Common use of Shortfall to Pay Restoration Costs Clause in Contracts

Shortfall to Pay Restoration Costs. If the Association undertakes the Restoration and the Restoration Funds are, or appear to the Board to be, insufficient to pay all of the costs of Restoration, the Board shall assess a Special Charge to make up any deficiency. Only Owners whose Cottages are affected by a Partial Taking of Cottages or Partial Destruction of Cottages shall be assessed the Special Charge. The Board shall have the power and authority to access a Special Charge against Owners whose Cottages are not affected by a Partial Taking of Cottages or a Partial Destruction of Cottages if the Board is satisfied that to not do so having regard to the circumstances would be inequitable. In exercising their discretion, the Board can assess a Special Charge against such Owners in such amount as the Board determines equitable which may be less than but not more than the Special Charge assessed to Owners whose Cottages were affected by a Partial Taking of Cottages or a Partial Destruction of Cottages. All Owners shall be assessed a Special Charge (for a Partial Destruction Not Affecting Cottages, a Partial Taking Not Affecting Cottages, a Total Destruction of Cottages and a Complete Taking of Cottages). If after Restoration is completed and there remain any Restoration Funds after all costs of Restoration are paid, the excess shall be applied as the Board shall determine for the benefit of the Owners who were assessed a Special Charge.

Shortfall to Pay Restoration Costs. If the Association undertakes the Restoration and the Restoration Funds are, or appear to the Board to be, insufficient to pay all of the costs of Restoration, the Board shall assess a Special Charge to make up any deficiency. Only Owners whose Cottages are affected by a Partial Taking of Cottages or Partial Destruction of Cottages shall be assessed the Special Charge. The Board shall have the power and authority to access a Special Charge against Owners whose Cottages are not affected by a Partial Taking of Cottages or a Partial Destruction of Cottages if the Board is satisfied that to not do so having regard to the circumstances would be inequitable. In exercising their discretion, the Board can assess a Special Charge against such Owners in such amount as the Board determines equitable which may be less than but not more than the Special Charge assessed to Owners whose Cottages were affected by a Partial Taking of Cottages or a Partial Destruction of Cottages. All Owners shall be assessed a Special Charge (for a Partial Destruction Not Affecting Cottages, a Partial Taking Not Affecting Cottages, a Total Affecting Cottages or a Total Destruction. (a) After any Partial Destruction Not Affecting Cottages, Partial Taking Not Affecting Cottages, Total Destruction of Cottages and or, a Complete Taking of Cottages). If after , the Association must undertake Restoration is completed and there remain without first seeking any direction or approval from the Owners if the cost of Restoration as estimated by the Board as set out in the Board's notice of the event to the Owners will not exceed Restoration Funds after all costs of Restoration are paid, the excess shall be applied as the Board shall determine for the benefit of the Owners who were assessed a Special Charge.by more than FIFTY THOUSAND ($50,000.00)

Shortfall to Pay Restoration Costs. If the Association undertakes the Restoration and the Restoration Funds are, or appear to the Board to be, insufficient to pay all of the costs of Restoration, the Board shall assess a Special Charge to make up any deficiency. Only Owners whose Cottages are affected by a Partial Taking of Cottages or Partial Destruction of Cottages shall be assessed the Special Charge. The Board shall have the power and authority to access a Special Charge against Owners whose Cottages are not affected by a Partial Taking of Cottages or a Partial Destruction of Cottages if the Board is satisfied that to not do so having regard to the circumstances would be inequitable. In exercising their discretion, the Board can assess a Special Charge against such Owners in such amount as the Board determines equitable which may be less than but not more than the Special Charge assessed to Owners whose Cottages were affected by a Partial Taking of Cottages or a Partial Destruction of Cottages. All Owners shall be assessed a Special Charge (for a Partial Destruction Not Affecting Cottages, a Partial Taking Not Affecting Cottages, a Total Destruction of Cottages and a Complete Taking of Cottages). If after Restoration is completed and there remain any Restoration Funds after all costs of Restoration are paid, the excess shall be applied as the Board shall determine for the benefit of the Owners who were assessed a Special Charge.Total