HomeMy WebLinkAbout0910 UE;~,i-.~Lic>~~~~ wt~i~:t~ shall inclu le grc.5~ ~r~~nues
fro~n the us~,• c.f co~iw,u~~ .•l~~,n~~nts ~n~i t uth. r s.~ui c~:,.
Only the additiun.,l ciirc~ct ~x~~e~~;;c: rc~yuir.:ci by uny ravenue
producing op~ration will be ct~acy~cf t~~ ~his ~cc~~unt, ~nd
sny surplus fro~u ~ny ~E}vr~~tioii .i~sll F.e u~~e~~ to reduc~• the
~~~s~.~ss~nent:. fc,r curi~i~t ~,xF,~•n•:~ f~~i- tt~~ y~ ar duciny ~vl?ich
tl~v sur~~lus i~ r~~~liz~ci, ur, st lh~~ dis~r~:tic~~ ui tt,e Board
oC Uir~ctors. in thc~ yC~r fc~llo.riny t1?v y~.ar ir~ .~lhich the
surplus is r~~lized. Lc,~s~s tr~~m up~~~sti~~ns st?all t~~ met
by sE~ecial aSs~JJII~VIIL~ ~y.~ir~st ~:on~iuminium ur.it .,Y~IleTS~ which ;
~~~assrnents m~y b~ ~nsc~e in ~dvanc~: in ord~~r io ~:rovid~~ a
wurking fund.
~
~.2 Fsud~~~~t. Tt~~ Do:,rci oE Dir~~~:t~rs :,tc.~ll a~.o{,t a~u,lget for ~
edch c.~Iendar y~:ar that st,~,ll includ~ ti~~: ti~uat. d i ur.~is required
to d~:fruy th~ coium~~r~ ~xE.`nsc ~nd to prc,vici~• ,n~i m~.int~i~i f~nds for
reserv~5. " '
6.3 ti~~~•ssm~.nt~~. ~5se~.:.mer~ts .~y~insc th~~ cc n~.1c.;niniu~n unit
owners for th~~ir si~ar~• of th~- it~•ms uf the: L~dyet st~all t,~.~ made -
~ for the calendar y~ar ~anr?udlly i~~ <,dvance on or b~ fur~: UEC~mber
i -
~
f . 20th precediny the year tor „rhich tha a~se~5rnents arc~ n.3de. Such
i
` asscssrnents shall be due in t.welve eyu~l inst311i.~ent~, F,ayoble
F -
f
d on tr?e f irst day of each month of th~: yc:ar f or whi cr~ tt?~ a~~sess-
i
= ments are made. if ~,n annual as~~ss~nent is not m..de ~s reyuired~
~
R ~n .~~sc~~~,n~nt ::h~ll pr~suiu~d to h~v~ b~~~~n m.id~ in tt,e a:nount
~
_
~ _ of th~ l~~t ~~rior CIJJE:SSUient. ancl rnontt,l~' lf:st~ll~.;ents on such
~ ~;,sc'JJIQ~I~~~S ~hall t~c- du~ uE;c~n E~ac.ti inst~~ll~~ic-nt p~i';ru•~nt duta until
~
~ ch~nc ~d b• ~n ~tnenclc~c~ ~~:.~s5~ucnt. In tti~: ~:vvnt ti~~: ~~nr:u~l ~sSesS-
s . ~ 1~
~
~ in~nt pr~v~:s tc. bc• insuf f ii.ie!?t, t.t~` i;ut3y~t ~nd ~s~.e5~mc~nts may be
T
"9
~ amend~ci at dny tii~?~ by th~ b~~drd of Dii-`.;t~>is. Ui~p•~i~l asse~s-
^'a. (ilE•nts for th~ r~rnaining E,ortion uf th~: c~l~~r~dar y~~ar t~~r v:hich
an ~m~nc~~ci assessm~nt is n~.,ci.~ sh,~ll b~ ~dy~t~le in a~~ ~n~iny equal
instdlL<«nts ~s th~~r~~ ~r~= full montt?s ~f thc• cale~.dar ye~ir left
''3 "
as of tt~~~ ci~t~ ci ~uch .imc~nd~~cl ass~~sn~~nt, ~.acti .uc,h i.~or?thly
installn~ent to b~: E,aici on th~~ firsl. l~y ~~f thE rnc:?tt~, ~:oncu~encing
th~ fir~.t d~y ~.f ti?~ nc:xt c~n~~uiiig :,«:ntt:. tl .~t~l~~ t, ~.~.~:hirig here-
in sh~ll ~~:rv~ t~ E~~ohibit or prevc~nt it~~, isc.~r~j o Jir~•ctors from
l~lt(i(l:il(t~~ ~f ~UCI[• '~U111 v:~J~CJJ~II~Ii~, l~l ~ ~~'.i~ U~ 1~+y 1(f1ITi -(~lc~t~' n~.ed ~T
~i
emc•rc~c~ncy. BCG~(~23 P,uE ~~O
-11-