Orange County NC Website
- r <br /> y law, become a en against <br /> Liability (or installment thereon shall, when due, and to the extent permitted b li <br /> such Unit at the time the Common Expense Liability is assessed by the Association. Upon demand, the <br /> ,Association shalt fumish to any Owner, or to the mortgagee or trustee under a deed of trust of any Unit, a <br /> certificate stating the amount of such Unit' s Common Expense Liability (or installments thereof) due as of <br /> - 1 <br /> any given date. To the extent permitted by law, each Unit is hereby made subject to a continuing lien to <br /> secum payment of each Unit' s Common Expense Liabihty.(or installment thereof) when due. <br /> (c) Establishment of Budget and Common Expenses. The Association shall establish a <br /> budget for each calendar year (unless the Association shall adopt some other fiscal year) which shall <br /> incorporate . the expected annual costs and expenses to maintain, service, repair, replace and insure the <br /> Common Elements (to the extent such costs and expenses are not otherwise expressly allocated in this <br /> Declaration to the Owner(s) of any specific Unit(s)), including, without limitation, <br /> (i) the costs and expenses associated with the repair, maintenance and upkeep <br /> of the entrances, parking areas, sidewalks and other Improvements, <br /> (H) the cost of reserves for capital replacement and such other reserves as the <br /> Association in its sound business judgement shall establish; <br /> (ui) the costs and expenses of grounds keeping and landscaping services; . <br /> (iv) the cost of insurance for such coverage as is required by ARTICLE IBC; <br /> (v) the cost of utility service to the Common Elements; <br /> (vi) the cost of all real and personal property ad valorem taxes and all otlier- <br /> taxes applicable to the Common Elements, <br /> (vii) the cost of expenses of protecting the Property from erosion; <br /> (viii) the cost of expenses associated with the removal of snow or debris, <br /> (ix) the costs of expenses associated with the collection and disposal of garbage, <br /> rubbish and other refim; <br /> (x) the costs of management by any management firm hired by the Association <br /> in its sound business judgment; and <br /> A4- <br />