The name of the Common Interest Community is Crane Lake Shores, Common
Interest Community No. ____.
The name and principal address of Declarant is Voyageur Lakes Development,
Inc., ____________________, ____________________, MN _____.
The Common Interest Community is a planned community and consists of ____
units.
The Common Interest Community is a planned community that will include ____
free standing Dwellings on individual Units or Lots and ____ Units located in
____ buildings. The type of construction will be wood frame construction.
The Common Interest Community involves new construction. There are no
buildings that were wholly or partially occupied, for any purpose, being added
to the Common Interest Community. Improvements to the common area include
[description
of the common elements (i.e., private road, any storage areas, common docking
facilities and boat landing, etc. )].
[Schedule of commencement and completion of construction of any buildings
or other improvements that the Declarant is obligated to build.]
There are no expenses or services which are not reflected in the budget
that Declarant pays for or provides that may become a common expense. The
Declaration provides for a limited assessment program wherein Declarant is
liable for only 25 percent of the assessments levied against units owned
by Declarant, after the deduction of budgeted replacement reserves for such
assessments.
An initial payment equal to 2 months' assessments is due from all unit
purchasers at the time of closing to fund the working capital fund.
There are no liens, defects, or encumbrances that will continue to affect
the title to a unit after the conveyance of that unit by Declarant.
There is no financing offered or arranged by Declarant.
Application [has/has not] been made for project approval from the
Federal National Mortgage Association (FNMA) and the Federal Home Loan
Mortgage Corporation (FHLMC), both of which are presently still pending.
With respect to buildings that Declarant constructs, the terms of the
warranty extended by Declarant are those set forth in Minnesota Statutes,
Section 327A and Sections 515B.4-112 through 515B.4-115, copies of which are
attached to this Disclosure Statement. With respect to any Dwelling not
constructed by Declarant, the Dwelling will be subject to the warranty
provisions contained in Minnesota Statutes, Section 327A.
Within 5 days after receipt of a Disclosure Statement, a purchaser may
cancel any contract for the purchase of a unit from Declarant; provided, that
the right to cancel terminates upon the purchaser's voluntary acceptance of a
conveyance of the unit from Declarant. If a purchaser receives a Disclosure
Statement more than 5 days before signing a purchase agreement, the purchaser
cannot cancel the purchase agreement. If Declarant fails to deliver a
Disclosure Statement which substantially complies with Minnesota Statutes,
Chapter 515B to a purchaser to whom a unit is conveyed, Declarant shall
be liable to such purchaser as provided in Minnesota Statutes, Section
515B.4-106(d).
To the best of Declarant's knowledge, after reasonable inquiry, there are
no unsatisfied judgments or lawsuits to which the Association is a party, nor
any lawsuits which are material to the Common Interest Community or any unit
being purchased.
All earnest money paid or deposits made in connection with the purchase or
reservation of Units from or with Declarant shall be deposited in an account
controlled by a licensed real estate broker. The earnest money shall be
returned], to the purchaser if the purchaser cancels the contract pursuant to
Minnesota Statutes, Section 515B.4-106. The name and address of the broker is
_______________, [name of agency], MN _____.
The Association provides casualty insurance coverage on the common elements
and units sharing or having contiguous wall, siding or roofs, and general
liability insurance for the benefit of the Association. Ceiling or wall
finishing material, floor coverings, cabinetry, finished millwork, electrical
or plumbing fixtures serving a single unit and built-in appliances are not
covered by such insurance.
There are no current or expected fees or charges, other than assessments
for common expenses, to be paid by unit owners for the use of the common
elements or any other improvements or facilities.
Declarant has a construction loan which will be used to complete the
construction of all improvements that Declarant is obligated to build pursuant
to Minnesota Statutes, Section 515B.4-118.
Not applicable.
The real estate taxes for the unit are not delinquent. Real estate taxes
for Unit ____ due and payable in the year 200__ are $__________.
Not applicable.
All Units sharing or having shared walls, siding or roofs will be
substantially completed at the time of the conveyance to a purchaser. The
purchaser(s) will be responsible for completing and paying for the
construction any free standing Dwelling on a Unit or Lot.
Attached are copies of the Declaration, Articles of Incorporation and
By-Laws of the Association.
Attached is a current balance sheet for the Association and a projected
annual budget for the Association for the year 2001.
The Unit identifiers of the Units in which time shares are permitted;
The total number of time shares that may be created;
The minimum duration of any time shares that may be created;
The extent to which the creation of time shares will or may affect the
enforceability of the Association's lien for assessments;
A statement as to whether the time share interest is a fixed time period
is a designated Unit or if either the time period or Unit may vary;
Copies of all organizational documents, contracts, leases and other
documents affecting the time share association or the time shares, or the
purchaser's rights therein;
Any state or federal ruling or nonaction letter regarding the time shares
classification as a security or a statement that there is no ruling or
nonaction letter;
A statement as to whether the time share is registered with the state
under the Subdivided Land Sales Act or with the federal government under the
Interstate Land Sales Act and, it the time share is so registered, a copy of
the public offering statement or other disclosure document required by those
Acts; and
If the time share owners are to be permitted or required to become
members of or to participate in a program for the exchange of occupancy
rights among themselves or with the owners of time shares in other projects
or both, a general description of the program.]
