200600814 - Laserfiche WebLink

Browse

RE-RECORDED 200600814 ,. ARTICLE 8. ASSESB1MENTS 200600669 1) Personal Obligation of Assessments and Special Assessment. Declarant, for each Suite owned within the Property, shall be deemed to covenant and agree, and each Suite Owner by acceptance of a deed therefore, whether or not it shall be so expressed in any such deed or other conveyance shall be deemed to covenant and agree to pay to the Association all Assessments and fines, together with such interest thereon and costs (including court costs) of collection thereof as herein provided. Said Assessments, fines, interest and costs of collection, including reasonable attorneys' fees, shall be the personal obligation of the Person who was the Suite Owner at the time when the Assessments or fines became due. The personal obligation for any delinquent Assessments or fines shall not pass to his or her successors in title unless expressly assumed by them. No Suite Owner may become exempt from liability for payment of Assessments or fines by waiver of the use or enjoyment of the Common Elements or by abandonment of the Suite against which Assessments are made. Nothing in this Section shall be construed to, in any way, limit the Association's ability to enforce liens upon a Suite. 2) Purpose of Assessments. The Assessments levied by the Association through its Board of Directors shall be used exclusively: (i) to promote the health, safety and welfare of the condominium; (ii) to maintain, repair and upkeep the Common Elements and for any other maintenance obligations or common services which may be deemed necessary by the Association for the common benefit of the Suite Owners; (iii) to maintain property values; (iv) to pay expenses which may be incurred by virtue of an agreement with, or requirement at any city, county or other local government authority; (v) to maintain the Governmental Items to the extent such maintenance is permissible under applicable governmental regulation or law, if and only if the applicable governmental entity having jurisdiction thereof fails to maintain the same; (vi) to provide adequate insurance of various types and in such amounts deemed necessary by the Board of Directors for the Common Elements; and (vii) to provide a reserve fund for replacements of Common Elements or items thereon. 3) Annual Common Expense Assessments. The total annual Common Expense Assessments against all Suites shall be based upon the Association's advance budget of the cash requirements needed by it to provide for the administration and performance of its duties during such Common Expenses Assessments year. 10