90106862 - Laserfiche WebLink

Browse

rlt/ ail 'r 1mi•1� , . • � i; j;. 90. 100862 oay>asaentrittng mP�to f nff� fista ey Ate iWitniritNt� have 6 VON in the setting of compensation for the An y or ol Wit••,•• • A!reeaeit�a tYintrae3t. flto. All agreements, checks• contracts and other instruments shall be signed by two officers of the Assooiation or by such other pergen or persons as my be dssigrmated by the Board of Administrators. ANTIOLe V. BUDGET AND A$SESSNOTS. The Board of Administrators shall adopt a budget for each fiscal year, beginning on NOY lot and ending On the next Apri 1 30th, which shal l includs the estimate of funds re1W red to defray COMA n expenses in the coming fiscal year and to provide funds for current expenses, reserves for deferred aaintenence. reserves for roplaeemmnts, and reserves to provide a working fund or to wt anticipated losses. arA such sun as needed to -mks up any deficit in the camsalarl expense aeseasae'its for prior years. The budget shall be adopted in April of each year in advance of the coming fiscal year and copies of the budget and the annual assessments for each suite shall to sent to each suite Owner an or before the May let beginning of the fiscal year for which the budget is made. Budgets my be amended during a current fiscal year where r4cessery. but copies of the Amended budget and proposed increase or decrease in assesalMts shall be mailed to each suite owner prior to the effective date of such increase or decrease. Section 4 Annual Ass•ssmentg, The first annual assessment shall be levied against each suits and the owner thereof on NOW 1. 1994 or May 1 of the next fisc -0 year after relinquishment of Control of the Association by Developer. whichever shall last occur. The annual assessment shall be divided as evenly into twmlvir (12♦ monthly payments as possible with the first payment to include the remainder After division. Theme monthly payments shall became due and payable upon the let of May and the let of each month thereafter during the fiscal year. Annual assestments for each fiscal year thereafter shall be levied and shall become due and payable in the same manner. Annual asaessmants to be levied against each suite and the owner thereof shall be computed according to such suite's share of the total Annual budget for the fiscal year based upon the percentage of such suite's basic value as set forth In Paragraph IV of the Master Dead. Because insurance, repair and mainterarce and other direct costs arse C arseable to tho condominium which 1, fit* from them, the suites in different condominiums may not hews equal amounts of assessments. Section 3. Interj)I.Ai!!UWffltC Until Hay 1, 1991, or until the first levy of annual assessments according Tr 3eetion 2 of Article V. after the Developer shall relinquish control of the Association, the following interim assessments shall be due and payable on the first day of each Calendar month; Suite Interim Assessment Mmrmber - —LPOr Month 1 $50.00 2 $50.00 The first interim assessment shall accrue. a• to a purchaser of a suits from Developer upon the first day of the next calendar Month following the date of closing. Interim assessments shall become due And payable u,Ttln the first day of each calendar month. secti411�__I!�jNM4__1R'�Si�pr.n HyigQgwe�LS. Interim assessments in the amounts shown in Section 3 of Article V shall not be increased more than five percent (5 %) during the first year after the filing of the Master Deed, And during each succeeding year thereafter, interim assessments way not be increased more than ten percent (10 %) above the level of the immediately preceding year. Seotion 8,_ soeeial.fiffes mlrit1h Special asmoaments may be assessed and levied against each suits in addition to the annual or interim Assessments provided for above, dL.ring any assessment year for the purpose of defraying, in whole or in part, the cost of any construction, reconstruction, improvement, repair or replacement of a capital improvement of the common element including fixtures and personal property, subject to the owner approval provisions of the Master Dead and these Sy -Laws. where no provision is applicable, the discretion of the Board of Administrators shall control. Special assessmnnts shall be due and catsblo thirty (30) days after the assessment is levied against the owners Inc: notice thereof has beer Bevan, and special assessments not paid withir t�irty (30) days thereafter sr,a:l be treated according to the interest and lien provisions hereafter. Section 6, ___f19r@i of A}4 iRI[M r - -s • The Administrator% o* t" associatior may Arra -9-P to have all assessments mn SeCticr. a or Section 5 of Article +i a d � to an escrow fund to be help and Managed by a bank or savings ao,* loan association. secp1en i rers9na, Awwair*1,� _ To, G7i.q. Each suite owner or, •f more than one. owners, jointly and severally shall be personally liable for the payment of assessments under the preceding Sections. Upon the sxp,ratian of thirty (301 days from the sue date of ah assesssewt f said assessment remains unpa +d, the Association way br,rg suit against the owner or owreria 01 aa, c suite for recovery of the lama. If tea asmNLSrtsnt is a monthly installment of an anrn&a'. a98essmvrt. the default in payment of ore .nstatleent w,ism due. may, at the option of the Assocmat -or close the remainder of the instal invents 1w for that annual period to become immediately due ti'S Gnu -a:'J• The def.,ult,ng suite Omer shall be liable for the unpard assessment or aesessm(rnti •matte^ I-40-eon from the due elate to tr,4 oats, mama at the highest legal rate. and attorney fees and expen -mm rr-t:rred in the rat of the same. iio proceeding to collect defaulted assessments pursuant '_] rh.a 3ectid-1 shell :onat•rute a waiver of the lien of the Association against said defaulting owner's suite nor a wa.voe of the right of the Association to