Common use of REVISED REGULAR ASSESSMENT Clause in Contracts

REVISED REGULAR ASSESSMENT. If the Board reasonably determines that the Regular Assessment established for any year is, or will become, insufficient to meet all Common Expenses, it may determine the approximate amount of such deficiency and revise the amount of the Regular Assessments for each Owner for the balance of such year to reduce or avoid the deficiency. After the end of each calendar year, the Board shall cause an accounting to be made of all Common Expenses for such year and the amount of Regular Assessments paid for such year. If the Regular Assessments collected exceed the Common Expenses, the Board may refund the excess to Owners, or apply such excess toward Regular Assessments next becoming due from Owners, in either event in the same proportion as the Regular Assessments were paid.