Rec Doc 2016-099081 CONF The Grove Declaration of Restrictions (CC&Rs)

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the Association and a Member involving the rights, duties or liabilities under the Governing Documents, the Davis -Stirling Actor the Nonprofit Mutual Benefit Corporation Law (Corporations Code sections 7110-8910). 5.7 Duties of the Association. In addition to the duties described in the Articles or Bylaws, or elsewhere in this Declaration, the Association shall have the duty to manage the Common Area, exercise the rights and perform the duties under the applicable Stormwater Agreement described in Section 2.11 and the applicable Landscape Maintenance Agreement described in Section 2.12, perform the maintenance as described in Section 4.2, prepare and distribute financial statements, reports and the other documents and notices described in Section 5.10, enforce bonded obligations as described in Section 5.11, levy and collect assessments as described in Article 6, prepare when required the reserve studies described in Section 6.3 and annually review and implement adjustments as required, and procure, maintain and reviewthe insurance as described in Article 7. The Association shall perform such other acts as may be reasonably necessary to exercise its powers to perform its duties under any of the provisions of this Declaration, the Articles, Bylaws, Rules or Board resolutions. 5.8 Taxes and Assessments. The Association shall pay all real and personal property taxes and assessments and all other taxes levied against the Association, the Common Area or the personal property owned by the Association. Such taxes and assessments may be contested or compromised by the Association, provided that they are paid or that a bond insuring payment is posted before the sale or the disposition of any property to satisfy the payment of such taxes. 5.9 Utility Service to the Common Area. The Association shall acquire, provide and pay for water, electrical, sewer and other necessary utility services for the Common Area and any utility service provided to the Lots but charged to the Association. 5.10 Reporting and Notice Requirements. The Association shall prepare and distribute the documents described in this Section 5.10. The annual budget report required under Section 5.10.1 and the annual policy statement required under Section 5.10.4 shall be delivered to each Member by individual delivery pursuant to Civil Code section 4040. The Association shall deliver either the full report ora summary. If the Member has requested to receive all reports in full, the Association shall deliver the full reports to that Member. If a summary is delivered, the summary shall include a general description of the content of the report. Instructions on how to request a complete copy of the report at no cost to the Member shall be printed in at least 10 -point boldface type on the first page of the summary. 5.10.1 Annual Budget Report. An annual budget report for each fiscal year shall be distributed not less than thirty (30) days nor more than ninety (90) days before the beginning of the Association's fiscal year containing the following information: (i) A pro forma operating budget showing the estimated revenue and expenses on an accrual basis (ii) A summary of the Association's reserves prepared in accordance with the requirements in Civil Code section 5565. (iii) A summary of the reserve funding plan adopted by the Board, as specified in Civil Code section 5550(b)(5). The summary shall include notice to Members that the full reserve study plan is available upon request and the Association shall provide the full reserve plan to any Member upon request. (iv) A statement as to whether the Board has determined to defer or not undertake repairs or replacement of any major component with a remaining life of thirty (30) years or less, including a justification for the deferral or decision not to undertake the repairs or replacement; (v) A statement as to whether the Board, consistent with the reserve funding plan adopted pursuant to Civil Code section 5560, has determined or anticipates that the levy of one or more special assessments will be required to repair, replace or restore any major component or to provide EDNB\53295\996553.3 15 August 18, 2016