Assessments
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Assessments
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Red Bank Oaks Assessments
Reference CC&Rs, Article VI, Activities of the Association, paragraph 2 … The sole income of the Association shall be derived from assessments received from individual members, and to the extent there exists a surplus in the maintenance fund at the end of each calendar year, the surplus shall be returned to the individual members on a pro rata basis … Reference CC&Rs, Article III, Management, paragraph 5 … The declarant and each subsequent owner of any parcel of the Properties by acceptance of a deed or contract thereof, whether or not it shall be so expressed in such deed or contract, is deemed to covenant and agree to pay to the Association such annual assessments or charges (hereinafter called the maintenance fund payments) and such special assessments for capital improvements, such assessments to be established and collected as provided in the bylaws of the Association, except that all assessments shall be prorated among the owners in the same manner that votes are allocated (per Article II 2). In years when winter cattle grazing is in effect, members may either allow their land to be used by the POA for winter cattle grazing by leasing it to cattlemen for as much as possible with the rents to be retained by the POA, or, in lieu thereof, owners will pay POA dues equal to the amount POA would have received if POA had so leased their land. If an owner does not wish to lease a certain portion of his land to the POA for winter cattle grazing, he may fence that portion and pay dues only on the portion not leased to the POA. Provided, however, an owner may not construct fencing within thirty (30) feet from the boundaries without consent of the Board of Directors, except that an owner may construct fencing that meets and joins with existing perimeter fencing of the outer boundaries that has previously been approved by the Board of Directors. Payments shall be due on the tenth day of December of each year. NOTE: The Association maintains official policy and procedures for determining fenced land assessments.
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Copyright © 2008
Red Bank Oaks Property Owners' Association
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