HomeMy WebLinkAbout2760 a~d colleot aBeaasments, and to nwintAfn, repair and replaca the
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common slamenta and the limited common elemente of the Condomi~iwn. ~
Funds for the payment of conunon exper?ses ahall be assessed aqainat ~
the unit owners in the proportfons of percentages of sharinq com~aon i
expensee as providad in the Declaration. Said assessment shall be ~
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payable as ordered by the Board of Directo~s. Special Assessments, ~
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~sliould such be required by the 8oard of Directors, shall be levied ;
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in the same manner as hereinbefore provided for_regular assess-
ments, arid shall be payable in the mannor determined by the Board
of Directors. .
(b) When the Soard of Directors has determined the amount of
ar?y assessment, the Treasurer of the Corporation shall mail or
present to each unit owner, a statement of said unit owner's `
assessment. All assessments shall be payable to the Treasurer
of the Corporation and, upon request, the Treasurer shall give
a reaeipt for each payment made to him.
Section 5. Ap~lication of Pavments_and Co-Mingling of
Funds All sums collected by the Association from assessments may
be co-minqled.in a single fund, ar divided int4 more than one fund,
as deterrained by thQ 8oard of Directors. AlI assessr~ent payments
by a unit owner shall be applied as to,interest, delinquencies,
costs and attorneys' fees, other charges, expenses or.advances,
as provided herein and in the Declaration of Condominiuan, and
general or apecial assessments in such manner as the Board of
Director~ determines in its sole discretion.
Section 6. Annual Audit An audit of accounts of the Asso- ~
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ciation shall be niade annually by a Certified Public Accountant, #
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and a copy of the Report shall be available for inspection by '
the members oF the Office of the Association, not later than
three months after the end of the year for which the report is ~
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made.
- Section 7. Acceleration of Assessment Installments Upbn
Default If a unit owr~er shall be in default in the payment of ~
an insta~lment upon any assessment, the Board of Directors may
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