Laserfiche WebLink
The provisions of the ~hove paragraph [o not apply to charges <br />imposed against an owner consisting of I~easonable late payment <br />penalties for delinquent assessments and~or charges to reimburse <br />the Association for the~loss of interest ~nd for costs <br />incurred (including attorneys' fees) inl its efforts to collect <br />delinquent assessments. <br /> <br /> Subsection 2.6 Acquisition of Property: The Association shall <br />have the power to acquire (by gift, purchase or otherwise), ownf <br />hold~ improve, build upon, operate, maintain, convey, sellf leased <br />transfer, dedicate for pgblic use or otherwise dispose of real or <br />personal property in ~connection with the affairs of the <br />Associationl However, except with the rot, or written assent of a <br />majority of the voting POWer of the Associ~ ~ion residing in members <br />other than the Declarant, the Board is prohibited from <br />incurring aggregate exp6nditures for capital improvements to the <br />common area in any fiscal year in excess Iof five percent (5%) of <br />the budgeted gross expenses of the Associa~on for that fiscal year <br />and (2) selling during an~ fiscal year property of the Association <br />having an aggregmte fair~ market value greater than five percent <br />(5%) of the budgeted gro~s expenses of t~e Association for that <br />fiscal year. <br /> <br /> Subsection 2.7 Loans: The Association shall have the power to <br />borrow money and, with the vote or wri'.ten consent of three- <br />fourths (3/4) of each class of members, tc mortgage, pledge, deed <br />in trust, or hypothecate any or all of its real or personal <br />property as security for money borrowed or debts incurred. <br /> <br /> Subsection 2.8 Dedication: The AssOciation shall have the <br />power to dedicate, sell or transfer all oft anY part of the common <br />area to any public agency., or utility for s~ch purposes and subject <br />to such conditions as may be agreed to by the members. No such <br />dedication or transfer shall be effective u~less an instrument has <br />been signed by three-fourths (3/4) of each ~:lass of members, other <br />than the Declarant or three-fourths (3/4 of the total voting <br />membership other than Declarant after conve: sion to a single class <br />of members, agreeing to such dedication, s~le or transfer. <br /> <br /> Subsection 2.9 Contracts: The As:ociation shall have <br />the power to contract for goods and/or s~rvices for the Co~on <br />Area, for the co,~,~on facilities or interes~.s of the owners or for <br />the Association, subject to limitations mlsewhere set forth in <br />this Declaration or the By-laws. <br /> ! <br /> Subsection 2.10 Delegation: The AssoCiation shall have the <br />power to delegate its authority and powers t~ con~nittees, officers <br /> <br /> 17 <br /> <br /> <br />