HomeMy WebLinkAbout0124 shall prepare an annual budget not less than twenty (20) days in
advance of the comnencement of each fiscal year which shall project
the annual expense of maintenance, management and operatfon of
the Recreation Associatfon for the forthcoming year. The total
projected annual expenses shall be divided by the total number of
condominium parcels entitled to use the Recreation Association
facilities. The resulting quotient shall then be multiplied by
- the tbtal number of condominium parcels in Oceana Oceanfront
Condominium One (127). The resulting multiple ahall be the ~
annual assessment of~the•Condominium Association. The formula
may be illustrated as follows:
Total Annual E nse of Recreation Association
ota N er o Con om n wn arce s En it e to
Use Facilities
X
Total Number of Condominium Parcels in Oceana
Oceanfront Condominium One (127) _
Annual Assessment Share of Condominium Association
The Condomi.nium Association's annual assessment shall be payable
in four (4) equal quarterly PaY~?ents, due and payable in advance
on the first day of each calendar quarter.
; 3. Special Assessments. The Board of Directors of
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i the Recreation Association may levy special assessments to cover
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~ annual expenses not adequately funded by the annual assessments.
~ 4 Use of acilities So lon as the Condominiwn
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~ Association keeps and perform the terms, covenants and conditions
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~ of this Membership Agreement, Owners shall have the right to use
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€ the recreational areas described in E~ibit "B", subject only to the
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Certificate of Incorporation and By-Laws of the Recreation Associa-
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~ tion and reasonable rules and regulations promulgated by the
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~ Recreation Association for the benefit of all such Owners.
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~ , 5. Rules and Regulations. For and on behalf of its
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~ members, Condominium Association agrees to abide and be bound by
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