HomeMy WebLinkAbout1142 d. Power to Assess and 'l'ime for assessments. 1 Association shall
have the power to, and shall, levy assessments (the"1lssessmcnts") against
all Contributing Units in the E'uture Development Property in existence at the
time of such Assessment levied from time to time as the [3oard of Directors or
other governing body (the "board") of 1 Association [eels, in good faith, the
need for work the costs o[ which are properly within the definition o[ Opera-
ting Expenses which Assessments may be levied reasonably in advance of the
time such expenditures 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 routine 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 1 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-
meats 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. Unless 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-
ling 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
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