AgdaPkt 2011-09-12 - Laserfiche WebLink

Browse Search

6. 1. F. - Page 36 major repair of the structural Common Area that houses the Units, in which case, the Special Assessment shall be divided among the Owners according to each Owner's Percentage Share. Special Assessments shall be charged to and collected from the Owners in either one (1) single payment, or in monthly payments, as determined by the Board. The Annual Assessments and Special Assessments may be increased or decreased in connection with the annexation of property, and any related Common Area improvements, facilities or amenities, to the Development as may be described in Declaration of Annexation(s) and Association Budget(s) related to any additional Phases(s) annexed into the Development. Section 4.9 Date of Commencement of Annual Assessment The Annual Assessment provided for herein shall commence as to all Condominiums in Phase 1 on the first day of the month following the first conveyance of a Condominium from Declarant to an Owner in Phase 1 under authority of a Public Report issues by the DRE. hi any subsequent Phases, the Annual Assessments against all Condominiums in each Phase shall commence on the earlier to occur of (i) the first day of the month following the closing of the first conveyance to an Owner in that Phase, or (ii) upon the occupancy of a subdivision interest in the annexed Phase. The first Annual Assessment shall be adjusted according to the number of months remaining in the calendar year. The first Annual Assessment for each added Phase shall be adjusted according to the number of months remaining in the calendar year after the Annexation. Annual Assessments may be reduced or abated pursuant to a management agreement entered into between Declarant and Association. Section 4.10 Failure to Establish Annual Assessment Subject to the provisions of Section 4.3 hereof, the Board shall determine and fix the amount of the Annual Assessment charged against each Condominium at least forty -five (45) days in advance of each fiscal year of the Association. In the event that the Board fails or refuses to establish an Annual Assessment as required by this Section, the Annual Assessment for the immediately preceding fiscal year shall be the Annual Assessment for the fiscal year as to which no Annual Assessment has been established unless an increase or decrease therein is approved by a majority of each class of Members or, in the event Class B shares have been converted to Class A shares, the vote or written assent of a majority of the total voting power of the Association as well as the vote or written assent of a majority of the total voting power of Members other than Declarant. Section 4.11 Annual Notice of Assessments and Foreclosure Riehts The Association shall distribute a copy of the pro forma operating budget (or a summary, as provided for in Civil Code Section 1365) at least thirty (30) days, but not more than ninety (90) days, prior to the beginning of the Association's fiscal year, as required by Civil Code Section 1365, and as further set forth in the Bylaws. The pro forma operating budget (or summary thereof) shall at a minimum include: (i) all of the information and statements required by Civil Code Section 1365 (including, without limitation, all of the information concerning the Association's reserves), and (ii) the disclosures required by Civil Code Section 1365.2.5 (Assessment and Reserve Funding Disclosure Summary Form). In addition, the written notice described in Section 1365.1 of the Civil Code (notice regarding foreclosure rights of the Association) shall be provided to each member of the Association during the 60 -day period immediately preceding the beginning of the Association's fiscal year. This notice shall be printed in at least 12 -point type. Section 4.12 Certificate as to Payment The Association shall, upon written demand and for a reasonable charge, furnish a certificate signed by an officer of the Association setting forth whether the Assessments on a specified Condominium have been paid. Such certificate shall be deemed to be conclusive evidence of the payment of such Assessments to the extent stated therein to have been previously paid. 26 CCRS -One Marina. doex