Laserfiche WebLink
<br />#10634702v3 <br /> <br />11 <br /> <br />c. The costs of insurance obtained by the Association, if any, may be assessed in <br />proportion to value, risk or coverage. <br /> <br />d. Reasonable attorneys’ fees and other costs incurred by the Association in <br />connection with (i) the collection of assessments and (ii) the enforcement of the <br />Governing Documents, or the Rules and Regulations, against an Owner or <br />Occupant or their guests, may be assessed against the Owner’s Homesite. <br /> <br />e. Fees, charges, late charges, fines and interest may be assessed for failure to pay <br />assessments when due, as determined by the Board of Directors. <br /> <br />f. Assessments levied in a manner consistent with Section 515B.3-116 of MCIOA <br />to pay a judgment against the Association may be levied only against the <br />Homesites existing at the time the judgment was entered, in proportion to their <br />Common Expense liabilities. <br /> <br />g. If any damage to the Common Areas or another Homesite is caused by the act or <br />omission of any Owner or Occupant, or their guests, the Association may assess <br />the costs of repairing the damage exclusively against the Owner’s Homesite to <br />the extent not covered by insurance. <br /> <br />h. If any installment of an assessment becomes more than 30 days past due, then the <br />Association may, upon 10 days written notice to the Owner, declare the entire <br />amount of the assessment immediately due and payable in full. <br /> <br />i. If Common Expense liabilities are reallocated for any purpose, Common <br />Expense assessments and any installment thereof not yet due shall be <br />recalculated in accordance with the reallocated Common Expense liabilities. <br /> <br />j. Assessments under Subsections 6.1 a.-h. shall not be considered special <br />assessments as described in Section 6.3. <br /> <br />6.2 Annual Assessments. Annual assessments shall be established and levied by the Board. <br />Each annual assessment shall cover all of the anticipated Common Expenses of the <br />Association for that year. Annual assessments shall provide, among other things, for <br />contributions to a separate reserve fund sufficient to cover the periodic cost of <br />maintenance, repair and replacement of the Common Areas. There shall be no limitation <br />on the right of the Board to subsequently increase the amount of the annual assessment <br />by the Board. <br /> <br />a. Until a Common Expense assessment is levied, Declarant shall pay all <br />accrued expenses of the Association. <br /> <br />b. After a Common Expense assessment is levied, the assessment may be <br />increased by the Board annually. <br /> <br />6.3 Special Assessments. In addition to annual assessments, the Board may levy in any <br />assessment year a special assessment against all Homesites for the purpose of defraying <br />349