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<br />V;- • ••;7:^; :•.■ ^. .a-:-7=-7 7n;v ■■■ 7 -' : •■ . ■•; •-!|fa.■^■■■■■- r..iv ••!■. ■■.:. ■ '■av.; 7 a-a> V vaiiatTi^vP ’^a^iWw.'. -a.;.-/•*■ •• ■'•'•, . • - . . ••■w -(c) Wh«ii«v«r th« Emergency Fund Is dsplstsd bslow ths levsl ••t forth in Subsection (s), ths Association shall raplanish the Urgency Fund by levying additional Esergency Fund Assessments against all the Lots and their respective Owners.Sect ion 5. Assessments.(a) The Association shall establish a separate reserve fund
<br />("Sinking Fund") to provide cash for major repairs and replacement
<br />of those improvements in the Common Area an^^jjjy^[[hsse that will,
<br />after a number of years, need major repairs or replacement. Such
<br />improvements include, without limitation, the road, the sanitary
<br />sewer laterals, the storm sewer facilities, Ji*i££»J22i215»' ^***
<br />entrance monuments and the pedestrian trail.
<br />(b) The Board of Directors shall, in good faith, determine
<br />the useful life of such improvements and an appropriate schedule
<br />of "Sinking Fund Assessment^ such that each y»>ar the Sinking Fund
<br />Xsaassments are approximately equal or gradually increasing and
<br />such that, when each major repair or replacement is expected to
<br />occur, there will be sufficient cash in the Sinking Fund.
<br />(c) If for any reason the Sinking Fund is ever inadequate to
<br />fund a major repair or replacement, then the Association may levy
<br />a Capital Assessment (pursuant to Section 6 of this Article) to
<br />defray the extra cost.
<br />Section 6. Capital Assessments.
<br />(a) Whenever the Board determines that the Sinking Fund is
<br />inadequate to fund a major repair or replacement, whenever
<br />insurance proceeds are inadequate to restore damaged common
<br />property and whenever the Board decides to install additional
<br />capital improvements to the Common Area or—BlBgw^T*» the
<br />Association may levy a "Capital Assessment."
<br />(b) Each Capital Assessment shall be due and payable in such
<br />installments as the Board shall determine, but no more frequently
<br />than monthly and no less frequently than semiannually, and in any
<br />event shall be fully paid within the expected useful life of the
<br />improvement.
<br />Section 7. Separate Assessments.
<br />(a) Whenever a Lot and its Owner is separately responsible
<br />for maintenance or repaix of any part of the Common Area, the
<br />Association shall levy a "Separate Assessment" against that Lot and
<br />its Oimer.
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