turtle creek estates

As prospective purchasers at Turtle Creek Estates (herein the ACommunity@) you should be aware of a variety of information concerning the Community. The Community has been designed and developed for the purpose of providing persons a Community residence and life-style, opportunities, services and efficient property operation. Included with this information are the ACommunity Documents,@ such as Declaration, By-Laws, Rules and Regulations and proposed budget for Turtle Creek Estates (herein the AAssociation@). The affairs of the Community will be administered by an Association comprised of the owners of Community units. These Community Documents explain in detail the legal framework upon which the Community is based and the rules by which it will be governed. Careful reading of these materials should form a basis for understanding exactly how the Community will be operated.

The Association will be managed and act through a Board of Directors, eventually consisting of five members; and the initial two members are designated of the Declarant namely:

Lance R. Pogones, Austin, MN 55912
Jon G. Olson, Blooming Prairie, MN 55912

Pursuant to Section 515B.4-102 of Minnesota Statutes, as amended, the undersigned do hereby fully disclose and provide to

__________________________________________
hereinafter ABuyer@, whether one or more, the following:

1. Name and Number. The name of the common interest community is Turtle Creek Estates. The number assigned by the County Recorded is Common Interest Community no. 13.
2. The Declarants.
   Turtle Creek Estates
   A Minnesota Limited Liability Company
   701 18th Avenue NW
   Austin, MN 55912
3. Type of Community. The Community is a planned community and will consist of 47 unimproved lots.
4. General Description of the Communities. The Community consists of residential lots suitable for construction in residential buildings.
5. Roadways, Wells, Water Mains. Declarant has built roadways. The Declarant will also be responsible for the drilling of wells and the construction of water mains running within public rights-of-way and utility easements, but the cost of drilling wells and construction and placement of water mains will be charged to and apportioned among the Unit Owners who are served by said wells and water mains. The roadway will be paved in the fall of 2004 and 1/47 (2.13% - $3200) of the paving cost will be assessed to Unit Owners.
   
6. Statement Regarding Supplies and Services. Declarant is presently unaware of any supplies and services which are not reflected in the Estimated Annual Operating Budget furnished herewith which the declarant itself provides, or expenses which Declarant pays, and which Declarant expects may become at any subsequent time a Common Expense of the Association.
   Accordingly, there is no projected Common Expense assessment of which Declarant at this time is aware which would be attributable to any such supplies or services.
7. Initial or Special Fees. There will be an initiation fee payable to the Turtle Creek Homeowners Association, Inc., in the amount of $100.00 per Unit, payable to the Association at closing of each transaction for the purchase of a Unit. It is anticipated that thereafter there will be annual assessments or monthly assessments against each Unit for expenses of the Association.
8. Liens, Defects or Encumbrances Upon or Affecting Title to the Community. The following is a description of the liens, defects, or encumbrances on or affecting title to the Community after the contemplated conveyance by Declarant to Buyer:
   1. Requirements of the Minnesota Common Interest Ownership Act, Minnesota Statutes 515B.1-101 to 515B.4-118, as amended.
   2. Requirements, restrictions, easements, conditions, obligations, covenants, and reservations of record as contained in the Declaration of the Community and the By-Laws of the Association.
   3. Easements for utilities, driveways and walkways, including Storm Water Pond Easements, areas within Delineated Wetland Boundaries, Outlot A and, if the Declarant so establishes them, walking trails on the J-24 Ditch Maintenance Easement, all as depicted on the Plat.
   4. Building, housing and zoning laws, codes, ordinances and regulations - federal, state and local, including set-back requirements.
   5. Lien of real estate taxes and installments of special assessments (including interest) payable therewith in the year following the closing on the conveyance of a Unit and subsequent thereto.
   6. Any mortgage given by a Buyer and encumbering the Unit purchased by said Buyer, together with its undivided interest in the Common Elements.
9. Financing. There is no financing being offered by the Declarant. Buyer(s) may pay the entire purchase price in cash at the time of closing or on the date of possession, whichever occurs sooner, or Buyer(s) may elect to secure financing at any bank, savings and loan association, or other lender, of Buyer(s)=s choice. Buyer(s) must finalize his or her financing arrangements prior to the closing date and all expenses and costs associated therewith shall be paid by Buyer(s).
10. Mortgage Approvals. Declarants have not applied for nor received mortgage approval from any public or quasi-public agencies.
    
11. Warranties. No warranties are provided by the Declarant.
12. Statement Regarding Cancellation Rights.
    1. Within ten (10) days after receipt of a Disclosure Statement, a purchaser may cancel any contract for the purchase of unit from the Declarant; provided that the right to cancel terminates upon the purchaser=s voluntary acceptance of a conveyance of the Unit from the Declarant.
    2. If a purchaser receives a Disclosure Statement more than ten days before signing a Purchase Agreement, the purchaser cannot cancel the Purchase Agreement.
    3. If a Declarant obligated to deliver a Disclosure Statement fails to deliver a Disclosure Statement which substantially complies with the requirements of Minn. Stat. ' 515B to a purchaser to whom a unit is conveyed, the Declarant shall be liable to the purchaser as defined in Minn. Stat. ' 515B.4-106(d).
13. Statement Regarding Judgments and Suits. To the extent of the actual knowledge of Declarant after reasonable inquiry, there are no judgments against the Association, nor any pending suits to which the Association is a party or which are material to the Community.
14. Earnest Money. Any earnest money paid in connection with the purchase of a unit will be held in an escrow account until closing and will be returned to the purchaser if the purchaser cancels the Purchase agreement pursuant to Section 515B.4-106 of Minnesota Statutes.
15. Insurance Coverage. The Unit Owners will provide insurance to insure buildings against fire, windstorm and casualty and for building contents and their personal liability.
16. Fees or Charges. No current or expected fees or charges shall be paid by unit owners for the use of any of the Common Elements or other facilities in or related to the Community.
17. Financing of Declarant's Construction Obligations. No financing arrangements have been made by Declarant for completion of the improvements that Declarant is obligated to build pursuant to Section 515B.4-118 of Minnesota Statutes.
18. Real Estate Taxes. Real estate taxes for the Unit or any real property owned by the Association are not delinquent. The real estate taxes, including amount of any special assessments certified for payment with the real estate taxes, due and payable with respect to the Unit for which this Disclosure Statement is given in the year 2004 are $_-0-_.
19. Substantial Completion. The Declarant is not responsible for completion of structures on the Units.
20. Copies of Community Documents Attached. Attached hereto are copies of the following Community Documents:
    1. The Declaration
    2. By-Laws of the Association
    3. Articles of Incorporation of the Association
    4. Rules and Regulations of the Association, if any.

       There are no contracts or leases that are or may be subject to cancellation by the Association under Section 515B.3-105 of Minnesota Statutes.

21. Current Balance Sheet; Budget. Attached hereto is a current Statement of Financial Position of the Association and an Estimated Annual Operating Budget for the Association, each of which meets the requirements of Section 515B.4-102(b)(23) of Minnesota Statutes.

By ______________________________________
Lance R. Pogones

By ______________________________________
Jon G. Olson