2002-06-10 Regular Meeting, Public Hearing, and Workshop Meeting

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e e CONVENANT FOR MAINTENANCE ASSESSMENTS Section 1. Purposes of the Assessment. The assessment levied by the Association shall be used exclusively for the ownership, improyement, operation and maintenance of the Common Areas and the Common Facilities located thereon in a manner consistent with other similar deyelopments in Harris County, including, without limitation, (i) the payment of taxes assessed against the Common Areas and the Common Facilities, if any (ii) insurance relating to the Common Areas and Common Facilities, (iii) repair, replacement and additions relating to the Common Areas and Common Facilities, (iy) the cost of labor, equipment, materials, services, management and supervision relating to the Common Areas and Common Facilities. Section 2. Assessments. The third-party property manager (the "Property Manager") hired by the Association shall, on or before of each calender year, (i) fix and determine a budget representing the sums necessary and adequate for the continued operation of the Association during the next calender year, including, without limitation, operational items such as insurance, repairs, reserves, maintenance and other operating expenses, as well as charges to coyer any deficits from prior years and capital improvements and reserves approved by the Association, all of which shall be specifically set out in the budge, and (ii) send a copy of . the budge to each Member, along with such Member's assessment for the succeeding calender year. The Association, through the Property Manager, shall have the right to supplement the annual budget and assess the Members therefor at any time. The total annual requirements, and any supplemental requirements, shall be allocated between, assessed to, and paid by, each Member based upon the most recent available valuation of each Tract and Improyements thereon as assessed by the Harris County Appraisal District (or its Successor) or the City of , whicheyer assessment may be used by the Association, for ad valorem tax purposes for the preceding year in relation to the value of all Tracts and Improyements within the Development (excluding the Common Areas). The basis for the assessment shall be the same for each Tract. Unless otherwise set forth herein, an Association assessment shall be levied against all Members of the Association to cover the expense of the Association. In addition to the other assessments hereinabove proyided, the Association may adopt a separate annual or special assessment for security and/or a special assessment for any other proper purpose. Any such special assessment shall be assessed against all Members in the same manner as set forth above. Section 3. Due Dates: Duties of the Property Manager. All assessments shall be payable quarterly, in advance, or on such other basis as is ordered by the Association. The Property Manager shall fix the date of commencement and the amount of the assessment against each Tract, and shall prepare a roster of the Tracts, and assessments applicable thereto, which shall be kept in the office of the Property Manager and shall be open to inspection by any Member. Upon the written request of a Member or his mortgagee, the Property Manager shall promptly furnish such Member or his mortgagee with a written statement or the unpaid charges due from such statements, which charge shall be secured by the liens created or reserved under this Article. 6