VILLA MONTEREY RECREATIONAL ASSOCIATION (An association of property owners within Villa Monterey, Unit II subdivision)

VILLA MONTEREY RECREATIONAL ASSOCIATION (An association of property owners within Villa Monterey, Unit II subdivision) A 55 PLUS COMMUNITY 7701 East Coolidge St. www.vmra2.com TO: PROSPECTIVE BUYER(S) The Board of Directors of have been made aware of your interest in purchasing a residence in Villa Monterey Unit II. Enclosed is an Application for Approval form. The Amended and Restated Declaration of Restrictions of Villa Monterey Unit II states that all transfers of property within the subdivision must be approved by the Board of Directors. The restrictions further state that the Boards has 21 days after receipt of the Application within which to either approve or disapprove the transfer. We therefore ask that you complete the Application for Approval form and submit it to the Board as soon as possible. Please know that your signature(s) on the application must be notarized and proof of age of all prospective occupants of the home is required. In 2004, Section 33-1806(A)(3)(h) of the Arizona Revised Statutes was added and requires all purchasers of property in a planned community to sign a statement which states that the purchaser(s) acknowledges that the Declaration of Restrictions, Bylaws and Rules of the Association constitute a contract between themselves and the Association and that by signing the statement, the purchaser acknowledges that he/she/they has read and understands the Association s contract and that by accepting the contract, the purchaser may be giving up his/her/their rights to the homestead exemption protection regarding a lien of the Association for any unpaid assessments and late fees. A form for this purpose is enclosed and must be signed before a Notary Public and returned to the Association within fourteen (14) calendar days after the form is submitted to you by the Association. If you have any questions, do not hesitate to call one of the Board Members who will be more than happy to assist you. HISTORY Villa Monterey Unit II is a planned community subdivided and built in the early 1960 s containing 136 homes and 7 parcels of common property areas. The first Declaration of Restrictions controlling the use of the land was recorded in January, 1962. These restrictions are binding upon all owners or renters of property within the subdivision.

, a non-profit recreational corporation, was formed in May, 1962 for the purpose of ownership and control of the common areas and to take any action necessary to enforce the covenants, reservations and restrictions. The Board of Directors of consists of 7 members who must all be members of the corporation and are charged with the duties of management of the corporation. All Owners of property within Villa Monterey Unit II are voting members of the corporation, with each home represented by one vote. Respectfully Submitted 7701 East Coolidge Street

VILLA MONTEREY RECREATIONAL ASSOCIATION (An association of property owners within Villa Monterey, Unit II subdivision) A 55 PLUS COMMUNITY 7701 East Coolidge St. STATEMENT OF DISCLOSURE - RESALE TO: Prospective Purchaser The following is the telephone number and address of the principal contact for real estate purposes regarding the Association known as Villa Monterey Recreational Association: Art Salins Vice President 7701 East Coolidge Street 847.450.9907 Cell vmravp@gmail.com The following is the telephone number and address of the Treasurer of VMRA for real estate purposes: Jo Ann Clark Treasurer 7701 East Coolidge Street 480-284-6778 vmratreasurer@gmail.com 1. The Association s Annual Dues Assessment for this property is Four Hundred Seventy-Five Dollars ($475.00) per year. The annual assessment is due and payable on or before the 1 st day of February each year. There will be a $47.50 per month late charge for payment after February 1 st. There is a transfer fee of $300.00 to be paid from the escrow funds at closing. In addition a $50.00 Application Fee is due and payable by each prospective purchaser with the application for approval. There are no other assessments or fees at the present time. Please contact the Treasurer for a statement of account regarding the purchase property.

2. No portion of your structure or the property to which is situated is covered by insurance that is maintained by the Association. No portion of your lot/landscaping is maintained by the Association. Title to the property is Fee Simple Title and each individual owner thereof is responsible. The following is the telephone number and address of the insurance carrier which provides VMRA its coverage for the common areas and pool: State Farm Insurance 8111 E. Thomas Rd Suite 110 Scottsdale AZ 85251-5876 Attn: Ms. Joy Estes joy.estes.b7if@statefarm.com (480) 946-5489 Office Policy #209179300-8 3. The Association has no knowledge of any alterations or improvements to the property that you are purchasing which violates any provisions of the Declaration of Restrictions. 4. The Association has no knowledge of any violations of health or building codes with regard to the property you are purchasing. 5. The Association has no knowledge of any pending litigation involving the property you are buying and the Association. 6. The Association has a current reserve study and a reserve account which is funding. Please contact the Treasurer for additional information. Together with this Resale Statement of Disclosure, the Association is furnishing to the Purchase, via digital and hard copy hand delivery to its Agent, photocopies of the following documents: (1) The Amended Restated Declaration of Restrictions, (2) the Amended Restated Articles of incorporation, (3) Amendment to Rules and Regulations, Special Fees, (4) Application for Approval of Purchase or Lease, (5) ARS 10-3613, (6) Buyer s Policy Receipt, (7) Emergency Questionnaire, (8) Endorsement for Neighbor s Construction, (9) Fiscal Year End Report 2014, (10) Notification of Real Estate Homestead Exemption, (11) Policy on Age, Leasing & Construction, (12) Prospective Purchaser Letter, (13) Rules, Regulations & Special Fees, (14) Rules & Regulations, (15) Summary of Regulations, (16) Escrow Notice,

(17) General Sales Info, (18) Home Owners Leasing, (19) Prospective Buyers Leasing. If you have any questions, please contact me at the above address. Sincerely, Art Salins, Vice-President