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<br /> <br />4810-5342-0509, v. 2 <br /> 30 <br /> <br />of the Association Maintenance Manual requirements and issues is included on the agenda of each meeting <br />of the Board; (ii) ensures that the Association Maintenance Manual is brought to each regular meeting of <br />the Board; and (iii) ensures that the Association Maintenance Manual is updated with all inspection reports <br />for the Association Property or any other Association maintained areas. <br />4.4.9 Minutes of Board Meetings. The Association shall supply copies of the <br />minutes or a summary of the minutes of any meeting of the Board to Declarant within thirty (30) days of the <br />applicable meeting of the Board for a period of one (1) year after the conveyance of the last Condominium <br />within the Property and Annexable Property by Declarant to a First Owner. <br />4.4.10 Dedications to the City. Certain portions of the Property may have been <br />dedicated to the City on the Map. If the City does not accept such dedications, the Association shall be <br />required to accept the conveyance of such Property in fee title. The Association’s acceptance of such <br />transfer shall be through the Board of the Association who shall be authorized to execute any document(s) <br />required to facilitate transfer of such areas or any portion thereof. <br />4.4.11 Use of Proceeds to Repair. If the Association receives, on its own behalf or <br />for the benefit of the Owners, any proceeds as a result of any construction defect or other claims or litigation <br />brought by the Association, then the Association shall apply such proceeds first for the purpose of repairing <br />such defects or replacing reserve funds previously utilized by the Association to cause such repairs and <br />then, to the costs of such litigation. Any excess proceeds shall be applied as determined by the Board, <br />subject to any requirements established by the nonprofit mutual benefit laws of the State of California and <br />any other Applicable Laws. <br />4.4.12 Reporting Obligation of the Association. The Association shall cooperate <br />and provide information relating to the status of the Community, potential construction defects, substantial <br />disputes or dissatisfaction among Owners regarding the operations of the Community or the Owner's <br />insurance, disputes concerning Owners and disputes over rights, privileges and obligation including, <br />without limitation, homeowners association fees as may be reasonably requested by Declarant in <br />connection with obtaining any approvals for government financing (including Fannie Mae, Freddie Mac, <br />FHA and VA financing). The Association acknowledges that such cooperation is a benefit to the Owners <br />so as to ensure the availability of government financing and that failure to so cooperate may result in the <br />inability to have government financing available at the Community. The Association shall promptly provide <br />a certification or other statements as may be reasonably requested by Declarant, but no later than five <br />(5) business days after any such request is delivered to the Association. <br />4.5 Limitations on Authority of Board. <br />4.5.1 Actions Requiring Member Approval. The Association shall not take any of <br />the actions listed below except with: (a) the vote or written consent of a majority of the Members of each of <br />Class A and Class B Members during the time the Class B voting structure set forth in Section 5.2.2 (Class <br />B Members) is in effect; or (b) the vote at a meeting of the Association, or by written ballot without a meeting <br />pursuant to Corporations Code Section 7513, of at least a majority of the Members including at least a <br />majority of Members other than Declarant after conversion to a single Class A voting membership. <br />(a) Limit on Capital Improvements. The Association shall not, without <br />obtaining the consent of the Members as set forth above, incur aggregate expenditures for capital <br />improvements to the Association Property in any Fiscal Year in excess of five percent (5%) of the budgeted <br />gross expenses of the Association for that Fiscal Year. <br />(b) Limit on Sales of Association Property. The Association shall not, <br />without obtaining the consent of the Members as set forth above, sell during any Fiscal Year property of <br />the Association having an aggregate fair market value greater than five percent (5%) of the budgeted gross <br />expenses of the Association for that Fiscal Year. <br />283