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Losse s from operations shall be met by special assessments ;
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against dwelling unit owners, which assessments may be made in ;
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advance in order to provide a working fund. ~
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Bu~et. The Board of Dire ctors shall adopt a budget
for each calendar qear that shall include the estimated funds
required to defray the common expense and to provide and main-
tain f~nds for the foregoing accounts and reserves accordin~ to
good accounting practices as follows: ,
1. Current expense, the amount for which shall nat
exceed 105 percent of the budget for this account for the
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prior year. ,
2. Reserve for deferred mafntenance, the amount for
which shall not exceed 205 percent of the budget for this
account for the prior year.
3. Reserve for replacement, the amount for which
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shall not exceed 105 pereent of the budget for this account '
for the prior year. .
4. Betterments, which shall include the funds to be used
for capital expenditures for additional improvements or addi-
tional personal property that will be a part of the common
elements, the amount for which shall not exceed Two Thousand
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Five Hundred Dollars (~2,500.C~3), provided, however, that in
the expenditures of this fund no sum in excess of One Thousand
Dollars (~1,000.00) shall be expended for a single item or for
a single purpose without approval of the members of the ~
5. Operations, the amount of which may be to provide
a workin~ fund or to meet losses.
6. Provided, however, that the amount for each
budgeted item may be increased over the foregoing limitations
when app~oved by dwelling unit owners entitled to cast not
less than 75 percent of the votes of the entire membership of
the Association; and further provided that until the Developer
has completed all of the contemplated improvements and closed
the sales of all dwelling units of the Condominium, or until ~
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