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<br /> • � �^ eomt�g ftscel year end to provida funds for cu�rent expensca, �eservea ffor�4erred uz�in4erreike, r�ao�a for .,, �
<br /> repleeeeinnts, end reserres to provtde a workiep tu�d or to meet anticipatM toasea. and sueh cuns�s needed to ���=�=
<br /> •�, ,� , ake�p arry detieit tn the caNnon expense eseess�nentt fo� p�1or ye�re. the budpet thall be adopted in Ilpril � _
<br /> ° of eeeA year 1n advanee of tAe caning Hseel yoer end eopfes of tra budAot nnd the errwal eaeoacments for eseh �*-��}�w�-��-,.-
<br /> � sutte ehsll be aens to eaM sutto oune� an or b�foro the Itay ist beyinning o4 ehe fiscot year foe rfiich che �`-;�„„..,._.�.__,v
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<br /> � ° ' budget te made. i -_---�
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<br /> Budpets meY be m�onded during e current fiseel yea�where nxeasary, but copies of the nmeMed budpet '�--
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<br /> - and proposed inerease o�decrease tn esseaerwenie shelt ba�etted Ya eaeh euito at.��prior to the effecNve c►�te - --_=.� _____;-
<br /> af aueh tne�eese or deereasa �.� �� �=-^,��°
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<br /> e..,rt.v�2_ AtITIWL A86e88.,ment9_ _ :,`"---
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<br /> . . � '." asit:ld..-R_ :
<br /> � The firat ore�uaQ sssesemcnt ahall bo levied a8oinst eoeh sutte and the awnor ther¢o4 oe►t9ay 1, 1945 or . � ,-,c,;
<br /> t�ay 1 of the rtaxt 4i¢es1 �recar oiter rolinquishment o4 eontrol of the Assoeiattan Dy Deve4a�ee, od�feh�vmr shall r � ��
<br /> �•"�_�-�';,.°
<br /> lest oee�ce. ihe o�ujt ss�ess:nent shalA De divided ms��+ly into trelve (12I moa�4l+tT/RL►lrsa�4s as ga3siblm miRb . ::�,:�.�r.�te��.�.
<br /> the fir8t�oy�nt to ia►cludc3 the renai�r eft2P dSrisiee�. TAese arn4htY Qaye�xzn4s sQeell I�m d�ce and RaY�te f .. ..� .
<br /> �; ' ';`�5 �pon the 1st o4 No1►and the tst of eaeh month tR2�a�fYer durir�g 4he 4isval y2ae. Aemual asseasc�nta for xaah � :���;,,�:..;
<br /> . • fiacal year tRerea9teP FCr.ell be levied and shall becas�e�e arai�aYa�de 9m tR�sece mamer. Am�ncal assxss�er�ts ��_'�=-.-�z1�.
<br /> �s' .,;'�.Lws�wX�+���
<br /> to be lovied ogainst each suite and the owner thereo4 sltall 0e ca�uRed maordirt�q to such suite's share o4 4(v� r . �.-�-•-�
<br /> ':..,``•1�' � total ama�t 0�et for 4tte fiscel year besed upon the pereenta�P of s�h suite's basic vatue ea aet for20 in � '�r���—
<br /> � ��"• � Paragraph Itl of the Fester Deed. �i`�s���
<br /> •.;::i.-:i;� , -
<br /> � , Becous¢i�urance,repair and maintenence and other dire�t eosts are chargeable to the eondominiva�ieh •
<br /> . �'�: benelits from them, the auites in different eor�daniniuns meY rtos Ae�re cqval emoints of assessments. �`�-'-�
<br /> ���`;Fi. cw�r�,,.,3 Interim Aasessients. . ��`�� �`
<br /> � . .„ ,,��'
<br /> ��t.�`.',`?;�;`... '>.,-,.:i .,t
<br /> t[ntil Mey 1, 1445, or u�til the firat levy of amuel asse.ss�ents acco�dfirtg to Sectian 2 of Artficle Y, ••°« �
<br /> '�^'s °�• sexiatton tAe 4olQowi ioteria assessrn�mts shall be due �• r �.�,, .
<br /> ��{;: after the�erQtoper ahal t relinquis[�carntrol of the A , �e t.:�,. �,. .
<br /> v�,���� and peyabte cm the firat dsy of ¢act�calendar month: '• �, :;;;,,.."::
<br /> � ., � "�`�� Interim Assessmetft -,,% �'j��2�',,�rS�°`r-
<br /> Suite [Per Montfi) t�;,: ' �.
<br /> �,��; � �S�gC d�,a, .i. ��'r"" t
<br /> ' .....'l. '.•F.i•:. � f50.00 __<_.:�r.%:� •.F. � I•
<br /> -,�-.... ;. •. 2 l50.00 -
<br /> „��,. . ..P;k,.:.:.E;r.-.� �-.01�] .
