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15 <br />6557.03/12309 <br />and only if at the time of the first conveyance of a Condominium in a Phase to be annexed into the <br />Development Declarant has rented or leased Condominiums in that Phase for a period of at least one (1) <br />year, then, and only in such case, concurrently with the closing of the escrow for the first sale of a <br />Condominium in that Phase, Declarant shall pay to the Association amounts for budget reserves as <br />follows: an amount equal to that portion of the Annual Assessments which would have been attributable <br />to each Condominium in that Phase and which would have been allocable to reserves for replacement and <br />deferred maintenance of Common Area improvements in that Phase had the Annual Assessments in that <br />Phase commenced at the time of the most recent budget review for that Phase. <br /> <br />(3) Annexation. After the first to occur of the following, the portion of the <br />Annexation Property to be annexed in the subject Phase shall become part of the Development, and be <br />subject to this Declaration without the necessity of amending any of its individual sections: (i) the first <br />close of escrow of a sale of a Unit in the property to be annexed under a Public Report issued by the BRE, <br />(ii) conveyance to the Association of the applicable Association Common Area to be annexed as part of <br />the subject Phase, (iii) the commencement of Assessments for the Units to be annexed as described in a <br />Declaration of Annexation for the subject Phase. The conveyance of portions of the Association <br />Common Area to the Association may occur at different times as described in Section 2.6 above, as may <br />be further modified in a Declaration of Annexation. <br /> <br />(b) Effect of Annexation. Upon any Annexation of subsequent Phases, the Owners <br />of Condominiums in previously annexed Phases will continue to have undivided percentage interests in <br />the Building Common Area of their respective Condominium Building, and will have nonexclusive <br />easements for ingress and egress over Association Common Area in subsequently annexed Phases, as <br />described in this Declaration. Owners of Condominiums in subsequently annexed Phases will have <br />undivided interests in the Building Common Area of their respective Condominium Buildings, and will <br />have nonexclusive easements for ingress and egress over Association Common Area located in previously <br />annexed Phases as described herein this Declaration. Assessments collected from Owners may be <br />expended by the Association without regard to the particular Phase from which such Assessments came. <br />All Owners shall have ingress and egress to all portions of the Association Common Area throughout the <br />Development, subject to the provisions of this Declaration, the Bylaws of the Association and to the <br />Association Rules in effect from time to time. <br /> <br />Upon any Annexation of subsequent Phases, the Association must reallocate the Annual <br />Assessments so as to assess each Owner of a Condominium in the Development for a proportionate share <br />of the total expenses of the Development, as may be further described in a Declaration of Annexation. <br />Such reallocation of Annual Assessments may cause an Owner’s Assessments to increase or decrease. <br /> <br />(c) o Rental or Occupancy before Annexation and As sessments. Once a Phase <br />has been annexed into the Development, no rental or occupancy of Condominiums in such Phase shall be <br />permitted until the Units in such Phase are subjected to Assessments. <br /> <br />(d) Quality of Construction. Future improvements to the Development will be <br />consistent with initial improvements in terms of structure type and quality of construction. <br /> <br />(e) Right to Deannex. Notwithstanding any other provisions of this Declaration or <br />any Declaration of Annexation, notice of addition of property or amendments or supplements to this <br />Declaration as may be hereinafter filed of record to effect an Annexation of property under this Article, <br />the Declarant shall have the right at any time after such Annexation but before the close of escrow on the <br />sale under the authority of a Public Report to an Owner other than the Declarant of the first Unit within <br />the property so annexed to deannex such property or any portion thereof by filing of record a notice of <br />deannexation (or such other instrument as may be acceptable for recordation) describing the property to <br />7.1.K. - Page 19