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<br />#10634702v3 <br /> <br />13 <br />recorded on or after the date hereof, and no Owner redeems during the Owner’s period of <br />redemption provided by Chapters 580, 581, or 582, then the holder of the sheriff’s <br />certificate of sale from the foreclosure of the first mortgage shall take title to the <br />Homesite subject to a lien in favor of the Association for the unpaid assessments for <br />Common Expenses levied in a manner consistent with Sections 515B.3-115(a), (e)(1) to <br />(3), (f), and (i) of MCIOA which became due, without acceleration, during the six months <br />immediately preceding the first day following the end of the Owner’s period of <br />redemption. <br /> <br />6.8 Voluntary conveyance; Statement of Assessments. In a voluntary conveyance of a <br />Homesite the buyer shall not be personally liable for any unpaid assessments and other <br />charges made by the Association against the seller or the seller’s Homesite prior to the <br />time of conveyance to the buyer, unless expressly assumed by the buyer. However, the <br />lien of such assessments shall remain against the Homesite until satisfied. Any seller or <br />buyer shall be entitled to a statement, in recordable form, from the Association setting <br />forth the amount of the unpaid assessments against the Homesite, including all <br />assessments payable in the Association’s current fiscal year, which statement shall be <br />binding on the Association, seller and buyer. <br /> <br />6.9 Working Capital Contribution. When each Homesite is first sold to a homebuyer by <br />Declarant or another home builder and the sale is closed, the buyer of the Homesite shall <br />make a working capital contribution to or for the benefit of the Association on a one-time <br />basis in an amount determined by Declarant from time to time, that shall be at least equal <br />to two months’ of the then current estimated general Assessments for Common Expenses <br />for the Homesite being conveyed. If said working capital contribution is not paid at the <br />closing, then it shall be a Special Assessment against the homebuyer and the Homesite. <br />The working capital contributions are in addition to the regular payments of general <br />Assessments for Common Expenses and may be used to (a) fund expenses of the <br />Association; or (b) reduce funding deficits of the Association; and/or (c) repay loans that <br />Declarant may make to the Association to fund deficits. <br /> <br />SECTION 7 <br />ADMINISTRATION <br /> <br />The administration and operation of the Association and the Property, including but not limited to the acts <br />required of the Association, shall be governed by the following provisions: <br /> <br />7.1 General. The operation and administration of the Association and the Property shall be <br />governed by the Governing Documents. The Association shall, subject to the rights of <br />the Owners set forth in the Governing Documents, be responsible for the operation, <br />management and control of the Property. The Association shall have all powers <br />described in the Governing Documents, and the statute under which it is incorporated. <br />All power and authority of the Association shall be vested in the Board, unless action or <br />approval by the individual Owners is specifically required by the Governing Documents. <br />All references to the Association shall mean the Association acting through the Board <br />unless specifically state to the contrary. <br /> <br />7.2 Operational Purposes. The Association shall operate and manage the Property for the <br />purposes of (i) administering and enforcing the covenants, restrictions, easements, <br />351