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<br /> �. �,� �:, •�, treasurer of a nonprofit aorporatfon organisred under the laws of � �
<br /> ' � �:. ttis State og Nebraeka. �:'�,�-�'•,-��-
<br /> �.s�_:�k�r.r�.
<br /> � g�at{on e comnensation. Compeneation of offiaers shall be • �:.-"�.-_-::-
<br /> ' � f ixed by the Board of Administrators and shall be reaaonable �� �:��:•.-=j.�:Y�:;���";,,`
<br /> � �. � , compensation considering the du�ies of the offiae. AnY r:".�r:i�����-__
<br /> � ad�ainistrator who is also an of�iasr shall not have a vote in the •� -,�,� .���
<br /> .�r,!�t_,..
<br />- � settinq of aompensation for the offiae or offiaes held by said _ P�;:�: _
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<br /> ' ti� . Administrator. �;� �� .' � .
<br /> � • Sea ion 9 Aareemsnts Con ract,_�_ All aqraemen�wo
<br /> � . cheaks, aontraats and other instrttments shall be signed by ;
<br /> ! ._� offiaers of the As�aciatior� or by such other person or psrsone as `
<br /> 's •.;, " • %'���•�,i: may be designated by the 80ard of Administrator�. . • � �. .�.
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<br /> t k':�:��.t,�i,�. " A RTICLE V. �YEOGET ANU ASSESSMENTS ���..�;
<br /> � � �, �:�. ' .
<br /> `�����:
<br /> �� fr� �e�t�a n '!. B u d a et. T h e Board of Administrators shall adopt � •�.,�1,�a,�
<br /> :-��.:`�1�,,:' a budget �or eaah fiscal y�ar, beqinning on May ist an d en d ing o n I
<br /> ��,,�. ��� �' ' the next April 3oth, which shall inalud� the estimate of funds ,
<br /> '� �� , � required to defray common expenses in the cm�ing fiscal year and to � ' .r�.._
<br /> provide funas for ourrent expensea, reservea for deferred � �.;�,_
<br /> , � � � maintenance, reserves for replacements, and reserwes to provide a
<br /> � � F_ t�
<br /> . `; • � working fund or to meet anticipated losses. aa�� suofi aums as needad ,. . , a .
<br /> . ,Y; to make up any defiait in the aommon expense asseasments for prior f :
<br /> , ',; ., � yeara. The budget shall be adopted in April of each year in
<br /> �� aclva�ce of the com�a�y fiscal year and aopies of the budget and the :���
<br /> ,� �.:, ` arrnual asseesments fo 8�a� inninq8af the fisaaltyearcfor whiahwthe
<br /> ° i on ar bcf o..� the May . 9 �
<br /> ����� ..
<br /> , �., ; budqet i� �aade. �
<br /> �
<br /> � �� � ma be amended during a current fiscal year where , �
<br /> Budgets y �
<br /> �` � ' nec�ssary, but copies of the amended budget ancl pa�oposed inarease
<br /> or decrease in aeaessmenLa �,liail be mailcd te each a»it� owner
<br /> prior to the effective date of such inarease or 8ecrease. �
<br /> � ce..tion 2 Annual Assesemen_�s. The first annual assessment '
<br /> ahall be levied against each suite and the owner thereof on May 1, .
<br /> 1992, or May 1 of the next fiscal year after relinquishment of
<br /> . I control of the Association by Develope�, whichever shall laBt
<br /> occur. The annual assessment shall be d�vided as evenly into 12
<br /> � ; wonthly payments a5 possible with the first payment to include the
<br /> remainder after division. These monthly payments shall become due
<br /> nr,d payable upon the iet of May and the lst of each yaonth
<br /> thereafter during the fiscal year. Annual assessments for each .
<br /> f iscal year thereafter shall bs levied and shall become due and .
<br /> payable in the same manner. Annual assessments to be levied
<br /> �►gainst each suite and the owner thereof shall be computed
<br /> according to such suite's share of the total annual budget for the
<br /> fiscal year based upon the percentAge of such suite�s bar�fa value
<br /> as set forth in Paragraph IV of the Master Deed.
<br /> Because insurance, repair and maintenance and other direct
<br /> � costs are chargeable to the condor�inium which benefits from them,
<br /> �he suites in different condominiwra� may r.ot have equal amounts a�f
<br /> I assessments.
<br /> ' section 3. Interim Assessmer�ts. Until May 1, 1992, or untab
<br /> � the first levy of annual assessu���ts according to Section 2 0�
<br /> Article V, after the Developer sL�all relinquish control of t4ne
<br /> � � Association, the following interim assessments shall be due and
<br /> •' payable oc� the first day of each calendar month:
<br /> $uite No. Interim Assessm�nt (Per Montn�
<br /> 1 $65.00
<br /> Z $65.00
<br /> cti5.n�
<br /> 3 -
<br /> The first interim assessment shall accrue, as to a purchaser
<br /> t'
<br /> of a suite f rom Developer upon the first day af the next calendar
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