KGHOABOD2001M2

Proposed Budget 2001 / 2002
Roads	Amount	Lot Allocation
Road Maintenance	$ 26,000.00	$ 309.52
Snow Removal	$ 1,150.00	$ 13.69
Signage	$ 200.00	$ 2.38
Subtotal---------------	$ 27,350.00	$ 325.60

Easement & Property Maintenance
Easement Maintenance	$ 600.00	$ 7.14
Common Area Maint	$ 1,200.00	$ 14.29
Common Area Repair	$ 1,250.00	$ 14.88
Electric	$ 1,300.00	$ 15.48
Subtotal---------------	$ 4,350.00	$ 51.79

Association Operations
Legal	$ 2,500.00	$ 29.76
Accounting	$ 200.00	$ 2.38
Insurance	$ 2,600.00	$ 30.95
HOA Events	$ 200.00	$ 2.38
HOA Meetings	$ 50.00	$ 0.60
Office Supplies	$ 100.00	$ 1.19
Postage	$ 400.00	$ 4.76
Copy / Printing Fees	$ 150.00	$ 1.79
Property Management	$ 2100.00	$ 25.00
Committee operating funds	$ 500.00	$ 5.95
State / Corp Fees	$ 200.00	$ 2.38
Subtotal---------------	$ 6,900.00	$ 82.14

Capital Projects / Contingency Fund*
Roads	$ 5,000.00	$ 59.52
Easements / Tenant House Demolition	$ 6,000.00	$ 71.43
Association Operations	$ 1,000.00	$ 11.90
Subtotal---------------	$ 12,000.00	$ 142.86

Budget Proposal 2001/2002	Expense	Lot Allocation
Total---------------	SEE OPTIONS

1) Dues with Tenant House Demolition but without Savings or renewal of SR Management - $500

4) Dues with Savings, Tenant House and Renewal of SR Management Contract - $600.

As a member of the 2001 / 2002, KGHOA Board of Directors, I hereby approve this proposed budget for a total allocation of $_________________ and a per lot allocation of $___________________.

Mandatory funding levels for Roads / Easement & Property Maintenance – Dues will must grow, at a minimum, five-percent per year

Minimum Road / Easement and Property Allocation as Specified by the KGHOA Covenants (Book 849: Pages 044)

	1991	1992	1993	1994	1995	1996	1997	1998
Road Maintenance	$ 159.03	$ 166.98	$ 175.33	$184.10	$193.30	$ 202.97	$ 213.12	$ 223.77
Easement and Property Maint	$ 31.90	$ 33.50	$ 35.17	$ 36.93	$ 38.77	$ 40.71	$ 42.75	$ 44.89
Total	$ 190.93	$ 200.48	$ 210.50	$221.03	$232.08	$ 243.68	$ 255.86	$ 268.66

	1999	2000	2001	2002	1999	2000	2001	2002
Road Maintenance	$ 234.96	$ 246.71	$ 259.04	$272.00	$285.60	$ 299.87	$ 314.87	$ 330.61
Easement and Property Maint	$ 47.13	$ 49.49	$ 51.96	$ 54.56	$ 57.29	$ 60.15	$ 63.16	$ 66.32
Total	$ 282.09	$ 296.20	$ 311.00	$326.56	$342.88	$ 360.03	$ 378.03	$ 396.93

Reference KGHOA covenants Book 849: Pages 044-045

#5: The owners of each lot shall be liable for an annual contribution to the maintenance and improvement of the ingress and egress easements serving their parcels as established by the Declarants. The amount of the contribution for road maintenance and improvement established by the original declaration of covenants was $125.00. That amount has been increased in the succeeding years. Any amounts which have not been paid when due on any lot remain a lien on such lot(s). The imposition of liability and the lien therefore under the original restrictive covenants is consistent with and is expressly not vacated by this amended declaration of King’s Grant any other provision hereof notwithstanding. The amount of the contribution for road maintenance shall be a minimum of $159.03 per lot per year in 1991. This amount shall increase a minimum of five percent per year and may increase more rapidly on the vote of a majority of the Directors of the Association; but the contribution shall not exceed $300.00 per lot per year before August 22, 1996. Nothing in this amended declaration shall impose on any Declarant an obligation to pay a contribution for the improvement or maintenance of the ingress and egress easements. . .

#6: Lake Stafford Farms Limited Partnership will. . . The owners of each lot in King’s Grant and all additional sections of King’s Grant to be acquired and/or platted and developed hereafter by the Declarants shall be liable for an annual contribution for the maintenance and improvements to Lot 13 and the Bridle trails. The liability for this contribution, increases in this contribution, the lien of this obligation, the payment and collection procedures for this contribution are the same as the road maintenance in paragraph 5 except that the minimum amount imposed with the original restrictive covenants was $25 per lot per year. That amount has been increased in the succeeding years. Any amounts which have not been paid when due on any lot remain a lien on such lot(s). The imposition of liability and the lien therefore under the original restrictive covenants is consistent with and is expressly not vacated by this amended declaration of covenants for King’s Grant any other provision hereof notwithstanding. Nothing contained in this amended declaration shall impose on any Declarant an obligation to pay a contribution for the maintenance and improvements of Lot 13 and the bridle trails in 1991 is 31.90 per lot per year.