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(h) Assessments are due on the datc.~s stated in the
notice of assessment, and thereafter shall bear
interest at ten (10~) percent per annum until
paid.
(i) In the event an assessment is not paid within
f fifteen (15) days of the date it is due and
payable, the Association through the Board of
Directors, may proceed to enforce and collect said
assessment from the delinquent owner in any manner
provided by the Condominium Act, the Declaration
and these By-Laws. Each condominium parcel owner
shall be individually responsible for the payment
of reasonable attorneys' fees arrd costs incurred by
the Association in tl~e collection of sums due and
.enforcement of any lien held by the Association.
(j) The Board of Directors may authorize the President
to enter into a management contract with third
parties to whorl the power to levy anil collect
assessments may be delegated.
(i:) All sums collected by the Association from
assessments may be commingled in a single fund or
divided into more than one fund, as determined by
the Board of Directors. All assessment payments by
a unit owner shall be aGplied as provided herein
and in the Declaration of Condominium.
(1) Any unit owner shall have the right to require from
the Association, a certificate showing the amount
of unpaid assessments against him with regard to
his condominium parcel. The holder of a mortgage
or other lien shall have the same right as to any
condominium parcel upon which it has a lien. Any
person other than owner wt~o relies upon such
certificate shall be protected thereby.
Section 9. Budget:
(a) The Board of Directors is empowered to propose and
adopt the budyet for the Condominium.
(b) Notice of the meeting and a copy of a proposed
annual budyet of common expenses shall be nailed to
the unit owners not less than thirty (3U) days
prior to tile meeting of the Board of Directors at
which the budget will be considered. Such meeting
shall be open to the unit owners. If a budyet is
adopted by the Board of Directors which requires
assessments against the unit owners ire any fiscal
year exczeding 115 percent of such assessments for
the preceding year, a special meeting of the unit
owners shall be held, if requested in writing by at
least ten percent (10~) of the unit owr:ers, to
consider and enact a revision of the budget, or
recall any and all members of the Board of
Directors and elect their successors. Such meeting
shall be held not I~_•ss than ten (10) c3a~•s after
written notice is given to each unit owner, but not
mire than ti~irty (3U) daps after such meeting has
been requested in writing. The revision of the
budyet or tine r~~crli of any or all me~r~bers of the
Board of Directors snall reyuir~ a vote of noc 1«~ss
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