Loading...
HomeMy WebLinkAbout0054 (e} ~perations, which shall incl~de gross revenues - from tne use of cortunon elements and from other sourGes. Only the additional direct expense required by any revenue producing operation ~rill be charged to this accaunt, and any surplus fro~n any operation shall b~ 3 to reduc~ the assessments for current expense f~r the year during which the surplus is realizea, or, at the discretion of the fi:~ard of ~irectors, in the year following the year in which the surplus is realized. Lo~ses frcm operations shall be met by special assessments against condominium unit ovmers, which assessments may be made in advance in order to provide a working fund. b.2 Budqet. The Board of Directors shall adopt a budget for each calecdar year that shall include the estimated funds required to defray the common expense and to 'provide and rr~aintain funds ior reserves. 6.3 Assessments. Assessments against the condominium unit ovrr.?~ers for their share of the it~ms of the budget shall be made for the calendar year annually in advance on or before December ; 20th preceding the y~2ar for which the assessments are made. Such ~ ~ assessments shall be due in twel~~e equal installments, payable ~ ~ on the first day of each month of the year for which the assess- ~ ments are made. If an annual assessment is not made as required, ~ an assessment shall be presumed to have be?n made in the amount ~ oi the last prior assessment, and manthly installments on such ~ ~ assessments shall be due upon each installment payment date until ~ changed by an amended assessment. In the event the annual assess- ~ ment proves ~o be i~sufficient, the budget and assessments may be ~ ~ amended at any time by t~:~ 3~ard cf ~irectors. Unpaici assess- ments for the remaining portion of the calendar year for which ~ an ar?ended asse~sment is made shall be payable in as many equal ~ instal~ments as there are full months of the calendar year left ~ ~ as of the date o,: such amended assessment, each such monthly ~ ~ installment io be paid on the first day of the manth, commencing ~ the first day of the next ensuing month. Provided, nothing here- ~ in shall serve to prohi~it or prevent the Board of Direct~rs fTom ~ ~ imposing a lump sum asses~ment in case of any immediate need or ~ ~ emergency. ~ g~2#.~ ~ 5!~ ~ _11_ . , 3 % ~ - _ ~ r ~ - ~ ~ ~v ' - f .r - . . . . . ' . , ` . r~_~. - _ . _ - ~ . - .