Basic Expenses definition
Basic Expenses means the estimated aggregate amount of expenses, as set forth in the Budget, to be incurred by the Association during the applicable Fiscal Year:
Basic Expenses means the estimated aggregate amount of expenses, as set forth in the Budget, to be incurred by the Association during the applicable Fiscal Year (a) to operate, manage, maintain, improve and repair the Property, including, but not limited to, the Units, and the Common Furnishings, and to administer the Interval program; (b) to provide for the collection of funds on an annual basis over the useful life of Property components in an amount sufficient to meet the Reserve Expenses; (c) to provide for a contingency fund in the event that some Assessments may not be paid on a current basis; and (d) to provide for the payment of the fees of the Managing Agent. Without limiting the generality of the foregoing, Basic Expenses shall include: (1) all charges, cost, and expenses whatsoever incurred by the Association for or in connection with the administration and operation of the Property; (2) taxes assessed against the Property or the Common Furnishings or any other interests of the Owners, including real property taxes [except as and to the extent that such taxes are separately assessed to the individual Owners]; (3) assessments and other similar governmental charges levied on or attributable to the Interval program, including, but not limited to, hotel or transient occupancy taxes or any governmental charges levied by the City in lieu of such hotels or transient occupancy taxes; (4) insurance obtained pursuant to the Declaration; (5) any liability whatsoever for loss or damage arising out of or in connection with the Interval program or any fire, accident, casualty or nuisance within or affecting the Property; (6) cost of repair, reinstatement, rebuilding and replacement of all or any portion of the Property, including, but not limited to, the Units or the Common Furnishings therein; (7) the cost of all basic utility services, including water, electricity, natural gas, garbage disposal, telephone and any other similar service attributable to the Property; (8) the unpaid share of any Assessment levied during the previous Fiscal Year against any Interval for which a default in payment thereof has occurred, to the extent that the same becomes uncollectible; and (9) wages, accounting and legal fees, management fees, maid service, and cleaning fees, and other necessary expenses of upkeep, maintenance, management and operation actually incurred with respect to the Interval program. Basic Expenses shall not include any expense constituting a Personal Charge.
Basic Expenses means the estimated aggregate amount of expenses, as set forth in the Budget, to be incurred by the Club during the applicable Fiscal Year (a) to operate, manage, maintain, improve and repair the Club Maintained Property, including the interiors of the Villas, and the Common Furnishings therein, and to administer the Club Membership program; (b) to provide for the payment of those expenses payable by the equitable owner of the Property which cannot be segregated and equitably allocated exclusively to the Club Maintained Property or the Annexable Property; (c) to provide for the collection of funds on an annual basis over the useful life of improvements to the Club Maintained Property in an amount sufficient to meet the Reserve Expenses; (d) to provide for a contingency fund in the event that some Assessments may not be paid on a current basis; (e) to provide for the payment of the fees of the Managing Agent for services rendered with respect to the operation of the Club program and the Club Maintained Property; (f) to pay the costs of maintaining and operating the Access Road, including any governmental fees charged for use of the Access Road; and (g) any trustee’s fees charged under the Trust Agreement. Without limiting the generality of the foregoing, Basic Expenses shall include: (1) all charges, costs, and expenses whatsoever incurred by the Club for or in connection with the maintenance, administration and operation of the Club Maintained Property; (2) taxes assessed against the Club Maintained Property and the Common Furnishings therein; (3) assessments and other similar governmental charges levied on or attributable to the Club Membership program; (4) insurance obtained pursuant to the Declaration; (5) any liability whatsoever for loss or damage arising out of or in connection with the Club Membership program or any fire, accident, or nuisance within the Property; (6) cost of repair, reinstatement, rebuilding and replacement of the Buildings, the Villas and the Club Maintained Property or the Common Furnishings therein; (7) the cost of all basic utility services, including water, electricity, natural gas, garbage disposal, telephone and any other similar service attributable to the Club Maintained Property; (8) the unpaid share of any Assessment levied during the previous Fiscal Year against any Membership for which a default in payment thereof has occurred, to the extent that the same becomes uncollectible; (9) the cost of maintenance, insurance an...
Examples of Basic Expenses in a sentence
Basic Expenses -100% reimbursement Major Restorative -50% reimbursement Recall Package -1 for every 9 month period Annual Maximum -$1,750 per person per calendar year Frames, lenses, glasses, laser: $300 per 24 con- secutive months, plus an additional $100 if vision changes in last 12 months of 24 months Above amount includes laser surgery.
On a fiscal year basis, an assessment for each Membership shall be determined by the Board in good faith taking into account the Basic Expenses attributable to such fiscal year and the difference in size, amenities and cost of maintenance of the Units, respectively (the "Basic Maintenance Fee").
Basic Expenses - Telephone, fax management, postage, courier and office administration are fixed at $4,000 per month.
The Basic Expenses with the additional management fees will be hereinafter called the “Expenses”.
More Definitions of Basic Expenses
Basic Expenses means the estimated aggregate amount of expenses as set forth in the Budget, to be incurred by the Club during the applicable fiscal year (a) to operate, manage, maintain, administer, improve and repair the Property, including the Units, the Common Area and the Common Furnishings, (b) to provide for reserves to ensure payment when due of the cost of capital expenditures relating to the repair or restoration of the Units and/or the Common Area and the repair and replacement of Common Furnishings or for such other purposes as are required by good business practice (the "Reserve Expenses"), (c) to provide for a fund to account for the possibility that some Maintenance Fees may not be paid on a current basis, and (d) to provide for the payment of the fee of the Managing Agent. Without limiting the generality of the foregoing, "Basic Expenses" shall include: all charges, costs and expenses whatsoever incurred by or on behalf of the Club for or in connection with (i) the administration and operation of the Property (ii) taxes assessed against the Club, the Property and/or the Common Furnishings and the maintenance fees and other similar govern-mental charges levied on or attributable to the Property, including, without limitation any added value, hotel transient occupancy tax or any governmental charge