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HomeMy WebLinkAbout0132 by the Board of Directors in respect of repair or replacement of the condominium prop- erty or in respect of anticipated expenses by the condominium association which are not anricipated to be incurred on a regular basis, and there shall be excluded from such computation assessments for betterments to the condominium property if the By-Laws so provide or allow the establishment of reserves , or assessments for betterments to be imposed by the Board of Directors . (i) Adoption of Budget by h~embership . In the event that the Board of Directors shall be unable to adopt a budget for the Associarion in accordance with the - requirements of subparagraph B. 1. above, the Directors may call a special member- ship meeting for the purpose of considering and adopring the budget for the Associa- tion, which meeting shall be called and held in the manner provided for such special membership meetings in paragraph B. 1. (b) above. and such budget is approved by ~ the membership, upon the approval of the majority of the Board ot Directors, shall be- ; come the budget of the Association for such year . - ~ ~ C. Assessments . Assessments against the condominium unit owners for their share ~ c~f the items of the budget shall be made for the calendar year annually in advance on or be- ~ fore December 31st preceding the year for which the assessments are made. Such assessments ~ shall be due in equal installments, payable on a quarterly basis in advance. If an annual y assessment is not made as required, an assessment shall be presumed to have been made ~ , :n the amount of the last prior assessment, and quarterly installments on such assessment ~ snall 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 and 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 quarterly installments as there are full months of the calendar year left as of ~ the date of such amended assessment, each such quarterly installment to be paid in advance, ~ com~encing the first day of the next ensuing quarter . 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. ~ - D. Apportionment of expenses . Costs and expenses attributable to or to be shared =V by more than one of the condominiums at A~tlantis, such as, but nat limited to, the maintenance = of recreational areas, roadways and parking areas, the cost of maintaining facilities or ser- ~ vices shared by more than one condominium. and the costs of labor or services wherein the - Iabor or services are being provided to more than one condominium, shall be equitably appor- tioned by the Board of Directors to the condominium sharing such services, labor, or other benefits, and to whom such costs and expenses are attributable, and the proportionate share - attributable to a condominium shall consritute a portion of its common expenses. ~~here benefits, services or labor are being shared on a substantially equal basis by condominiums, the basis ; of determining the proporrionate share of such costs to each condominium shall be computed = by multiplying the total cost by a fracrion, the numerator of which shall be the total number of condominium apartment units in the condominium, and the denominator of vvhich shall be the total number of apartments in the condominiums to which such common costs and expenses ~ are attributable . -:i -10- :~~x L - 3GUK ~W PAGE 1~~ ~ - _ , ~ ~ w: . ~ : : ~ - . - - - ~ ..,rv