09-19-1988 Planning Packet - Laserfiche WebLink

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est, costs (Of and for rge on the iinst which 1st a Lot, reasonable Lon of the he assess* nt assess* expressly te to dis* sments" to ly or more insurance. >n may fix le Maximum )n. Until nt shall ) per increased Assessment more than in Cities of Labor le member* ibove this s who are for this 1 Lots on the first It Annual )f months Board of t against :h fiscal i sent to Board of i no less e fund to f Fund"). 2) months ints paid into the Emergency Fund shall not be considered advance payments of Annual Assessments. (b) The Emergency Fund shall be established by "Emergency Fund Assessments." Each Lot's share of the Emergency Fund shall be collected from the Owner at the closing of the sale of the Lot from the Declarant to the Owner. Within one year after the closing of the sale of the first Lot, Declarant shall pay each unsold Lot's share of the Emergency Fund to the Association. Declarant shall be reimbursed for this payment from funds collected from the various Lot C-r^ners at the closings of the sale of the Lots from the Declarant «o the Owners. (c) Whenever the Emergency Fund is depleted below the level set forth in Subsection (a), the Association shall replenish the Emergency Fund by levying additional Emergency Fund Assessments against all the Lots and their respective Owners. Section 5. Sinking Fund Assessments (a) The Association shall establish a separate reserve fund ("Sinking Fund") to provide cash for major repairs and replacement of those improvements in the Common Area that will, after a number of years, need major repairs or replacement. Such improvements include, without limitation, the road, the storm sewer facilities, the entrance monument and the pedestrian trail. (b) The Board of Directors shall, in good faith, determine the useful life of such improvements and an appropriate schedule of Sinking Fund Assessmentv such that each year the Sinking Fund Assessments are appropMately equal or gradually increasing and such that, when each major repair or replacement is expected to occur, there will be sufficient cash in the Sinking Fund. (c) If for any reason the Sinking Fund is ever inade* quate to fund a major repair or replacement, then the Association may levy a Capital Assessment (pursuant to Section 6) to defray the extra cost. Section 6. Capital Assessments. (a) Whenever the Board determines that the Sinking Fund is inadequate to fund a major repair or replacement and whenever the Members decide to install additional capital improvements to the Common Area, the Association may levy a "Capital Assessment." (b) Each Capital Assessment shall be due and payable in such installments as the Board of Directors shall determine, but no more frequently than monthly and no less frequently than semiannually, and in any event shall be fully paid within the expected useful life of the improvement. * 9 * Sect sible fo] the Asso< Lot and j in such frequent] and in ar Sect Under Sec the pur of this days, first entitle members not prc notice meeting precedi than 60 Sect shall be Assessmen whom the opportuni Sect and drair of all Ic no houses fere with struction side 30 £ City Cour backs are tions (a) conducted of each I are measu yard sett Outlet B mon bourn standing