HomeMy WebLinkAbout1770 mainta~ning lea~eholds. memberehipg and othez possessory
or use intereQt in lands or facilitiea to provide enjoyment~
recreation or other use or benetit to owners of PRIVATS
D'W~LLINGS, all as may be now or hereafter acquired by lease
or agreement in fonn and content, and containing provisions,
satisfactory to the Board of Directore o~ ASSOCIATION.
Upon adoption of such Annual Budget by the Board of
Directors of ASSOCIATION, copies of said~Budget ghall be
delivered to each owner of a PRIVAT$ DWELLING and the
aeaessment for said year shall be established based upon
such Budget, although the delivery of a copy of gaid Budqet
to each awner shall not affect the lfability of aay owner
for such assessment. Shou~~ t~e Board of Directora at any
time determine, in the aole discretion of said Board of
Directora, that the assessments levied are or may prove to
be insufficient to pay the costs of operation and management
of the CONDOMINIUM, or in the event of emergenciea, said
Board of Directors shall have the authority to levy sach
adaitional assessment or assessments as it may deem to be
necessary.
D} The Board of Directors•of ASSOCIATION, in establishing said
Annual Budget for operation, management and maintenance of
the Project, may include therein a sum to be collected and
maintained as a reserve fund ~or replacement of COMM~N
PROPERTY, which reserve fund shall be for the purpose of
, enabling ASSOCIATION to replace structural elemente and
~ mechanical equipment constituting a part of COMMON PR4PERTY,
as well as the replacement of personal property which may
constitute a portian of the OOMM~ON PROPSRTY held for the
}oint use and benefit of all of the ownere of a11 PAIVATE
DWELLxIaGS. The amount to be allocated to such Reserve Fund
for Replacements shall be established by said Board of -
Directors so as to accrue and maintain at all times a sum
reasonably necessary to anticipate the need for replacement
of COMMON PROPERTY. The amount collected and allocated to
the Reserve Fund for Replacements from ti.me to time shsll
be maintained in a separate accaunt by ASSOCIATION, al-
though nothing herein coatained shall limit ASSOCIATION
from applying any monies in such Reserve Fund for Replace-
mente to meet other needs or requirements of ASSOCIATZON in
operation or managing the Projeet in the event of emergencies,
or in the event that the sums collerted trom the owners of
pRIVATE DWELLINGS are insufficient to meet the then fiscal
financial require~ts of ASSOCIP,TIUI~ but it shall not be a
requirement that these monies be used for such latter pur-
poses, as a separate asgesament may be levied-therefor if
deemed to be preferable by the Board of Directors of
ASSOCIATION in the sole discretion of said Board of Directors.
~
~ E) The Board of Directors of ASSOCIATION, in establishing said
~ Annual Budget for operation, management and maintenance of
; ~the Project, may include therein a sum to be collected and
~ maintained as a general operating reserve which shall be
s u$ed to provide a measure of financial stability during
$ periods of special stress when such sums may be used to meet
5 deficiencies fram time to time existing as a reault of
delinquent payment of assessmente by owners of PRIVATE
~ D`WELI+INGS, as a result of emergenciess or for other reason
placing financial stress upon ASSOCIATION. The annual
amount allocated to such operating reserve and collectec3
therefor ahall not exceed 1096 of the current annual assess-
ment levied against the owners of all PRIVATE DFTELLINGS and
their PRIVATE D~WELLINGS. Upon accrual in said operating
reserve of a sum equal to 3036 0£ the current annual as$ess- -
e ment, no further payments shall be collected ~rom the
,
; owners of PRIVATB D~TELLINGS as a contribution to such
' operating reserve, unless such operating reserve shall be
reduced below said 3096 level, in which event, contributions
;
= -18-
~ 10.15.2
~
= 220 ~.~b'~
- SYIECVQGEL. GOLDMAN ANn CARUSO, P. f!. • ATTORNEYS AT l.AW . 1?tERRiT? ISLAND, FLORIDA
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