HomeMy WebLinkAbout1507 presented to the Members . If , at said special meeting of the Members , a
majority of the Members shall approve the Excess Assessment, then the Budget
adopted by the Board shall be the final Budget. If, at said special meeting
of the Members, a majority of the Members shall not approve the Excess
Assessment, then the Board shall reconvene at a special meeting so as to
reduce the items of anticipated expense in the Budget, other than the Excluded
Expenses, in an amount necessary so that the Budget adopted by the Board
will not result in an Excess Assessment.
(c) After the Board is not "controlled by the Developer": Should
the Excess Assessment be adopted by the Board after the Board is not con-
trolled by the Developer, then upon written application requesting a special
meeting signed by ten (10$) percent or more of the Members and delivered to
the Board within twenty (20) days after the Budget Meeting, the Board shall
call a special meeting to be held not less than ten (10) dayg subsequent to
the sending of written notice to each Member, but within thirty (30) days of
the delivery of such application and enact a revision of the Budget. The
enactment of a revision of the, Budget shall require approval of not less than
two-thirds (2/3) of the Members. If such a revised Budget is enacted at said
special meeting, then the revised Budget shall be the final Budget, or if a
revised Budget is not enacted at such special meeting, then the Budget
originally adopted by the Board shall be the final Budget. If no written
application is delivered, as provided herein, then the Budget originally adopted
by the Board shall be the final Budget.
(d) The term "controlled by the Developer" means the period of
time when a majority of the Board is designated by the Developer.
(e) No Board shall be required to anticipate revenue from Assess-
menu or expend funds to pay for Common Expenses not included in the
Budget or which shall exceed budgeted items, and no Board shall be required
to engage in deficit spending. Should there exist any deficiency which
results from there' being greater Common Expenses than income from Assess-
ments, then such deficits shall be carried into the next succeeding year's
Budget as a deficiency or shall be the subject of a special Assessment to be
levied by the Board as otherwise provided in the Declaration .
7.4 Allocation of Common Expenses and Determination of .
Annual Assessment
(a) The Budget constitutes an estimate of the expenses of the _
i Association . Subsequent to the "Interim Assessment Period" (as described in
the Declaration), this estimate of the expenses of the Association shall be
multiplied by the percentage share in Common Expenses assigned to each
Apartment and the resultant sum shall constitute the "Annual Assessment" for
such Apartment.
<b) Notwithstanding the allocation to each Apartment of its Annual
Assessment, an Apartment Owner shall also be liable for any special Assess-
ments or Limited Assessments levied by the Board against his Apartment as
provided in the Declaration .
7.5 Manner of Collecting Share of Common Expenses
The Association shall collect Annual, Limited and special Assessments
from the Apartment Owner in the manner set forth in the Declaration and the
other Condominium Documents.
fr
a
U
Z1
aoor 304 cA~c
1505
P~
t
- ~ -
4~1 ~ffi