4.03 Purpose of Assessments

FCHOA Declaration of Protective Covenants - Revision Date: 2022-05-20

Assessments levied by the Association shall be used exclusively for the management, maintenance, improvement, care, operation, renovation, repair, replacement, and/or acquisition of the Common Area and all improvements thereon, and capital assets; for modifying, improving or adding Common Area or amenities; for the procurement of insurance for the Association; for the establishment of reserves with respect to Association obligations; for the discharge of such other obligations of the Association imposed or assumed by the Association pursuant to the Governing Documents; for the administration of the Association; and to promote the recreation, health, safety, welfare, common benefit and enjoyment of the Owners of the Property.