AgdaPkt 2011-09-12 - Laserfiche WebLink

Browse Search

6. 1. F. - Page 39 Condominiums in an amount equal to said taxes to be paid in two installments, each thirty (30) days prior to the due date of the respective tax installment. Each Owner is obligated to pay any taxes or assessments assessed by the County Assessor against the Owner's Condominium and personal property. Until such time as real property taxes against the Property are segregated so that real property taxes are assessed against each Condominium (in addition to any supplemental tax assessments levied against any Condominium as a result of the transfer of title from Declarant to the first purchaser), the non - segregated tax amount shall be allocated among all the Condominiums in accordance with an allocation method as may be selected by Declarant or by the Board. Unless paid directly by the Owner, each Owner shall pay the Owner's allocable share to the Association in a timely and proper manner so that the Association may make the non - segregated tax payment in a timely and proper manner. The Association may levy a special assessment against the Condominiums to collect the non - segregated tax amount. Any Owner who breaches the Owner's duty to pay the Owner's allocable share in a timely and proper manner shall be liable for any penalties, interest, fees or other such costs incurred as a result of the breach and the Association may levy a reimbursement assessment against the Owner's Condominium to collect the amount, including any penalties, interest, fees or other costs. Section 4.20 Review of Accounts, Revenues and Expenses As provided in Civil Code Section 1365.5, the Board shall, on at least a quarterly basis: (a) Review a current reconciliation of the Association's operating accounts. (b) Review a current reconciliation of the Association's reserve accounts. (c) Review the current year's actual reserve revenues and expenses compared to the current year's budget. (d) Review the latest account statements prepared by the financial institutions where the Association has its operating and reserve accounts. (e) Review an income and expense statement for the Association's operating and reserve accounts. For purposes of this Section 4.20, "review" shall include preparing reasonable documentation of such review. Section 4.21 Expenditure of Reserve Funds In accordance with Section 1365.5 of the Civil Code, the Board shall not expend funds designated as reserve funds for any purpose other than: (i) the repair, restoration, replacement or maintenance of major components for which the Association is obligated and for which the reserve fund was established, or (ii) litigation involving the purposes set forth in (i) above. Notwithstanding the provisions of (i) and (ii) above, the Board: (a) May authorize the temporary transfer of money from the reserve account to the Association's operating account to meet short term cash flow requirements or other expenses, if the Board has provided notice of the intent to consider the transfer in a notice of meeting, which shall be provided as specified in Civil Code Section 1363.5. The notice shall include the reasons the transfer is needed, some of the options for repayment, and whether a special assessment may be considered. If the Board authorizes the transfer, the Board shall issue a written finding, recorded in the Board's minutes, explaining the reasons that the transfer is needed, and describing when and how the money will be repaid to the reserve fund. 29 CCRS -One Marina. docx