Common use of RIGHT OF OWNER TO AUDIT BOOKS AND RECORDS OF ASSOCIATION Clause in Contracts

RIGHT OF OWNER TO AUDIT BOOKS AND RECORDS OF ASSOCIATION. Each year, each Owner shall have the right, exercisable by delivering ten (10) days advance written notice to the Chief Financial Officer of the Association, to have conducted, at such Owner's cost and expense, one (1) audit of the books and records of the Association. Any such audit may encompass any or all of the three (3) previous years of the operation of the Association; provided, however, any Owner shall be entitled to audit any given year only once. If any such audit discloses any error in the determination of the proportionate share of Regular Assessments of any Owner or in the composition of any cost comprising the Regular Assessments: (a) an appropriate adjustment shall be made promptly between the Owner(s) and the Association to correct the error; and (b) if the error is greater than ten percent (10%) of the auditing Owner's actual proportionate share of the Regular Assessments, then the Association shall reimburse the auditing Owner for the reasonable auditor's fees and costs incurred by the auditing Owner in having the audit performed.