Last Update 16 October 2017

Section 5.05. Commencement of Annual Assessments. The Board of Directors shall authorize and levy the amount of the Annual Assessment upon each Condominium, as provided here in, by majority vote of the Board. The initial Annual Assessment shall begin on all Condominiums in a Phase of Development (including unsold Condominiums therein owned by Grantor) on the first day of the calendar month following Close of Escrow for the sale of the first Condominium in such Phase. Unless otherwise indicated in the Association budget, Annual Assessments shall be assessed equally against the Unit owners and their Condominiums based upon the number of Condominiums owned by each Member. The initial Annual Assessment shall be adjusted according to the number of months remaining in the fiscal yea as set forth in the By-Laws. The Board shall fix the amount of the Annual Assessment against each Condominium at least thirty (30) days in advance of each Annual Assessment period. Each Member shall thereafter pay to the Association his Annual Assessment in installments at such frequency and in such amounts as established by the Board. Each Annual Assessment may be paid by the Member to the Association in one check or in separate checks as payments attributable to be deposits under he Operating Fund and the Reserve Funds. In the event that any installment of an Annual Assessment payment is less than the amount assessed and the payment does not specify the Maintenance Fund or Funds into which it should be deposited, the receipt by the Association from that Unit Owner shall be credited in order of priority first to the Operating Fund, until that portion of the Annual Assessment has been satisfied, and second to the Reserve Fund.

In the event that the Board shall determine that the estimate of total charges for the current year is, or will become, inadequate to meet all expenses of the Project for any reason, it shall immediately determine the approximate amount of such inadequacy. Subject to the provisions of Section 5.04 of this Article V, the Board shall have the authority to levy, at any time by a majority vote, a supplemental Annual Assessment, reflecting a revision of the total charges to be assessed against each Condominium. The total of such supplemental Annual Assessments levied in any fiscal year, when added to the Annual Assessment for such fiscal year, shall not exceed the maximum Annual Assessment established pursuant to Section 5.04 above. Written notice of any change in the amount of Annual Assessments levied by the Association through the Board shall be given to all Members not less than thirty (30) days prior to the effective date of such change.

Section 5.06. Association Budgets. The Board of Directors shall cause to be prepared an annual report containing a balance sheet, an income statement reflecting income and expenditures of the Association for each fiscal year, including deposits in and withdrawals from the Reserve Fund and the Operating Fund, a statement of changes in financial position and a statement of the place where the names and addresses of the current Members may be found. The Board shall cause to be distributed a copy of each such annual report to each Member, and to each first Mortgagee who has filed a written request for copies of the same with the Board of Directors, in the manner provided in the By-Laws of the Association. The Board of Directors may cause financial statements to be distributed to all Members in such greater frequency and at such further intervals as deemed appropriate by the Board of Directors of the Association. Prior to the beginning of each fiscal year, the Board of Directors shall prepare and distribute to the Membership of he Association, a written, itemized estimate (budget) of the income and expenses of the Association during such year in performing its functions under this Declaration (including a reasonable provision for contingencies and deposits into the Reserve Fund, less any expected income and accounting for any surplus from the prior year's respective Maintenance Funds). Each Annual Assessment shall constitute an aggregate of separate assessments for each of the Maintenance Funds, reflecting an itemization of the amounts assessed end attributable to prospective deposits into the Reserve Fund and the Operating Fund.

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