HomeMy WebLinkAbout0500 The first assessment shall be determined by the Board of Directors ;
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of the Asso~iation. ;
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. D. Accelerat~on of assessment installments upon default.
If a dwelling unit or~mer shall be in default in the payment of an .
installment upon an assessment, the Board of Directors ma~ ac- ~
ce ierate the remaining installments of the assessment upon
notice to the dwelling unit owner and the unpaid balance of
the assessment shall come due upon the date stated in the notice ,
but not less than ten (10) daps after delivery of the notice to
the dwelling unit owner, or not le ss than twenty (20) days after
the mailing of such notice to him by registered or certified ~
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mail, whichever shall first occur.
E. Assessments for emer~encies. Assessments for co~on ~
expenses of emergencies that cannot be paid from the annual
assessments for common expenses shall be made onlq after natice
of the need_for such expenditures is given to the dwelling unit
owners concerned. After such notice and upon approval in
writing by persons entitled to cast more than one-half of the
votes of the dwelling unit owners concerned, the assessment
shall become effective and shall be due after thirty(30) days'
notice in such manner as the Board of Directors of the Assoc- ~
iation may require in the notice of assessment.
F. The depository of the Association shall be such bank
or banks and/or such savings and loan association or savings and
loan associations as shall be designated from time to time by ~
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the Directors and in which the moneqs of the Association shall
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~ be eposi e. ccounts shall be
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; only hy checks signed bp such persons as are authorized by the
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Directors.
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` G. An audi~ of the accounts of the Association shall be '
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made annually a~~d a copy of the audit report shall be furnished ;
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~ to each member not later than April 1 of the year following the
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year for which the audit is m~de. f
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H. Fidelix.~-~bands shail be required by the Board of
Directors from all persons handling or having responsibility
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