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7.1.L. - Page 82 <br /> Rules) become a lien against the Owner's Condominium that is enforceable by nonjudicial foreclosure <br /> proceedings under a power of sale. The foregoing restriction on enforcement is not applicable to late <br /> payment penalties or interest for delinquent assessments or charges imposed to reimburse the Association <br /> for loss of interest or for collection costs, including reasonable attorneys'fees,for delinquent assessments. <br /> 6.6 Assessment Increase Restrictions. The Association shall provide notice by personal delivery <br /> or by first-class mail to the Owners of any increase in the regular or special assessments not less than 30 <br /> days nor more than 60 days prior to the due date of the increased assessment. <br /> The Board may not(i)impose an annual regular assessment for any fiscal year more than 20%above <br /> the annual regular assessment for the Association's preceding fiscal year or(ii)impose special assessments <br /> which in the aggregate exceed 5% of the budgeted gross expenses of the Association for that fiscal year <br /> without the approval of a majority of a quorum of Members, pursuant to Civil Code section 4070,at a meeting <br /> or election. For purposes of this Section 6.6, a "quorum" means more than 50% of the Owners. The <br /> foregoing restrictions on assessment increases do not apply to increases necessary for emergency situations. <br /> An emergency situation is any one of the following: <br /> (i) an extraordinary expense required by an order of court; <br /> (ii) an extraordinary expense necessary to repair or maintain the Development or any part of it <br /> that the Association is responsible to maintain where a threat to personal safety within the Development is <br /> discovered; or <br /> (iii) an extraordinary expense necessary to repair or maintain the Development or any part of it <br /> that the Association is responsible to maintain that could not have been reasonably foreseen by the Board in <br /> preparing and distributing the annual budget report required under Civil Code section 5300, provided that <br /> before the imposition or collection of any assessment under this subdivision the Board must pass a resolution <br /> containing written findings as to the necessity of the extraordinary expense involved and why the expense <br /> was not or could not have been reasonably foreseen in the budgeting process and shall distribute the <br /> resolution to the Members with the notice of the assessment. <br /> If the Board fails to distribute the annual budget report containing items (1), (2), (4), (5), (6), (7)and <br /> (8) required by Section 5.10.1 for any fiscal year, the Association may not increase its annual regular <br /> assessment for that fiscal year, unless the Board has obtained the approval of a majority of a quorum of <br /> Members, pursuant to Civil Code section 4070,at a Member meeting or election. For the foregoing purposes, <br /> a quorum means more than 50% of the Owners of the Association. <br /> 6.7 Commencement of Regular Assessments. Annual regular assessments shall commence for <br /> all Condominiums on the first day of the month coinciding with or immediately following the date of the first <br /> transfer of title of a Condominium by the Declarant to a purchaser under the authority of a final subdivision <br /> public report issued by the California Bureau of Real Estate. No Condominium shall be subject to any special <br /> assessments until regular assessments have commenced against the Condominium. <br /> 6.8 Due Dates of Assessments. Unless otherwise directed by the Board or unless accelerated as <br /> described herein, the annual regular assessment shall be collected in 12 equal monthly installments; and <br /> each installment shall be due and payable on the first day of each month. If any monthly installment is <br /> delinquent, the Board, at its election, may accelerate the remaining installment payments so that the entire <br /> remaining balance of the annual regular assessment is immediately due and payable. Special assessments <br /> shall be due on such date or dates as selected by the Board. Reimbursement assessments shall be due and <br /> payable ten days after the Owner receives the notice of the reimbursement assessment. The notice shall be <br /> deemed received on the date described in Section 13.13. <br /> Any annual regular assessment installment (including any accelerated installments), special <br /> assessment or reimbursement assessment not paid within 15 days after the due date shall be delinquent, <br /> shall bear interest at the rate of 12% per annum from 30 days after the due date until paid, and shall incur a <br /> CLSS\51643\927586.5 28 June 16,2014 <br />