Agmt02 Maria La Rocca Estates - Laserfiche WebLink

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ARTICLE XI GENERAL PROVISIONS Secticn 1 Enforcement Qf Bonded Obligati~)ns% When Common Area improvements have not been completed prio~ to the issuance of the first final public report for the Project and th~ Association is obliged under a bond or other arrangemm ~t (hereinafter called "Bond") to secure perfo~-~nce of the co~ itment% of Declarant to complete the improvements, the following prc~visions relative to the initiation of action to enforce the oblig~Ltions ~f Declarant and the surety under the Bond shall pertain: (A) The Board shall consider and vo ~e on the question of action by the Association to enforce the ob]igation~s under the Bond with respect to any improvements for which a NotiCe of Completion has not been filed within sixty (60) days after the completion date specified for that improvement in th~ Planned Construction Statement appended to the bond. If the A~sociation has given an extension in writing for the completio~ of any co~on area improvements, the Board shall be directed 1o consider and vote on the question if a Notice of Completion ha~ not been filed within thirty (30) days after the expiration of a] y such extension. (B) There shall be a special meeting .)f the Members for the purpose of voting to override a decision by the Board not to initiate action to enforce the obligations ui~der the Bond or on the failure of the Board to consider and vote on the question. The meeting shall be required to be held not .ess than thirty- five (35) ncr more than forty-five (45) ~ys afte~ receipt by the Board of a petition for such a meeting signed byM~nbers representing not less than five percent (5%) of the total voting power of the Association. (C) There shall be a vote by Members of the Association other than Declarant at the special meeting cal.ed. A vote of the majority, of the voting power of the Association residing in members other than Declarant to take action to enforce the obligations under the Bond shall be deemed to be the decision of the Association and the Board shall thereafter i~lement this decision by initiating and pursuing appropriate action in the name of the Association. 42