HomeMy WebLinkAbout1710 owners for their share of the items of the b~ad~;et shall Le macte
for tlie calendar year anilually in advance on or before Dc~cciuUer
. 20th precedir~ the year for which the assessments are m~de. Such
assessments shall be due i.n twelve equal insl;al~n~ents, payable on
the first day of each month of the year for which the assessrr,ents
are made. If an annual assessrr~nt is not made as required, an
ass~ssment shall be presumzd to have been made in the amount of
~r the last prior assessment, and monthly installments on such assess-
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ment shall~be due upon each installment payment date until changed
by an amended assessment. In the event the annual assessment
proves to be insufficient, the budget and assessments may be
amended at any time by the Board of Directors. Unpaid assess-
ments for t;he remaining portion of the calendar year for which
an amei~ded assessr~ent is made shall be payable in as many equal
installments as there are full months of the calendar year left
as of the date of such amended assessment, each such monthly
installment to be paid on the first day of the month, com~nencing
the first day of the next ensuing month. Provided, nothin~ he re-
in shall serve to prohibit or prevent the Board of Directors from
imposing a lump sum assessment in case of any immediate need or
I
; emergency.
~ 6.4 Acceleration of assessment installments upon default.
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If a condominium unit owner shall be in default in the payment
i of an installment upon an assessment, the Board of Directors
~ may accelerate the remaining installments of the assessment upon
notice to the condomin3um unit ov~ner, and the then unpaid balance
of the assessr~ent sha11 be due upon the date stated in the notice,
but not less than five (S) days after delivery of the notice to
the cor~do?r~iniur? unit otrrner, o'r not less than ten (10) days after
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~ the maf i ing of such notice to him by registered or certif ied rrr~ il,
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~ whichever shall first occur.
6. S Tlte depository oi' the Assocjation shall be such bank
cr banks as sha~ 1 be deslrn4ted from tj me to tirre by the dlrectors
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