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Common expenses shall include expenses for the operation,
mainterlance, repair or replacement of the common elements and the
limited common elements, costs of carrying out the power and duties of the
corporation, all insurance premiums and expenses -relating thereto, ir~cludin
fire insurance and extended coveraqe, and any other expenses desiynated as
common e~enses from time to time, by the Board of Directors of the Cor- -
poration. The Board of Directors is specifically empowered, on behalf of
the corporation, to make and collect assessm~nts, and to maintain, repair
and replace the common elements and the limited common elements of the
Condominium. ~`unds for the payment of common expenses shall be assess
agairist the unit owners in the proportions of percentarges of sbarinq commou
expenses as provided in the Declaration. Said assessmen~ shall be payable as
ordered by the Board of Directors. Special Assessments, shauld such be_:
required by the Board of Directors, sha11 be levied in the same manner as
hereinbefore provided for reqalar assessments, and sha11 be pa.yable in the
. manner determined by the Board of Directors. -
(b) When the Boaxd of Direct~ors has determined the amount of
any assessment, the Treasurer of the Corporation shall mail or present to
each unit owner, a statement of said unit owner's assessme nt. All assess-
ments shall be pa.yabie to the Treasurer of the Corporation and, upon reque ,
the Treasurer sha11 give a receipt for ea,ch payment made to him.
~ection 5. A~plica.tion of Pavments and Co-Minctlinct of Funds.
- All sums collected by the Association from assessments may be
' co-minqled in a single fund, or divided into more than one fund, as deter-
mined by the Board of Directors. All assessment payments bq a unit owner
shall be applied as to interest, delinqencies, costs and attorneps' fees,
~ other charqes, expenses ar advances, as provided herein and in the Declar-
~ ation of Condominium, a~d general or special assessments in such manner
E as the Boa.rd of Directors determines in its sole discretion.
Section 6. Annual Audit.
~
~ ~ An audit of a~counts of the Association sha11 be ma,de annua,lly
~ by a Certified Public Accountant, and a copy of the Report shall be
available for inspection by the members in the Office of the Association, no
later than three months aft~r the end of the year for which the re~port is mad
Section 7. Acceleration of Assessment Installments u n Defaul
If a unit owner shall be in default in the payment of an insta,llmen
upon any assessment, the Board of Directors may accelerate the remaining
monthZy installments for the fiscal -year upon notice thereof to the unit owner
a,nd, thereupon, the unpaid balance of the assessment sha11 become due upo~
~ the da.te sta,tedin the Notice, but not less than fifteen (15) days a,fter the
delivery of or mailinq of said notice to the unit owner.
ARTICLE VI. SUBST~N'rIAL ADDl'I'IONS OR ALTERATIONS ,
R' sc°'T There sha11 t~e n~o substantial additions or alterations to the
~rronwsr ~T u?w
~o~~ common elements or limited common elements unless the same are authoriz
aTUARt, rWR~W?
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