<br /> ��. ' '..l•.�'��.. ,�',�,`�%�t;�.^ts1>
<br /> The first interim assessment ahall accrue, as to a pureRas�-of a suite from Developer upon the first . .p��,.+.+' ,�;,,
<br /> ��, j,{
<br /> ' dey of the next ealendar month folla+ing the dete of cloair�q. lc�eeria,assess�renta shall became due and yeble ,• ., ���.._;.. �
<br /> r�• � tpon the first dey of each calender month. � , �� t���r� '�
<br /> '�•,��:��..�,,�u�����'�( ��
<br /> "��.�•:,•��.j� �
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<br /> Seet1 4. Increases i� In4erim Assessments. �'��•t��Y��'�'�•�
<br /> -- ��� ����r'f �'��� .
<br /> ' Interim assesemente in ihe anaunts sha+n i�Sectio�3 ot Article V shall rat be increased more then five `�•�"a�''`"��,'u`�
<br /> pereent (5X) during the first year afte� the filing of the Mester Decd, ard during eaeh aueceeding year �
<br /> 'r�`��,��,
<br /> thereafter, interim assessments may not be i�creased more than ten percent <10X) above the level of the ,,
<br /> immediately preeeding year. � r+��,
<br /> � ,�,r •.
<br /> �prtien� S iel Assessments. � � .. .
<br /> ,I
<br /> . Special essessments may be assessed end levied agai�st each suite in eddition to the annuat or interim i '�I�
<br /> assessmenta provided for above, during any assessment year for the Qsurpose of defraying, in whole or in pert, � r
<br /> the coat of any conatruetion, reconatructio�, i�rovement, repair or replacement of a capital i�rovement of �•' r
<br /> the eamnon element ineluding fixtures and perso�al property, subject to the owner approval provisio�s of the � 'r'`��/�
<br /> � � �� ,: Muster Oeed and these By-laws. Yhere no provfsion is epplicable, the discretion of the Boerd of A�tninistrators , ,
<br /> ' ' � ,� shell control. ' ,
<br /> ;;: , .
<br /> Spec9al essessments shall be dve and peyable thirty (30>days after the assc�sment is levied egainat • "`;•��
<br /> '�•;..�,,
<br /> tho oxr�ers end notice thereof has been given, and apecial assessnents not paid within thirty (30> days ��
<br /> „ -}.•ilj::..;r
<br /> thereafter shall be treated according to the interest and lien provisions hereafter. ' •i},,..-,.
<br /> � ;r;
<br /> '' cPCtian R• Eserow of Assessmenta,. ..
<br /> Iihe Ad�ai�istrators of tAe Assxiation may arrange to have all assessaients in Sectio�4 or Section 5 of �
<br /> Article V paid to an escrow fund to be held and menaged by a bank or savi�gs and toan association. !"'';
<br /> Sec�o� 7 Personal Assess�ent Liabilitv.
<br /> Each suite owner or, if more then one, owners, jointly end severally, shall be personally liable for
<br /> the paymet�t ot aesessments under the preceding Sections. Upon the expiration of thirty C30) days fran the due
<br /> date of en assessment, if said assessment remeins unpaid, the Association may bring suii ageinst the owner or
<br /> oaners of said suite for recovery of the same. If the assessment is a monthly instaltment of an annual
<br /> ,' assessment, the default in payment of one installment when due, may, et the optfon of the Association, eause
<br /> ,��+ the reaia9oder of the installments due for thet annual period to becane imnedietely due and peyable. The
<br /> detautt�ng suite owner shell be liable for tAe unpa9ct assessment or assessments, i�terest thereon from the due
<br /> . dat2 co the date pafd at the highest tegal rateo and attorney fees and expenses i�curred in the collectian of
<br /> ' tke ser.e. No proceeding to eollect defautted assessments pursuant to this Seetion shall constitute a warver
<br /> of tha ��en of the Assoeietion aqainst said defaultSng owner's suite nor a waiver of the right of che
<br /> AssoetatTO+ to foreclose thereon.
<br /> _ r,.e....d..m..�a��,;ro eHwi i t� �o;nrlv ard s¢verallv liable with the 9ranto�for all uboaid assessir.ents
<br /> against the latter up to the ti�rz af thQ grantor eonveyance, �iti�oui prejudice to the grantcee s right to ra�eover
<br /> fra!i tNe grantor the aewwts paid by t��Q grantact cherefor, provided, howevicer, that upon psyment of a r3asonable
<br /> • fee end upon written request, any sucM prospect�va grantee shell be entitled to a state+�ent frqn the Board of
<br /> po}oinistretors, or the Menager, in the form sctt fortD in Section 9 of Jlrticle V, which sMall be eonelusivQ upon
<br /> the Association i� fevor of all persons relying thereon in gaod faith. Unless suth requesC for a statement of
<br /> � indsi�Ye�cSS shall be complied aith uitn9n fifCeen (15) days ot such request, then such grancee shell not be
<br /> ' • lisble for, nor s7�alt the condaniniun su�Ye eonvevc:d he subjeet to a lien for any vnpafd assess+nents aecruing
<br /> a; prior to the date of such request.
<br /> . The provisio�s set forth in this Section shell rmt appty to the initial sales and conveyanees of the
<br /> cprdomi�iun suites made by the Developer, and such sales shetl be free from all assessments io tAe date of
<br /> . I eorrveyance.
<br /> ' Sectio�8. Assessment Lien.
<br /> • EXHIBIT "A" 5 of 10
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