2021-03-24 CC Packet - Laserfiche WebLink

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sale or resale, the Purchaser shall pay a working capital fund contribution to the Association in an amount equal to two monthly installments of the Assessments against the Unit being conveyed. Notwithstanding the foregoing, the requirement to contribute to the working capital fund shall not apply to the following: i) any sale of an unimproved Unit; and ii) any sale to a Homebuilder, unless the Homebuilder is purchasing the Unit for personal, rental and/or residential use, and not for construction and resale. If anyone resides in the Dwelling on a Unit during a period of Homebuilder ownership, it will be presumed that the Homebuilder's intent was for residential use, and the Homebuilder shall be required to contribute to the working capital fund, as provided herein. The amounts paid into this fund are in addition to the regular monthly installments of Assessments, and should not be considered an advance payment of regular Assessment installments. The amounts paid to the working capital fund are not refundable upon resale of the unit, or in any other circumstance. The funds shall be deposited into the Association's account, and may be used to pay or defray the expenses of the Association in connection with any Unit transfer, any other operating expense of the Association, or as a contribution to the Association's reserves. SECTION 7 RESTRICTIONS ON USE OF PROPERTY All Owners and Occupants, and all secured parties, by their acceptance or assertion of an interest in the Property, or by their occupancy of a Unit, covenant and agree that, in addition to any other restrictions which may be imposed by the Governing Documents, the occupancy, use, operation, alienation and conveyance of the Property shall be subject to the following restrictions. 7.1 General. The property shall be owned, conveyed, encumbered, leased, used and occupied subject to the Governing Documents, as amended from time to time. All covenants, restrictions and obligations set forth in the Governing Documents are in furtherance of a plan for the Property, and shall run with the Property and be a burden and benefit to all Owners and Occupants and to any other Person acquiring or owning an interest in the Property, their heirs, personal representatives, successors and assigns. 7.2 Compliance with Law. No use shall be made of the Property which would violate any then existing municipal codes or ordinances, or state or federal laws, nor shall any act or use be permitted which could cause waste to the Property, cause a material increase in insurance rates on the Property, or otherwise cause any unusual liability, health or safety risk, or expense, for the Association or any Owner or Occupant. _____ 15 022818