTAL $45,216 $3,768 $157 Number of Homes: 24 02/25/08

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