Common use of Assessment Reduction Clause in Contracts

Assessment Reduction. As soon as practicable after all Notice Expenses payable by the Homeowner Parties pursuant to Section 7.2 of this Agreement and Approved Fees payable by the Homeowner Parties pursuant to Section 7.3 of this Agreement have been paid in full, PCA shall cause the mandatory assessment for Telecommunications Services paid by each current Homeowner at The Peninsula to be reduced to an amount not exceeding the actual cost of such Telecommunications Services payable by PCA pursuant to the Bulk Services Agreement, which at the time of this Agreement is $58.95. Such reduction shall in no manner limit or restrict the authority of PCA to alter, amend, increase or reduce any existing assessment, or to implement any new assessment, as otherwise permitted by the terms of the Declaration.

Assessment Reduction. As soon as practicable after all Notice Expenses payable by the Homeowner Parties pursuant to Section 7.2 of this Agreement and Approved Fees payable by the Homeowner Parties pursuant to Section 7.3 of this Agreement have been paid in full, PCA shall cause the mandatory assessment for Telecommunications Services paid by each current Homeowner at The Peninsula to be reduced to an amount not exceeding the actual cost of such Telecommunications Services payable by PCA pursuant to the Bulk Services Agreement, which at the time of this Agreement is $58.95. Such reduction shall in no manner limit or restrict the authority of PCA to alter, amend, increase or reduce any existing assessment, or to implement any new assessment, as otherwise permitted by the terms of the Declaration.