MONTHLY CARRYING CHARGES. Commencing at the time indicated in Article 2 hereof, Member agrees to pay Corporation a monthly sum, referred to herein as Carrying Charge, equal to one-twelfth (1/12) of Member’s proportionate share of the sums required by the Corporation, as estimated from time to time by its Board of Directors in accordance with the Corporation’s Bylaws, to meet its annual expenses, which expenses include but are not necessarily limited to the following items:
a. The total cost of all operating expenses of the Corporation, including without limitation the cost of furnishing all necessary services to members.
b. The total cost incurred for management and administration of the Corporation.
c. The total of all charges for taxes and assessments levied against the Corporation including ground rent if any.
d. The total cost of fire and extended coverage insurance on the property of the Corporation, and the total cost of such other insurance obtained by the Corporation.
e. The total cost of furnishing water, and providing access to electricity, gas, refuse collection and other utilities to the Corporation or Members as otherwise defined in Article 9.
f. The total of all operating reserves established by the Board of Directors, including without limitation the General Operating Account and the Reserve Accounts for replacements.
g. The total estimated cost of repairs, maintenance and replacement of Corporation property as estimated by the Board of Directors.
h. The total of any other expenses of the Corporation approved by the Board of Directors, including the recoupment of operating deficiencies, if any, experienced during prior periods. The Board of Directors shall determine the amount of the Carrying Charge. The Carrying Charge shall be estimated on an annual basis and divided by the number of months remaining in the then current fiscal year. In no event shall any Member be charged with more than his proportionate share thereof as determined by the Board of Directors. That portion of the Carrying Charge levied for payments on the Reserve Accounts of the Corporation, or for any other capital expenditure, shall be credited upon the books of the Corporation. Until further notice from the Corporation, the monthly Carrying Charge for the above mentioned dwelling unit shall be $ Payment of said Carrying Charge shall be made by check, money order or automatic withdrawal from your bank. Cash will not be accepted.
MONTHLY CARRYING CHARGES. The Member agrees to pay to the Co-op a monthly sum referred to herein as "Carrying Charges", equal to the amount established by the Co-op, on an annual basis (as estimated and established at the sole discretion of its Board of Directors) to be necessary to meet its annual expenses, including but not limited to the following items:
a) The cost of all operating expenses of the Co-op and services furnished.
b) The cost of necessary management and administration.
c) The amount of all taxes and assessment levied against Co-op property or which it is required to pay, and ground rent, if any.
d) The cost of fire and extended coverage insurance on the Co-op property and such other insurance as the Co- op may effect or as may be required by any mortgage on the project.
e) If furnished by the Co-op, the cost of furnishing water, electricity, heat, gas, garbage and trash collection and other utilities.
f) All reserves set up by the Board of Directors, including general operating reserve and the reserve for replacements.
g) The estimated cost of repairs, maintenance and replacements of the project property to be made by the Co-op.
h) The amount of principal, interest, mortgage insurance premiums, and other required payments on any Co-op notes, secured or unsecured.
i) Any other expenses of the Co-op approved by the Board of Directors, including operating deficiencies, if any, for prior periods. The Board of Directors shall determine the amount of the Monthly Carrying Charges annually, but may do so at more frequent intervals, should circumstances so require. No member shall be charged with more than his proportionate share thereof as determined by the Board of Directors.
MONTHLY CARRYING CHARGES. The Resident agrees to pay monthly to the Landlord the carrying charges (that is, the basic rent) which initially are $ per month. The Resident agrees to pay this amount by the first day of each month, in advance, by sending a check or money order to the Landlord at x/x Xxxxxxx Xxxxxxxx Xxxxxxxxxxx, 00 Xxxxxxxx Xx., Xxxxxx XX 00000. The check or money order should be made out to “Belmont Xxxxxxxx Cooperative”. The Landlord may change the place for payment by notice to Resident. Each resident pays a proportionate share of the Building's expenses and other financial obligations as determined by the Board of Directors. The proportion of expenses paid by each resident is determined by the size of the Apartment leased by each resident. Initial allocation of Monthly Carrying Charges are roughly proportionate to the numbers of shares of stock appurtenant to different Apartment sizes, but this maybe changed if the Board of Directors determines that a different allocation basis would be more appropriate. Some examples of the Building's expenses are: mortgage principal and interest; taxes and insurance; repairs and maintenance; water and sewer charges; management, administrative and all other operating expenses; payments to the Landlord’s partners; and general operating and replacement reserves. The amount each resident pays per month is called the Monthly Carrying Charge. It is specifically understood that the Landlord, acting through the Board of Directors, has the power to determine the amount of the Monthly Carrying Charge. The Landlord has the power to increase the amount whenever it is necessary to do so to cover the expenses of the Building. The Landlord agrees to give the resident at least one (1) month written notice before implementing any increase.
MONTHLY CARRYING CHARGES. Commencing on the date of this Agreement and on the first day of each month thereafter, the Member agrees to pay to the Corporation, in advance, a sum equal to one- twelfth (1/12th) of the Member’s proportionate share of the sum required by the Corporation, as determined by its Board of Directors, to meet the Corporation’s annual operating expenses (the “Carrying Charge”), including appropriate reserves, including but not limited to the following items:
(a) The costs of all operating expenses of the Corporation and services furnished.
