Condominium Resale Certificate - Williams & Williams

07:A23 MIG/jif 2/4/84
(b)
General ODeratinc Reserve Fund.
To this fund
shall be credited all sums collected to provide a reserve
for purpose of providing a measure of financial stability
during periods of special stress, and may be used to meet
deficiencies from time to time as a result of
delinquent
payments of assessments and other contingencies.
- (c) Maintenance Fund. To this fund shall be
credited collections of assessments for all Common
Expenses for the current year as well as common profits
and surplus from the previous year, and not to be credited
to either of the above reserve funds;
provided that if
this Condominium shall be located in the unincorporated
area of St. Louis County, Missouri, a sum equal to two
percent (2%) of the amount allocated to the maintenance
fund shall be reserved for the repair, operation and
maintenance of storm water control easements, including
all underground and aboveground facility pipes used in
connection therewith and access easements to such
storm water control easements.
The reserve fund for replacements shall be established by the
Executive Board and shall be funded by regular installments
rather than by extraordinary special assessments.
The reserve
funds described above shall be maintained only in such amounts
as deemed necessary or desirable by the Executive Board,
subject, however, to the preceding sentence.
To the extent
maintained, funds therein shall be held in such accounts and
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