Pursuant to Section 720 Sample Clauses

Pursuant to Section 720. 308, Florida Statutes, until Turnover occurs, the Declarant and each Designated Builder paying reduced Assessments pursuant to Section 4.3(C) shall pay to the Association any amounts (hereinafter “Subsidy Amounts”) which, in addition to the annual Assessments levied by the Association, may be required by the Association to pay any operating expenses incurred that exceed the Assessments receivable from other Members and other income of the Association, such that the Association may be able to fully perform its duties and obligations under the Project Documents, including the obligation to maintain adequate reserve accounts (if any) established by the Board. Notwithstanding the foregoing, neither Declarant nor any Designated Builder shall have any obligation to pay any combination of Subsidy Amounts and Assessments during any calendar year in excess of the total amount that Declarant or such Designated Builder would have paid during such calendar year if such person were paying full Assessments. Any estimated payment by the Declarant or Designated Builder to fund Subsidy Amounts under this Section in excess of such person’s actual obligation for Subsidy Amounts under this Section shall, at Declarant’s option, be credited toward payment of Declarant’s and such Designated Builder’s next due Assessment payment(s) or refunded to the payors thereof; for example, if Declarant and such Designated Builders pay $25,000 to the Association in the middle of a calendar year to fund estimated Subsidy Amounts and the actual Subsidy Amounts required as of the end of the year would have been only $20,000 in the absence of such payment, Declarant and such Designated Builders shall be entitled to a $5,000 credit toward their next due Assessment payment or a refund of $5,000. Any Subsidy Amounts payable by Declarant and Designated Builders under this Section shall be paid solely by Declarant until such time as Declarant has paid Assessments on Lots owned by Declarant at a rate of 25% of the annual Assessment and thereafter allocated among Declarant and Designated Builders paying reduced Assessments on the basis of the respective number of lots owned by Declarant and such Designated Builders as of such date as the Board determines that payment is necessary under this Section 4.3(E). Payments under this Section shall be made by Declarant and Designated Builders paying reduced Assessments on such basis as the Board may determine from time to time, but in no event more often than m...
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Related to Pursuant to Section 720

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