HomeMy WebLinkAbout0941 improvements shall not interfere with the
rights of any dwelling unit owners without
their consent. The cost of such work shali
not be assessed against a bank, life insur-
ance company or savings and loan association
that a cquires it s title as the re sult of own-
ing a mortgage upon the dwelling unit owned,
unless such owner shall approve the altera- ~
tion or improvements, and this shall be so
whether the title is acquired by deed from
the mortgagor or through~foreclosure proceed-
ings. The share of any cost not so assessed
shall be assessed to the other owners in the
shares that their shares in the common elements
bear to each othe r. In the event that such
alteration or improvement is exclusively or
sub stantially exclusively for the benefit of
the dwelling unit owner or owners requesting
sam.e, then in such event the requesting agart-
ment owner or owners shall be assessed there-
for in such proportions as they approve jointly,
and failing such approval in such proportions
as may be determined by the Board of Directors
of the Association. There shal2 be no change
in the shares and rights of an apartment owner
~ in the common elements altered or further im-
proved, whether or not the apartment owner
contributes to the cost of such alteration or
improvements.
ARTICLE VIII
ASSESSMENTS
The making and collection of assessments against dwelling
:
unit owners for common expenses shall be pursuant to the By-Laws and
subject tc the following provisions:
~ A. SHARE OF COMMON EXPENSES. Each dwelling unit
~ owne.r shall be lia le for an equal share of t
~ the common expense s. Each dwelling unit owner ,
~ shall share in the common surplus, such shares ~
E be ing the same as the undivided share in the
~ common elements, appurtenant to the dwelling
~ unit owned by him. Provided, however, that if
~ services are made available to dwelling unit
owners from a revenue-producing operation, no
assessmen~ on account of such services shali
~ be made agair~st a bank, life insurance company
~ or s3vings and loan association that acquires
~ its title as a result ef owning a first mor*-
~ gage upon a dwelling unit, and this shall be
so whether the Litle is acquired by deed from
~ the mcrtgagor or through foreclosure proceed-
~ ings; but this shall not preclude such an as-
~ se ssment against an occupant of a dwelling unit
a owned by sucr. an institution for services volun-
Y; tarily accepted hy the occupant. The shares of
° any cost or loss not assessed so shall be as-
~ sessed to the other dwelling unit owners in •
~ the shares that their shares in the common el- {
~ ements bear to each other.
:~a B. INTEREST; APPLICATION GF PAYMENTS. Assessments
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~ and ins~allments on such assessments paici on or
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