BEAR
RIDGE AT ASH RIVER
COMMON
INTEREST COMMUNITY NO. _____
DISCLOSURE
STATEMENT
The following information is being
disclosed to purchasers of units in Bear Ridge at Ash River pursuant to
Minnesota Statutes, Section 515B.4-102.
1.
The name of the Common Interest Community is Bear Ridge at Ash River,
Common Interest Community No. ______.
2.
The name and principal address of Declarant is Ash River Properties,
Inc. 10407 Ash River Trail, Orr, Minnesota 55771
3.
The Common Interest Community is a planned community and consists of
ten units with the prospective addition of two additional units.
4.
The Common Interest Community is a planned community that will
include free standing Dwellings on individual Units or Lots. The type of
construction will be wood frame construction. The Common Interest Community
involves new construction. There is one building that was wholly or
partially occupied prior to creation of the CIC being added to the Common
Interest Community. Improvements to the common area include
_______________________________________________.
5.
[Schedule of commencement and completion of construction of any
buildings or other improvements that the Declarant is obligated to build.]
6.
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.
7.
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.
8. 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, with the exception of 8a & 8b.
8a. (Easterly 10 feet of waterfront lot has easements for neighboring property owner).
8b. Fresh water easement to neighboring property owner.
9.
There is no financing offered or arranged by Declarant.
10.
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 an presently still pending.
11.
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.
12.
Within 10 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).
13.
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.
14.
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 David Kepler, American Woods & Waters Realty, 10339 Ash River Trail, Orr,
MN 55771.
15.
The Association provides casualty insurance coverage on the common
elements and units sharing or having contiguous walls, 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.
16.
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.
17.
Declarant has a construction loan which will be used to complete the
contraction of all improvements that Declarant is obligated to build pursuant
to Minnesota Statutes, Section 515B.4-118.
18.
Not applicable.
19.
The real estate taxes for the unit are not delinquent. Real estate
taxes for Unit _______ payable in the year 20______ are $____________.
20.
Not applicable.
21.
All Units sharing or having shared walk, 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.
22.
Attached are copies of the Declaration, Articles of Incorporation and
By-Laws of the Association.