Common use of Purpose of Assessments Clause in Contracts

Purpose of Assessments. The Assessments levied by the Association shall be used for the purpose of carrying out the rights, purposes, powers, duties and obligations of the Association as defined in this Declaration and in the Articles of Incorporation and By-Laws, including but not limited to: the acquisition, management, maintenance, improvement, restoration, renovation, reconstruction and/or replacement of all or any part of the Common Areas or any Improvements situated therein; the maintenance of reserve funds for the maintenance, improvement, restoration, renovation, reconstruction and/or replacement of all or any part of the Common Areas or the Improvements situation thereon; the administration and enforcement of the Declaration; and the repayment of any debt or other obligation of the Association, together with any interest thereon.