Ch. 321

LAWS OF MARYLAND

(10) A COPY OF THE PROPOSED OR ACTUAL ANNUAL BUDGET
FOR THE HOMEOWNERS ASSOCIATION FOR THE CURRENT FISCAL YEAR,
INCLUDING A DESCRIPTION OF THE REPLACEMENT RESERVES FOR COMMON
AREA IMPROVEMENTS, IF ANY, AND A COPY OF THE PROJECTED BUDGET FOR
THE HOMEOWNERS ASSOCIATION BASED UPON THE DEVELOPMENT FULLY
EXPANDED IN ACCORDANCE WITH EXPANSION RIGHTS CONTAINED IN THE
DECLARATION;

(11)  (I) A COPY OR DESCRIPTION OF PROPOSED OR ACTUAL
MANAGEMENT CONTRACTS, EMPLOYMENT CONTRACTS, OR OTHER CONTRACTS OR
AGREEMENTS TO WHICH THE HOMEOWNERS ASSOCIATION IS INTENDED TO BE
OBLIGATED; OR

(II)  A WRITTEN DISCLOSURE OF WHERE THE
CONTRACTS ARE AVAILABLE FOR INSPECTION;

(12)  A DESCRIPTION OF ANY RESTRICTIONS:

(I) IMPOSED BY THE DECLARATION OR THE
HOMEOWNERS ASSOCIATION ON OWNERS OF LOTS WITHIN THE HOMEOWNERS
ASSOCIATION, INCLUDING RESTRICTIONS ON ARCHITECTURAL CHANGES,
DESIGN, COLOR, LANDSCAPING, OR APPEARANCE;

(II) ON OCCUPANCY DENSITY;

(III)  ON THE KIND, NUMBER, OR USE OF VEHICLES;

(IV)  ON RENTING, LEASING, MORTGAGING; OR
CONVEYING PROPERTY; AND

(V)  ON COMMERCIAL ACTIVITY;

(13)  A STATEMENT OF:

(I)  CURRENT OR ANTICIPATED FEES OR ASSESSMENTS
TO BE PAID BY OWNERS OF LOTS WITHIN THE DEVELOPMENT FOR THE USE,
MAINTENANCE, AND OPERATION OF COMMON AREAS AND FOR OTHER PURPOSES
RELATED TO THE HOMEOWNERS ASSOCIATION;

(II)  THE SERVICES AND MATERIALS ANTICIPATED TO
BE OBTAINED WITH SUCH FEES OR ASSESSMENTS; AND

(III)  WHETHER THE DECLARANT OR VENDOR WILL BE
OBLIGATED TO PAY THE FEES IN WHOLE OR IN PART;                                   

(14) A DESCRIPTION OF ANY REQUIREMENT IMPOSED BY THE
DECLARATION OR THE HOMEOWNERS ASSOCIATION ON OWNERS OF LOTS
WITHIN THE DEVELOPMENT TO MAINTAIN FIRE OR OTHER INSURANCE ON
IMPROVEMENTS CONSTRUCTED ON THEIR LOTS AND A STATEMENT OF THE
TYPE AND AMOUNT OF INSURANCE, IF ANY, TO BE MAINTAINED BY THE
HOMEOWNERS ASSOCIATION;

- 1866 -