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The Covenants
Upon conveyance, the Marina
is owned by the Cypress Landing Homeowners Association and the Association shall
be entitled to all rights reserved to Declarant. When conveyed the Association
is required to accept the conveyance and to honor all rental and lease
agreements. The Association shall maintain the Marina in good condition and
maintain reasonable reserves for the replacement of tangible assets. Budgetary
and management decisions, including the development of the budget and the
determination of fees and assessments, related to the Marina are reserved
primarily to Marina users and shall be determined by the Marina Committee.
Special assessments shall be allowed and be charged by the Association upon the
recommendation of the Marina Committee. The Committee shall provide in a timely
fashion to the Association the amount of all dues and assessments to be charged
to members utilizing the Marina. The Association shall use due diligence and
all its legal powers to collect such dues and assessments. All funds related to
the Marina are to be maintained in a designated and separate banking account or
accounts of the Association. It is the intent that all decisions relating to
the operation and maintenance of the Marina and any other facilities of the Bay
Club leased by the Marina, including adoption of budgets and establishment of
fees and dues, be determined by the Marina Committee, and enforced by the
Association.
Implementation
Annually, the Marina Committee
prepares the budget and a schedule of fees and assessments for the succeeding
year and submits them to the Association by November 15th. This
submission will include a management statement indicating past year
accomplishments and projected operation. The Board of Directors of the
Association will receive the budget and schedule and either accept, or return it
to the Marina Committee, noting specific concerns relative to the maintenance of
the Marina and/or concerns relative to the capital reserve account. When the
budget and schedule are acceptable to both parties, the Association will bill
Marina slip leaseholders (long term and annual). The Association will use the
powers provided in the Covenants to collect all fees and assessments. Funds
received will be maintained in a designated and separate banking account or
accounts of the Association for the Marina. Funds are drawn from the accounts
by signature of designated Marina Committee members.
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