|
|
 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Wyndham Park Declaration Page 11 (d) The estimated amount required to be collected to maintain a general operating reserve to assure availability of funds for normal operations of the Association, in an amount deemed adequate by the Board; (e) An amount deemed adequate by the Board to maintain a reserve for the cost of unexpected repairs and replacements of capital improvements and for the repair and replacement of major improvements for which cash reserved over a period of time in excess of one year ought to be maintained; (f) The estimated next fiscal year's cost for the operation management and administration of the Association, including, but not limited to, fees for property management, fees for legal and accounting services, costs of mailing, postage, supplies and materials for operating the Association, and the salaries, wages, payroll charges and other costs to perform these services, and any other costs constituting common expenses not otherwise herein specifically excluded. 2) With respect to each Lot not yet conveyed by the Declarant to a bona fide, unrelated purchaser(s), the Declarant shall pay the portion of the costs set forth above in subparagraphs VII.2.b.1)(a) through VII.2.b.1)(c), above, that are actually expected to be expended on such Lots. Such amounts shall be deducted from total expenses before being divided among the purchased lots in accordance with subparagraph VII.2.b.3), below. 3) The Board shall thereupon allocate the remaining expenses among all Lots which have been conveyed by the Declarant to bona-fide, unrelated purchasers, with each Lot Owner to pay one share of such Assessments. As a Lot is conveyed to a bona-fide, unrelated purchaser, such purchaser shall, on the first day of the first month following such conveyance, commence paying assessments equal to those being charged to the Owners of other similar Lots conveyed to bona-fide, unrelated purchasers. 4) The annual operating assessment appurtenant to a Lot shall be payable in advance, in monthly installments, providing that nothing contained herein shall prohibit any Lot Owner from prepaying assessments in annual, semi-annual, quarterly or monthly increments. The due dates of any such installments shall be established by the Board, and, unless otherwise provided, the Association shall collect on or before the first day of each month from those who own the Lot a monthly pro-rata share of the annual operating assessment for that Lot. 5) If the amounts so collected are, at any time, insufficient to meet all obligations for which those funds are to be used, the deficiency shall be assessed by the Board among the Lots in proportion to the regular assessments. 6) If assessments collected during any fiscal year are in excess of the funds necessary to meet the anticipated expenses for which the same have been collected, the excess shall be retained as reserves, and shall in no event be deemed profits nor available, except on dissolution of the Association, for distribution to Lot Owners. c. Special Assessments for Capital Improvements.
|