(b) The cost of necessary management and administration.
(c) The amount of all real and personal property, income, excise, sales, use and any other taxes and assessments levied against the Corporation which it is required to pay. Members who do not declare their unit to be their principal homestead for property tax purposes shall be assessed an additional amount, determined annually, equal to the extra school millage assessed against the Corporation on non-homestead units.
(d) The cost of fire and extended coverage, public liability, officers and directors errors and omission insurance in respect of the Corporation’s assets and officers and directors, and such other insurance as the Board of Directors may determine or as may be required by any mortgagee.
(e) The cost of furnishing water, sewer, trash removal, gas, heat, common area electricity, common area air conditioning, Cable TV and Internet Services.
(f) All reserves set up by the Board of Directors pertaining to the Corporation’s affairs.
(g) The estimated cost of repairs, maintenance, upgrades and replacements of the Corporation’s real and personal property to be made or contracted by the Corporation for the year.
(h) The amount of principal, interest, mortgage insurance premiums, if any, and other required payments on any mortgage or other lien on the Corporation’s real or personal property.
(i) Any other expenses of the Corporation approved by the Board of Directors, including elimination in whole or in part of any operating deficiencies accruing in prior years. The Board of Directors shall determine the amount of the Carrying Charge annually, but may do so at more frequent intervals should circumstances require. No Member shall be charged with more than his/her proportionate share thereof as determined by the Board of Directors. The Carrying Charges are due and payable no later than the 5th day of the month. If payment is not received by the 10th day of the month, t...
MONTHLY CARRYING CHARGES. Commencing as indicated below, the Stockholder agrees to pay to the Mutual a monthly sum (Carrying Charges) equal to one- twelfth of the Stockholder 's proportionate share of the sum required by the Mutual, as estimated by its board of directors, to meet its annual expenses, including but not limited to the following items:
(a) The cost of all operating expenses of the Project and services furnished;
(b) The operating expenses of the community facilities and the services furnished by the Golden Rain Foundation (Foundation);
(c) The cost of necessary management and administration;
(d) The amount of all taxes and assessments levied against the Project or which the Mutual is required to pay;
1. In the event the taxing authority makes a separate assessment as to the value of each dwelling unit:
A) The proportionate share of taxes to be paid for the Apartment shall be determined by the ratio of the assessed value of the Apartment to the total assessed value of all the Mutual’s dwelling units;
B) The Stockholder agrees to pay the amount of taxes determined by the taxing authority for the Apartment;
C) The amount due in taxes on the Apartment, if any, shall be included in the Carrying Charges.
(f) The cost of utilities including water, electricity, garbage and trash collection and other utilities to the extent the Mutual furnishes them (See Article 10);
(g) All reserves set up by the board of directors, including the general operating reserve and the reserve for replacements;
(h) The Mutual’s estimated cost of repairs, maintenance and replacement of Project property;
(i) Any other Mutual expenses approved by its board of directors, including operating deficiencies, if any, for prior periods.
MONTHLY CARRYING CHARGES. 1. By signing this Occupancy Agreement, the Member agrees to pay the Coop monthly “Carrying Charges,” which are equal to one-twelfth of the Member’s proportionate share of the amount required by the Coop, estimated by the Board to meet its annual expenses, including but not limited to the following items:
a) The cost of all operating expenses of the Property and services furnished.
b) The cost of necessary management, legal and accounting services and administration.
c) The amount of all taxes and assessments levied against the Property.
d) The cost of fire and extended coverage insurance on the Property and such other insurance as the Coop may be required to carry, or which may be required by any mortgagor of the Property.
e) The cost of furnishing water, electricity, heat, gas, evaporative cooling, garbage and trash collection, and utilities, if furnished by the Coop.
f) All reserves set up by the Board pertaining to the Property.
g) The estimated cost of repairs, maintenance and replacements of the Property to be made by the Coop.
h) The amount of principal, interest, mortgage insurance premiums, if any, and other required payments on the insured mortgage.
i) Any other expenses of the Coop approved by the Board, including operating deficiencies, if any, for previous fiscal years.
2. If circumstances require, the Board may adjust the amount of the Carrying Charges during the fiscal year so that it can meet its operating expenses. No Member will be charged with more than the Member’s proportionate share of these operating expenses.
3. At the time of execution of this Agreement, the Monthly Carrying Charges for the Unit occupied by the Member are per month.
4. The Member will, upon execution of this Occupancy Agreement, pay the Coop the prorated amount of the Carrying Charges for the remainder of the month. Thereafter, the Member will pay the Carrying Charges in advance, on the first day of each month.
5. A late charge, as determined from time to time by the Board, will be assessed against the Member if the Carrying Charges are received by the Coop after the fifteenth day of each month; the Board may assess an additional late charge if the payment is not received by the end of the month in which it is due. If there is any past due balance on the Member’s account on the first of the month, including Carrying Charges, late charges or any other sums charged against the Member as provided in this Agreement, additional late charges will be added until the accou...
