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<br />ARTICLE V. BUBGET AIyFJ ASSESSMENTS.
<br />Section 1. Budget.
<br />i'
<br />The Board of Administrators shall adopt a budget for-each fiscal'
<br />-year, beginning on Aprillst and ending on the next March 31st, which shall ;`
<br />include the estimate of funds required to defray common expenses in tfi ~
<br />coming fiscal year and to provide funds for current expenses, reserves-for:
<br />~~ deferred maintenance, reserves for replacements, and reserves. to provide
<br />a working fund or to meet anticipated losses, and such sums as needed to
<br />make up any deficit in the common expense assessments for prior years.
<br />The budget shall be adopted in March of each year in advance of the coming
<br />fiscal year and copies of the budget and the annual assessments for each
<br />smite or garage shall be sent to path suite or garage owner vn or before
<br />the Aprillst beginning of the fiscal year far which the budget is made.
<br />Budgets may be amended during a current fiscal year where
<br />necessary, but copies of the amended budget and proposed increase or
<br />decrease i.n assessment.: .;hall. be mailed to each. suite or garage owner
<br />prior to the effective date oi" such increase or decrease.
<br />Sa,rtion. 2. Annual Assns.smFnts.
<br />Ti.e first annual. as:aessment shall be levied against, each suite
<br />car garage and the owner theceof can APrill, 1980 orApril 1 of the next
<br />fiscal year after relinquishme.+nt of control of the Association by
<br />Developer, whichever shall first occur. The annual assessment shall be
<br />divided as evenly into twelve (12) monthly payments as possible with
<br />the first payment to include the remainder after division. These monthly
<br />payments shall. hecome due and payable upon the 1st of April and the 1st
<br />of each month thereafter during the fiscal year, Annual assessments for
<br />each fiscal year thereafter_shall be levied and shall become due and
<br />payable in the same manner. Annual assessments to be levied against each
<br />srcite or garage and the owner t:hereoE shall. be computed according to such
<br />su,ite~ or garageti prnrata share of the total. annual budget for the fiscal
<br />ya~x based upon the percentage oP such suite's or garage's basic, value
<br />akI set forth in I'ara~czrap}~ IV ca f. the '•iaster Deecl.
<br />SV~rtt'~c,~l._.'3,. int+=rrim,ASSe«ssvmpnts~
<br />'s iSLi ~rii i, i9Sti, or until the €irst irvy of annual assess-
<br />ments according to Section 2 of Article V, after the Developer shall
<br />relinquish control of the Association, whichever shall first occur, the
<br />follcawing interim assessments shall be due anc3 payable on the first day
<br />of ear_fi calendar month:
<br />SUITE INTERIM ASSES.iMENT SUITE INTERIM ASSESSMENT
<br />tdUER (FER MoNTHI NiIMBCR ____ (PER MQNTH)
<br />B, 535.58 6 $46.57
<br />2, 35.24 7 30.01
<br />'.9 46.74 tE 29.79
<br />4 4c'.,44 4 42.2(1
<br />40.64
<br />GAliA-GE IN'1'f:RiM Af;SF..SSMF.N7' GARAGE INTERIM ASSESSMENT
<br />LE't'}"ER (i,~~ M{?NTH) L~f:TT~.R (PER MQNTHy
<br />,. ..'.;0 D ~ 00
<br />IS s,OJ F ~ 3.00
<br />C 't. , fl C 3.Oc'
<br />The fir^t interim asses;=~ment shall accrue, as to a purchaser of
<br />ii-.cy fr Rc n1, t}, £, F ~,~ a~ -,f #~he ,.~ ~1 a.s.i3
<br />A y :-'_=,° ., .-.. ..---. :~:' ... ~...~ ,, .. .~ - Uy ate, ..,.~ ..~,.~ ~~....:
<br />month following tF,e <iatn of closing. The purchaser, at thettclosinq, shall
<br />pay the first six t6} month's interim assessments in advance. Alter the
<br />prepaym~ssrt period, inter i,, ~ c~ssmYnts stroll heeome duty aril payable upon
<br />the firm r'tay of each ,~al*~r,:.lac month. In tt+f~ ~+v«=nt that the first annual
<br />~assr3ssment is levied rluril7~t Lhe perii~d for which a purchaser has crrepaid
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