|
34
<br />6557.03/12309
<br />Association is obligated to repair, replace, restore or maintain is equal to or greater than one-half of the
<br />gross budget of the Association for any fiscal year, which excludes the Association’s reserve account for
<br />that period. In addition, the Board shall annually review, or cause to be reviewed, the reserve account
<br />study and shall consider and implement necessary adjustments to its analysis of the reserve account
<br />requirements as a result of that review. The reserve account study shall at a minimum include the items
<br />and components set forth in Civil Code Sections 5550-5570.
<br />
<br />Section 4.23 Capitalization Fund. Pursuant to the terms of Declarant’s Purchase Agreement
<br />for the sale of the Condominiums, the initial Owner of each Condominium shall be required to pay to the
<br />Association an amount equal to two (2) month’s worth of Annual Assessments to be used to establish a
<br />capitalization fund (the “Fund”) for the Development. The Association shall maintain the Fund in a
<br />separate account to be disbursed by the Board to pay for the start-up and initial organization of the
<br />Association, the initial occupancy and operation of the Development, additions and upgrades to the
<br />Development, and other purposes deemed appropriate by the Board.
<br />
<br />
<br />ARTICLE 5
<br />
<br />MAITEACE, REPAIR AD IMPROVEMET
<br />
<br />Section 5.1 Association’s Rights and Obligations to Inspect, Maintain and Repair the
<br />Development. Coincident with the first conveyance of a Condominium in the first Phase by Declarant,
<br />the Association shall repair, restore, replace and maintain in good condition and appearance all of the
<br />Common Area and all facilities, improvements, furnishings, equipment, utilities, water systems, sewers,
<br />storm drains or drainage systems not maintained by a public entity, utility company or improvement
<br />district, roadways, walkways and related street, sidewalk and pedestrian lighting not maintained by a
<br />public entity, utility company or improvement district, landscaping and related improvements and
<br />facilities (except landscaping within Exclusive Use Common Area patio areas, if any) thereon, and all
<br />property that may be acquired by the Association, including, without limitation, foundations, siding, trim,
<br />roofs, exterior finishes on exterior doors to units (other than the hardware thereon), exterior building
<br />staircases and trash collection areas, courtyards, motor courts and walkways, marina or dock areas, and
<br />park areas and related improvements not maintained by a public entity, utility company or improvement
<br />district. The Association’s responsibility for maintenance and repair shall include, without limitation,
<br />performance of any inspection, maintenance and repair described in any homeowners association
<br />handbook, or any applicable maintenance manual or manufacturers manual. Without limitation of the
<br />foregoing, the Association shall perform at least the minimum cleaning, maintenance and repair
<br />obligations required of the Association on Exhibit A attached hereto, and by this reference made a part
<br />hereof.
<br />
<br /> (a) The inspection, maintenance and repair obligations of the Association may
<br />increase in connection with the annexation of Annexation Property and related improvements into the
<br />Development as described in Section 2.8, and as required by the City of Redwood City or other
<br />governmental agencies, and shall include, without limitation, inspection (at least annually), maintenance
<br />and repair of all onsite sewer systems and lift station in the Common Area of the Property. The
<br />Association shall also be obligated to accept assignment and/or transfer from Declarant to the Association
<br />of any inspection, maintenance, repair obligations imposed on the Development by the City or Redwood
<br />City, the BCDC, or other governmental or public agency. The Association shall comply with the
<br />inspection, maintenance and repair obligations designated to the Declarant or Association in the onsite
<br />improvements plans approved by the City of Redwood City.
<br />
<br />7.1.K. - Page 38
|