CC PACKET 11222016 - Laserfiche WebLink

Home Browse Search

the costs of such audit (including copying charges) shall be borne by the Owner performing such audit. An Owner wishing to conduct such audit shall review the records in the location where they are maintained by the Maintaining Owner, provided that Maintaining Owner will provide Owner with electronic copies of such records to the extent Maintaining Owner keeps such records in electronic form. (iv) Budget Adjustment; Special Assessment; Negligent or Willful Damage. In the event that Maintaining Owner reasonably determines that Common Expenses must be incurred during a calendar year which were not included in the budget for such calendar year, Maintaining Owner may present an amended budget to the Owners and, if no objections are made or upon resolution of any such objections in accordance with provisions applicable to the initial budget, the monthly amount payable by the Owners shall be adjusted in accordance with the amended budget. If performance of the Common Maintenance Obligations requires an extraordinary expenditure not included within the budget and not paid for by insurance proceeds (e.g., replacement of landscaping damaged by storm), the Maintaining Owner may notify the Owners of the need for a special assessment. If no objections are made to such extraordinary expenditure, or upon resolution of any such objections in accordance with provisions applicable to the initial budget, the Owners shall pay to the Maintaining Owner the estimated amount of such Common Expense (each Owner paying its percentage share as provided in Section 5.B(vi)) upon reasonable documentation of the expected costs thereof. To the extent that maintenance, repair and/or replacement work is required on any of the Common Areas as the result of the negligence or willful misconduct of any Owner or any Owner’s Occupants, the Maintaining Owner shall charge, and such Owner shall pay, all of the cost relating to such maintenance, repair and/or replacement work without contribution from the other Owners. (v) Maintaining Owner. As of the date of this Agreement, the “Maintaining Owner” shall be the Owner of Lot 1. It is acknowledged and agreed that the Maintaining Owner may retain a management company to perform the duties of the Maintaining Owner hereunder, subject to the other Owners’ prior approval of such management company, which shall not be unreasonably withheld. (vi) Percentage Shares of Common Expenses. The percentage share of Common Expenses to be borne by the Owner of any Lot shall be in the same proportion of such total Common Expenses as the number of gross square feet of the building on such Lot (the “Building Square Footage”) bears to the total number of gross square feet of buildings on all the Lots (the “Total Building Square Footage”). The original percentage shares of the Lots shall be as follows: Lot Building Square Footage Percentage Share Lot Building Square Footage Percentage Share 1 11,332 45.62% 2 9,010 36.27% 3 4,500 18.11% 44