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0430 Old Crystal Bay Road North - 33-118-23-13-0016
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Garage Condos Declaration
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2/18/2026 3:43:14 PM
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any other improvements or facilities related to the common interest community are used by more than <br />one individual and his or her immediate family, ("immediate family" being defined to include the <br />individual's spouse, children and stepchildren) the Board is authorized to assess an Owner of the Unit <br />for excess use of the Common Elements or such other improvements or facilities in an amount <br />determined by the Board. <br />6.4.8. If Common Expense liabilities are reallocated for any purpose authorized by the Act, <br />Assessments and any installment thereof not yet due shall be recalculated in accordance with the <br />reallocated Common Expenses liabilities. <br />Assessments levied under Sections 6.4.1 through 6.4.7 may, at the Board's discretion, be assessed as a part of, <br />or in addition to, the other Assessments levied under Section 6.1 or 6.2. <br />6.5. Working Capital Fund. There shall be established a working capital fund to meet unforeseen or <br />unbudgeted expenditures or to purchase additional equipment or services during the Association's beginning <br />years of operation. There shall be contributed, on a one-time basis upon the initial sale of each Unit by Declarant, <br />an amount equal to $500.00 per Unit. The contribution shall be paid by the Unit purchasers at the earlier of the <br />time of closing of sale of the Unit or by the Declarant at the time of termination of the Declarant Control Period <br />as to then unsold Units. The contributions to this fund are in addition to the regular installments of annual <br />Assessments. The Board may include in each subsequent annual budget a reasonable amount of working capital, <br />based upon the anticipated needs of the Association for the year in question. The funds shall be deposited into <br />an account of the Association (which need not be a segregated account) no later than the termination of the <br />Declarant Control Period. Funds deposited in said account may be used to fund replacement reserves or for <br />operations of the Property or the Association. Upon the closing of the initial sale of a Unit, Declarant may <br />reimburse itself from funds collected from the purchaser at the closing for any prior contributions made by <br />Declarant to any reserve fund with respect to that Unit. <br />6.6. Liability of Owners for Assessments. The obligation of an Owner to pay Assessments shall <br />commence at the later of (i) the time at which the Owner acquires title to the Unit, or (ii) the due date of the first <br />Assessment levied by the Board. The Owner at the time an Assessment is payable with respect to the Unit shall <br />be personally liable for the share of the Common Expenses assessed against such Unit. Such liability shall be <br />joint and several where there are multiple Owners of the Unit. Subject to Section 6.7, the liability is absolute and <br />unconditional and no Owner is exempt from liability for payment of Assessments by right of set- off, by waiver <br />of use or enjoyment of any part of the Property, by absence from or abandonment of the Unit, by the waiver of <br />any other rights, or by reason of any claim against the Declarant, the Association or its officers, directors or <br />agents, or for their failure to fulfill any duties under the Governing Documents or the Act. <br />6.7. Declarant's Liability for Assessments. Pursuant to Section 515B.34151 of the Act, the <br />Declarant is hereby authorized to establish an alternate common expense plan whereby the Declarant's Common <br />Expense liability, and the corresponding assessment lien against the Units owned by the Declarant, is limited to: <br />(A) paying when due, in compliance with Section 515B.34151(b) of the Act, an amount equal to the full share <br />A replacement reserves allocated to Units owned by the Declarant, as set forth in the Association's annual <br />budget, and (8) paying when due all accrued expenses of the CIC in excess of the aggregate assessments payable <br />with respect to Units owned by persons other than Declarant, provided that the alternate common expense plan <br />shall not affect Declarant's obligation to make up any operating deficit pursuant to Section 515B.3-1151(a)(2)(iv) <br />A the Act. <br />6.7.1. Duration of Alternate Common Expense Plan. The alternate common expense plan <br />shall be effective for a period of not less than one year but shall in any event terminate upon the <br />termination of the Declarant Control Period unless terminated earlier pursuant to Section 515B.3-1151 <br />(a)(2)(iii) of the Act. <br />6.7.2. Level of Services. The alternate common expense plan shall have no effect on the level <br />12 <br />
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