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i~ e it is understood and e
~ ( ) agre d between the ;
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i parties that in the event that any condominium unit
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owner shall fail to pay his assessments as provided ~
in paragraph (12) of the Declaration of Condominium, !
that the Executive Vice President of the Association
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shall have the right, in the name of Association, ~
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to proceed under the provisions of said paragraph (12) "
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i (fj The Manager shall, in addition to the costs ;
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for the accepted items, be reimbursed by the Assoc-
iation for all direct and indirect salaries and pro- ~
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fessional services that may be required, a secretary
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and/or resident manager. The Association shall pro-
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I vide the Manager with office space, a telephone and ;
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f all utilities at the A~sociation's cost. The Man- 4
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~ ager shall have the exclusive right, so long as this ~
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contrac~ is in full force and effect, to hire and ~
i; fire all employees of the Association employed by ~
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I the Manager under the terms of this Agreement. ~
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~ ij (g) The Manager shall prepare and submit ~
~ 4, annually, a budget for the estimated cost of oper- ~
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~ ;i ation of the Association which budget shall include i
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j' estimated costs for all services to be performed ;
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by the Association and ell obligations of the Ass- !
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ociation allowing for necessary reserve for future ;
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repairs and replacements and the fee to the Manager
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~ as hereinafter provided. The budget shall be the
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¢ basis for the unit assessments. The budget shall ~
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~ be automatically approved upon presentation to the ~
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~ board of directors by the Manager, except as to the ~
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~ 1~ amounts of monies that will be placed in reserve for `
~ ! future re airs and re lacements which amounts
~ I~D~ER Q GRANDORr P P ~
~ ~t770RNEYS AT LAW. ~.A. • Al~er ~
~ , o.ox.,,: shall be approved by the Board of Directors. ~
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SHOYIIN6 G<NT[11 the first year of operation, the Manager shall sub~}it =
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