(B)
a current reconciliationof the Association's reserve accounts;
(C) a review of the current year's actual reserves, revenues and expenses compared to the current years Budget; OJ) a review of the most current account statements prepared by the financial institution where the Association has its operating and reserve accounts; (E) a review of an. income and expense statement for the Association's operating and reserve accounts; and (F) a review of the delinquency report listing all Members who are delinquent in paying any assessments at the time of the report and describing the status of any action to collect such assessments which remain delinquent 3.23. Borrowing. The Association shall have the power to borrow money for any legal purpose. The Board shall obtain approval of Members entitled to cast at least a majority of the votes at a duly caned and held meeting at which a quorum is present if the proposed borrowing is for the purpose of making discretionary capital improvements and the total amount of such borrowing, together with all other debt incurred within the previous 12-month period, exceeds or would exceed 10% of the Association's budgeted gross expenses for that fiscal year.
Portions of the Common Area may be subjected to a security interest by the Association provided that Owners entitled to cast at least a majority of the Association's votes agree to such action. Limited Common Area may also be subjected to a security interest provided that all Owners of Lots to which the area is allocated agree to such action. During the Class "B" Control Period, no Mortgage shall be placed on any portion of the Common Area without the affirmative vote or written consent, or any combination thereof, of Owners representing at least 67% of the total. votes in the Association and the approval of the U.S. Department of Housing and Urban Development or the U.S. Department of Veteran Affairs. if either such agency insures or guarantees the Mortgage on any Lot.
3.240 Bight to Contract. Subject to applicable law relating to Member, officer, and director conflicts of interest. the Association shall have the right to contract with any Person for the performance of various duties and functions. This right shall include, without limitation, the right to enter into common management, operational, or other agreements with trusts, condominiums, cooperatives, Neighborhood Associations, and other owners or residents associations, both within and outside the Properties. 3.25.
EIlforcement
(a) Notice. Prior to imposition of any sanction provided in the Declaration, other than self-help or suit to enjoin any violation of the Governing Documents and/or to recover monetary damages, the alleged violator shall be served with written notice setting forth (i) the nature of tile alleged violation, (ii) the proposed sanction to be imposed, (iii) a statement that the alleged violator
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