ADDITIONAL ASSESSMENT INFORMATION
"Specific Assessment": Assessments levied against a particular Lot or Lots for expenses incurred or to be incurred by the Master Association in accordance with Section 8.6 of the CC&R's. Specific Assessments are additional to each and all of Base Assessments, Neighborhood Assessments, and Special Assessments, as applicable.BUDGETED SPECIFIC NEIGHBORHOOD ASSESSMENT FOR 2021:
A Specific Assessment is billed to all homeowners in the below neighborhoods, in addition to the Base Assessment of $120 per quarter. The Base Assessment is charged to all residents in Cadence for the Cadence Community Associations annual budget expenses. All Assessments are billed quarterly. Assessments are always subject to change.
DUETTO - $121.14 PER QUARTER
PRELUDE - $121.14 PER QUARTER
AVERY PLACE - $60.00 PER QUARTER
(INSURANCE) SPECIFIC ASSESSMENT INFORMATION:
Nevada law specifically requires property insurance for homes that have vertical shared walls. NRS 116.3113(2) and Advisory Opinion 20-03 issued by the Nevada Real Estate Division apply not just to condominium projects, but to any homes that are attached by a shared vertical wall. Essentially, Nevada law requires that homes that have a vertical shared wall be treated like a condominium project for purposes of property insurance.
The costs of the insurance obtained and maintained by the Master Association, together with a reasonable administrative charge in such amount as the Board deems appropriate, shall be assessed equally against the Lots in the Subject Property as an additional Specific Assessment for such benefits.
The master insurance blanket policy for Cadence contains coverage for all multi-family residential buildings and association owned property. The costs are broken out and distributed to the responsible specific units within the community. Each multi-family unit is covered using the special all risks form with guaranteed replacement cost. When a covered peril occurs, the unit will be rebuilt as the unit was originally constructed less the deductible. The association policy does not cover any personal property, window, and wall coverings, items not attached or part of the building and any special owner installed improvements to the unit. The association policy does not contain any coverage for extra expense or loss of use for the individual owner. Therefore, each owner of a multi-family unit will still need to purchase their own (HO6) individual homeowners' insurance policy.
*All non-attached single-family homes in Cadence must purchase their own (HO3) homeowners' insurance policy as Cadence does not cover any portion of a non-attached single-family home.