HomeMy WebLinkAbout0377 it is agreed that: -
. 1. Paragraphs 2, 3, 4,~5, 6, 8 and 14 of the ~
Membership Agreement dated September 16, 1975, be and they ~
. are hereby modified and amended to read as follows: ;
"2. Annual Assessments. The Condominium Asso-
ciation hereby covenants and agrees to pay to the Recreation
Association as follows: The Bonrd of Directors of the Recrea- .
tion Association shall prepare an annual budget not less ~
than twenty (20) days in advance of the commencement of each ~
fiscal year which shall project the annual expense of mainte- `
nance, management and operation of the Recreation Association
for the forthcoming year. The total projected annual expenses
;
shall be divided by the total number of residential units of
all types of ownership from time to time entitled to use the
Recreation Association facil.ities as the same may exis~ from
time to time, pursuant to a valid Membership Agreement or
Agreements in effect from time to time. The resulting
quotient shall then be multiplied by the total number of
condominium parcels in OCEANA OCEANFRONT CONDOMINIUM ONE
I (127). The resulting multiple shall be the annual assess-
E ment of the Condominiam Association. The formula may be
E
~ illustrated as follows:
Total Annual Expense of Recreation Association
(divided by)
Total Number of Units Entitled to Use Facilities `
Under a Membership Agreement
X
~ Total Number of Condominium Parcels i_n Oceana
~ - -Oceanfront Condaminium One (127) ' ;
3 ~
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Annual A~sessment Share of Condominium Association f
The Condominium Association's annual assessment shall be ~
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