200112287 - Laserfiche WebLink

Browse

200112287 is acquired, shall be deemed to covenant to maintain the Commons and Easements, which covenants by the members shall be satisfied by the payment of annual and special assessments for the administration, maintenance or improvement of the Commons and Easements. The covenant to maintain the Commons and Easements shall include insuring the Commons and Easements against public liability and property damage, including the addition of the titleholder of any lot upon which a portion of the Easements may be located as an additional insured. Such insurance shall be in commercially reasonable amounts. Annual and special assessments shall be based upon the Assessment Units allocated to the lots within the Commercial Properties as provided in Paragraphs 19 and 21. Each assessment shall be the personal obligation of the member who is, or was, the titleholder of the lot assessed at the time of the assessment. If not paid when due, assessments shall bear interest at the rate of 16% per annum and, when shown of record, shall be a lien upon the lot. 18. ASSESSMENTS: Annual and special assessment for the administration, maintenance or improvement of the Commons and Easements and other special assessments specifically provided for in these Restrictive Covenants shall be levied by the Corporation. Annual and special assessments, other than for capital improvements, may be levied by the Board of Directors of the Corporation. Any special assessment for capital improvements shall be approved by the affirmative vote of two - thirds of each class of members affected and entitled to vote, at a regular of the members or at a special meeting of the members, if notice of a special assessment is contained in the notice of the special meeting. The members shall pay assessments to the Corporation within ten (10) days after billed. An estimate of the Corporation's costs for administration, maintenance and improvement of the Commons and Easements shall be made on February 1, 2000 and on or before January 10th of each year thereafter and each member shall pay within ten (10) days of the mailing the estimated assessment. At the end of each year the amount of the total year's operating costs that exceed the estimated assessment, if any, shall be assessed to the members of the Corporation and the members shall pay any excess charge to the Corporation within ten (10) days of the statement. (a) Budgets: Each year the Board shall prepare, approve and make available to each member a pro forma operating statement (budget) containing: (1) estimated revenue and expenses on an accrual basis; (2) the amount of the total cash reserves of the Corporation currently available for replacement or major repair of the Commons and Easements and for contingencies; and (3) a general statement setting forth the procedures used by the Board in the calculation and establishment of reserves to defray the costs of repair, replacement or additions to major components of the Commons and Easements. The total amount shall be charged against the Commercial Properties according to the allocation of Assessment Units. The Board shall annually prepare and approve the budget and distribute a copy to each member, together with written notice of the amount of the assessment to be levied against the member's lot, not less than ten (10) days prior to the beginning of the fiscal year. 5