HomeMy WebLinkAbout1159 ~ w-
.
r~
Operator's compensation and all miscellaneous costs.
8. (a) Operator will pay from funds on hand to the credit of each
Owner, each Owner's pro-rata share of the previous month's maintenance
costs and Operator's fee. If an Owner's funds on hand are not sufficient,
the Operator.will invoice that Owner accompanied by a statement of
expenses which shall be due and payable within ten (10) days from the date
thereof. Operator, in its sole discretion, is entitled to charge six percent
(6~6) interest per annum on any unpaid invoice ten (10) days after payment by -
operator. If such invoices are not paid within thirty (30) days, then in
addition to the rights granted to Operator in subparagraph (b) of this
Paragraph 8, the Operator shall have the right to discontinue all maintenance
on the delinquent Owner's tract (blocks) and not resume until all outstanding
charges are current. In this connection, it is expressly understood that any
damage to Owner's trees or fruit due to such discontinuance of maintenance
is solely the responsibility of the Owner and the Operator shall not in any
wise or manner be held liable.
(b) Operator shall not use any funds of any Owner for the payment
of any other Owners costs, fees or expenses. No Owner shall lien or encumber
~ his interest in any/~e~qu~ ent except to the extent necessary for the purchase
E
thereof .
9. The gross income from each Owner's block in the Grove will be
accounted for separately from all other blocks owned by other Owners. From
that gross income all of the aliquot share of the costs, expenses and liabilities
of that Owner will be deducted in order to arrive at that Owner's net income.
Each Owner will be paid his net income (less the compensation to the Operator
described in Paragraph 10 and less a reasonable reserve for future expenses)
at monthly intervals as sales proceeds are received.
}
a 10. Operator shall receive, as its compensation for the management and
~ operation of the Grove (and of the Common Property):
E
- 5 - a~~ P~1.157