HomeMy WebLinkAbout0814 (e) Operations, which shall include gross
revenues from the use of common elements and from i
other sources. Only the additional direct expense ~
required by any revenue producing operation will
be charged to this account, and any surQlus from
any operation shall be used to reduce the assess-
ments for current exp~nse for the year dura.ng which
the surplus is realized, or, at the discretion of
the Board of Directors, in the year following the
year in which the surplus is realized. Losses
from op~rations shall be met by special assessments
against condominium unit owners, which assessments
may be made in advance in order to provide a work-
ing fund.
6.2 ~Bu_d~
~et. The Board of Directors shall adopt a budget
for each ca el~ar year that shall include the estimated funds
required to defray the cammon expense and to provide and maintain
funds for reserves.
6.3 Assessments. Assessments against the condominium unit
owners for eir share of the items of the budget shall be made
for the calendar year annually in advance on or before December
20th preceding the year for which the assessments are made. Such
assessments shall be due in twelve equal installments, payable
on the first day of each month of the year for which the assess-
ments are made. If an annual assessm~nt is not made as required,
an assessment shall be presumed to have been made in thc amount
of *he last prior assessment, an2 ::~nthly installments on such
assessment shall be due upon each installment payment date until
changed by an amended assessment. In the event the annual assess-
ment proves to be insufficient, the budget and assessments may
be amended at any time by the Board of Directors. Unpaid assess-
ments for the remaining portion of the calendar year for which an
amended assessment is made shall be payable in as many equal
installments as there are fuli months of the-calendar year lef t
as of the date of such amended assessment, each such monthly
installment to be paid on the first dax of the month, commencing
the first day of the next ensuing month. Provided, nothing herein
shall serve to prohibit or prevent the Board of Directors from
: imnosing a lump sum assessment in case of any immediate need or
~ emergency .
s
~ 6.4 Acceleration of assessment installments upon default.
~ If a condoneiniu~m
unit owner shall be in default in the pay-
~ ment of an installment upon an assessment, the Board of
~ Directors may accelerate the remaining installments of the
~ assessment upon notice to the condominium unit awner, and
~ the then unpaid balance of the assessment shall be due upon
the date stated in the notice, but not less tr.an five (5) days `
after delivery of the notice to_the condominium unit qwner, or ;
~ not less than ten (10) days after the mailing of such notice to :
him by registered or certified mail, whichever shall first occur. 1 ~
~
~ 6.5 The depository of the Association shall be such bank
~ or banks as shall be designated from time to time by the direc-
tors and in which the monies of the Association shall be deposited.
~ Withdrawal of monies from such accounts shall be only by checks
~ signed by such persons as are authorized by the directors, pro-
- vided that a Management Agreement may include in its provisions
; authority in the ~ianager to sign checks on behalf of the Associ-
~ ation for payment of the obligations of the Association. ~
~ 6.6 Fidelit bonds may be required by the Board of
~ Directors for a persons handling or responsible for_Associa-
~
tion funds in such an amount as shall be determined by the Board.
~ The premiums on such bonds shall be paid by the Association.
~
~ 6.7 Audit. An audit of the accounts of the Association
~ ma be made~rom time to time as directed by the Board of Direc-
~ tors. A copy of any audit report received as a result of an
_ B~oK ~87 814
LAVIi OFFICES OF GOLD~'T[IN. FRANKLIN. CHONIN Q SCHRANK. P. A.. 2020 NORTHEAST 163AO STREET. NORTM M~AMI BEACH. FLORIOA 33162
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