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200000482
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Last modified
7/20/2017 7:15:36 PM
Creation date
10/20/2005 7:40:03 PM
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DEEDS
Inst Number
200000482
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200000482 <br /> (i) Attornev's Fees: To the fullest extent allowed by law, reasonable <br /> attorney's fees and costs incurred in the event an attorney(s) is <br /> employed to collect any assessment or sum due, whether by suit or <br /> otherwise; <br /> (ii) Late Charqes: A late charge in an amount to be fixed by the Board <br /> to compensate the Corporation for additional collection costs incurred <br /> in the event any assessment or other sum is not paid when due or <br /> within any "grace" period. The late charge shall not exceed ten <br /> percent (10%) of the delinquent assessment or ten dotlars ($10), <br /> whichever is greater; <br /> (iii) Costs of Suit: Costs of suit and court costs incurred as allowed by the <br /> court; <br /> (iv) Filinq Fees: Costs of filing notice of lien in the Office of the Register <br /> of Deeds; <br /> (v) Interest: Interest on all assessments at the rate of 16% per annum, <br /> commencing thirty (30) days after the assessment becomes due; and <br /> (vi) Other: Any other cost that the Corporation may incur in the process <br /> of collecting delinquent assessments. <br /> 19. ALLOCATION OFASSESSMENTS: The annual and special assessments <br /> shall be borne by the Commercial Properties based upon the ratio which the number of <br /> Assessment Units allocated to each lot pursuant to Paragraph 21 bears to the total number <br /> of Assessment Units, calculated as of the date of the respective estimated or actual <br /> assessment. <br /> 20. COSTS OF ADMIN/STRAT/ON, MA/NTENANCE OR /MPROVEMENT: <br /> Costs of administration, maintenance or improvement of the Commons and Easements <br /> shall mean the total cost and expense incurred by the Corporation in operating, <br /> maintaining, repairing, and replacing any facility or improvement within the Commons and <br /> Easements. Such costs may include, without limitation, real estate taxes and the cost of <br /> maintaining, dredging, lining, landscaping, lighting, maintenance of erosion control, <br /> removal of snow, ice, drainage, rubbish and other refuse, signs, public liability and property <br /> damage insurance premiums, repairs, reserves for capital replacements, depreciation on <br /> equipment and machinery used in such maintenance, cost of postage, photocopies, <br /> telephone and fax charges, or other expenses and personnel required to provide such <br /> services and management, together with a reasonable charge for overhead not to exceed <br /> 10% of the foregoing, or amounts paid to independent contractors for any or all of such <br /> services. <br /> The Corporation shall keep accurate records of the costs associated with the <br /> administration, maintenance and improvement for the purpose of making assessments as <br /> provided by these Restrictive Covenants. <br /> 6 <br /> _ � <br />
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