HUMPHRIES, VALERIE R. - Laserfiche WebLink

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(b) Adequate reserves for replacement, in accordance with applicable state law, whether by capital contribution or otherwise, which reserves shall be amortized and collected on a monthly basis, and special assessments for capital expenditures or other purposes all on the same basis as for regular assessments, provided that in any fiscal year the Board may not, without the vote or written consent of a majority of the Owners, levy special assessments to defray costs of any action or undertaking on behalf of the Association which, in the aggregate, exceed fifteen percent (15%) of the budgeted gross expenses of the Association for that fiscal year. (c) Charges, payments, fines, penalties and such other sums as become payable under this Declaration or the Bylaws. The provisions of this Section 2.8 shall not apply to nor limit the right of the Board to levy and collect the sums specified herein as special assessments against an Owner as a remedy, or to reimburse the Association for costs incurred in bringing the Owner or his parcel of land and/or structure into compliance with this Declaration or the Bylaws. 2.9 Amount of Assessments. Each Owner's share ("assessment share") in the common expenses of the Project and of the Association shall be determined by the Association on a per Unit basis based upon the number of bedrooms and/or size of each Unit; provided, however, that the assessment formula may be altered or amended by the action of the Board of Directors. 2.10 Examination of Association Records. Owners shall have the right to reasonably examine the books and records of the Association during normal business hours. III. USE RESTRICTIONS The Parcels, Buildings and Common Improvement Areas shall be occupied and used as follows: 3.1 Low -Income Tenants at Affordable Rent. Owner covenants and agrees to rent all of the dwelling units in Owner's Property to Low -Income Tenants at Affordable Rent. (a) Term. The covenant set forth in this Section 3.1 shall commence on the Date that these OCRs are recorded for the subject Property and shall terminate with respect to such Property on the date that is the earlier of: (a) the fifteenth (15th) anniversary of the date that Agency issues and records a Certificate of Compliance for the each Property pursuant .to Section 5.2 or 5.4 of the OPA concerning the Property, or (b) the thirtieth (30th) anniversary of the Date of recordation of these CC&Rs. (b) Increase in Income. For purposes of satisfying the obligation set forth in Section 3.1, a person or persons who at the commencement of its occupancy qualified as a Low - EXHIBIT B; Page 7 of 24