11-28-1988 Council Packet - Laserfiche WebLink

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the Emergency Fund shall not be considered advance payments Annual Assessment3. (b) The Zmerg ency Fund sna;' be estaolisned )y "Enervencv Fund Assessments." Each Lot's share of the Emergency sn a__ oe C^.__?r �,� :n,? �--' 21 it ".-e _� i _y Ot t: a Sa_d of^the Lot from the Dec''_a:ant to the Owner. W_thin one year after the clo5i.ig of :ne sa'e cf :^e __-st Lit, Declarant steal_ pay each unsold Lc:'s share oc the Emergency Fund to the Association. Declarant shall be reimbursed for tnis payment from ..ends col. ected f:_.;, _na var..us Iot vwne:s at -,e safe of the Lots _rz:n the Declarant to the Cwner5. (c) Whene•:er :he Emergency Fund is deo:e_e4 oe'_ow t:-.e level set for--:. -:n Subsection (a), the Association shall renleni3h the Emergency Fund by levying additional Emergency Fund Assessments against all the Lots and their respective Owners. Section 5. Sinkina Find Assessments. (a) The Association snail establish, a sena.ate reserve fund ("Sinking Fund") to prov,de cash for :-!a.cr repairs and replacement of those improvements is the Commcn Area that will, after a numper of fears, need major repairs or rap:a-e-e.n.t. Suc^ improvements include, without limitation, the road, the storm sewer faci:.lies, the entrance monument and the pe:estrian trail. (b) The Board of Directors shall, in good faith, determine the iseful li.'e ct sucn imorovernents and an appropriate schedule of Sinking F•.:nd Assessment, such that each year the Sinking Fun(' Assessments are aperc9m" a-ely equal or gradually increasing and such that, wnen each major repair or replacement is expected to oc::ur, there will be sufficient cash in the Sinking Fund. (c) If for any reason the Sinking Fund is over inade- quate to fund 3 major repair or replacement, then the Association may levy a Capital Assessment (pursuant to Section 6) to defray the extra cost. Section 6. CaD_ta! Assessments. (a) Whenever the Beard determines that _ne S.LnK�.n- Fund is inadequate to fund a major repair or replacement and whenever the Hemoers decide to install additional capital improvements to.. tire Commcn Area, the A.33oc_at.^.n :nay levy a "Capital s3esgment." ( b ) Each Capital Assessment snarl be due and payable in such installments as -he 9carl of Directors shall determine, but no more frequently tean mcrtnly and no less frequently tnan semiannually, and in any event shall be fully paid witnin the excected useful life of the improvement.