HomeMy WebLinkAbout2380 a. Current expense, which shall include all receipts
and expenditures within the year for which the budget is made including a rea-
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sonable allowance for contingencies and working funds, except expenditures
chargeable to reserves, to additionat improvements or to operations. The
balance in this fund at the end of each year shall be applied to reduce the as-
sessments for current expense for the succeeding year.
b. Reserve for de~erred maintenance, the amount of
which shall not exceed 105% of the budget for this account for the prior year.
a. Reserve for replacement, the amount fir which
shall not exceed 105% of the budget for this account for the prior year.
d. Provided, however, that the amount for each budgeted
item may be increased over the foregoing limitations when approved by apartment
owners entitled to cast not Tess than 75% of the votes of the entire membership
of the Association; and further provided, however, that until Developer of
` the condominium has completed all of the contemplated improvements and closed
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° the sales of all units of the condominium, or until January 1, 1976, or until
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~ the developer elects to terminate its control of the condominium, whichever
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shall first occur, the board of directors may omit from the budget all allow-
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~ ances for contingencies and reserves.
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~ 6.3 Assessments. Assessments against the apartment owners
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for their shares of the items .of the budget shall be made for the calendar year
~ annually in advance on or before December 20 preceding the year for which
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_ the assessments are made. Such assessments shall be due in two equal in-
~ stallments on the first days of January and July of the year for which the as-
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sessments are made. If an annual assessment is nbt made as required, an
~ assessment shall be presumed to have been made in the amount of the last prior
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= assessment and semi-annual installments on such assess~nent shall be due upon
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j:.; each installment payment date until changed by an amended assessment. In the
event the annual assessment proves to be insufficient, the budget and assess-
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''~':s GARL r. [LLWAHGER ATTORNEY AT L/?W P. O. BOX 1969 iTUART. FLORIDA a'J4Y4