HomeMy WebLinkAbout2674 Section 8.
a e oard of Directors of the Association shall fix and
determine from time to time the sum or sums necessary and adequate
for the Common Expenses of the Condominium. Common Expenses
shall include expenses for the operation, maintenance, repair or ,
replacement of the Common Elements and the Limited Common Elements,
costs of carrying out the powers and duties of the Association,
all insurance premiums and expenses related thereto, including
fire and extended coverage and liability insurance, reasonable
reserves and contingency funds, the assessments of the Property
Owners' Association (if included), and any other expenses designated
as Common Expenses from time to time by the Board of Directors of
the Association, or under the provisions of the Declaration of
Condominium to which these Bylaws are attached. The Board of
Directors is specifically empowered on behalf of the Association,
to make and collect assessments and to lease, maintain, repair
and replace the Common Elements and Limited Common Elements of
the Condominium. Funds for the payment of Common Expenses shall
be assessed against the unit Owners in the proportions or percentages
of sharing Common Expenses, as provided in the Declaration. Said
assessments shall be payable monthly in advance and shall be due
on the first day of each month unless otherwise ordered by the
Board of Directors. Special assessments, should such be required
by the Board of Directors, shall be levied in the same manner as
determined by the Board of Directors. All funds due under these
Bylaws,. the Declaration of Condominium to which these Bylaws are
attached and all Exhibits attached to said Declaration are
Common Expenses of this Condominium.
(b) When the Board of Directors has determined the amount
of any assessment, the Treasurer of the Association shall mail or
present to each Unit Owner a statement of said Unit Owner's
assessment. All assessments shall be payable to the Treasurer of
the Association and, upon request, said Treasurer shall give a
receipt for each payment made to him.
(c) -The Board of Directors shall adopt an operating budget
for each fiscal year, pursuant to these Bylaws, the Declaration
of Condominium to which these Bylaws are attached and all Exhibits
attached thereto.
ARTICLE VIII
AMENDMENTS
f Section 1. These Bylaws may be amended by the Corporation
at a duly constituted meeting for such purpose, provided, however,
no amendment shall take effect unless approved by members repre-
senting at least 75$ of the total votes in the Condominium as set
forth in the Declaration of Condominium. Nothwithstanding the
foregoing, these Bylaws may only be amended in accordance with
m Article VIII of the Declaration of Condominium.
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~ Section 2. No amendment to the Bylaws may be made which in
any way changes the configuration or size of any Condominium Unit
in any material fashion, materially alters, modifies the appurte-
nances to a Unit, changes the proportions or percentage by which
the Unit Owner of the Unit shares the Common Expenses and owns
the Common Surplus, or changes or modifies the vote which may be
cast by any member, without all record Owners of the Unit and all
record Owners of liens on the Unit joining in the execution of
the Amendment except an amendement made in conformance with
Article I of the Declaration of Condominium.
Section 3. Notice of the subject matter of any proposed
amendment sha 1 be included in the notice of any meeting at which
a proposed amendment is considered.- No Bylaw shall be revised or
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