Reserve Fund Contribution. Each time a Lot is transferred, conveyed or otherwise changes ownership, a Reserve Fund contribution from the incoming owner in the amount of $100.00 is required and shall be collected at the time the ownership is transferred. After the Applicable Date, the Reserve Fund Contribution may be changed only upon approval of two-thirds (2/3) of the members. Such contributions shall be deposited in an account separate from the operating funds of the Association and shall be allocated to cover periodic or extraordinary expense of the community, as determined at the discretion of the Board of Directors. Each time a membership unit or ownership of a Lot is transferred, conveyed, or otherwise changes ownership, a Reserve Fund contribution from the incoming member/owner in the amount of $100 is required and shall be collected at the time such ownership is transferred. Such contributions shall be deposited in an account separate from the operating funds of the Association.
Reserve Fund Contribution. Upon taking title to the Unit, the Grantee and, subject to certain exceptions set forth in the Declaration, each subsequent grantee of the Unit is required to pay into the Project's reserve fund an amount equal to two months of the common assessments for the Unit. That amount will not be considered an advance payment of common assessments and, subject to the exceptions set forth in the Declaration, must be paid by each person who acquires fee simple title to the Unit, not just those who purchase the Unit from the Grantor.
Reserve Fund Contribution
