HomeMy WebLinkAbout2063 presumed to have been made in the amount of fihe last prior assessment,
and monthly insfiallments on such assessments shall be due upon each
installment payment date until changed by an amended assessment. In
the event the annual assessment proves to be insufficient, the budget
amd assessments may be amended at any time by the Board of Directors.
Unpaid assessments for the remaining portion of the calendar year for
which an amended assessment is made shall be payable in as many equal
installments as there are full months of the calendar year left as of
the date of such amended assessment, each such monfihly instaiiment to
be paid on the first day of the month, cornmencing the first day of the
nec~ ensuing month. Provided, nothing herein shall serve to prohibit
or prevent the Board of Directors from imposing a lump-sum assessment
in case of any immediate need or emergency.
6.4 Acceler~tion of assessment installments upon default.
If a condominium unit owner shall be in default in the payment of an
installment upon an assessment, the Board of Directors may accelerate
~ the remaining installments of the assessment upon notice to the condo-
i
! minium unit owner, and the then unpaid balance of the assessment shall
E be due upon the date stated in the notice, but not less than five (S)
~ -
~ -
` days after delivery of the notice to the condominium unit owner, or
' not less than ten (10) days after t~e mailing of such notice to him
~
x
~
~ by registered or certified mail, whichever s~iall first oecur.
n
~
5
6.5 The depository of the Association shall be such bank or
~
~ banks as shall be designated from time to time by the directors and
~
~
~ in which the monies of the Association shall be deposited. Withdrawals
~
z of monies from surh accounts shall be only by checks signed by suc1~
.X
Sj
- persons as are authorized by the directors, provided that a Management
~ Agreement may include in its provisions authority in the Manager to }
~ sign checks on behalf of the Association for payment of the obligations j
_ ~
of the Association.
<f
6.6 Fidelity bonds may be required by the Board of Directors
`F~ for all persons handling or responsible for Association funds in such ;
_ ~
- an amount as shall be determined by the Board. The premiums on such i
:~3 i
= bonds shall be paid by the Association.
- 400!( 1 PAGE
~n3 ° 2061 -
_11 _ =
. i
~W5
~
~ ~ - .
- ~ ^f:
~ -n. . . , . . , . . , . . . ~ ._..~r..~s