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all the anticip~ted operating expenses and for all of the ~~npaid operating
expenses previously incurred.
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(b) The Eoard of Administration of the Association shall fix and
determine from time to tune, the sum or sums necessary and adequate for
the common expenses of the Condominium. Comm~n expenses shall include
expenses for the operation, maintena.nce, repair or replacement of the
common elements and the limited common elements, costs of ~arrying ~ut
. the powers and duties of the Association, all insurance premiums and ex-
penses relatinq thereto, including fire insurance and extended coverage, and
~ any other expenses designated as common expenses by the C~ndominium Act,
the L~eclaration and/or designa.ted such from time to tune by the L~ard of
Administration of the Association. The L~oard of Administra.tion is specifi- '
cally-empowereci, on behalf of the Association, to make and collect assess- ~
ments:and to paylease payments, maintain, repair and repla~e the common ~ i
elements and limited common elements of the Condominium. Funds for the ;
payment of common expenses shall be assessed a.gainst the unit owners in the
proportions of percenta.ges.of sharing common expenses, as provided in the ~ ;
L`eclaration. Maintenanc~ fees for parcels committed tc Interval Cwnership
shall include those thinqs and upon su~h basis as described in the L`eclaration <
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and Exhibits and shall be fixed and determined as are common expenses. _
Said assessments for~common expenses and maintenance fees shall be payable
monthly in adva.nce and shall become due and payable as set forth in the ;
~ L'ecl~ration and Exhibits. Special assessments, should such be required by '
the Loard of Administration, shall be levied in the same manner as hereinbefo e;
provided for regular assessments, and shall bs pa.ya.ble in the manner as
determined by the ~~ard of Administration. The foregoing powers and duties
of the Associa.tion have been delega.ted to the Management Firm, as provided ~
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in the Mana.gement Aqreemen~. ~
U~~hen the Loard of Administra.tion has determ~ined the amount
of any assessment, the Treasur.er of the Association shall mail ~r present to
each Unit Cwner a- sta.tement or said U nit Cwner's assessment. All assess-
i ments shall be paya.ble to the Trea.surer of the Associa.tion and, upon request,
f said Treasurer shall give a receipt for each payment made to him, provided
' however, the provisions of the Mana,qement Agreement, as ionq as it is in
~ effect, shall supersede the provisions in this Secticn and all sections in
' A rti~le VI, of these Ly-Laws.
(d) The Loard of Administra.tion has delegated the power and duty
of making and ~ollectinq a~sessments to the Mana.gement F irm, as long as
the Management A greement remains in effect, and as prov ided in the Manaqe- _
ment Agreement, except tha.t the L~ard of Aci~ninistra.tion retains the authority ~
to make assessments as to acquisition ~f units, as provided in A rticle IX, of-
these Py-Laws, and pursuant to the L~eclaration, su~ject t~ the written -
approva.l of ~u~h parties as are spe~ified therein. -
(e) The Management Firm, as long as the Management Agreement
remains in effect, and thereafter the E~oard of Administra.tion, shall prepare
an operating budget for each fiscal year. ~
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Section 5. Pa.vment by reveloper.
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If the ZeveToper agrees that certain maintenance and opera.ting ;
costs are to be pa.id for a specific period of time by the ~eveloper pursuant ~
to the Sales A greement, such shall be coliected f rom the reveloper and the '
charge to suct-i Unit G~vner shall ~e reduced accordingly and he shall not be -
responsible therefor. ;
W. R_ SCOTT
wrroRNCr wT uw
/00 COLORA00 AY[NY[ ' . . ~
STUART, FLOIIIDA ~
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