Common use of Regular Assessments Clause in Contracts

Regular Assessments. Commencing at the time indicated in Section 2.2, the Member agrees to pay to the Corporation a monthly sum referred to herein as “Regular Assessments” (also known as “carrying charges”) equal to the Member’s proportionate share of the sum required by the Corporation, as estimated by the Corporation’s board of directors (“Board”) to meet its annual expenses, including but not limited to the following items: (a) The cost of all operating expenses of the Development and services furnished, including charges by the Golden Rain Foundation (the “Foundation”) for facilities and services furnished by the Foundation, in addition to any and all other charges required pursuant to that agreement between Foundation and the Corporation provided for herein. (b) The cost of necessary management, administration and professional services. (c) The amount of all taxes and assessments levied against the Development of the Corporation of which it is required to pay, except that in the event the taxing authority makes a separate assessment as to the assessed value of each dwelling unit, the proportionate share of taxes to be paid as to said dwelling unit shall be determined by the ratio of the assessed value of the Dwelling Unit to the total assessed value of all dwelling units of the Corporation, the Member agrees to and shall pay the amount of said taxes determined by the taxing authority for the said Member’s Dwelling Unit, which shall be included in the “Regular Assessments” hereinabove referred to, in said amount as separately determined for said Dwelling Unit. (d) The cost of fire and extended insurance on the Development and such other insurance as the Corporation may effect. (e) The cost of furnishing water, electricity, garbage and trash collection, other government mandated responsibilities, and other utilities to the extent furnished by the Corporation. (f) All reserves set up by the Board, including but not limited to the general operating reserve, contingency reserve and the reserve for repair or replacement of Corporation property. (g) The estimated cost of repairs, maintenance and replacement of Corporation property. (h) Any other expenses of the Corporation approved by the Board of Directors, including operating deficiencies, if any, for prior periods.