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ir: rovements or to o erations. mhe balance in this ~
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fund at the end of each year shall be applied to re-
duce the assessments for current expenses for the
succeeding year, or may be dis ~ributed to the ~rem-
3ership, as the ~irectors shall determine.
_ (b) ~eserve for deferred maintenance, which
shall inclu~ie funds for maintenance items that occur
less frequently than annually.
~eserve for replacer;~ent, which shall
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include funds for repair or replac~ment required ~
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because of damage, depreciation or obsolescence. ~
(d) Betterments, which shall include the j
~
~ funds to be used for capital expenditures for
additional improvem~nts or additional personal i
~
,
~ property that will be part of the com~r,on elerr,~nts.
{e) Gperations, which shall ir_clude gross
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revenues fz~om the use of com,aon elements and ~roz~c ~
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other sources. Only the additional direct expense !
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i required by any r~venue producing operation will
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4 be charged to this account, and any surplus from
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e
~ any operati~n shall be used to reduce the assess-
ments for current expense for the year during which
~
~
~ the surplus is realized, or, at the discretion of
~
~
~ the Board of Directors, in the year followin~ the
~
year in which the surplus is realized. Losses
~
~ from operations shall be met by special assessments
~ against condominium unit owners, which assessments ~
~ may be made in advance in order to provide a work-
~ ing Pund• ;
- 6.2 ~udget~. The Board of Directors shall adopt a bud~et :
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~ ~
for each calendar year that shall include the estimated f~r,:s ,
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` required to defray the co:nmon expense and to provide an3 main- ~
tain funds for reserves.
= 6.3 ~.ssessments. Assessments against the condorriniutr: unit
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-11- BOOK198 PAGEz~~9
~nW OFFIGES OF GOLOSTEiN, FRAYKLIN, CHONIN 6 SGHRA\K, P.A.. 2020 NORTHEAST i63RO S:RE~T, fVORTH MIAMI BEACH. FIORIDA 33:02