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9. ASSESSMENTS
Assessments are fees levied against all properties within a
community association for the purpose of maintaining the
common areas and related administrative functions of the
association. These are provided in the CC&Rs and are legally
binding on the property owner. Assessments may take the
form of a regular (annual, monthly, or quarterly) or special (a
one-time special project or purpose) assessment.
10. RESERVE FUND
An HOA reserve fund is money set aside by a community
association for additions to major components that the
association is obligated to maintain and future replacements
and repairs that don't occur on a regular basis.
