HomeMy WebLinkAbout0454 -10-
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event that such alteration or improvement
is exclusivelp-or substantially exclusively
for the benefit ~f the dwelling unit owner
or owners requesting same, then in such
event the requesting apartment owner or owners
shall be assessed therefor in such prop or-
tions as they approve ~oin~ly, and failing
such approval in such proportions as may be
determined by the Board of Directors of the
Association. There shall be no change in
the shares and rights of an apartment owner ;
in the common elements altered or #tiirther :
improved, whether or not the apartment owner ;
contributes to the cost of such alteration or ;
improvements. }
ARTICLE PIII
ASSESSMENTS
The making and collection of assessments against
dwelling unit owners for com~non expenses shall be pursuant ~
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to the By-Laws and sub~ect to the following provisions:
A. Share of Common en_ses. Tach dwelling unit owner
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.3 ~e~iaT~ e or an equal share of the common
expenses. Each dwelling unit awmer shall share in
~ the co~non surplus, such shares bei.ng the same t
~ as the undivided share in the common elements ;
appurtenant to~the ciwelling unit owned by him. ~
Provided, however, that if~ services are made ;
available to dwelling unit owners from a revenue- ~
producing operation, no assessment on account `
of such services shall be made against a bank,
life insurance companp or savings and loan
association that acquires its title as a result
of owning a first mortgage upon a dr~relling unit,
and this shall be so whether the title is acquired
by deed from the mortgagor or through fore-
closure proceedings; but this shall not preclude ;
such an asses~ment against an occupant of a ~
- dwelling unit owned by such an institution for
services voluntarilp accepted.by the occupant. ;
The shares of any cost or loss not assessed so
i shall be assessed to the other dwelling unit owners
j in the shares that their shares in the common
f elements bear to each other.
! B. Interest• a ica
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E and installments on such assessments paid on or
j before thirty (30) days after the date ~when due
~ shall not bear interest but all sums not paid
! on or before thirty (30i days after the date xhen
due shall bear interest at the r~te of ten percent
(10,~) per annum from the date when due until
~ paid. All payments upon account shall be first ~
; applied to interest and then to the assessment i
; payment first due. '
C. Lien for Assessments. The lien for uapaid ass~ss- i
` ments a so secure reasonable attorneys' fees ~
incurred by the Association incident to the
coll.ection of such assessment of such lien.
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