Declaration - Schedule E
SCHEDULE "E" COMMON EXPENSES
Common expenses shall include the following:
(a) All expenses of the Corporation incurred by it or the board in the performance of the objects and duties of the Corporation whether such objects or duties are imposed under the provisions of the Act or of this declaration or performed pursuant to any by-law of the Corporation, including all sums of money paid or payable by the Corporation pursuant to the provisions of Sub-sections (4) and (5) of Section 38 of the Act, as amended.
(b) The maintenance, repair, replacement and the operation of the Common Elements, including the cost of maintenance materials, tools and supplies.
(c) The cost of furnishings and equipment for use in and about the Common Elements including the repair, maintenance and replacement thereof.
(d) The cost of electricity, water, heating, fuel and all other utilities and services purchased by the Corporation for use in the Common Elements, and the cost of water purchased by the Corporation for use in the units.
(e) The payment of realty taxes (including local improvement charges) levied against the property until such time as said taxes are levied against each unit.
(f) The remuneration payable by the Corporation to any employees deemed necessary for the operation and maintenance of the property including the payment of any remuneration payable to a resident building manager-superintendent, and pursuant to any management agreement which the Corporation may enter into.
(g) The cost of legal, accounting and auditing services, premiums for the Corporation's insurance obligations, appraisals, fees and disbursements of the Insurance Trustee, fidelity bonds and cost of any other objects and duties imposed by the Act, this declaration and the by-laws of the Corporation and its Board of Directors.
(h) The cost of borrowing money to carry out the objects and duties of the Corporation and the repayment including principal and interest of debts incurred for the objects and duties of the Corporation provided each such borrowing of money shall have been duly authorized by a vote of the owners at a meeting held for the purposes of such authorization.
(i) All sums of money assessed by the Corporation for collection from the Owners to be set aside in such separate fund or funds as may be provided for by the by-laws of the Corporation, and to be applied, from time to time, in whole or in part, in the absolute discretion of the Corporation, towards meeting deficits and such other common purposes, or to be used or expended for major maintenance items, which occur less frequently than annually, and for major items of repair or replacement made necessary by damage, deterioration or obsolescence, as the Corporation may deem necessary or desirable in order to carry out the objects and duties of the Corporation.