HomeMy WebLinkAbout1744 the terms hereof. :`pis Membership Agzeeme:?t shall be renewable
for an additional ninety-nine (99) year period at the option of
the Condominium Association.
3. Annual Assess:rer.:s. The ConZor..iri~:.~ associatior.
hereby covenants site acrees to pay to the Oceara Association the
sums determined as fellows: a. 'I:?e 3oar3 0: D_rsctors of the
Oceaaa Association shall prepare an annual budget not less than
twenty (20) days is advanee o: t'~e commencer~ert o; each fiscal
year which shall project the annual expense of iatenance,
management and operation of the Oceans association for the forth-
coming fiscal 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 Oceans association
facilities as the same may exist ~rom 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 OCE.aNA OCEANFRONT COVDOMIVIL'M II
(160). The resulting multirle shall be the annual assessment o`
the Condominium Association. The formula may be illustrated as
follows:
Total Annual Expense of Recreation association
f
f
(divided by)
Total Number of Units Entitled to Lse r^acilities
Under a Me:~:flersrip acreement
. X - .
Total Nc~~: er of Condcniniu.^~ ?ascels in Oceans
Ocean.ron~ Condomini•:.~ I~
Zual ?ssess.-.ent S;.a.e c. Condor:.in:~~ =.ssociatior.
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