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HomeMy WebLinkAbout0695 ~ Section E. Application of Pa.vmet~ts and Co-Minqlin9 of Funds. All sums collected by or for the Associa.tion for all sources may be co-mingle in a single fund or divided into more than ~ne fund, as determined by the Management Firm, as long as the Manaqement Agreement remains in effect, and thereafter, by the Loard of Administration of the Association. All payments by the Unit Cwner (whether of common expenses~ maintena.n~e fees or other. assessments) shall be applied to interest payments (if any) delinquencies (if any) costs and attorney"s fees (if any) any other charges, - expenses and/or advances (as provided herein and in the re~laration and Exhibits) and general or special expenses, in such manner and amounts as the Mana.gement Firm, as lonq as the Management Agreement remains in effect, determines in it~ sole discretion. Section 7. Acceleration of Assessment Installments Upon L`efault. ~ In the event any Unit Cwner be allowed to_ pay an assessment(s) ~n an insta.ll- ment(s) be,sis then if said Unit Cwner should become in default in the payment of any installment due upon such assessment, the Management Firm or the Loard of Administration may ^L~:eierate the remaininq monthly installments upon su~h assessment upon notice thereof to the Unit Cwner and,. thereupon, the unpaid balan~e of the assessment shall become due upon the date stated in the Notice, b~;t not less ttian fifteen (15) days after delivery of or the mailing of such notice to the Unit Cwner. . Se~tion 8, L~uring the term ~f the Manaqement Agreement, the ~ Na:~a.gement Firm ~hall render to the Asso~iation a statement for each ~ calendar year no later than A pril lst next thereafter. The Marzagement Firm shall perform a continued internal audit of the same, but no independent or external audit shall be required of it, rurinq the term of the Management Agreement, the Ass~ciation-may c~~duct an external audit by an independent auditor acce~ta.ble to the Mana.gement Firm at such rea.sonable time as the Management Firm shall agree to, provided, however, ~aid request for in- ~ spection is not made more than twice in any calendar year and provided that tY~e cost and expense of same is b~~rne by the Associa.ti~n. Upon the term- ; ination of the Management Agreement, an audit of the ac~ounts of the Assoc- ~ iation shall be made annually. ~aid audit shall be prepared by such-account- ant as the Loard of Pirectors determines, and a copy of said report shall be available to the members of the Association in the Cffice of said Associafion, , and with the Treasurer of the Associaticn. Such report shall be available not later than three (3) months after the end of the year for which the report is made. The provisions of a Manaqement Aqreement applicable thereto shall supersede the foregoing. The consent of the Management Firm as t~ an indeQendent auditor who may be employed to conduct an externa.l audit, as ~ hereina~ove set forth in this Section, shall not be unreasonably withheld. A RTICL E VII. AL~rITICNS CR ALTERATICNS The„e shall be no additions or alterations to the common elements ~ of the Condominium(s) which this Ass~cia.tion opera.tes and maint,ains except ~ as specifi~ally provided for in the reclara..tion. The Management Firm shall ~ ~ have the right to make assessment~ for additions and/or altera.tions to the _ ~ common elements of said Condominium without the approval of the L~ard of ~ Administra.tion of this Association ~r the members of this Associa.tion, ~ provided said 3ssessment therefor does n~t exceed the amount spe~ified in ~ the L~eclaration, and further provided that said assessment is in ac~ordance with these ~y-Laws and said L`eclara.tion, and further provided, that consent is net required by the Condominium Act. ~ W. R. SCOTT wrrowwsr ~T uw ~ 700 COL011AD0 AY[NY[ . . fTYART. iL0111DA . - ~ lf4f4 . ~ . ; - L~II-12 ~ppk. 2$~~ p~:.~~ 2 ~ - - - - ~ x ~ z~-.~:r. _ . _ _r.~.~~>. ~~.a...