HomeMy WebLinkAbout2215 maintaining lea~eholds, memberships and other possessory
or uae interest in lands or facilitiea to provide enjoyment,
recreation or other use or b~nefit to owners of PRIVATE
DWELLINGS, all as may be now or.hereafter acquired by lease
or agreement in form and content, and containing provisions, .
eatisfactory to the Board of Directors of ASSOCIATION.
Upon adoption nf such Annual Budget by the Board of
Directors of ASSOCIATION, copies of said Budget ghall be
delivered to each owner of a PRIVATS DWELLING and the
assesament for said year shall be established based upon
such Budget, although the delivery of a copy of said Budqet
to each owner shall not affect the lfability of any owner
~or such assessment. Should the Board of Directors at any
time determine, in the sole discretion of said Board of
Directors, that the assessments levied are or may prove to
be ineufficient to pay the costs of operation and management
of the CONDOMINIUM, or in the event of emergencies, said
Board of Directors shall have the authority to levy such
additional assessment or assessments as it may deem to be
necessary.
D) The Board of Directors•of ASSOCIATION, in estab~ishing 8aid
Annual Budget for operation, management and mai~enance of
- the Project, may include therein a sum to be collected and ~
maintained as a reserve fund for replacement of COI~IIKON
PROPERTY, which reserve fund shall be for the purpose of
_ enabling ASSOCIATION to replace structural elements and
mechanical equipment constituting a part of COMMON PROPERTY~
- as well as the replacement ot personal property which may
constitute a portion of the OOMM+ON PROPERTY held for the
joint use and benefit of all of the awnera of all PRIVATE
DWELL~GS. The amount to be allocated to such Reaerve Fund
for Replacements ahall be established by said Board of
Directora so as to accrue and maintain at all timea 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 time to time sh~ll
be maintained in a separate account by ASSOCIATION, al-
though nothing herein contained shall limit ASSOCIATION
i #ram applying any monies in such Reserve Fund for Replace-
~ menta tc meet other needs or requirements of ASSOCIATION in
i operation or managing the Project in the event of emergencies,
~ or in the event that the sums collected from the owners of
~ pRIVATE DWELLING5 are insufficient to meet the then fiscal
~ financial raquirerrar~ts of ASSOCIRTIOI~ but it shall not be a
~ requirement that these monies be used for such latter pur- -
~ posea, as a separate ass~essment 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
used to provide a measure of financial stability during
~ periods of special stress when such sums may be used to meet
deficiencies frotn time to time existing as a result of
~ delinquent payment of assessments by owners of PRIVATE
~ DiWELLINGS, as a result of emergenciea or for other reason
placing financial stress upo~ ASSOCIATION. The annual
- amount allocated to such operating reserve and collected
= therefor shall not exceed 1096 of the current annual assess-
ment levied against the owners of all PRIVATE DWELLINGS and
; their PRIVATE DWELLINGS. Upon accrual in said operating
_ reserve of a sum equal to 3096 of the current annua 1 assess-
~ ment, no further payments shall be collected from the
owners of PRIVATE DWELLINGS as a contribution to such
operating reser~e, unless such operating reserve shall be
reduced be).ow said 30'~6 level, in which event, contributions
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SPIELV~GEL, GOIDMAN ANi~ CARUSO, P. A. - ATl'ORNEYS AT LAVV - AtERRiTT ISLAND. FLORIDA
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