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for which the assessmenta are made. Such assessments shall be due
in monthly installments, in advance, ori the first day of each month
of the year for which the assessments are made. If an annual assess-
ment is not made as required, an assessment shall be preswned to
have been made in the amount of the last prior assessment and monthly
installmenta on such assessment shall be due upon each installment
payment date until changed by an amended assessment. In the event
the annual assess~nt proves to be insufficient, the budget and
assessments may be amended at any time by the board of directors.
The unpaid assessment for the remaining portion of the calendar
year for which the amended assessment is made shall be due upon the ~
date of the assessment or as determined by the board of directors.
The first assessment shall be determi.ned by the board of directors _
of the Association, which may include an amount for working capital.
~ 6.4. Acceleratioa of assessment instaZlmehts upon default.
If a member shall be in default in the payment of an installment
upon an assessment, the board of directors may accelerate the remain-
i
ing installments of the assessment upon notice to the member, and then
~ the unpaid balance of the assessment shall come due upon the date stated
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~ in the notice, but not less than (1Q) days after delivery o£ the notice
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~ to the unit owner, or not less than (20) days after the mailinq of such
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~ notice to him by registered or certified mail, whichever shall first ~
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occur.
~ 6.5. Assessments for emergencies. Assessments for ~
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common expenses of emergencies that cannot be paid from the annual
assessments for common expenses shall be made only after notice of
the need for such is given to the members. After such notice and
~ upon approval in writing by persons entitled to cast more than one-
r
~ half of the votes of tlie members, the assessment shall become effective,
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~ and it shall be due after thirty days~ notice in such manner as the
~ board of directors of the Association may require in the notice of
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assessment.
6.6. The depository of the Association shall be such
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bank or banks as shall be designated from time to time by the directors l
and in which the moneys of the Association shall be depoaited. With- ~
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