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<br /> A_RTIi,i,E BUDGET AND ASS
<br /> ~ c55MD'ITS.
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<br /> e Bcar6 of Adm' ni strrators shall adopt a bucket for !,'a:.h t kcal
<br /> y; ,',.r, r•°;in:, :;c: r.n Anri.I 1st and ending, on the next. March 31st, which shal.I
<br /> c.'__,ti,-,ate of funds required to defray common expenses in the
<br /> VCS r anci to provice funds for current expo] nse,i;, reserves for
<br /> c;cferrFat7 m3i!;~a';4a;lCF', reserves for replacements, and reserves to C7rovldc,
<br /> a c,:" to meet anticipate, losses, and such sum, a z, needed te
<br /> ai:e C?L- ic.it i -he cot''.d'+on expense assessment s or prior years.
<br /> 1h 7.)_Ii Qti. hall k)e adopted in 'larch of each year in advance of the cr), inC,
<br /> 14 Cif 'ft :~i c- r7
<br /> cln_. ies o' the 1 the s
<br /> o of th _ budget :end he annual as , - ssmenFis for r-, ach
<br /> U, Le car ;a:: o shall be sent to each suite or garage owner on or befo:"C
<br /> the rr,.l. 1. ~ znni aq of t4he fiscal year for which the budget is ;race.
<br /> 3u,.:_:ets ma•y be amended dutir,:-; a current fiScal year where
<br /> ne __.sary, but. Copies of the amended budget and proposed increase or
<br /> (3C,:cr! a cf c: ;;gents shall be m~i 1. 'c.l to each suite or garage owlet:
<br /> Prior to tr,-' r:tfective date of such increase or decrea.ia.
<br /> S ct ic.n_2.._ A ,n-, al Assessments.
<br /> The : irst annual assessment shalt bC- levied against each si.lite
<br /> or carage and the owner there-of or. April 1, 1:9 o orApri1 l of the nex*.
<br /> fi ,cal. yhar ai`ter relinquishrr.ent of control of the AF;sociation by
<br /> Developer, whichever shall first occur. ~I`he annual, assessment shall !-,e
<br /> divided as evenly into twelve (1.2) monthly payments as possible with
<br /> the ;:"first payment to include the remainder after.division. These monthly
<br /> payments shall become due and payable upon the 1st of April and the Ist
<br /> of each month thereafter during the fiscal year. Annual assessments for
<br /> each fiscal vear thereafter shill be levied and shall become due and
<br /> payable in the same manner. Annual assessments to he levied again,t Each
<br /> suite or aaragf~ and the owner thereof Shall. taf' COMI?uted according to st:ch
<br /> Suiteli O ,,?rats(? prorata share of the total annual bid
<br /> get for thr~ f i ~;c:~a l
<br /> y4~,ar based upon the percentage of such suite's or garage's basic value
<br /> as set forth in Paragraph IV of the Master Deed.
<br /> Section .3. Interim Assessments.
<br /> Jnti.lA1.7ri.1 1, 1980, or until. the first: levy of annual a:;se,r3s.--
<br /> :wents Gr:;yordling to Section 2 of Article V, after, the Developer shall
<br /> relinquish control of the Association, whiche`.TC_r shall first: occur, thr
<br /> following interim assessments shall be- clue ard payable on the first J,Iy
<br /> each c•al rE ncl ar month:
<br /> SOI TE INTERTM A:7SLr>SMENT UI t'E IiV`.rERIM ASSE.SS•.;i:,
<br /> U)•113E R (PER MONTH) NUMBER (PER, MON111111)
<br /> 1 $35.58
<br /> 6 $46.57
<br /> 2 35.24 7 30.01.
<br /> 46.74
<br /> 4 40.44 8 x9.79
<br /> 40.64 9 4M•7.0
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<br /> (7,A :C,E INTERllli ASSESSMENT GARAGE INTERIM ASSES` N1!E N'r
<br /> I ETTE R (PER MONTH) LF:T'TI:R PIER MONTH)
<br /> it C 3.00 D $ 3.00
<br /> 3 3 . 0 I; 3 .00
<br /> 3.00 F' 3.00
<br /> The f i rst interim ,ass(,,ssme_nt shall, accrue, as to a pur char,('r C7t
<br /> is suite or garage from iDeve:loper upon the first clay of the next calc_~ndar
<br /> rrcanth following tt:e date of closing. The purchaser, at the closing, shall
<br /> pay the first six (6) month's interim assessments in advance. After the
<br /> prepayment period, interim assessments shall become due and payable upon
<br /> the first day of each calendar month. In the event that the first annual,
<br /> assessment is levied during the period for which a purchaser has prepaid
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