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

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(i) incur aggregate expenditures for capital Improvements to the Common Area in any fiscal year in excess of five percent (5%) of the budgeted gross expenses of the Association for that fiscal year; (ii) sell during anyfiscal year property of the Association having an aggregate fairmarket value greater than five percent (5%) of the budgeted gross expenses of the Association for that fiscal year; (iii) pay compensation to members of the Board or to officers of the Association for services performed in the conduct of the Association's business, provided that the Board may reimburse a member or officer for expenses incurred in carrying on the business of the Association; (iv) enter into a contract with a third Person to furnish goods orservices forthe Common Area or the Association for a term longer than one (1) year with the following exceptions: (a) a management contract, the terms of which have been approved by the Federal Housing Administration or Veterans Administration; (b) a contract with a public utility company if the rates charged for the materials or services are regulated by the Public Utilities Commission, provided the term does not exceed the shortest term for which the supplier will contract at the regulated rate; (c) prepaid casualty or liability insurance policies not to exceed three (3) years' duration, provided the policy permits for short rate cancellation by the insured; (d) lease agreements for laundry room fixtures and equipment not to exceed five (5) years' duration, provided the Declarant does not have a direct or indirect ownership interest of ten percent (10%) or more in any lessor under such agreements; (e) agreements for cable television services and equipment or satellite dish television services and equipment not exceeding five (5) years in duration, provided the supplier is not an entity in which the Declarant has a direct or indirect ownership interest of ten percent (10%) or more; (f) agreements for sale or lease of burglar alarm and fire alarm equipment, installation and services not exceeding five (5) years' duration, provided that the supplier or suppliers are not entities in which the Declarant has a direct or indirect ownership interest of ten percent (10%) or more; and (g) a contract for a term not to exceed three (3) years that is terminable by the Association after no longer than one (1) year without cause, penalty or other obligation upon ninety (90) days written notice of termination to the other party; or (v) borrow money secured by any Association assets as authorized under Section 5.6.3. 5.14 Notice of Significant Legal Proceedings. Notwithstanding anything herein to the contrary, not later than thirty (30) days prior to the filing of any civil action against the Declarant or other developer for alleged damage to the Common Area, alleged damage to the separate interests that the Association is obligated to maintain, or alleged damage to the separate interests that arises out of, or is integrally related to, damage to the Common Area or separate interests that the Association is obligated to maintain, the Board shall provide written notice to each Member of the Association. The notice shall specify the date and location of the meeting and both of the following: (i) that a meeting will take place to discuss problems that may lead to the filing of a civil action; and (ii) the options, including civil actions, that are available to address the problems. EDNB\53295\996553.3 19 August 1 S, 2016