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because o! damage, depreaiation or obsoleacenas.
(d) Bettermenta, Mhich ahall include ths ~
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lunds to be uaed for capital ezper~diturea for ~
additional improvements or additior~al peraonsl
property that Mill be part o! the comznon elements.
(e) Operationa, Mhich ahall include grosa
revenuea irom ths use of comaon elementa and fro¦
other aourcea. Onlq the additional direct e~cpenae
required by ar~r ravenue producing operation Mill
be charged to thia account, and ar~q aurplua from
t, any aperatian shall be used to reduce the asaesa-
ments for current e~cpense for the year during Mhich
the surplua ia realized, or, at the diacretion of #
the Board oP Directora, in the year following the
year in ~rhich the surplus ia realized. Losaea
fi*om operationa shall be niet by apecial asaeesmenta
aarainat ~endeminium unit ernera_ rhiah aseea8ments ~
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may be made in advar~ce in order to provide a rrork-
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ing fund.
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f 6.2 Budget. The Board of Directora ahall adopt a budget
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; for each calendar year that ahall include the estimated fur~da
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required to defray the. common eapenae and to provide and main-
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~ tain Punds !or reaerves. ~
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x 6.3 Aaseasments. Asaesamenta againat the eondoa~Lr~um unit
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~ orrners for their ahare of the itema of the budget ahall be made '
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~ for the calendar year annually in advance on or before December
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~ 20th preceding the year for Nhich the asaesements are made. Sueh
~ asaesamenta ahall be due in t~elve equ$1 installments, payable on
z the Pirat day of each month oP the year for Mhich the aa8esaments
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are made. IP an annual asaesament is not made aa required, an
= aaaessment shall be preaumed to have been made in the am~unt of
the last prior assessment, and nanth~y inatallmenta on auah asaess-
ment ahall be due upon each inatallment payment date until changed
- by an amended aasesamer~t. In the event the annual asseasment
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provea to be insufficient, the budget ard aa8easments may be
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~ooK~98 PA~ 217
LAW OFFICES OF GOLD57EIN. FRANKLIN, CHONIN Q SCNRANK, P. A.. 2020 NORTHEA9T 163ao STREET, NORTH MIAMI BEACH, FLORIDA 33162 ~ i
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