HomeMy WebLinkAbout0845 a. ~:urr~nt ex~ense, K~hich stiall include ~11 receipts
and expenditi~reG within the year for which thP hudget is rr ade includi~~ a rea-
sonable allowan~e for contirioecicies and woi-icing fut~ds, except expenditures
chargeable to reser~•es, to addltiarplin~prove-r:~ents or to operations, 'I'he
balance in this fund at the end of each yeai• shall be appiied to reduce u~e as-
sessn~ents for current exper.ge for the suecee+iing yeai•.
b. iteserve for deferred n:aintenance, the amount vf
x•hich shall not exceect 10~ of the budget for this account for the prior ~ear.
c. ~.eserve for replacer..ent, the amount fir which
~}~al', nat exceed 105 of zhe budge; for tliis account for the prior yQar.
d. I rovided, however, that the an~ount for eac}~ bu~geted
:ter_; r:~ay be increa5ed over the foregoing lir.~it~tions when approved t~y apartir:ent_
o;vners eniitted to cast not les~ ilian of t>>e votes cf the entire n•e~-~tiership
of ~tie :association; anu .ui-tl?er provided, ~~o~~ever, that until i~eveloper of
ts~e condomfnium has cor~:p~eted ail of the contemglate~ in~proverr~ents an~ closed
the sales of all units vf tile condor.~iruuin, or until „urniar~ 1, 1976, ar until
t~~e deyploper elects to terminate its cantrol af the ccndominiun., ~-hicr=ever
i s~a11 first occur, t~e ~•osr~ af directors n-:ay or.~it tron the budget all allc~~i•-
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~ a:ices f~r contingen~ie~ ar.d reaerves.
~ 6. 3 n ssessrc:ents. r:ssessr.-pnts against the apartrr~ent o;~•ners
for their shares of the it~r.~s of tl:e ~udget shall be made for the ca'_endar year
annu~lly in advar,ee on or ~efore i~ecember ZO preceding the year for which
~he assessments are r.-_ade. Such assessrr.ents shaZl be due in t1i•o eyual in-
Gtalln-~ents oti the first davs of Januarv and J~~;v of :he vear for whic~ the as~
~ sessn~ents are n~ade. If an annual asst~ssm.ent is not n:ade as requirec?, an
~ a5sessment shatl be presumed to have been n~:ade ?n the an-:ount of the Iast prlor
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assessment and serr~i-aru~ual installrnents on su~h assessn-.ent sha21 be due upon
~ each i:istallment payrn~,~t date until changeci by an amended assessn-e;it. Iri the
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~ event the annual asses~n~ent pro~es to be insufficient, the budget and assess-
y
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~ CARL F. [ILWANGER ATTORNEY AT LAW P. O. ~O7I teb• ~TI:ART. FLORIDA ~i4~4
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