HomeMy WebLinkAbout1529 because oP damage, depreciation or obaolescence.
(d) Bettermenta, xhich shall include the
funds to be uaed for capital expenditurea for
additional improvements or additional personal
property that Nill be part of the co~on elements.
;
(e) Operations, Mhich shall include groas ~
revenues from the use oP com~aon elementa ar~d from
other sources. Only the additional direct e~cperfee
required by any revenue producing operation Nill ;
~
be charged to this account, and any surplus from
any operation shall be used to reduce the aseess-
ments for current expense for the year during Mhich ~
the surplus is realized, or, at the dis cretion of ~
the Board of Directors, in the year follor~ing the
year in Nhich the surplus is realized. Loases ~
from operations shall be met by special asaessments
~ against cor~dominium unit o~nera, xhich assesaments
~
r
; may be made in advance in order to provide a~ork- ~
~ ~
~ ing ruria.
; 6.2 Budget. The Board of Directora shall adopt a budge t
° for each calendar year that shal? include the estl.~ted funds
' required to defray the co~anon expense and to provide and main- ~
~
~ tain Punds Por reserves.
; 6.3 Assesaments. Assessments against the condominium unit
's ormera for their share of the items oP the budget shall be made
>
{ for the calendar yeas annually in advance on or before December
a
20th preceding the year for Nhich the assessments are made. Such ~
;
~ ~
asaessments shall be due in txelve equal inatalL-nenta, payable on r
the first day of each month oP the year for which the assessments ~
are made. If an annual assessment is not made as required, an ~
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assessment shall be preaumed to have been made in the amount of ;
the last prior assessment, and morithl,y installments on such asaess-
3
` ment shall be due upon each installment payment date until changed ~
by an amerxied asaessment. In the event the annual asaesament
;
proves to be inaufPicient, the budget and assesaments mdy be i
- go~~197 P~~~~.527
- LAW OFFICES OF GOLDSTEIN. FRANKI.IN. GHONIN d SCHRANK. P. A., 2020 'VORTHEAST 163no STREET. NORTH MIAMI BEACH. FI.ORIDA 33162 f
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