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HomeMy WebLinkAbout1011 B. Power to Assess and Time for Assessments. 1 Association shall have the power to, and shaU, levy assessments (the "Assessments") against all Contributing Units in the Future Development Property in. existence at the time of such Assessment levied from time to time as the Board uf Directors or other governing body (the "Board") of 1 Association feels, in good faith, the need for work the costs of which are properly within the defi~ition of Opera- ting Expenses which Assessments may be levied reasonably in advance of the time such expendit~res are contemplated to be made to insure the availability of funds therefor provided further that items of Operating Expenses which are incurred on a regular basis (e . g., charges made by the applicable utility authority for water consumption and sewage service; costs of electrical ser- ' vice and routjne operating costs of the Section 1 Lift Station; and normal monthly care for the lawn and plantings within the Entry Way and, if appli- cable, the portion of the Section.l Property which is a continuation thereof as aforesaid) may be Assessed on a monthly basis and up to (but not more than) . two (2) months in advance of the ancitipated need (any such advance Assess- . ments being based upon a good faith estimate of the amount thereof ) to assure the availability of funds therefor. ~ The Contributing Units constituting a part of the Section 1 Condominium (the "Section 1 Contributing Units") shall be Assessed in accor- dance with the normal practices of the Section 1 Condominium provided, that, in no event shall the Contributing Units on the Future Development Property be Assessed sooner ~ than the Section 1 Contributing Units or otherwise be . . treated adversely as compared with the Section 1 Contributing Units as to any matters pertaining to Assessments except as is specifically permitted hereby. C. Amount of Assessment Against Each Contributing Unit. Each Contributing Unit in existence at the time of each Assessment shall be Assess- ed for an amount equal to the quotient arrived at by dividing the amount of Operating Expenses for which the Assessment is being made (in any case where the exact amount is not known, such amount shall be based upon 1 Association's good faith estimate of the amount needed for the work contem- plated ) by the total number of Contributing Units in existence at the time of the Assessment. Contributing Units shall also be Assessed for any additional sums needed for Operating Expenses due to a previous Assessment(s) -being insufficient as well as amounts needed by virtue of the failure of any Contrib- . uting Unit or Units to pay the Assessments thereon . If , after work for which ~an Assessment has been made has been completed, there remains any ; unexpended funds from such Assessment, such funds shall be kept by 1 ~ Association in a separate account . and used to defray future Operating Ex- ~ penses. ~ D. When Assessments Payable; To Whom Payable. Uniess permit- ~ ted to be paid later by 1 Association, the Assessments shall be paid by each ~ owner of a Contributing Unit (the "Contributing Unit Owner" ) to 1 Association ~ within fifteen (15) days . from the mailing or delivery of written notice (the "Assessment Notice") thereof by 1 Association to the address of such Contrib- uting Unit or such other address as the owner thereof shall have specified by written notice actually received by 1 Association prior to sending the Assess- ment Notice in question . Notwithstanding the foregoing , Section 1 Contribu- - ting Units shall be Assessed in accordance with the normal practices of the Section 1 Condominium so long as the Contributing Units on the Future De- velopment Property are not treated adversely as compared with the Section 1 ~ Contributing Units as to any matters pertaining to Assessments ~except as ~ may be specifically permitted hereby) and, - hence, no Section 1 Contributing ~ Units need be given "Assessment Notices" if that is not the normal practice of ~ 1 Association as to assessments other than pursuant to this Agreement made ~ ~3 ~ ~ . ~ v~ ~ ~ ~ ~a ~ - . 6 ~ ~ ~ F: GE 10~.1 ~ sucs ~ ~ ~ ~ ~ _ ~ ~ - ~ s.:, s ~ ~ ~ ~ ~ : ~ ~ ~ . _ _ ~.,w-,x , ~ . ~ _ _ aa~- z