General Assessments definition
Examples of General Assessments in a sentence
General Assessments levied by the Association for each fiscal year shall be adequate to finance the operation and activities of the Association, to satisfactorily maintain the Common Area, and maintain adequate repair and replacement reserves.
Any determination of whether General Assessments exceed one hundred fifteen percent (115%) of General Assessments for the prior fiscal year shall exclude any authorized provision for reasonable reserves for repair or replacement of the Condominium Property, anticipated expenses of the Association which the Board of Directors does not expect to be incurred on a regular or annual basis, or Assessments for betterments to the condominium property.
Notwithstanding anything in this Declaration to the contrary, any Eligible Mortgage Holder who obtains title to a Unit through foreclosure or pursuant to the remedies under its mortgage with such Unit’s Owner shall not be liable for any Assessments other than six (6) months (or less) of the Unit’s unpaid General Assessments, together with the costs of collecting such unpaid General Assessments as is permitted hereunder.
Initial General Assessments may be set by Declarant prior to any Operating Budget or Capital Budget being established based on reasonable estimates of such matters.
If the damage or destruction to the Area of Common Responsibility for which insurance proceeds are paid is to be repaired or reconstructed, and such proceeds are not sufficient to defray the cost thereof, the Board shall, without the necessity of a vote of the Members, levy a Special Assessment against all Owners on the same basis as provided for General Assessments.
So long as the total amount of General Assessments allocable to each Lot does not exceed $1,000.00 in any one fiscal year, the budget and the General Assessments shall become effective immediately following approval by a majority of the Board of Directors during such meeting.
Special Assessments shall be imposed against Lots which are not Exempt Property in the same proportions as Annual General Assessments as provided in Sections 4.03(a), (b), and (c).
In accordance with the provisions of Section 4.5 of the Declaration, until January 1,2015, each Lot's share of General Assessments and Special Assessments shall not exceed a fraction having a numerator equal to the Appraised Value of such Lot and Improvements and a denominator equal to $41,000,000.
In this regard, the Homeowners Association shall have the power to assess General Assessments and Special Assessments against each Lot and Lot Owner that it deems necessary for the operation, maintenance, repair and replacement of the utility easements and roadway.
Such contribution, if collected, shall not exceed two (2) months of the Annual General Assessments and shall be utilized for commencing business of the Association and providing the necessary working fund for it.