Amounts and Effect of Alternative HOA Maintenance. If and to the extent the homeowner association for the Property elects to perform any of the maintenance obligations that would otherwise be performed by the districts described in Section 3.10.2, subject to City’s satisfaction, to be exercised in its reasonable discretion, with the adequacy of the performance thereof secured by the homeowner association, the applicable maintenance financing districts shall include a mechanism whereby the amount of the special taxes or assessments to be collected thereby shall be reduced by the annual savings to be realized by the districts from the performance of such maintenance obligations by the homeowner association and the relieving of the districts from having to perform such maintenance obligations.
Appears in 6 contracts
Samples: Development Agreement by And, Transfer Agreement, Transfer Agreement
