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99106377
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Last modified
3/13/2012 6:13:58 PM
Creation date
10/20/2005 11:47:46 PM
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DEEDS
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99106377
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9� lOS3'7"7 <br /> not submitted to said Owner (or its tenants or agents, as it may direct) within one hundred eighty <br /> (180) days after the end of the Maintenance Budget Year in which said expense is incurred. <br /> 7.7 Any Consenting Owner may, upon not less than ten (10) days' prior <br /> written notice to the Maintenance Director, inspect the Maintenance Director's records for all <br /> Common Area maintenance and insurance expenses incurred during the preceding Maintenance <br /> Budget Year at the Maintenance Director's General Offices or at such other location reasonably <br /> designated by the Maintenance Director at any time during reasonable business hours within <br /> one (1) year after the end of said Maintenance Budget Year. If said inspection reveals an <br /> overpayment of Common Area maintenance and insurance expenses (including the ten <br /> � <br /> percent [10°Io] service charge described in Article 6 above), the Maintenance Director shall <br /> reimburse the Owner of each Parcel (or its respective tenants or agents, as it may direct) its <br /> proportionate share of any such overpayment within thirty (30) days after receipt of notice of <br /> determination, and of the amount, of such overpayment. If said inspection reveals an <br /> underpayment of Common Area maintenance and insurance expenses (including the ten <br /> percent [10%] service charge described in Article 6 above but excluding all expenses for which a <br /> statement was not timely submitted pursuant to Section 7.1 above), the Owner of each Parcel <br /> shall reimburse the Maintenance Director its proportionate share of any such underpayment <br /> within thirty (30) days after receipt of proper billing in accordance with Section 7.1. If said <br /> inspection reveals that the Maintenance Director misstated Common Area maintenance and <br /> insurance expenses by more than five percent (5%), the Maintenance Director shall reimburse the <br /> person making such inspection for all costs reasonably incurred in making such inspection within <br /> thirty (30) days after receipt of notice of determination, and of the amount, of any such <br /> misstatement. The Maintenance Director's expenses for any Maintenance Budget Year shall be <br /> deemed correct if a Consenting Owner does not give the Maintenance Director written notice of <br /> any such overpayment or underpayrnent within the one(1) year period provided. <br /> 8. Effect of Sale by Owner. <br /> 8.1 In the event an Owner sells all or any portion of its interest in its building <br /> or Parcel, such Owner shall thereupon be released and discharged from any and all obligations as <br /> Owner in connection with the property sold by it arising under this CAMA after the sale and <br /> conveyance of title but shall remain liable for all obligations arising under this CAMA prior to <br /> the sale and conveyance of title. The new Owner of any such Parcel or any portion thereof <br /> (including, without limitation, any Owner who acquires its interest by foreclosure, trustee's sale <br /> or otherwise) shall be liable for all obligations arising under this CAMA with respect to such <br /> Parcel or portion thereof after the date of sale and conveyance of title. <br /> ,., <br />
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