11-28-2016 Council Packet - Laserfiche WebLink

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consent required by Subsection (a) above, prior to accepting any such bid. The Kintyre HOA must accept the lowest reasonable bid that the Kintyre HOA receives for any such cost. 6. Excluded Costs. This Agreement does not obligate Kintyre Owners or Kintyre HOA to pay for any costs associated with constructing or maintaining any improvements located on the Bollis Parcels. 7. Assessments. Annual assessments ("Assessments") shall be established and levied by the Kintyre HOA equally against all Lots, subject only to the limitations set forth below and in Section 5 above. Each annual Assessment shall cover all of the anticipated Costs for that year pursuant to a budget that has been approved as described in Section 5 above unless no such approval is needed. Annual Assessments shall be payable in equal installments on a quarterly basis. Upon completion of the budget for the applicable calendar year, the Kintyre HOA shall establish the amount of Assessments owed by each Owner for such year and shall send written notice thereof to each Owner. The due dates for payments of Assessments shall be as set by the Kintyre HOA, provided that the first payment of Assessments in any calendar year shall not be due and payable until the date that is at least twenty (20) days after the Owners receive the written notice, and provided further that not more than one payment may be due and payable in any calendar quarter. The Kintyre HOA must provide a statement to each Owner within ninety (90) days after the end of each calendar year summarizing the total amount of Costs incurred by the Kintyre HOA during the calendar year (including providing copies of invoices reflecting the Costs), each Owner's Pro Rata Share of such Costs, and the amount that each Owner paid in the applicable calendar year. If an Owner overpaid during a calendar year, the Owner may elect to either receive a reimbursement of such overpaid amount (which amount the Kintyre HOA must pay to the Owner(s) within thirty (30) days after receipt of a request), or to receive a credit against the immediately succeeding payment(s) that the Owner must pay hereunder. If an Owner has underpaid during the applicable calendar year, the Owner must pay to the Kintyre HOA the underpaid amount within thirty (30) days after receipt of the statement demonstrating such underpaid amount. Notwithstanding the foregoing, the Bollis Owners may require any homeowner's association established by the Bollis Owners (the `Bollis HOA") to pay Costs directly to the Kintyre HOA, and Kintyre HOA agrees to invoice the Bollis HOA directly once such an election is made. In all circumstances, however, the obligation to pay Assessments shall run with the land and be binding upon the Owners of the Lots. 8. Temporary Construction Easement; Agreement to Construct. Kintyre Owners hereby consent to the Bollis Owners constructing and installing the Extension, which Extension must be constructed in compliance with all applicable standards required by the City of Orono. Kintyre Owners hereby grant to Bollis Owners a temporary easement over Outlot D to construct the Extension. Such easement shall expire once such Extension is complete and has been approved by the City of Orono. 9. Temporary Sign Easement. Intentionally deleted. 10. Covenants Running with the Land. The easements, covenants, and obligations herein granted and contained shall be easements, covenants, and obligations running with the land and shall inure to the benefit of, and be binding upon, the Parties hereto and their respective heirs, 2