Examples of Shared Expenses in a sentence
At the end of any fiscal year all excess funds over and above the amounts used for Shared Expenses shall be retained by the Hotel Owner and used to reduce the following year’s Common Assessments.
Disbursements from income received as Common Assessments shall be made by the Hotel Owner for such purposes as it deems necessary for the discharge of its responsibilities herein and to reimburse Developer for prepaid expenses which it advanced which may be classified as Shared Expenses.
Common Assessments shall be levied by the Hotel Owner to pay for the Shared Expenses; to fund performance by Hotel Owner of its duties under Article III and its duties under other provisions of this Declaration which are performed for the benefit of all Owners; and to improve and maintain the Shared Facilities as provided herein.
Specified Shared Expenses in respect of Shared Contingent Liabilities shall also include any amounts with respect to a bond, prepayment or similar security or obligation required (or determined to be advisable by the Managing Party) to be posted by the Managing Party in respect of any claim.
Further, such association, in addition to the Hotel Owner shall have a lien right against each condominium unit within the condominium it operates to secure payment of each condominium unit’s applicable portion of the Shared Expenses.