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200608021
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Last modified
9/8/2006 10:34:48 AM
Creation date
9/8/2006 8:36:26 AM
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DEEDS
Inst Number
200608021
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<br />,I' <br />41, <br />200608021 <br /> <br />Association may discontinue this service without any reduction to the dues or <br /> <br />assessments paid by the unit Owner. <br /> <br />The Association is specifically authorized hereunder to contract with any third <br /> <br />party to manage the Properties or provide maintenance as provided herein. <br /> <br />In the event that any maintenance or repair is caused through the willful or <br /> <br />negligent act of any unit Owner, his or her family, guest or invitees, the cost of such <br /> <br />maintenance shall be promptly paid by such unit Owner. <br /> <br />10. Monthly, quarterly or annual dues and special assessments, other than for <br /> <br />capital improvements, may be levied by the Executive Board of Directors of the <br /> <br />Association for services provided by the Association. Any special assessment for capital <br /> <br />improvements may be rejected at any time within thirty (30) days of the notice oflevy by <br /> <br />the vote of a majority of the unit Owners affected and entitled to vote, at a re!,'Ular <br /> <br />meeting of the unit Owners or at a special meeting of the unit Owners, if notice of a <br /> <br />special assessment is contained in the notice of the special meeting. <br /> <br />Owners shall pay such dues and special assessments to the Association upon <br /> <br />receipt of billings therefore. Each Owner's dues shall be determined on an annual basis <br /> <br />payable monthly, quarterly or annually as the Association's Executive Board of Directors <br /> <br />may determine, prorating a fractional year that may occur by issuance of a building <br /> <br />permit for any dwelling. The amount of dues and assessments payable shall be based <br /> <br />upon an estimate of the Association's cost for administration, maintenance and projected <br /> <br />property improvements and each Owner shall pay the dues so established in advance <br /> <br />upon receipt of written notice ofthe amount thereof from the Association. At the end of <br /> <br />each fiscal year, a statement of the total year's Association operating costs may be <br /> <br />presented to Owners and the Owners shall pay any excess charge to the Association <br /> <br />within thirty (30) days of receipt of a statement for that Owner's allocated share of excess <br /> <br />charges. <br /> <br />All such dues and assessments shall further be subject to the following provisions: <br /> <br />(a) The Association at its annual meeting of Owners shall <br />prepare, approve and make available to each Owner a budget containing: <br />(1) estimated revenue and expenses on an accrual basis; (2) the amount <br />of any cash reserves of the Association currently available for services the <br />Association provides and for contingencies; (3) an itemized estimate of <br />the remaining life of, and the methods of funding to defray repair, <br />replacement or additions to the improvements provided, maintained or <br />installed by the Association; and (4) a general statement setting forth the <br />procedures used by the Association in the calculation and establishment of <br />reserves to defray the costs of repair, replacements or additions to the <br />improvements provided, maintained or installed by the Association. <br /> <br />(b) In addition to any amounts due or any other relief or <br />remedy obtained against an Owner who is delinquent in the payment of <br />any dues or assessments, each Owner agrees to pay such additional costs, <br />fees, charges and expenditures ("Additional Charges") as the Association <br />may incur or levy in the process of collecting each Owner's monies due <br />and delinquent. All Additional Charges shall be included in any judgment <br />in any action brought to enforce collection of delinquent dues or <br />assessments. Additional Charges shall include, but not be limited to, the <br />following: <br /> <br />6 <br />
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