Capital Contributions for Improvements, Repairs and Replacements Sample Clauses

Capital Contributions for Improvements, Repairs and Replacements. In addition to the annual or special assessments described aforesaid, the Genesee Foundation may levy in any assessment year, either as part of the annual assessment or the special assessment, an assessment to be set aside as a reserve for future capital expenditures, including major repairs to or replacements of improvements located on the General or Special Common Areas or for the future construction of improvements on the General or Special Common Areas. Any funds so collected shall be designated by the Board of Directors of the Genesee Foundation as capital contributions to the Genesee Foundation by the members thereof and shall be segregated and placed in a separate bank account of the Foundation to be utilized solely for the purposes aforesaid.
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