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improvr:inents or to op~rations. The balance in th~s ~
fund at tt~e end oi' each year shall Ue applied ~o r~- ~
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duce the assessments for curi~en~ e~:penses for the
succeeding year, or may tc distributed to the mem-
bershtp, as the Directars shall determine.
(b) Reserve for deferred maintenance, which
shall include f
unds for rr~intenance items that occur
less frequently than annually.
(c) Reserve for replacement, which shall
include funds i'or repair or replacement required
because of damage, depreciation or obsolescence.
(d) Betterments, which shall include the
funds to be used for capital expenditures for
addition~.l improvements or additional personal
property that will be part of the common elements.
(e) Operations, which shall include gross
revenues f'rom the use of common elements and f'rom
other sources. Only the additional direct expense
required by ar~y revenue producing operation vrill
be charged to this account, and any surplus from
any operation shall be used to reduce the assess-
'i ments for current expense for the year during which
i the surplus is realized, or, at_the discretion of
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~ the Board of
Directors, in the year~following the
~ year in which the surplus is realized. Losses ~
i'rorn operatlons sl~all be met by special assessrr.ents
against condominium unit owners, which assessments
may be made in advance in order to provide a work-
~ in~ fund.
~ 6.2 Budget. The Board of Directors shall adopt a budget
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~ for each calendar year that shall include the estimated ~rxis
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~ required to defray the cor,i~~on expense ar,d to provide and m3in-
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tain funds for reserves.
6.3 ~ssessments. Assessments against th~ condominium untt
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