HomeMy WebLinkAbout1950 6.3. Assessments. Assessments avainst the unit~
owners for their shares of the items of the budqet shall be made
for the calendar year annually in advance on or before December
31st preceding the year for which the assessments are made. Such
assessments shall be due in four equal installments on the first
days of. January, April, July and October of the year for which
the assessments are made. If an annual assessment is not made
as required, an assessment shall be presumed to have been made
in the amount af the last prior assessment and auarterly install-
ments on such assessment shall be due upon each installment pay-
ment date until chanqed by an amended assessment. In the event
the annual assessment proves to be insufficient, the bud_qet and
assessments may be amended at any time by the board of directors.
The unpaid assessment for the remaining portion of the calendar
vear for which the amended assessment is made shall be due upon _
the date of the assessment or as determined by the.board of di-
rectors. The first assessment shall be determined by the board
of directors of the Association, which may include an amount for
I working capital.
; 6.4. Acceleration of assessment installments upon
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~ default. If a unit owner shall be in default in the payment of
~ an installment upon an assessment, the board of directors may
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ac~elerate the remaining installments of the assessment upon ;
notice to the unit owner, and then the unpaid balance of the ~
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~ assessment shall come due upon the date stated in the notice, f
~ but not less than (10) days after delivery of the notice to the
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unit owner, or not less than twenty (20) da_ys after the mailinq
of such notice to him by registered or certified mail, whichever
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~ shall first occur.
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