Laserfiche WebLink
Regular Assessments <br />Section 4.04. Within sixty (60) days prior to the beginning of <br />each fiscal year of the Association, the Board shall estimate <br />the net charges to be paid during that year, including a <br />reasonable provision for contingencies and replacements, with <br />adjustments made for any expected income and surplus from the <br />prior year's fund. The estimated cash requirement shall be <br />assessed to each Owner according to the ratio of the number of. <br />Lots owned by that owner to the total number of Lots in the <br />Project subject to assessment. Regular assessments for fractions <br />of any month shall be prorated. Each Owner is obligated to pay <br />assessments to the Board in annual installments on or before the <br />first day of each year unless the Board adopts an alternative <br />method for payment. Declarant shall pay its full prorated share <br />of the regular assessments on any unsold Lots subject to regular <br />assessments. All regular assessments shall be subject to the <br />limitations set forth in California Civil Code Section 5605. <br />Special Assessments <br />Section 4.05. If the Board determines that the amount to be <br />collected from regular assessments will be inadequate to defray <br />the common expenses for the year due to the cost of any <br />construction, unexpected repairs or replacements of capitol <br />improvements upon the Project Easement Area, or any other <br />reason, it shall make a special assessment for the additional <br />amount needed. Special assessments shall be levied and collected. <br />in the same manner as regular assessments. All special <br />assessments shall be subject to the limitations set forth in <br />California Civil Code Section 5605. <br />Limitations on Assessments <br />Section 4.06. The Board shall be subject to and shall comply <br />with all of the limitations and restrictions set forth in the <br />Davis -Stirling Act governing the imposition and amounts of <br />assessments. <br />Working Capital Reserves. <br />Section 4.07. Each Owner, other than Declarant, who is the <br />initial owner of a Lot within the Project, and each subsequent <br />Owner shall, if required, contribute to a working capital fund <br />of the Association. This contribution is not an advanced payment <br />of assessments and is not repayable at the time the Owner sells <br />or transfers the Owner's Lot. Said fund shall be established and <br />maintained for the purposes set forth in Sections 5550 through <br />5565 of the California Civil Code. In no event may any portion <br />of the fund be made available to or used by Declarant to defray <br />any of Declarant's development expenses, assessment payments, or <br />construction costs or to make up for any budget deficits while <br />GE <br />